A Conversation with J.W. Gibson, Gibson Companies Inc.
 
A peek inside a firm that has successfully diversified operations and excelled in three unrelated industries is a good way to pick up on the Diversification discussion we started last week. Gibson Companies – one of the most successful minority-owned firms in the area – fits that bill.

While many know J.W. Gibson as a member of the Shelby County Board of Commissioners, he was a keen businessman prior to his stint in government.  Having made the decision to not seek reelection, Gibson is now fully focused on the continued growth and development of his businesses.

Carlee McCullough

J.W. Gibson

Carlee McCullough:  I know that the company was created in 1991. But tell us the history of Gibson Companies and how did the company get its start?

J.W. Gibson: JW: Gibson Companies, Inc. consists of three divisions, the Premier Group, Southeast Regional Development Corp., and Tec-Print, LLC. The Premier Group (PG) is a wholesale distributor of Medical and Laboratory supplies. We started PG out of a bedroom in my mother’s home using my car to make deliveries.

Southeast Regional Development Corp. is a real estate development company with a focus on affordable housing within the inner city. Our first project was an independent, elderly complex done in partnership with my church, Mt. Vernon Baptist. We used low income tax credits as a part of our funding structure, which had not been used before in the city of Memphis.

Tec-Print, LLC is a commercial printing company. In 2003 the state of TN approved the selling of lottery tickets. We spent a lot of time researching and learning all we could about the industry. In 2004, we responded to a “Request for Proposal” for a “Print Vendor”. In our response, we were able to speak their language and asked for 120 days to set up our office, if we were chosen. We were granted the opportunity and in 115 days we called for an inspection of our facilities, and were subsequently awarded the contract.

CM:  Most companies that are truly successful have a company philosophy.  What is your company’s philosophy?

JWG: Gibson Companies’ philosophy is to seek unique opportunities and have them realized through creative strategy.

CM: Your business began as a medical supply distribution company. Then you entered the real estate development area, which is totally unrelated to medical supplies.  How did you make the leap into other areas and why was it important to diversify?

JWG: Looking for those unique opportunities. I am a junkie when it comes to reading business development “How to Do” books. Most of the books I have read discuss the importance of diversifying in order to ensure longevity.

CM: What was the thought behind the industries you decided to enter?

JWG: I simply looked for opportunities that I felt were recession-proof or necessities.

CM: Is it important to do business outside your hometown? And if so, what’s the determining factor for you to enter into those cities?

JWG: I believe it is very important to build a foundation that allows you to travel. The less limitation you have based on geographical location, the more opportunities become available. The determining factor to entering a different city would be the hurdles to entrance into various cities.

CM: Since, the real estate market crisis, the number of vacant and abandoned buildings has increased. Do you see a viable way to stabilize the market and still be profitable?

JWG: Yes, I do! I see this temporary crisis as an opportunity to redevelop and stabilize communities. The key is having some internal resources and coming up with creative ways to leverage local, state and federal programs. This could create a win-win concept.

CM: In 2010, some of the same social, economic and even political barriers that the previous generation faced still exist for many young entrepreneurs. What advice would you give a young person to stay the course and follow their dreams?

JWG:  A true entrepreneur is born with thick skin and a can-do attitude. You combine the two character traits with focus and creativity, and one can accomplish anything. Never accept NO as the final answer.

CM: Any closing advice to businesses interested in diversifying their operations?

JWG: Believe in yourself and God. Stay focused. And do the work. Everything else will fall into place.

(Send your questions to Carlee McCullough, Esq., Contract Compliance Officer, City of Memphis-Office of Contract Compliance, 125 N. Main St., Suite 546, Memphis, TN 38103 or e-mail: wealthy@tri-statedefender.com.)