Watching this episode unfold at the Athletic Dept, it actually parallels my day job. We make investments in a lot of businesses, and I sit on the Board of a couple of other small businesses. Each one of them has highly experienced, educated, knowledgeable people.
Each one of us, at the onset of this whole sh... show got together at the managerial, Board levels, made base case/worst case operating budget projections, etc etc, and each worked really hard in different areas, worked with different counter parties (auditors, accountants, consultants, lawyers, etc) to help set us on a course that protected capital, while helping us develop a game plan within management all the way down to front line employees that helped to take care of them, and maximized their opportunities.
Each organization found some manner that allowed either charitable, and non charitable payments/donations made directly to current and/or prior employees that were either laid off until we could get a handle on things (again, working with employees and accountants, lawyers, and consultants quite a bit)...and that was at both for profit and not for profit entities.
If putting together a master plan, getting buy in, and executing a plan, going all the way down to different instruments that could be utilized in order to maximize contributions to lower compensated employees wasn’t part of the playbook within the broader university or within the athletic department, then maybe some folks shouldn’t be running said department. No offense to CPF, but if you don’t know enough to demand what are probably hundreds of thousands or even millions of dollars paid in fees to your auditors, consultants and attorneys so as to come up with several ways to get stuff like this done...then maybe you shouldn’t be running what is the equivalent of what is arguably a several billion dollar company.
What happened within our football staff is less than admirable, but I would also say somewhat expected from role players who seems to be journeymen in their careers. This shouldn’t have boiled down to them. Even those folks could’ve been offered options within the master plan that would’ve seemed more palatable to all parties involved, especially anyone outside the organization. (”Commitments, lower % withholdings, optional holiday funds contributions, etc etc etc). CPF could’ve said, “in one way or another, you are going to contribute, whether you agree to it, know it, or not!” Again, if you don’t know how to get this done, or your supporting counter parties can’t come up with ways to get that done...then what the f am I paying you for?“
Yes, it reflects poorly on CJP and CPF. (I like them both as people, and knew Coach Fulmer loosely several years ago. Enough to say hello and chat. I know he means well and is probably doing his best; so please don’t take this as an insult in any way) Two staff members solidify their standings. That said, I would argue that there were other failures there were made that ever allowed this to ever become an issue. Again, if you don’t know what questions to ask or what moves to make, then maybe some folks don’t need to be running, or consulting for, a multibillion institution
Each one of us, at the onset of this whole sh... show got together at the managerial, Board levels, made base case/worst case operating budget projections, etc etc, and each worked really hard in different areas, worked with different counter parties (auditors, accountants, consultants, lawyers, etc) to help set us on a course that protected capital, while helping us develop a game plan within management all the way down to front line employees that helped to take care of them, and maximized their opportunities.
Each organization found some manner that allowed either charitable, and non charitable payments/donations made directly to current and/or prior employees that were either laid off until we could get a handle on things (again, working with employees and accountants, lawyers, and consultants quite a bit)...and that was at both for profit and not for profit entities.
If putting together a master plan, getting buy in, and executing a plan, going all the way down to different instruments that could be utilized in order to maximize contributions to lower compensated employees wasn’t part of the playbook within the broader university or within the athletic department, then maybe some folks shouldn’t be running said department. No offense to CPF, but if you don’t know enough to demand what are probably hundreds of thousands or even millions of dollars paid in fees to your auditors, consultants and attorneys so as to come up with several ways to get stuff like this done...then maybe you shouldn’t be running what is the equivalent of what is arguably a several billion dollar company.
What happened within our football staff is less than admirable, but I would also say somewhat expected from role players who seems to be journeymen in their careers. This shouldn’t have boiled down to them. Even those folks could’ve been offered options within the master plan that would’ve seemed more palatable to all parties involved, especially anyone outside the organization. (”Commitments, lower % withholdings, optional holiday funds contributions, etc etc etc). CPF could’ve said, “in one way or another, you are going to contribute, whether you agree to it, know it, or not!” Again, if you don’t know how to get this done, or your supporting counter parties can’t come up with ways to get that done...then what the f am I paying you for?“
Yes, it reflects poorly on CJP and CPF. (I like them both as people, and knew Coach Fulmer loosely several years ago. Enough to say hello and chat. I know he means well and is probably doing his best; so please don’t take this as an insult in any way) Two staff members solidify their standings. That said, I would argue that there were other failures there were made that ever allowed this to ever become an issue. Again, if you don’t know what questions to ask or what moves to make, then maybe some folks don’t need to be running, or consulting for, a multibillion institution
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