Selden Martin always has a plan. It’s an attribute that has served him well over the past couple of years as he has adapted to the global recession and the big changes at Merrill Lynch & Co. Inc.
It was Jan. 1, 2009, when the world learned that the well-known wealth management firm had been acquired by Bank of America Corp. With the economy already struggling, this was yet another reason to be scared. But Martin’s diligence about planning left him in a strong position to deal with the uncertainty that arose.
“One of the early lessons that evolved for me in leadership was to continue to adapt as a leader,” says Martin, managing director for the St. Louis Metro Complex of Merrill Lynch since 2005.
“I’ve always been a big believer that having a plan is important for any kind of business that you run. A lot of times, business owners are very entrepreneurial or very defined by the specific product or service that they produce. But they don’t have the experience or haven’t had the luxury of being in a position where they build an organization around it.”
In other words, it’s great if you grew up working on cars in the garage with your father and parlayed that knowledge into a chain of auto repair shops, but if you don’t know the mechanics of managing people and following a budget, your ability to fix a busted alternator may not be enough to keep your business going.
“Having a plan is important at any level, and then secondly, communicating that plan is paramount to getting the buy-in and getting the success of the employees in the organization,” Martin says. “That helps specifically all the way through the life cycle of the business.”
More than a year after the acquisition by Bank of America, both Martin and Merrill Lynch have adapted. The overall company registered $23.3 billion in 2009 revenue and Martin did his part to keep things moving with the nine offices and 200 financial advisers he oversees in St. Louis.
Here’s how Martin stays organized and stays in touch with his employees to make sure everyone understands what’s going on.
