The Man With The Golden Touch
As liquidity in the financial markets dried up during the economic crisis of the last year, the real estate industry, was inevitably one of the hardest hit. Hardly surprising, as sub-prime funding in the North American property markets is what triggered the chain of events leading to the crisis in the first place. Although analysts caution that spring is not yet sprung we are, thankfully, beginning to see green shoots in the global economy. In the third of our Leadership Series Tana Akson looks at the real estate sector and talks to William Wilfong, chief executive and chairman of the executive committee of Golden Land Property Development Plc.
Bill’s CEO style lies somewhere between that of a commercial executor and a financial value driver, two of the classifications used by leadership consultant, Steve Tappin, in his book The Secrets of CEOs. The commercial executor has a relentless focus and attention to detail to deliver operational and strategic ambitions and the financial value driver understands the value metrics of the industry and is highly skilled in identifying value-enhancing corporate transactions.
In contrast with our previous subjects, Bill is a first-time CEO of a local company. How do the challenges stack up between the giant multinationals and a comparatively small local business?
Bill believes that globalisation has limited effects on the property sector because it is essentially a local business, in the main affected by local issues and needs: foreign investment is limited, especially in Thailand, and the majority of property companies are family-run. “Family companies don’t waste money,” he recalls of his time at Pontiac Land. “The person whose money you’re spending is just down the hall.” There is also the advantage of greater cohesion between management and shareholders because the centre of control is close at hand. Bill has been fortunate that the enlightened shareholders of Golden Land understand and believe in the long-term plan and are not chasing quarterly results.
Unlikely Beginnings
Bill grew up in a solidly middle-class family in Baltimore. His father was a civil servant who never talked about his work so Bill grew up knowing very little about climbing the corporate ladder. He knew, however, that his family had made sacrifices to enable him to have the best possible education, so when he later announced to his parents that he wanted to drop out of college to sing in a rock’n’roll band, he was encouraged that his mother’s words to him were, “if this is your dream, then you must follow it.” This was the best thing she could have said to him at the time and is still possibly the best piece of advice he has had since.
