Podcast: Speaking of Quality: Wealth Management Insights with Hank Smith
Season 3 Episode 5 Title: Leadership: Knowing When to Get in the Pool with Brian Tierney

Episode Transcript:

00:05 Maxine Cuffe

You’re listening to Speaking of Quality: Wealth Management Insights with Hank Smith, a podcast by the Haverford Trust Company. On Speaking of Quality, Hank chats with authors, influencers and wealth management experts to bring a sense of clarity and calm to the complexity and stress of personal finance. And now, here’s your host, Hank Smith.

00:27 Hank Smith  

Hello, and welcome to another episode of Speaking of Quality: Wealth Management Insights. I’m your host, Hank Smith, Director and Head of Investment Strategy at The Haverford Trust Company. On this podcast, we explore topics ranging from quality investing, retirement resilience, stock market trends, estate planning, small business ownership, behavioral psychology, and more.  

Joining me on today’s episode is Brian Tierney. Brian is known throughout the region for his expertise in communications and crisis management. On top of that, he is a successful businessman, having started a handful of agencies and owning two of Philadelphia’s most prominent newspapers for a time. 

I’m excited to have you here today, Brian.

1:12 Brian Tierney

Hank, it’s great to be here too. Thank you.

1:14 Hank Smith

Well, when I interview individuals with such a distinguished career as yours, I always like to start at the beginning and for you, the beginning wasn’t in marketing and communications. You worked in the Reagan administrations in a political role. How did that come about and what was your transition to marketing?  

1:36 Brian Tierney

Well, I was always interested in politics. I remember staying up late watching the Republican and Democratic conventions when I was a kid. And when I was 17 years old and still in high school, my parents got a mailer that the Democratic Party in Springfield, Delaware County, wanted somebody to run for township commissioner. It was an open seat, and I said to my mom and dad, ‘Gee, my birthday will have happened by the time of the election. Maybe I’ll run for office.’ I ran for township commissioner the first time I could vote. I could vote for myself, that was kind of a fun thing.  

When I went into college, I wasn’t a college Republican or a college Democrat. I was in student government. The college Republicans at University of Pennsylvania in 1976 would not endorse Gerald Ford; they went for Reagan. So, I invented Penn Students for Ford, and I was the president of it, and the president of the United States came to the campus, and I got to introduce Gerald Ford in 1976.

When I got out of college, I was going to go right to law school and was accepted at Villanova. But I decided to just try to get a job in Washington for a while. A week before school started, I got a job at the Republican National Committee in the local Elections Division, which was a great place to be, non-incumbents only, the parties trying to rebuild after Watergate. They’d send you to Livonia, Michigan and you’d be working with somebody who was running for office and helping them figure out their message and do research. So that’s what happened.  

I ran the campaign schools for the Republican party two years later and then wanted to get back to Philadelphia. My wife and I married, we had a baby, and I completed law school. That’s how I got the job in the Reagan administration. They said, well, ‘Why don’t you come here at the SBA?’ Later they said, ‘Why don’t you move up if you’re willing to move to Philadelphia?’ I said, ‘Oh, I’m very willing.’ They said, ‘It’s a town called Bala Cynwyd.’ I said, ‘I’ll take it.’ That’s what got me to Philadelphia.  

3:27 Hank Smith  

And then you transitioned into marketing and communications. Was that something you always had a passion for or did that more or less fall into your lap? 

3:35 Brian Tierney  

No. My boss in the Reagan administration was leaving to go do something else. I could stay, but I thought, you know, how could I maybe apply my campaign knowledge? Basically, when you think about it, the good thing about campaigns as it relates to marketing is it is marketing, and it’s research based. We would do focus groups, et cetera, and really know what our message should be. And then you must be really disciplined. I mean, how we’re going to create this marketing program in terms of public appearances, advertisings, all these other kinds of things.  

The other part about a campaign that really helped me in terms of marketing communications for corporations is the discipline of election day. This year it’s November 5th. We can’t move it, and to improve market share is not enough. We have to win. We have to get 50% plus one by November 5th. That’s victory. Anything else is defeat and that discipline has been very helpful in the corporate world over the last 35 plus years. 

4:35 Hank Smith  

Throughout your career, you’ve really played two roles; that of a marketing expert and that of a businessman, an entrepreneur. You’ve started now three agencies, including the one you run now. And you’ve also owned, as I mentioned in the introduction, and were the publisher of the two leading newspapers in Philadelphia. Did that go hand in hand the marketing expertise and running a business? 

