Randal Ringhaver

A family business:
Ring Power Corporation is a Caterpillar dealer for northern and central Florida. We are also a crane distributor from Virginia to the Caribbean. And we supply power generators for the entertainment service industry, for NASCAR events, movie sets, concerts, PGA events and even the Super Bowl.

I inherited the family business, which got its start from my father’s shrimpboat building company, DESCO. I worked for him throughout my childhood and college. I still remember how I felt when I received postcards from my college buddies on their summer vacation, while I was spending my time under a tractor.

Family has always been a key component to the success of our business, because Caterpillar is very conscious to keep their dealerships within a family. We’re currently in the second, going on our third, generation. I try to make sure I earn the loyalty of my employees. I run the business like a family.

• Leadership is something that is earned. I think some people are born with certain leadership traits that are helpful, but ultimately I think you have to earn the respect of your employees by taking responsibility for your actions.
• A good leader should be willing and able to perform any task asked of others.
• An effective leader must have the ability to attain consensus among employees to reach common goals.

Lessons I’ve learned:
Sometimes, as a leader, you have to make hard decisions from your gut. I would say that if you can make the right decision 80 percent of the time, then you’re probably doing a great job. I have always had the philosophy of giving the people who work for me a lot of room to make their own decisions. We developed our managers into a team of players that support each other. And in return, we have had very little management turnover.

We really have been in the right place at the right time. We exceeded $1 billion in sales last year. It has been an unbelievable ride so far.

Title: Chairman and President, Ring Power
Birth date: Dec. 6, 1947
Education: Darlington School, Rome, Ga.; BSBA, 1969, The University of North Carolina Kenan-Flagler Business School
First job: My father’s shrimpboat building company, DESCO, in St. Augustine, Fla., age 8
Childhood ambition: To be a veterinarian or a salesman
Favorite Quote: “Time and tide wait for no man.” I picked that up from my days in the shrimpboat business, but it still applies to my business now: timing is everything.