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OWR at RFI 1976

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[O. Wayne Rollins at RFI 1976 (Audio Only)] I would like to add something to RFI. If you remember when we first established RFI on purpose, you see, it's been a long time, so I would [inaudible] purpose. One of the purposes was to maintain this and keep this just like we did. The only thing that brought it to mind was the fact is we work around the families and see what happens to the families. How did it get away? How did it get away? And most of the time when we look and examine the large portions, we found that all of them went a separate way. They had no management to continue the management upon the death of the person who was doing most of the management. So then you look at how did the people who did it successfully, what did they do? And you found it what they did is they set up a thing like RFI, and they kept on till they got the staff at RFI or whatever RFI it was. That would be a continuation of the management they had before because it would reflect, haven't had years of experience, it'd reflect the same type of management, and it would give you the guarantee the continuation. Now what's necessary for that to work? Well, the big thing that's necessary for that to work is what we have done. You staff that with people whom you have utmost confidence in. You've had experience with them, you know what kind of judgment they have, you know whether they can be conservative or liberal, you know all the things that you learn about them, and you want that person to reflect your thinking and also to be smart enough, intelligent enough that whenever you ask for advice or ask for, "Will you check this out?" or "Will you check this for me?" That you come back with the answer and you use that answer without any further check. Well, what does that do for each one of you? That makes it possible for you in a future time to come to that person and say, "Now I have an opportunity. Do you invest in this?" or "I have an opportunity. Do you invest in this?" No, you have plenty of get-rich-quick. [inaudible] for people who tell you, "See, I know exactly how you can make all this money, and what you need to do is take your money out and get out to the place where you can do this investing on your own." Well, that's what this plan is. It is to correct that the confidence in the people that we have in, and we do have confidence in it, we have utmost confidence in Joe, in his judgment, his intelligence, in his moral thinking, and everything about it. It fits exactly what we're looking for. Then we come along, we have the person that you saw up here as far as taxes. We couldn't have a harder working person today as far as the taxes to look out the [inaudible] for the taxes and all the different prickles. And that's a big job of all the eroded changes and everything else. You don't even realize, but there's a lot of work goes in your tax return. But you don't have anything to do with that he's got to assemble it and get to keep all of it. I mean, tax returns if you exclude in our tax year... I've tried it. [inaudible]. So you see that number of tax returns that you don't even think about. It's happening, and now that he has to do, so he's working. Of course, they have the computers and everything in there. And then, Sandra, and the different ones we have down there are just top-notch people, people that you can have confidence in, people that you can come to your problem and say, "Here, I got a problem." Or a person who you can have confidence saying, "Well, this fellow has got this great idea." And John says... And I'll give you this part about him. John says the thing that he values most about our association together is the fact that he could think of more higher brain [inaudible] they need a person that ever has been. And he said, "Well, you appreciate it most, then I didn't say that's the dumbest thing I've ever seen a fella do." Then I take it and take it apart. You get on the conclusion that that was a dumb thing to think about doing, just for pulling us apart and showing here it is. But who wants that all the time saying, you know, that's the dumbest thing I've ever heard a fella do. Well, I think he's contributed a whole lot other than just hosting. But I wanted you to know what I think the importance and what Gary and Randall think. And when you look up here, you know, we went over this, a state planning and all that. We went over this in past, five minutes probably. But there was weeks and hours and months went into this thing. It wasn't just a little thing. And I said, when they got through that they [inaudible], when they sent the bill that they took care of their state planning called one more state plan. When they got the bill almost [inaudible] we're doing all that stuff. And they took care of that part of it. But we had Arthur Anderson and they called him, the people from Chicago and New York. And we had King & Spalding, and they called on the experts and appraisers and so forth that they had in Washington, and to go down to see what the laws were and what the people who write the regulation, what they were writing into the laws that we could expect. And then you have their appraisers that all of this has to be appraised by an outside person to appraise them so that you make an... As you make this exchange, you don't exchange values that you can't support. And then we had to hold our breath and wait for five years, and that gets them finally [inaudible] when they said, "There's no... The RIS can't come in and they can't do anything." Now the time has expired and the number of years is gone. Before this, they've got to accept it because this has been a number of years. But there was not a lot of planning. There was a lot of planning went in into the part that you will see and I can tell you this much about it that you won't be able to dissipate it even though you want to. And this is cheered [inaudible], there won't be a one of you [inaudible], I can guarantee you that. Well, that last part, you'll never get. So that's guaranteed that you will have that protection and everything that a reach down that