Franklin: Senior leaders must help employees grow

Doug Franklin, who retired in August as executive vice president and chief financial officer of Atlanta-based Cox Enterprises, was this year’s Executive-in-Residence at the 12th annual University of Dayton Business as a Calling Symposium.

Franklin, who started with Cox in 1977 while attending college, served in a variety of roles over his 38-year career with the communications, media and automotive services company. Those roles included president and CEO of Cox Ohio Publishing, and publisher of the Dayton Daily News.

Franklin, a UD alumnus, spoke to the Dayton Daily News about the future of the media industry, and offered insights for business and communications students preparing for their careers.

Q: What is the future of the media business?

A: The media business has got a bright future, but it’s going to look different.

The demands for content, the demands for journalism and the demand for entertainment is going to be as strong as ever. Parts of it may get disrupted and may be different. Look at the growth of Netflix. Those content-type businesses and how they’ve distributed will continue to do quite well, but it will shift.

I feel that if you’ve got a strong position as far as content, you’re going to have a play.

Q: What is the importance of giving back to business students at your alma mater, the University of Dayton?

A: I think all of us during our career and growing up had mentors — had people that helped us along the way. Probably one of the most important things a senior leader can do is to lift people up and to help people grow.

The first part of my career was probably more focused on how I succeeded. The latter part of my career was how to make my business succeed. The final chapter of my career is more about how to help others succeed, just as they’ve done for me. I will talk to the students a lot about the importance of people.

Q: Any advice to communications students entering journalism?

A: One of the things that I love about journalists, that they’ve always had and they need to hold on to, is the passion for their craft and the special work that they do. I talk about informing, inspiring and improving lives in the communities that they touch, and to hold on to that.

The business around you that supports that is going to continue to shift and put pressure on how you do your work and the different formats. But I think you can still abide by that higher journalistic calling.

And to be adaptable. Your work may be multi-media, may be more digital, but it still can be great journalism. I view that that part of the business has legs and strength, as much as any part of the business.

Q: You spoke with students about business ethics and social responsibility. What values are you looking to impart?

A: Having a mission and a higher calling in life. So not just to make money, but what is it that is really going to drive you and keep you motivated in whatever they decide to do as a career. It’s got to be something that fuels their passion, so it’s got to have a mission and a higher calling.

The issue of carrying values every day in good times and bad times, and the importance of them forming a strong values base over the next several years.

The importance of people. It is going to continue to be the distinguishing characteristic of a successful business and its longevity is how you work with people and how you value people.

I talked to them about some attributes about them as individuals. Things that the university and business can’t teach you that you’ve got to have. You’ve got to have good judgment or, in the other category, common sense. The interpersonal skills and empathy for people – the people skills. The inner drive – what gets you up and going every day? They can’t teach you that; you’ve got to have it. Hopefully, you’ve got a good mission in life that motivates you to have that drive. And then last is the desire and capacity for lifelong learning. Businesses will continue to change — technology, etc. Be a constant sponge for information and knowledge your entire career.

Q: What have you been doing since retirement?

A: Catching up. I’ve been visiting friends, been visiting family. Spending time on the important things in life – about people — that sometimes gets hard to do when you’re on the road and challenged with all the work demands.

I have my first grandchild, who is seven months old and probably the best retirement gift — frankly, the best gift anyone could have. He’s been a real joy to be able to spend some extra time with coming out of retirement.

I’m still debating about whether I’m going to stay officially fully retired, and playing a little more golf. I’m learning golf. I never was very good at golf. So I’m trying to get a little better at that game.

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