5:07 Brian Tierney

My background been really interesting in that not only have I been in agencies and actually started and sold three to publicly traded companies. The first time was when I was 27, I tried to get a job at a big agency called Louis, Gilman & Kynett here in Philadelphia, owned by Foote, Cone & Belding, and I got turned down. My background was too political. So, I got a desk from one client, and I had three small clients. Because of it, the guy who turned me down for a job, I then met his boss out of Chicago, and we met a couple of times. He said, “Do you ever think of coming to work with us?” And I said, “I applied for a job two years ago, and I got turned down.” 

He said, “Let me come back to you.” He came back to me the next day and said, “How about coming in as president?” So, the place I got turned down for a job, I walked in as the president two years later. That was kind of wild. I’ve had the unique experience of when I was at The Inquirer, I had 5,000 employees, full-time and part-time, and over a dozen unions. So, I know what it’s like to be on that side of the seat if you’re the CEO or running a large corporation and all the issues, as well as advising them. And then the other part is that I’ve served on several publicly traded company boards. Nutrisystem is a wonderful one, from 72 cents a share to $42 under Mike Hagan’s leadership when we sold. So, it’s kind of unique. 

I’ve been in journalism, I’ve been on this side of the table, that side of the table, and I think that’s a real benefit for our clients and the relationships too that we’ve built.

6:41 Hank Smith  

What brought you to consider putting together an investment group to buy the Philadelphia Inquirer and the Philadelphia Daily News, and where do you think the newspaper industry is today? 

6:56 Brian Tierney

Well, you know what, it was back in 2005, and Knight Ridder was being sold to a company called McClatchy, and pieces of it were going to be broken off, et cetera. I knew on one level the important role that the Inquirer and Daily News and what’s now inquirer.com played in the community and knew also that on the business side it could run better on the advertising side, because I had been a purchaser of advertising. So, I saw what they were compared to TV stations and others. We thought, ‘we can improve that.’ It’s important, and I was in a good spot in terms of things, and it was wonderful. I was able to put together a diverse group, men, women, black, white, the Carpenters Union Pension Fund, and Bruce Toll, who was a home builder, not a unionized home builder. 

Everyone signed a pledge that they wouldn’t interfere with the editorial product. We were able to go into the advertising side and quickly go from 23rd out of the top 25 papers to third best. And the other side of it was attracting really smart people, including a guy named Ryan Davis who I recruited from McKinsey to run inquirer.com. We took it from 10 million page views a month to 93 million page views a month. Our goal was 30.  

Our last year there we were the fastest growing news site in the world. Nielsen rating, not just me saying that. Here I have one out of 200 journalists in America who worked at the Inquirer, and it’s a real benefit now in terms of things to be able to kind of say, I understand what it’s like to be on both sides of the table and the team that I’ve been able to attract from both the corporate side as well as journalism and things like that. It’s not just the marketing slogan. Understanding the operations of a large company and what challenges they face – I think that’s been a real help to me. 

 8:45 Hank Smith

Where do you see the newspaper industry today? I mean, given all the competition for news, all of the competition to attract advertisers, and you can just see it today, when you buy the Philadelphia Inquirer, it’s hollow compared to what it used to be. You can basically get through it in about five or six minutes. The New York Times takes a little bit more as does the Wall Street Journal. Is there still a future for these city papers or even more regional local papers? 

 9:19 Brian Tierney

There is, and they play a critical role. On one hand, the newsroom is probably 60% to 70% smaller than it was when I was running it. And back in 2010, social media was really just cranking up, et cetera. It’s kind of like if you drop a glass bowl on the floor; it shatters. The largest chunk though is still the Philadelphia Inquirer, the Baltimore Sun, et cetera, et cetera. There’s a lot of other splinters.  

The other thing that’s really scary for America, I think right now is I could say “Brian Tierney’s head is made of cottage cheese. Look at this website.” And someone could say “Oh yeah, you’re right. It looks good.” I mean, there’s so many voices out there. Years ago, when I was a publisher, when this was all beginning, a very well-known publisher said, “Geez, we’re the ones with the trusted content. I can’t believe we’re fighting this.” So, I actually registered trustedcontent.com. I’m not sure what I’m going to do with it yet, Hank, but someday I’m going to figure out something with it.  

But in the end, in each community, [the local news] is the one you can trust. It’s not all the other voices, et cetera. But it is scary because everybody is kind of in our corners, and they’re saying, “well, I heard so-and-so”, and “I heard such and such”, and particularly in the world today, both domestically and internationally, we have to find common ground. How do we find ways to work together? I know you feel this way and you feel this way, but the critical thing is in the middle, and how do we get together there? Now television, TV news still does well and newspapers relatively speaking, do okay, they’re just not as good as they used to be. 

