The Way to the Top Read online

  DONALD J. TRUMP

  THE

  WAY

  TO THE

  TOP

  The Best Business Advice I Ever Received

  Contents

  Title Page

  Dedication

  Acknowledgments

  Half Title

  Introduction by Donald J. Trump

  George Abercrombie, President and CEO of Roche North American Pharmaceuticals Operations

  Adam M. Aron, Chairman and CEO of Vail Resorts, Inc.

  Gerard J. Arpey, President and CEO of American Airlines

  Diane N. Bark, President of DHB Financial Services, Inc.

  Thomas J. Barrack, Jr., Founder, Chairman, and CEO of Colony Capital, LLC

  Napoleon Barragan, Chairman and CEO of 1-800-MATTRESS

  Anne Beiler, Founder and CEO of Auntie Anne’s, Inc.

  Marc Benioff, Chairman and CEO of salesforce.com

  Barbara G. Berger, President of Food City Markets, Inc.

  Simon Bergson, Founder, President, and CEO of Manhattan Beer Distributors

  Angelica Berrie, CEO of Russ Berrie and Company, Inc.

  Garry Betty, President and CEO of EarthLink

  Robert J. Birnbach, President and CEO of Primordium Holdings, LLC

  Cathie Black, President of Hearst Magazines

  Robert Bohannon, Chairman, President, and CEO of Viad Corp.

  Malcolm A. Borg, Chairman of North Jersey Media Group

  Robert C. Bowen, Chairman and CEO of Scientific Learning Corporation

  Mark A. Brown, President and CEO of Trump Hotels and Casino Resorts

  William C. Byham, Chairman and CEO of Development Dimensions International, Inc.

  Gregory B. Calhoun, President and CEO of Calhoun Enterprises

  Jim Cantalupo, Chairman and CEO of McDonald’s Corporation

  Gregory D. Cash, President and CEO of Vasomedical, Inc.

  Robert B. Catell, Chairman and CEO of KeySpan Corporation

  Bob Chapek, President of Buena Vista Home Entertainment

  Joseph T. Charles, President of Charles Industries, Ltd.

  Abe Chehebar, CEO of Accessory Network Group and Ghurka

  Thomas Chen, President of Crystal Window and Door Systems

  Steve Cody, Managing Partner and Cofounder of Peppercom, Inc.

  Barbara Corcoran, Chairman and Founder of The Corcoran Group Real Estate

  Jerry Couvaras, CEO of Atlanta Bread Company

  Michael J. Critelli, Chairman and CEO of Pitney Bowes Inc.

  Michael Dan, Chairman, President, and CEO of The Brink’s Company

  Karen N. Danziger, Executive Vice President of The Howard-Sloan-Koller Group

  Thomas F. Darden, Chairman of Quicksilver Resources

  John Dasburg, Chairman, CEO, and President of ASTAR Air Cargo

  Richard E. Dauch, Cofounder, Chairman, and CEO of American Axle & Manufacturing

  Harris E. DeLoach, Jr, President and CEO of Sonoco

  John M. Derrick, Jr., Chairman and CEO of Pepco Holdings, Inc.

  Richard “Bo” Dietl, Chairman of Beau Dietl & Associates

  David Dombrowski, President, General Manager, and CEO of Detroit Tigers, Inc.

  Donald L. Drakeman, President and CEO of Medarex, Inc.

  Ron Drapeau, Chairman and CEO of Callaway Golf Company

  Leon Dreimann, CEO of Salton, Inc.

  Archie W. Dunham, Chairman of ConocoPhillips

  Gerald D. Edwards, President and CEO of Engineered Plastic Products, Inc.

  James P. Evans, CEO of Jenny Craig, Inc.

  Steven T. Florio, Vice Chairman of Advance Magazine Group

  J. Roger Friedman, President of Lebhar-Friedman, Inc.

  George G. Gellert, Chairman of Atalanta Corporation

  Frances Gershon, CEO of U.S. Toy Company/Constructive Playthings

  Kristina Gobble, President of EMK Design

  Rick Goings, Chairman and CEO of Tupperware Corporation

  Fatima Goldman, Executive Director of Federation of Protestant Welfare Agencies, Inc.

