Spence Wilson shares keys to business success

Holiday Inns lineage is entrepreneurial edge

For Spence Wilson, there are two basic building blocks for successful entrepreneurship: passion and perception.

To prove his point, he need look no further than his father, Kemmons Wilson, who founded the Holiday Inn chain and enjoyed a long and successful career.

"My dad was a great example of someone who got up every day and loved what he did and devoted his life to it," Wilson said during a roundtable forum on Tuesday sponsored by the Society of Entrepreneurs. "I encourage entrepreneurs to make sure they love what they do and develop a keen sense of awareness about their business. Otherwise, they might as well forget it."

Those are qualities Wilson said he has honed during his years of working with the family's business. After initially struggling with feelings of inadequacy, he embraced his role in the empire and helped grow the business in new and exciting venues.

"Early on, I was unsure of myself and worried if I would ever measure up to the accomplishments and achievements of my father," Wilson said. "I overcame that and realized that we were different types and complemented each other, and that helped me develop a great partnership with him and my brothers."

Wilson, president of Kemmons Wilson Inc., was keynote speaker at the SOE forum held at the Crescent Club. He discussed expanding the family business and brand, which has resulted in investments in more than 400 different businesses.

Central to success in all the ventures, Wilson said, was a solid management team.

"We've been flexible and changed our business model when necessary, but the one thing you can never do without is excellent leaders," Wilson said. "Regardless of the industry, you've got to have forward-thinking people in your organization who will help you get to the next level."

Despite current economic challenges, Wilson said there are unlimited opportunities for startup success, particularly in family-owned businesses.

"The strengths of working with your family are that you're surrounded by love and support and get to do business with people you know and like," Wilson said. "When it's done right, family-owned businesses can be powerful enterprises."

The message resonated with many at the sold-out event, including Bridget DiCello, president of leadership training firm Building Bridges.

"The Wilson family name is synonymous with entrepreneurship and the story of developing into a globally recognized brand is inspiring," she said. "It's reaffirming to hear that if you follow your dream and work hard to achieve it, you can be a success."

Gwin Scott, president of EmergeMemphis, agreed.

"Family support was an important jump start for him, and Spence maximized the company's potential venturing into other areas," Scott said. "He's a great example of the high caliber of entrepreneurial thinking we have in Memphis."

In celebration of the upcoming Global Entrepreneurship Week next month, the Society of Entrepreneurs will partner with LaunchMemphis to host a networking event Nov. 20 with some of the most successful business professionals in the area.

Entrepreneurs representing more than a dozen industries will participate, including Mike Bruns, president of Comtrak Logistics; Charles Ewing, president of Ewing Moving Service; Art Gilliam, president of Gilliam Communications; Dr. Scott Morris, founder of the Church Health Center; Jack Soden, president of Elvis Presley Enterprises; and Jeff Webb, CEO of Varsity Brands.

For more information on the event, visit societyof entrepreneurs.com.

-- James Dowd: 529-2737

Society of Entrepreneurs upcoming event

What: "Core Conversations on Entrepreneurship"

When: Nov. 20, noon

Where: Folk's Folly, 551 S. Mendenhall

Cost: $35

Details: Call 682-9920 or register online at coreconversation.eventbrite.com