there will be a saying like the... DuPont's did up there when they said, "You know, we've all got to contribute to O. John 'cause he's [inaudible] and we got to... And they are selling the college down here and they're selling all this. And see, if you remember Bob's partner put the money in, and then at the end of the time that he got his next money, he didn't even pay him back. And so when the next thing come up broke, they didn't contribute to him. They didn't make up no part for him. If we do it right, we'll avoid those things. And I believe so far that we have held it right. And I think we have the organization setup that you can go to and ask, "What do you think about this? What do you think I should do on this?" And I can tell you now, I have confidence on you because I make my decisions all the time based on check in and have you checked this for the taxes and checking this other, and what do you come up with, and what do you think about. I think another thing, Joe and his staff is, and I've never told you this, has something else that is very valuable to us. And that is they take it as their job to do these things and do them well. And [inaudible] their job which can happen to many people. They believe in the distribution. [inaudible]. We are to be figuring out a way to distribute this wherever by if you get somehow. But we've got enough people in Washington, think of all those ways. We don't ask for it and plan that for long. Now I'll get down to the personal things and other things now. What's your part? You know, our success so far has been our ability to work together. And that started out with John and I. And it come on to Randall, Gary. And I'm expecting that same cooperation and work from each one of you as far as making it work. Now I had hundreds of tax. And I know I guess John had the same on his side. All I have to talk to you about what happened on my side. For people that come to me and they say, "Oh, Wayne, why don't you just pull out from John and you run and build the radio station, you own all of that? You're doing all the work." You know, I thought always to tell you, you're doing all the work 'cause he [inaudible] with you. So he said, "You're doing all the work. Why don't you just get over here and why don't you just do that and then you establish a group of radio station? You got 100%. You know how to operate, you can get the money, you can borrow the money and so forth, why don't you do that?" Well, I'm sure he is hearing the same thing on some of the things that he was doing. But why don't you do that? Why don't you? There is no doubt about the economics. It's not right. That's why you don't do it. You started off with a partner. You started off with the partner put the money up when you didn't have the money, put your partner's money up. And he risked his partner's money. So therefore, it was not right, in my opinion and I still have the same opinion. It's not right for me to start and try to establish another company when that wasn't the way, that wasn't the consensus of the way was going to do it. And I'm sure that John, you know, I could get all of justification. You know, I could justify that. You see, if I wanted to [inaudible]. That's the time somebody told me that they come out, you all know this. They would come out with one of those stories in the paper, you know, where John had all the things, [inaudible]. And I turned it all over that way. Another fella come up to me and say, "So you're working for John, aren't you? They brought you up in Jordan. You're working for him." You can't let those things get between. You cannot call these people out there all the time that say, "Win by separation." And you can't allow those things to come between. And to run other things, you also, as you get on through that and that's what's come down. But I will say you this, the [inaudible] I never did here. But I've heard other people that's heard of it, where they say, your children say and your wife says or your husband says, "Oh, you're doing [inaudible] so and so years." You put in all those hours, if I don't leave work as much as you... The thing is that I say the yardstick is used as far as that's concerned. As you work 50% more than you think that he works, probably because your ego will take care of that 50% 'cause you'll always think you're working harder than [inaudible]. That just is natural as it can because you think, "I'm working harder than this other fella," and your folks, your closest family to think that you're working hard. But on the other hand, you think about he's getting the same thing. He's hearing the same thing or she's hearing the same thing from her friends and so forth that you're hearing. So you can just balance them all up and say, "Well, if I'm not working in more than 50%, more than this other fella, I believe, well, just remember this, they will all balance that if I'm not, then my brother and my sister and so forth. So it's important that you keep the cooperation and the things and not let little, petty things come in between. Most of them are petty. Did you ever think about most of the misunderstandings that happened in a family? You ask them, and I can remember. I've had them in the family. I can remember back when I had somebody in family [inaudible] they had a miserable life. They really did. Now you get in the family, two members of the family don't speak to each other and they're leading a miserable life. They can't ever go to any family reunion. Only one of them can go. If he hears other one's going to be there, he can't be there. So they got to do all that planning and everything going through a lifetime. And then you can say to him, "Well, how did this stop? How did this thing stop around this family thing?" I had two [inaudible]. And let me tell you, you'd never dream [inaudible]. You'd never dream, you lived all the time, their children had nothing to do with the other children, went through the whole life like that. And here's what started, not having to be there when it started. Each one of them had a collie dog. And one of them's collie dog was missing. So he drives down by the other one's house and he sees his collie dog out there. And they look