  B. Thomas Golisano, Chairman and CEO of Paychex

  Jim Goodnight, Founder, President, and CEO of SAS

  M. J. Gordon, Chairman of Tootsie Roll Industries

  Mark Granata, Jr., President of RFR Realty, LLC

  Earl G. Graves, Sr., Chairman and CEO of Earl G. Graves Limited and Publisher of Black Enterprise Magazine

  Alan C. Greenberg, Chairman of The Bear Stearns Companies, Inc.

  Paul R. Gudonis, Chairman and CEO of Genuity Inc.

  Christie Hefner, Chairman and CEO of Playboy Enterprises, Inc.

  Mark Hellerstein, Chairman, CEO, and President of St. Mary’s Land & Exploration Company

  Lloyd L. Hill, Chairman and CEO of Applebee’s International, Inc.

  Henry R. Hillenmeyer, Chairman and CEO of Cooker Restaurant Corporation

  Gary Hirshberg, President and CEO of Stonyfield Farm, Inc.

  Stanley S. Hubbard, Chairman and CEO of Hubbard Broadcasting, Inc.

  Dawn Hudson, North America President of Pepsi-Cola, Inc.

  Susan M. Ivey, President and CEO of Brown & Williamson Tobacco Corporation

  Bradley S. Jacobs, Chairman and CEO of United Rentals, Inc.

  Thomas S. Johnson, Chairman and CEO of GreenPoint Bank

  Curt Jones, President and Founder of Dippin’ Dots, Inc.

  Jerry Jones, Owner and Manager of Dallas Cowboys Football Club

  Thomas M. Joyce, President and CEO of Knight Trading Group

  Parker S. Kennedy, President of The First American Corporation

  Richard L. Kinzel, Chairman, President, and CEO of Cedar Fair, L.P.

  Michael B. Kitchen, President and CEO of CUNA Mutual Group

  Michele Kleier, Chairman and CEO of Gumley Haft Kleier

  Robert B. Knutson, Chairman of Education Management Corporation

  Robert J. Laikin, Chairman and CEO of Brightpoint, Inc.

  Daniel P. Landguth, Chairman and CEO of Black Hills Corporation

  Karen Gilles Larson, President and CEO of Synovis Life Technologies

  Jean G. Leon, RN, Executive Director of Kings County Hospital and Senior Vice President of the Central Brooklyn Family Health Network of New York City Health and Hospitals Corporation

  Timothy H. Ling, President and COO of Union Oil of California

  William H. Longfield, Chairman and CEO of C. R. Bard, Inc.

  Terry J. Lundgren, President, CEO, and Director of Federated Department Stores, Inc.

  John J. Mack, Co-CEO of Credit Suisse Group and CEO of Credit Suisse First Boston

  Brad Martin, Chairman and CEO of Saks, Inc.

  Jim McCann, CEO of 1-800-FLOWERS.COM

  Scott McWhinnie, President and CEO of PEZ Candy, Inc.

  Alfred T. Mockett, Chairman and CEO of AMS

  Mitchell B. Modell, CEO of Modell’s Sporting Goods

  William T. Monahan, Chairman and CEO of Imation Corporation

  Alan Mulally, President and CEO of Boeing Commercial Airplanes Group

  Dennis M. Mullen, Chairman, President, and CEO of Birds Eye Foods, Inc.

  John H. Myers, President and CEO of GE Asset Management Incorporated

  Josie Natori, Founder and CEO of Natori Company

  Marilyn Carlson Nelson, Chairman and CEO of Carlson Companies

  Don Nigbor, Chairman and CEO of Benchmark Electronics, Inc.

  Jim O’Connor, Chairman and CEO of Republic Services, Inc.

  Gene O’Donovan, President of Montana Mills Bread Company

  Nancy Olasky, President of Olasky and Associates, Inc.

  Jeffrey P. Orleans, Chairman and CEO of Orleans Homebuilders

  Vincent F. Orza, Jr., Chairman and CEO of Eateries, Inc.


  Guy Oseary, Copartner and CEO of Maverick Recording Company

  Charlotte VM Ottley, President and CEO of C. Ottley Strategies, Ltd. (COS)

  Herbert Pardes, MD, President and CEO of New York–Presbyterian Hospital

  Richard D. Parsons, Chairman and CEO of Time Warner Inc.

  Jerry Perenchio, Chairman and CEO of Univision Communications, Inc.

  Peter J. Pestillo, Chairman and CEO of Visteon Corporation

  Frederick Warburg Peters, President of Warburg Realty Partnership, Ltd.

