On July 13, 2010, longtime New York Yankees owner George Steinbrenner died at the age of 80. What most people do not know about the man, who helped a then struggling major league baseball team become one of the most successful teams in history, is that his career began in the shipping industry.
Following in his grandfather’s footsteps, Steinbrenner joined his family’s business, the Kinsman Marine Transit Company, shortly after graduating from Purdue University.
Steinbrenner was quite a force in his business dealings, working successfully to revitalize his family’s struggling company. One thing I believe is key when running a business is knowing which commodities are practical for the times and knowing the best way to maximize its profitability. Steinbrenner realized that Kinsman’s true potential lay in the transportation in grain over ore.
Investing in the different facets of an industry is also something I believe to be beneficial in expanding any business. After securing a gross annual income of 100 million dollars, Steinbrenner saw the potential for profit by investing in shipbuilding, acquiring the American Shipbuilding Company in the early 1960’s. In an effort to maximize cost effectiveness, Steinbrenner relocated all operations to Tampa, Florida in 1984.
Anyone who has followed baseball for the past 40 years can attest to Steinbrenner’s knack for building success. Although some of his methods proved controversial it is undeniable that George Steinbrenner is undoubtedly someone to emulate.
– Jon Cuello, Partner Invoicing