alike. So he calls that collie dog. And because he comes in, jumps up in the car, he just knows that's his dog 'cause he came right down when I called him. He come down, jumped in the car. So what happens, he comes on down, and I have to be a part of this part. I went over with him. I didn't know what was going over far, but I was over with him to get his dog. He was all mad about his dog. So they go over to get that dog back away from the one, you know, that thought he's his dog. Well, both of them were honest and both of them found their dogs. So what happens? He goes and gets his dog. And they start it out and the other comes out and sees him over another relative's house and they get into fight over that dog. And that goes for 50 years. That grudge goes over absolutely nothing. And the other's dog come back. So the one knows the other one [inaudible]. But they had all of that [inaudible] just on the little, petty thing and then the [inaudible] dog missing. So you can see the little thing, and don't let little things bother you. Don't let little things bother you. See that's the part most of the times, these little simple things. I tell you what, I've got at mad at myself 'cause I could never be about anything was the fact that and I don't know whether I'll ever overcome it or not. I could go down to the park at WAMS and somebody is in my parking place, my day is ruined. Well, really what difference did it make when you really got down to? And I got mad at myself because I couldn't control my thinking over that little parking place up there. Well, that now I had a whole lot more important things to do that day than to where I park, but it just tore me up. And that's what you have to watch and laugh that you don't spend your time what to answer them because it can happen. It don't really make any difference. We don't have to be a big thing in order for it to happen 'cause I don't have to point out to you about one of the most pleasant things in Grace and in our life is the fact how well Gary and Randall get along to [inaudible]. That's a great asset. It's a lot of pleasure. Now we see other people whose... There is a great competition between the children, and there's enough competition that their bad mouth in each other, [inaudible]. Think about how unpleasant that makes them. And how much time you spend on that that could be productive time, that you could do things that's productive. So don't let those things... Let us work together, hold together, avoid bickering and fighting between yourself, avoid jealousy. Now I can tell you this, I'm not going to tell you, but I can tell you this. As far as I'm concerned and the reason I'm concerned, everything we have is divided... As equal as we can have. So we're not setting up no situation for you to wonder if so and so getting that advantage over somebody else. We're not going to do that. And I think another thing... Now you may not think so, but very few times, as Joe pointed out, our people and your father and mother has done that. As people have been willing to give up the direct income from so much to put it in these trust and thank [inaudible] that the person has that [inaudible] where they have. Now I don't want you to just sit back feel too comfortable about it. We've also got it to work, if you have too bad about it, we can pull it back. We can take it back. We got it set that way too. And I think we should. But if you go and you act and you do right, you don't have anything to fear about how you wanna be, how you gonna be, how you wanna share. And I can tell you this, you're starting [inaudible] as you've come up and assume you're responsible, you've got a base to start from. [inaudible] far beyond the base that any of us has had to start. So as you leverage that and you build it, there's no reason that you can't be successful and much more successful than we have been. But there's one thing I want to point out too. There's not very many people can stand subsets... Very few. Most people can stand adversity, and hard times, and that's when they pull together. But when they get successful, they don't, 'cause you know why? They get thinking, each one them, "I'm the cause of their success. I was the one that made this thing successful. I'm pretty good, really. Not just pretty good but I'm damn good. You know that I have done all these things by myself." And to inspire of this other fella over here, "I did all those things myself." And that's where he gets in problems. That's when he stops growing and starts sweating. That's what happens when that happens. So I'm saying to you. I'm giving you a whole lot of things that I want you to guard against. I want you to guard against, when you think about this... Whenever you get to thinking about how good I am, I'll tell you what I've done several times that will help some of you, when I get to thinking about how good I am and how much of good trades I made here and so forth, I have some of these things that I pull out and read, these dumb things over here. [inaudible] say, "Well, you're not so smart. You're not so smart." [inaudible] bought the television station down in Orlando where you can vote for $6 million and got a hotel, and it's over $130 million life here. If you'd been that smart, you had the opportunity riding your bike. Riding your bike [inaudible] New York. Whenever you could bought it at about $300,000 and you decided that the reason not to buy was because that the person who was managing it might quit. And the person who was this top personality, he might quit. Then, what would you have? Well, I got that edge. Somebody else brought it and that fella didn't quit. And that personality went over to another station. Well, the consequence is, it's a station now worth $25 million. All those things, none of you [inaudible]. So all this time when you begin to think that you're infallible 'cause you can't make a mistake, anything you touch is just gonna be successful, you always will have those things that will prove to you that that's not true. Different members of the family or different generations of family running the family business or right members of the relating... Each participant should do their best. He or she