Booyah Productions: Clean the World and Motivational Speaker Shane Joh...
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Hotel magnate, Gary Tharaldson, reveals his two biggest secrets to success
Gary Tharaldson shares
tales of his business career during a talk at Minnesota State
University Moorhead on Monday, April 16. Dave Olson/The Forum
MOORHEAD—Successful entrepreneur and hotel
magnate Gary Tharaldson shared stories from his business career during
an event at Minnesota State University Moorhead on Monday, April 16,
wowing his audience with tales of how a boy who grew up near Dazey,
N.D., on a farm that didn't have running water built a company that was
sold to its employees in 1999 for about $1 billion.
About 15
years later, those employees walked away with about $600 million when
they sold the company, providing many with a significant retirement
fund, according to Tharaldson.
He
said creating the employee stock ownership plan that made that possible
is one of his proudest accomplishments in a career that is still going
strong and is now chronicled in a book titled, "Open Secrets of Success:
the Gary Tharaldson Story," which is available on Amazon and was
written by Patrick J. McCloskey.
Tharaldson said the book
reflects his long-held practice of answering questions anytime people
ask him how he has gotten to where he is.
When it comes
to building hotels, Tharaldson's formula is simple: he teams only with
high-quality brands like Marriott and only builds in areas where
demographics almost guarantee success.
To help ensure
that, he said he determines who the major competitors are in a community
and then builds hotels with about 20 percent fewer rooms, which he says
usually results in higher occupancy rates and above-average profit
margins, usually around 40 percent.
"I stack the deck for
myself," Tharaldson said, adding that success comes in many forms and
for him it's not necessarily making lots of money.
"If you're truly doing what you love to do, then you're successful," he said.
Asked
what he feels are his three strongest talents, Tharaldson listed
attitude and a willingness to learn, as well as adopting a common sense
approach to most things.
When he struggled to come up with a third talent, his wife, Connie, supplied the rest:
"He never gives up," she said. "He finds a way to keep going and never, ever, gives up."
Tharaldson
told the audience, which was mainly MSUM students, that a major part of
what has made his hotels successful is the fact employees were given a
stake in whether the business succeeded or not.
"They acted like owners. They took pride in everything they did, knowing someday there would be a payday," Tharaldson said.
Successful Businessman Gary Tharaldson launches his book "Open Secrets of Success"
BOOK SIGNING:
Tuesday, April 3 at 4:30 PM - 7:30 PM CDT
13th Ave S, Fargo, ND 58103-3301, United States
"This is a phenomenal story of Gary Tharaldson's incredible
accomplishment. Starting with nothing, he built over 400 hotels by
himself, no partners-more than any single individual worldwide. What an
inspiration to young people across the country!" -- Rudy Ruettiger,
motivational speaker and subject of the 1993 film "Rudy," ranked among
the top inspirational movies by the American Film Institute. "Gary is so
down-to-earth, he's actually subterranean. I was one of the fortunate
ones because Gary shared everything with us: his building costs and
operating numbers, which were tops in the industry, and how he produced
them." -- Bruce White, Chairman, Founder and CEO of White Lodging.
You can order your copy on Amazon by clicking on the link below:
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Dow surges 200 points after strong jobs report
Getty Images
U.S. stocks traded higher on Friday after the release of stronger-than-expected employment data.
The Dow Jones industrial average rose 200 points, with Intel as the best-performing stock in the index. The S&P 500 gained 0.8 percent, with energy as the best-performing sector. The Nasdaq composite advanced 0.9 percent. The Nasdaq 100, which is made up of the 100 largest companies in the Nasdaq composite, reached an all-time high.
The U.S. economy added 313,000 jobs in February, according to the Bureau of Labor Statistics. Economists polled by Reuters expected a gain of 200,000.
Wages, meanwhile, grew less than expected, rising 2.6 percent on an annualized basis. Stronger-than-expected wage growth helped spark a market correction in the previous month.
"As far as the market is concerned, you couldn't have scripted it any better," said JJ Kinahan, chief market strategist at TD Ameritrade. But "it still remains a mystery how you can create these many jobs and not have wages go up more."
The Dow Jones industrial average rose 200 points, with Intel as the best-performing stock in the index. The S&P 500 gained 0.8 percent, with energy as the best-performing sector. The Nasdaq composite advanced 0.9 percent. The Nasdaq 100, which is made up of the 100 largest companies in the Nasdaq composite, reached an all-time high.
The U.S. economy added 313,000 jobs in February, according to the Bureau of Labor Statistics. Economists polled by Reuters expected a gain of 200,000.
Wages, meanwhile, grew less than expected, rising 2.6 percent on an annualized basis. Stronger-than-expected wage growth helped spark a market correction in the previous month.
"As far as the market is concerned, you couldn't have scripted it any better," said JJ Kinahan, chief market strategist at TD Ameritrade. But "it still remains a mystery how you can create these many jobs and not have wages go up more."
The moves Friday came after Wall Street finished on a positive note on Thursday, following more developments concerning tariffs.
President Donald Trump signed two declarations on Thursday, which would implement tariffs on steel and aluminum imports. The tariffs are expected to take effect in 15 days and will put a 25 percent charge on steel, and 10 percent on aluminum. Canada and Mexico however are exempt.
"I'm glad to see Canada and Mexico was spared in the latest tariff initiatives," said Peter Boockvar, chief investment officer at Bleakley Advisory Group, in a note. "But, 75% of our trading partners were slapped. I get that China was the real target here but we import 13% of our steel from Brazil, 10% from South Korea, 5% from Japan, 4% from Germany and 3.5% from Taiwan to name some others."
Friday also marked the nine-year anniversary of the bull market. It also marks the "Haines Bottom." Before the open on March 10, 2009, CNBC anchor Mark Haines called the bottom of the financial crisis on air.
On March 9, 2009, the S&P 500 closed at 676.53. Since then, the S&P 500 is up around 300 percent.
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