Rick Patrick
rick@greenepublishing.com
It probably comes as no surprise to those who knew Frank Argenbright, Jr. when he was a youngster growing up in Madison that he would someday win a Lifetime Achievement Award for his business successes. Argenbright, who is now the head of the Argenbright Group, based in Atlanta, was recently honored with a Lifetime Achievement Award from the Atlanta Business Chronicle. Beginning in 1979, with $500 in startup capital, Argenbright has built the Argenbright Group into a $1 billion global operation.
Argenbright has always been a bit of a “wheeler and dealer,” even at an early age. However, that doesn't mean he was one to take advantage of others. In fact, just the opposite is true. He always looked for ways to find a “win/win” situation. One of his childhood friends, Sid Johnson, recalls a couple of examples of Argenbright's early money-making projects.
A species of African fish had been introduced into Lake Frances, in Madison. This is not an uncommon practice, as fish of this sort are often introduced into lakes and ponds as a way of battling the overgrowth of vegetation. These particular fish, however, were not well suited for the cold weather that frequently strikes North Florida. Many of the fish started to perish and float to the top of the water. When Argenbright saw this, he saw an opportunity. He began to scoop the fish from the surface of the water and went around the area, selling the fish. He made money while his “customers” had an easy supply of fresh fish, at a reasonable price.
Another example involved an old 1955 or 1956 Cadillac convertible a neighbor simply wanted to get rid of. This neighbor offered to sell the vehicle for $75. Johnson and Argenbright decided to go in together and purchase the vehicle. “It was a piece of junk,” recalled Johnson. “The top leaked, but it ran, most of the time. We enjoyed riding around in that old car.” Another person offered to buy the car for $150, giving the two youngsters the opportunity to double their investment. That person then sold the car for $350. “It was a win/win all around,” said Johnson.
“That's the way he's always been,” remembers Johnson of his entrepreneurial friend. “He always wanted to see the people around him succeed.”
Even with his level of success, Argenbright has not forgotten his humble Madison County roots. He has frequently stepped up to the plate to help his hometown. As a way of hopefully inspiring a group of young people from Madison, Argenbright has invited a group of young men from the Boyz to Kings organization to come to Atlanta, attend an Atlanta Falcons football game and meet with employees and executives from the Argenbright Group at their Atlanta Headquarters. This trip will take place from Sunday, Nov. 20 to Monday, Nov. 21.
That desire to see the people around him succeed is one of the tenets of Argenbright's success. “I think the key to success is surrounding yourself with people who are quicker, faster and smarter than you; and following the three P's: Passion, Persistence and Perseverance,” says Argenbright. In an interview with the Atlanta Business Chronicle, Argenbright spoke of a program he implemented within his company. “We have a program right now where, once a month, we have a drawing for an hourly worker to win a car,” said Argenbright. “If they remain with us for a year then quit, well, they've got the car for a year. If they stay the second year, we hand them the title, free and clear, no taxes. You can imagine how that makes me feel to be able to do this. These are great human beings that would bring tears to your eyes if you heard their stories. I grew up in Florida, five people in a two-bedroom house with no air conditioning. I told myself that by a certain time I want to be worth a million dollars. I'm probably a little bit too capitalistic, but I'm that way because I grew up poor.”
Argenbright certainly finds satisfaction in seeing those around him succeed. “We had one of our executives recently do an unbelievably great thing, and let's just say he made several million dollars,” Argenbright told the Atlanta Business Chronicle. “I gave this person an extra million dollars just to say, 'What you did was fantastic.' Or, it might be doing something special for our hourly workers. When you hear that they have a dream, maybe sending them on a trip, giving them an opportunity to get their kids into college. Those are great [rewarding] things.”
“Employees are everything,” added Argenbright. “We've employed over a million people over the years. The most I've ever had at one time was 50,000. We have about 30,000 now. If you say, 'Frank, what widgets do you produce?' I'd tell you, 'What we produce is a human being doing something for an hour.' There are great people, and our success has been figuring out what motivates hourly, frontline people.”