Business Challenges Don't Intimidate Gene Phillips of Dallas County
Gene Phillips of Dallas County took on one of the greatest investment challenges of his life shortly after moving to Texas.
Gene Phillips of Dallas County ran into one of his most challenging investments in 1979. The business that drew his attention was an Atlanta-based real estate trust called Southmark. "Even though Southmark had $100 million in assets, its stock was trading below the value of its real estate," says Gene Phillips of Dallas County.
In order to get the company back up to its proper value and beyond, Gene Phillips of Dallas County used his deal-making experience to turn his investment into opportunity. "I invested $15 million to buy enough stock to become the majority shareholder," says Gene Phillips of Dallas County. It took 7 years of hard work but he managed to grow the company.
"I took the company from the $100 million it was valued for in 1979 and by 1986 turned it into a conglomerate worth $17 billion," says Gene Phillips of Dallas County. He increased the company's value by filling its portfolio with other companies and real estate property. One of the companies that he acquired through Southmark included an oil and gas company called Parker & Parsley Petroleum.
"It was a small oil and gas company. I took control of the company in 1982 and grew that to $1 billion in assets," says Gene Phillips of Dallas County. The oil and gas company added to Southmark's conglomeration had operations in hydrocarbon exploration and development. "Most of the companies I acquired were in the finance, real estate, and insurance industries, but a gas company was another way of diversifying the company's portfolio," says Gene Phillips Dallas Texas.
Gene Phillips of Dallas County knew through years of investments that there are always risks. Using his skill and experience, Gene Phillips of Dallas County was fully capable of weighting the risks and benefits to many of the companies he considered investing in. While Southmark was a risk and a challenge for him, Gene Phillips of Dallas County is thankful he took the chance.
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