Tom Gores Quotes
101 Tom Gores Quotes
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If things don’t go well, we want to know how to survive a downturn.
Tom Gores
[On the San Diego-Union Tribune] We saw an opportunity to attack the fixed costs and adjust the company to survive on a realistic assessment of both advertising and subscription revenue.
Tom Gores
[On buying a newspaper when many people view it as the next buggy whip.] There were several key factors that got us comfortable. The first is that we were able to buy it at a reasonable value, so starting off it wasn’t faced with the wrong kind of pressure. The capital structure wasn’t overburdened with debt and the business wasn’t pressured by unreasonable cash flow expectations. The second is our appreciation for the customer base. The Tribune is the main paper in San Diego with a loyal readership and advertising base. That was crucial. We knew we had a foundation to build on. The third is that we felt we could make a difference operationally in a way the old owners hadn’t tried.
Tom Gores
[In April 2010 on growing the reach and profitability of the online side of a newspaper business.] A key part of that equation is whether or not someone can figure out how to get people to pay for content. Although that’s not something we’re counting on, somewhere along the way I think it may happen.
Tom Gores
It’s about buying in at a good value, creating the right capital structure, making a difference with the operations and really believing in that subscriber and advertiser base.
Tom Gores
We want to create a strong, profitable company, and then let the strategy evolve from there.
Tom Gores
Newspapers are local businesses. I don’t think you can roll up a bunch of assets and consolidate the resources.
Tom Gores
[On DAUM Commercial Real Estate Services in April 2010] We knew that commercial real estate wouldn’t be coming back any time soon, but we can still identify ways to make a difference operationally.
Tom Gores
We always plan for the worst case. Our base case is most people’s worst case. And our worst case, most people don’t like to think about.
Tom Gores
We’re not afraid to look… and do the math around what would happen if we had to liquidate receivables and so on.
Tom Gores
We’ll pay a lot of attention to a company’s track record and then try to run sensitivities to model out what happens if certain customers leave, or revenues drop by 20 percent.
Tom Gores
It’s very powerful to think along the lines of a worst-case scenario.
Tom Gores
We consider ourselves to be both a strategic and a financial buyer, and since we’re going in with a worst case model, if we happen to hit the middle of the fairway rather than worst case, we’ll make a great return.
Tom Gores
Our willingness to bid on the assets and come to the table when nobody else would is what ultimately helped Delphi emerge from bankruptcy.
Tom Gores
I was… proud of our willingness to walk away and not overpay for the business.
Tom Gores
We always have to stay disciplined.
Tom Gores
I think you have to really be careful about trying to predict volumes. This is the mistake Delphi made. Instead of being a hero and predicting the future by saying this or that will happen, you have to adjust to the big boys and let them determine demand.
Tom Gores
[On the deals he did in 2009] I feel really good about every deal we did.
Tom Gores
We still have to do the basic things. You’re always going to have to execute and you can’t get ahead of yourself or become arrogant.
Tom Gores
[In April 2010] I think 2009 was a definitely unique year.
Tom Gores
Industries and businesses are always in transition.
Tom Gores
If you’re willing to peel the onion, there’s a big opportunity for companies seeking the right owner.
Tom Gores
When we acquired the Union-Tribune, I had some of my banker friends ask why we would acquire a newspaper when the whole industry is crashing around us. This is when we just go back to what we know and stick to our model. There’s going to be a lot of noise in our business, but you can’t base your decisions on the wrong kind of pressure.
Tom Gores
[On founding Platinum Equity in 1995] I didn’t approach anyone for capital. I just thought if I could find one deal that made sense, I’d take it from there. I had a couple hundred thousand bucks, but I had debt, so I was in a negative position.
Tom Gores
I decided to figure out how to get it done.
Tom Gores
I loved the corporate divestiture market, because you could find companies within there big divisions that maybe weren’t being taken care of. I figured if I could find one or two of those, I could make a living.
Tom Gores
I much better at a deal when I’m hanging.
Tom Gores
My mom was a great inspiration. Whenever I did fail or lose a game, she made sure I got back on my feet. She never killed my spirit.
Tom Gores
With coaching kids, a lot of times it’s about making sure you don’t take the motivation out of them.
Tom Gores
If you’ve got something important to do for your kid or your family, figure out how to get there.
Tom Gores
If you’re successful in business, but you sit around in your office having the though that you’re not being the best dad, then it’s not complete.
Tom Gores
I’ve been wrong plenty of times.
Tom Gores
Mark Cuban has done it his way – what’s natural and works for him. I’ll do what’s natural and works for me.
Tom Gores
[In October 2009] When everyone [else] is scared about the market, we go to work.
Tom Gores
We have a lot of very capable people, but if you make it bureaucratic, you’re not going to be fast. If we lose speed, we become more of a commodity.
Tom Gores
We could’ve created a huge ruckus, but we were gentlemen.
Tom Gores
[On the Detroit Pistons in 2011] We will strive to be better next year. What else is there? Tough for you and I to swallow but the journey was good and in the big picture everybody won. Don’t worry I am still in pain. Tomorrow is a new day.
Tom Gores
[In 2002 on bidding for Global Crossing] It’s going to be interesting.
Tom Gores
[In September 2010] I’m not looking to be a Mark Cuban. Let’s say active, but not that active.
Tom Gores
At the end of the day, I like doing the things that I do, taking care of my own family and the Platinum family.
Tom Gores
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