  James Pignatelli, Chairman, President, and CEO of UniSource Energy Corporation

  Charles P. Pizzi, President and CEO of Tasty Baking Co.

  Steven Plochocki, CEO of InSight Health Corporation

  Ernesta G. Procope, President of EG Bowman Company, Inc.

  Roxanne Quimby, President of Burt’s Bees

  Rich Reese, President and CEO of Jim Beam Brands Worldwide, Inc.

  Jerry M. Reinsdorf, Chairman of Chicago White Sox and Chicago Bulls

  Peter G. Riguardi, President of the New York region of Jones Lang LaSalle

  Richard Romanoff, CEO and President of Nebraskaland

  Peter J. Rose, Chairman and CEO of Expeditors International of Washington, Inc.

  Laurie Scala, President of Clean Water Technologies, Inc.

  Joel A. Schwartz, President of Benihana Inc.

  Tim Sear, Chairman, President, and CEO of Alcon, Inc. and Alcon Laboratories, Inc.

  Ivan Seidenberg, Chairman and CEO of Verizon

  R. Scot Sellers, Chairman and CEO of Archstone Smith

  Robert E. Selsam, Senior Vice President of Boston Properties

  Mayo A. Shattuck III, Chairman, President, and CEO of Constellation Energy Group

  Stephen B. Siegel, Chairman and CEO of Insignia/ESG Inc.

  Henry R. Silverman, Chairman, President, and CEO of Cendant Corporation

  Larry A. Silverstein, President of Silverstein Properties

  Irina Simmons, President and Treasurer of EMC Corporation

  Del Smith, Founder and Chairman of Evergreen International Aviation, Inc.

  Frederick W. Smith, Chairman and CEO of FedEx Corporation

  Robin B. Smith, Chairman of Publishers Clearing House

  Carmine N. Stella, President and CEO of Capital Beverage Corporation DBA Diversified Distributors Network

  Thomas G. Stemberg, Chairman of Staples, Inc.

  John J. Stollenwerk, President of Allen-Edmonds Shoe Corporation

  Thomas C. Sullivan, Chairman of RPM International Inc.

  William H. Swanson, CEO and President of Raytheon Company

  Patrice Tanaka, CEO and Creative Director of Patrice Tanaka & Company, Inc.

  W. R. Timken, Jr, Chairman of The Timken Company

  James S. Tisch, CEO of Loews Corporation

  Preston Robert Tisch, Co-Chairman of Loews Corporation and Chairman and Co-CEO of New York Football Giants

  Robert I. Toll, Chairman and CEO of Toll Brothers

  John M. Trani, Chairman and CEO of The Stanley Works

  William F. Tyree, President of The Tyree Organization

  Charles J. Urstadt, Chairman and CEO of Urstadt Biddle Properties

  Jack Valenti, President and CEO of Motion Picture Association of America, Inc.

  Lillian Vernon, Founding Chairman of the Lillian Vernon Catalogs and www.lillianvernon.com

  Alberto Vilar, Founder and President of Amerindo Investment Advisors Inc.

  Seth Waugh, CEO of Deutsche Bank America

  John H. Williams, Jr., Vice Chairman of Stein Mart

  Dale Winston, Chairwoman and CEO of Battalia Winston International

  George Zimmer, CEO of Men’s Wearhouse

  About the Author

  Also by Donald J. Trump

  Copyright

  To my parents, Mary and Fred Trump

  Acknowledgments

  I would like to thank all the contributors to this book for their time and expertise. I am very grateful for your enthusiasm for this project from the onset and know you will be pleased with the results.

  My special thanks to Norma Foerderer, who has coordinated this venture, watched over the development, and has made it a pleasure all the way for everyone involved. Also, thanks to Bernard Diamond, General Counsel at The Trump Organization, for his invaluable assistance.

  THE

  WAY

  TO THE

  TOP

  Introduction

  DONALD J. TRUMP

  You can’t know it all. No matter how smart you are, no matter how comprehensive your education, no matter how wide-ranging your experience, there’s simply no way to acquire all the wisdom you need to make your business thrive.

  So I asked the brightest, most successful businessmen and women I know—and some I don’t know—what was the best business advice they have ever received. I decided to pose the question to people who run both large and small companies. After all, it’s definitely not the big guys who have cornered the market in business smarts. Indeed, to run a small company in America takes as much—perhaps more—work, intelligence, and perseverance than it takes to be a Fortune 500 CEO with more resources at his or her disposal.

