Passing the Baton: Learning to Listen

 Passing the Baton features a series of “letters” sent from Terry Corman, outgoing CEO of Firehouse Image Center (Indianapolis, Indiana) to his son, Ted Corman, who will be leading the business into its future. This series of communiques offers thoughtful views of a business undergoing generational transition, glimpses of the company’s history, and strong views to the realities of leadership. 

Lesson #2: Learning to Listen

Thirty-five years ago today, your mother and I put up our home as collateral for a bank loan, along with the $5,000 we had saved to buy a bankrupt business. We knew nothing about photo labs or business management. At the time, in 1989, there were 23 large graphics producers, made up of photo labs, screen printers, and offset/web printers in Indianapolis. Today, we are still in business, and so is only one other printer from that time.  

At the closing of the business purchase, she and I looked at each other, knowing we had risked everything we had, with no idea of what we were doing. Once the final signature was placed, and the bank loan check slid across the table to the previous owners, our banker said to us, “Since neither of you know anything about running a business, I have one piece of advice for you both. Hire the best advisors you can afford and take their advice.”