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EDITOR'S
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People
are funny about money. Many fabulously rich folks
eventually surround themselves with the trappings
of wealth, yet they insist that they don't want
anyone to know how rich they are. They wear fine clothes, drive expensive cars, live in grand homes, join exclusive clubs and send their kids to the best schools. Many of them also make huge donations to charity -- sometimes anonymously, sometimes with great fanfare. Then one day -- usually after many years of
building their fortunes -- they get that dreaded
telephone call from Virginia Business. The
conversation usually goes something like this: |
| "Mr. Worthalot, I'm from Virginia Business, and I'm researching The Virginia 100, our list of the wealthiest people in the Old Dominion. Based on my calculations, you should be on our list this year." |
Awkward silence.
"Mr. Rhodes, I am familiar with your list. But with all due respect, I do not want to participate. I appreciate your thinking of me. Virginia Business is a fine publication, but I have absolutely no desire to divulge my net worth in it."
I break the bad news.
"Mr. Worthalot, I'm afraid it's not that easy. You see, many members of The Virginia 100 feel the same way you do, but it's my job to make this list as accurate as possible. And I am convinced that you belong on it."
The gears start to turn.
"Mr. Rhodes, what is the cutoff for this year's list? I don't have as much money as you may believe. Almost everything I have is tied up in my company, and no one knows what my company is worth until I decide to sell it, and I have no intention of doing that."
I try flattery. Sometimes it works.
"Mr. Worthalot, I can't imagine that company without you running it, but our cutoff is only $94 million this year, and your fine firm is worth more than that by any measure. If you ever do decide to sell it for less than that, give me a call, and I'll round up some investors."
Sometimes that approach gets me a dial tone, but sometimes Mr. Worthalot breaks down and admits that his company probably would fetch more than $94 million.
The one thing I've learned from 11 years of researching The Virginia 100 is that most rich folks won't lie about their net worth. They will hem and haw. They will blow smoke. But, generally speaking, if they have it, they won't say they don't. I hope I can still count on that after they read this column, because every year The Virginia 100 is the best-read feature in this magazine.
Why?
Because it breaks through the old taboo about talking turkey. Everyone whispers about who has what. They might even venture a guess once in a while. But the editors of Virginia Business are not afraid to take names and count assets.
We freely admit that The Virginia 100 isn't perfect, but each year it gets better. This year's list is preceded by an introduction and index. Read it with a grain of salt. But if anyone tells you that their net worth figure is wrong, assume that it's too low.
Karl
Rhodes
Executive Editor
© JUNE 1999, Media General Business
Publications Inc.,
publisher of Virginia Business Magazine