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• W110577981 abstract "Executive Summary B. Thomas Golisano is much more than a successful entrepreneur. He's an American success story. In 1971, he started Paychex with just $3,000 and a good idea - how to make it easy and affordable for small businesses to outsource their payroll processing. Mr. Golisano saw a huge untapped market where 98 percent of American businesses have fewer than 100 employees. Mr. Golisano went to his employer at the time, a regional payroll processor for big businesses, with a plan. The company wasn't interested, so Mr. Golisano struck out on his own. He launched Paychex with just one employee. The single operation grew to include 18 franchises and partnerships, which were eventually consolidated into one private company in 1979. Four years later, Paychex went public and began trading on the NASDAQ Stock Market. Since men, record growth has been virtually synonymous with Paychex. The company's most recent example of growth occurred through acquisition. Paychex purchased Advantage Payroll Services, Inc., a privately owned payroll processor with a national network of 41 offices and over 49,000 clients. Paychex is based in Rochester, NY and has more than 100 locations around the country, serving hundreds of thousands of clients nationwide. In fiscal 2002, Paychex generated nearly $955 million in service revenues. Today, Paychex is a leading national provider of payroll, human resource, and benefits services for businesses with fewer than 200 employees. What are some of the secrets of Mr. Golisano's success as an entrepreneur? First and foremost, he believes in the importance of staying focused within a very narrow product range, while expanding geographically. In targeting markets that offer the highest level of unrealized potential, Paychex will continue to provide excellent HR and payroll-related services to companies with 100-200 employees. second, Mr. Golisano hires individuals who have the right attitude. They want to learn, work hard, and be team players. Last, he constantly strives to meet the expectations of three important groups: customers/clients, employees, and shareholders. If 30 years is an adequate timeframe to judge the track record of Paychex, then Mr. Golisano is certainly doing an outstanding job in satisfying the needs and expectations of all three groups. In addition to his remarkable business success, Mr. Golisano has been a long-time philanthropist, supporting a variety of organizations and institutions dedicated to children, healthcare, and education. In 2002, he received the Association of Fundraising Professionals Award for Outstanding Philanthropist from that group's Rochester, NY area chapter. In addition, Mr. Golisano has established a family foundation, The B. Thomas Golisano Foundation; served as the Honorary Chair of and contributed $2 million to the Gathering of Hearts Partnership Campaign for the Al Sigl Center, a partnership of nonprofits serving people with disabilities in the greater Rochester area; and supported the Rochester Rehabilitation Center with a $50,000 two-year grant. Moreover, Mr. Golisano donated $14 million to the Rochester Institute of Technology, which honored him by naming its new college the B. Thomas Golisano College of Computing and Information Sciences; and he gave $14 million to the Children's Hospital at Strong, part of the University of Rochester Medical Center, which was renamed in his honor. In 2002, Mr. Golisano ran for the governorship of New York State as an independent, showcasing his interest in making an impact on change in state government. Although he did not win the race, he raised issues regarding high state taxes, large increases in state spending, and slow job growth in upstate New York as compared to the rest of the country. As a third party candidate, he received almost 15% of the vote. Mr. Golisano has been honored many times throughout the years for his outstanding business, leadership, and entrepreneurial skills. …" @default.
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• W110577981 date "2003-10-01" @default.
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• W110577981 title "B. Thomas Golisano: An Entrepreneur Consistently Balancing Growth and Shareholder Return" @default.
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