'Growaholic'

'Growaholic'

ENTREPRENEUR by Dave Szymanski | Tampa Bay Editor

Larry Morgan can look back on a lot of success as an entrepreneur, but prefers to plan the next business conquest.

Clearwater Beach entrepreneur Larry Morgan was born and raised in a farmhouse outside of Hannibal, Mo., home of Mark Twain. He worked his way through the University of Missouri, graduating in 1965.

His earliest mentor was his mother, who went to college then rode a horse to the one-room schoolhouse where she taught, carrying the coal to heat the classroom.

He went to work for Firestone Tire & Rubber Co., grew another a chain of tire stores to 600 locations and eventually owned a number of businesses, including auto dealerships, a construction company and a sign-making business.

But don't ask Morgan, 64, about whether he misses his native Missouri or reflects on his past successes. His true passion is planning the next conquest and enjoying the success of his employees and children.

"There's no question I am a serial entrepreneur," Morgan says. "I've always been a growaholic. I like to see our companies and our people grow.

"I'm not boasting," he adds. "Money doesn't drive me any more. It was always the thrill of the hunt. Succeeding and doing well. Fortunately, money came with it. Today it's always pride and performance, watching your people succeed."

Why was his mother his mentor and inspiration? Because she did something few women did at the time: Go to college in 1905.

"She was a pioneer," Morgan says.

He did not know the family lacked money. His parents eventually sold the family farm. His dad was a state highway patrolman. They taught him to save, work hard, like to win but not be arrogant and boastful.

From classes to $1 billion

Morgan went to work for Firestone in Kansas City in 1965, entered its management class and was the first employee out of that class to become a store manager. He then moved up to store supervisor, then district manager. Firestone executive Don Olson mentored him.

Morgan moved seven times in seven years with Firestone. In 1972, he left the company and worked for a customer in Washington, D.C., Merchants Tire and Auto Centers. He ran its eight stores, expanding the chain to 137, for 18 years. Olson also left Firestone and started the Don Olson tire and auto stores chain in Florida.

All along, Morgan yearned to run his own company. So he came to Florida and in 1991 bought 33 tire and auto stores from Olson, who contacted Morgan and asked if he wanted to buy his company.

Morgan took that base of 33 stores and grew it to 600 Tires Plus locations across 27 states with annual sales of $1 billion. He eventually sold the chain to Bridgestone in 2000.

Suddenly, he was a man without a company.

"I hit golf balls for three days," Morgan recalls. "I got bored."

Morgan then acquired other businesses.

One was a group of five automobile dealerships that became the Morgan Auto Group. It acquired Toyota of Tampa Bay in Tampa from the Morsani family in 2005. He also bought Honda of Ocala, BMW of Sarasota and Wade Raulerson Honda and Wade Raulerson Pontiac Buick GMC in Gainesville.

The Morgan Auto Group is now in the country's top 100 dealer groups in number of cars sold.

Morgan also began a specialty construction company, with offices in Clearwater, Fort Myers and Palm Beach, that does a lot of work for the Florida Department of Transportation, such as traffic signals, interstate lighting, guardrails and highway safety devices.

He acquired Beth Ingram and Associates, a speech-language pathology and occupational therapy business in Tampa; Creative Mailboxes and Signs, an Oldsmar-based mailbox and sign manufacturing and installation company; and a self-storage business in Philadelphia.

Morgan also serves as chairman of the Morton Plant Mease Health System and is on the Tampa Bay regional board for SunTrust Bank.

The Morgan family made a $5 million gift to Morton Plant Mease Healthcare to build the Morton Plant Morgan Heart Hospital in Clearwater.

Looking forward

Morgan's son, Brett, 28, is his partner in the car businesses. His daughter, Lauren, 28 is a lawyer in Virginia, who Morgan hopes will join the family business.

"One big thrill I get everyday is watching my son grow," Morgan says. "He's a very humble young man and works really hard. He's a student of the game."

What does he see as the keys to being a successful entrepreneur? Hiring the right people and having financial accountability.

"Ninety percent is people," Morgan says. "If you have the right people, treat them well, reward them and they will make it happen. A lot of our people have done well. It's fun to watch them grow and prosper. You never can have enough good people."

Morgan learned from a mentor at Firestone. He called him a "pound on the desk guy." He would send Morgan to a location that was not performing well. If Morgan turned it around, the manager would reward him with a promotion. This happened four or five times.

"It was motivating," Morgan says. "It gave me faith in the company. I used it and got a good reputation with people. They know they will be rewarded. We grew the company from 30 stores to 600."

The economy has affected Morgan's businesses, but not perhaps as much as other business owners.

The brands of his car dealerships are popular. The past year he had a "substantial" sales increase at his Honda dealership. The BMW dealership has taken a little hit. But overall, his auto dealerships business showed a 41% increase in sales in May.

The construction company has a backlog of projects and there is a shortage of speech therapists, which helps the speech therapy clinic. In the mailbox and sign business, the company has adjusted and now does more than half its business in signage.

The self-storage business in Philadelphia is "treading water," Morgan says.

Morgan wrote a memo to employees saying the company "elects not to participate" in the economic downturn.

"We've had a long run of economic progress," Morgan says. "There are things you could do to do well. It doesn't mean it's easy."

Not 100% success

Morgan likes to golf and ride his bicycle in his free time. He recovered from being hit by a car while riding his bike in Clearwater Beach. Morgan received stitches and hurt his hamstring.

He would like to eventually sell his car businesses to his son.

The management advice he gives his son and others: You have to have objectives and goals and clearly define them, the more definitive the better. Employees should know where they stand at all times. Morgan is big on short- and long-term rewards for people.

Not every company Morgan started was a success. He went into the hedge fund business with a company in Chicago six years ago. After two to three years, he closed it. It lost money and didn't turn out to be what Morgan thought it would.

"A person successful in a hedge fund talked to us," Morgan says. "We put seed money in. We weren't able to put enough money in to make it profitable."

He remembers his late mother when working every day.

"Mom was very quiet, but somehow had the ability to keep me on track," Morgan says. "Before she died, she would ask, 'How many stores do you have? Tell me why you want to do that.' She was always supportive."

REVIEW SUMMARY

Company: LCM Management

Industry: Auto dealerships, construction and speech therapy

Key: Planning strategy, hiring and motivating good employees.