can and not compare himself with any other member. The team is what counts. Bob Boudreau had a saying that there's no limit to success if you don't care who gets the credit. A fireperson is one who makes sure he does more for those who help him than they have done for him. See, a fireperson you never have to worry about, "Are they gonna pay me back?" They'll pay you back in another way. I like to ask each one of you now and on a regular basis to review yourself and see if you are fat, if you are pulling your weight, if you are contributing, if you're doing as much brothers as they are doing for you. These are basic things that I think will contribute to how well you get along together and how well you'll get along with the business. You should not think what others are doing for you. You should think, "Am I doing all I can?" That's a yardstick we have to use. Are you doing all you can? And the thing that I think is important, think about this, and I'm not average, I'm not interested in a bunch of average grandchildren. I really am not. I want you to be above that. And you can always be in competition with that. Everything you can do, you can think of know that the average person does this, and I'm 25% that. I'm not doing this up here. And if you don't do that in life all the time, even in school, you know this. If the average person makes this grade and I make this much great better, I'm better than that. See, the bad thing about average is average is just as near the bottom as it is at top. That's average. So if you're thinking about being average, change that thinking now and start thinking about being above that. I can remember all my life and everything that I try to do and I didn't succeed in all. But everything I tried to do, I tried to be better than that. If I found a piece of ground at back home on the farm and took the average [inaudible], you know, two days, I've tried to find less in two days. And the next time I try to find less time than that. So you got a competitor out there all the time [inaudible]. See, when you're doing that, whatever it is, if you're running, whatever you're doing, you got a competitor out there along with you there. And I can testify that competition is a lack of business. As you know, Randall, we can take an outdoor place and we can get them a knock. We can get all the outdoor business in that, but [inaudible] business goes down. It won't grow. And we can come along and a competitor come here and I've got this improved. That's 'cause we get out there and do something about it. Otherwise, we just sit back on our laurels and we just let it go. So set up the situation where you're competing with the average, whatever it is because you are building yourself in that competitive spirit, in that competitive feeling that I'm always gonna the beat average. I'm gonna beat that average. And above all things that I'd urged to you, ahead of everything else, do what's right 'cause you know what's right. People say, "I don't know what's right." But you do. You'll give in that sense of knowing what's right, so do what's right. I had that example. Yes. I think I told Randall about it. We had directors' meeting and we had notes from people, who had signed a note with the understanding that the company wouldn't let them lose anything [inaudible] if they get the money back to pay that note. And so they didn't get the money back and the notes come to you five years after the notes [inaudible]. So they were several, the directors said, "You got one thing to do, and that's just to collect the note." And, you know, we can go into saying, "Well, you know, we're director here in the company, that's what the company says and so forth. And that's what the law says and we got a responsibility and so forth." And I said, "We're all on [inaudible]." And they said, "Why?" And I said, "Well, 'cause it's not right." And it wasn't. It wasn't right, if you make an agreement with that thought that he won't lose anything and then because your business hadn't done as well as you think, you say, "I'm gonna collect from him." It's not right. And you see those things that come along, all along and we didn't do it. You'll see him come along all the time, but you can always tell what's right. You can always... You always got the yardstick. So I'm saying to you as a final thing as you get down, do what's right. That's all I got. - Well, I guess [inaudible]. - It's not doing the right. Even I was doing [inaudible]. I'm just gonna let you know [inaudible] the company is there for you. I'd like to just say anything that you said the night before, you said [inaudible] none of us are keeping confidential or anything. Yeah, I'd like to say this. I thought to [inaudible]. [inaudible]. And I would expect them to continue all [inaudible]. It enables us to spend our time, majority of our time on certain areas and [inaudible]. and try to better manage [inaudible], cooperative balance [inaudible]. It is tremendous [inaudible] management and [inaudible] personal taxes [inaudible] and enable you to continue to concentrate your efforts on a very important part [inaudible] families [inaudible] [inaudible] energies to do that by trying to do [inaudible]. [inaudible]. Joe, I guess I've never really communicated with them, explain [inaudible] [inaudible] and we're trying to operate business [inaudible] because you've got all you can do. I've got all I can do. [inaudible] [inaudible] likewise [inaudible] love to pursue [inaudible] interesting [inaudible]. [inaudible]. Well, let's see, I think we're... Well, we still got time to take... Anybody else wants to pass along any accolades or [inaudible]. Look, I... [inaudible]. The number one thing is we have each other and number two [inaudible] [inaudible] take one of each [inaudible] represent each in the company. [inaudible]. There's [inaudible]. No doubt about that. We made it. Stop this now, Joe. Yeah.

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Duration: 32 minutes and 37 seconds
Language: English
License: Dotsub - Standard License
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Posted by: rbanderas on Oct 18, 2019

OWR at RFI 1976

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