  I was both pleased and humbled by the depth and thoughtfulness of the responses I received. Barbara Berger, President of her family-run business Food City Markets, gave a seemingly dark warning as the best business advice she ever received: The sun doesn’t shine forever. Anyone who’s ever been in business needs to heed Barbara’s words, because every business has its dark days, and you need to be prepared for that. Knowing that this is part of the life of every company is vital to overcoming the inevitable problems and disasters that businesses face and surviving to see the sun again.

  From Jim Cantalupo, Chairman and CEO of the McDonald’s Corporation, comes this: Strive to satisfy the customer. That essential pearl of wisdom, so obvious, but often forgotten, was given to Jim by Ray Kroc, McDonald’s founder.

  Terry J. Lundgren, President, CEO, and Director of Federated Department Stores, offers advice as basic as it is often ignored: Bloom where you are planted. As much as we would all like to begin our career in the executive suite, nobody starts out there. And the best way—the only way—to get to the top is to do the best that you can in what you are doing right now.

  I could go on and on summarizing what the contributors to this book have written because it’s such fascinating and important business advice. But I want to add something else before I let the show begin: there is no substitute for experience. None. But experience comes in two different flavors: your own and the experience of others. Most people can learn from their own experiences quite well, but many people simply ignore the experiences and lessons of others. This is foolish. If you rely entirely on learning from your own mistakes, it’s inevitable that you will make too many, possibly disastrous, mistakes. Pay attention, people! Learn from those around you. There’s no excuse for making the same mistakes that others have made. If you do, it’s your own fault and you should expect no sympathy, no compassion.

  The other side of this coin, however, is that you can benefit from others’ wisdom. It’s not just the mistakes that people in business have made that are valuable, it’s the good decisions, the inspiration, the insights and revelations that people in business have to offer. Watch, listen, and learn. You can’t know it all yourself—anyone who thinks that they do is destined for mediocrity.

  Let me offer my sincere thanks to everyone who took the time to contribute to The Way to the Top. In this book you’ll find all sorts of wisdom. Learning from the mistakes others have made will help keep you out of trouble; the good lessons—the best business advice—will propel you toward great success.

  George ABERCROMBIE

  President and CEO of Roche North American Pharmaceuticals Operations

  I’ve been very fortunate to have worked with prescription drug products for my entire career, products that make a real difference in the lives of hundreds of millio
ns of mothers, fathers, grandparents, children, and friends around the world. In my mind, there aren’t many other businesspeople that can make such a claim.

  After working as a pharmacist in North Carolina, I began my career in the pharmaceuticals industry as a sales representative. As I started out calling on physicians and other health care providers, discussing the efficacy and safety of our products, I was given a simple yet powerful piece of advice that has guided my thinking about this business ever since: sell the medicines as if they would be used by my family, my friends, or myself. This meant explaining the drug’s side effects in as much detail as its benefits, resisting the urge to sugarcoat the drug’s value in order to drum up sales. I would give health care providers all the information they would need to make the best choices for their patients. To this day, the humanity of each patient guides me in my work.

  Put yourself in the customer’s shoes

  Adam M. ARON

  Chairman and CEO of Vail Resorts, Inc.

  As much as possible, deal only with good and honorable people. If you deal with good people, you won’t need a contract, and if you are dealing with bad people, no contract can protect you.

  Don’t worry about contracts

  Gerard J. ARPEY

  President and CEO of American Airlines

  Right after I had been named Chief Financial Officer of AMR Corporation, former AMR Chairman and CEO Al Casey gave me this guideline: “Borrow money when you can, not when you need to.” Without a doubt, it was the soundest piece of business advice ever given to me.

  Be leery of loans

  Diane N. BARK

  President of DHB Financial Services, Inc.

  I’ve really had to learn everything by doing it the hard way, without the benefit of any business advice. Sometimes I think that’s what makes a person successful. Making mistakes gives one a great opportunity to grow and learn.

  If there is any advice that I wish I had gotten, it would have been this: be passionate about your work because it will make your life so much more enjoyable in the long run. Don’t do anything just because it will make you a lot of money. Most of all, listen to your heart and your mind and they will guide you in the right direction.