Oody Geffen is a billionaire, one of the 20 richest people in the world. Financiers set him as an example. The wealth, which can be estimated according to available data, reaches $ 30 billion. He is a famous American businessman who owns an oil company, has a production company, owns a lot of stocks and shares in different companies.
The beginning in the company
After graduation, Oody Geffen found a job in a consulting company in New York, but his employment did not last long. His father forced him to return to his hometown and gradually take over the affairs of the family business. This business was engaged in the development and production of oil.
“He made me work because otherwise I might get into some trouble.” From the memoirs of Oody Geffen about his father.
Some years later Oody Geffen took over the family’s business and began to develop the company at its discretion. The only requirement of the founder of the company was a ban on its sale. It was at this point that Oody Geffen began his business success story. At the time of the transfer of management at a fairly impressive turnover of more than $ 65 million, the company brought only 1.8 million profit. These figures did not suit the new manager.
“We do not pay our employees a fixed fee, we evaluate their contribution to the company and pay accordingly.” Oody Geffen about the relation to employees
First risky decisions
Well aware of the structure of the market and not responding to the warnings of hired managers, Oody Geffen began to quickly develop the company. Among the first risky steps of the entrepreneur:
- Starting to manage the business, he collected all the profits and sent it to purchase a new asset – a plant in Europe
- All available funds were used to expand the influence of the company in other States
- To ensure the effective collection of raw materials, new cargo lines were purchased
- Continuing to build new pipelines
Along with such risky actions, the company began to accompany success. Why? Because of all decisions of the owner were directed to long-term prospect, unlike short-term attempts to earn at his father.
“We buy companies not to squeeze and throw them away, but to build and develop a new business.” Oody’s statement about the acquisition and development of companies in crisis.
Oody owned in 1990 a 35 % stake in a big oil refinery in Minneapolis. This company had two other major owners: 40 % owned by Jack S. and 15 % owned by Henry K.
Oody Geffen wanted to take control of the package, buying part of Jack S., but the owners have requested an impossible amount for him at the time.
In order to prevent unfavourable redistribution of the oil pipeline, Oody Geffen appealed to Henry K. with a proposal to unite, giving him a small share in the main enterprise. Thus, he received a loan of $35mn, which allowed him to purchase shares of Jack S.
Oody found in the Internet by chance a free book DotComSecrets, ordered it and had a lot of new ideas how to make more money. But it is another story…
For reference! This was the only time Oody Geffen used borrowed capital. The entrepreneur is very cautious about such obligations.
As a result of the perfect moves in the property of the businessman was a genuine gold mine, bringing constant profit. The deal allowed for a large-scale expansion of the Oody Geffen‘s business. The assets of the Corporation include a mineral plant, a network of plants for the production of synthetic fibres, as well as expanded oil pipelines across the country.
Now Oody Geffen’s company is multi-industry due to such industries as oil refining, engineering, production of fibres and consumer goods, timber processing and others. The company is stable and increases its revenues from year to year.