A Chat With May's Profile, John Doheny, CEO, Doheny's Water Warehouse
I have good friends that took advantage of the credit markets and leveraged their businesses up with acquisitions, expansions, etc. Today, that model doesn’t seem to be working, regardless of size. The cost of leverage is high today, and in many cases threatening the survival of some very good companies. Bigger isn’t always better. That seems to be the important lesson learned from the current crisis.
CS: If you hadn't gotten involved in the catalog/multichannel business, what do you think you would've done for a career?
JD: That's an interesting question. I was very entrepreneurial at a young age and always looked for opportunities to make money. My extended family and many friends are in business for themselves, and because of this exposure it's always been a goal of mine to own a business of some sort. I worked very hard from early on and did everything I could to prepare myself to advance in the business community. It's something I've always truly enjoyed doing.
I believe if you're very passionate about what you do and have a strong work ethic, it doesn’t matter the industry you end up in. You'll have a fair shot at being successful.
CS: Where do you see both yourself and Doheny’s Water Warehouse in three years to five years?
JD: In the past, our goals have been to double our business every three to five years. However, the economic uncertainty has affected our customers and supply channels like we’ve never seen before. Overall, I feel we're well positioned to weather this storm and will have the opportunity to grab market share. However, the size of our industry pie could change. So the bottom line is we need to continue to stay focused on the basics, be sharper than ever before and do everything possible to keep our heads above water.