 10:59 Hank Smith  

Well, on that subject, former president Donald Trump came up with the expression ‘fake news’. But in reality, there is a lot of fake news, as you alluded to. You can go on the internet and find some of the wildest stories that are just completely fabricated. How does one navigate through that to get to real news? 

11:24 Brian Tierney

All of us are online all the time. We have a lot of different things but we need to fight the algorithm. And what I mean by that is the algorithm that these successful companies all have. Once you read something and how long you spend on it, if you go back again, you get more and more and more and more and more of the same and you’re marinating all the way off to the side. That’s why I particularly like to read the print versions of the Inquirer, New York Times and Wall Street Journal on the weekends, and even during the weekdays. Some days I’ll go for two days and haven’t had a chance to look at it, but when I do go through it, I read pieces of the physical paper. I wouldn’t necessarily read a fashion article online. But if I’m looking at the Sunday New York Times and there’s something there that I learned that makes me smarter and perhaps helps me with a client as well. It’s not that they’re in the fashion business, but there’s something interesting that relates to them. And I think we need to encourage Americans to find time to fight the algorithm. Don’t let yourself marinate in that one spot because that’s what happens and that’s how people make money off of you because you’re not fighting the algorithm. 

12:33 Hank Smith  

I’m going to slightly switch gears, Brian. I’ve talked about this on a number of podcasts. My view is one of the secret sauces that makes this country so special and so great is philanthropy. Americans do philanthropy like no other country in world history, and it isn’t just the Fords and the Rockefellers and the Gates. It’s middle America and even lower middle America, giving to their churches, giving to their community centers. Tell us a little bit about your philanthropy and philanthropic efforts.  

13:14 Brian Tierney

I’ve been really fortunate, and I think you’re hitting it too. It’s not just Bill Gates writing the big checks, but the benefit that you get out of the smaller things that you do. And perhaps that philanthropy is donating an hour of your time and $10, even if it was just that, but at least you feel better. You’re helping somebody else. As an agency, and much to my CFO’s chagrin, sometimes, we donate about 10% of our billable time to nonprofit causes. I just find that really it helps us. I’ve been really blessed to be involved with people like Project HOME and Sister Mary Scullion. It’s just amazing what she’s been able to do, and I’ve known her since the early nineties when I first met her when she was protesting outside of the archdiocese, and we started to talk, and I realized she’s just this wonderful, wonderful person. 

And then close to home, my wife Maud is very involved. She did the Zoobilee and this and that, the Philadelphia orchestra things, but also really got joy out of volunteering for something called ElderNet. So here it is, in the town that we’re in, I was never aware of this organization. We’re helping them out a little bit now, just taking somebody to a doctor’s appointment. You’re taking the burden off of that family, the daughter perhaps, or something like this. My wife used to say, it’s really nice to be able to talk to Mrs. Johnson and she appreciates it, and it just felt good. It’s a great way to do it. I also found is, when I was on the board of the Episcopal Academy, I came up with the idea of moving the school. 

My son was there, and I said, ‘It’s great, but the campus is too small and he’s only getting two half hours a week on the basketball court, so we should look for land in the west.’ The most the school had ever raised is $7 million to expand a building there on the campus. But we found land, it was a developer that we had done some work for and had gotten it approved. Long story short, a few of us stepped up and the school had only raised $7 million before, but because we had a big idea about doing it and getting major names like Robert Venturi, who went to Episcopal. You have to figure out how to get people excited about a big idea. I think that’s part of it. Small ideas are harder to sell than a bigger idea. 

15:41 Hank Smith  

And I’m figuring out that part of your success has been bringing people together, whether it’s in marketing, running a business, you’ve already given several examples of how you brought people together. Is that just a natural trait or a learned skill? 

16:04 Brian Tierney

I think it’s just perhaps it’s a little bit of growing up and anything is possible. Just don’t count yourself out. We talked about when I ran for class president and my mom helped me with the poster and she was so proud. I was in first grade, and I came home that day, and she said, ‘How did it go?’ I said, ‘Oh, Michael won.’ And she said, ‘Oh, Brian.’ and she hugged me. My dad said, ‘You tried it, Brian. That’s great.’ And then about one minute later, my mom looked at me and she said, ‘Brian, who did you vote for?’ And I said, ‘Mom, I felt kind of funny voting for myself. So, I voted for Michael too.’ My mom said something to me then that has lived with me all these years later. She said, ‘Brian, if you’re not going to vote for yourself, why would someone else?’ 

I remember throughout my life I’ve realized you have to vote for yourself. You know what I mean? You have to, not to be arrogant about it, but give it a shot, don’t count yourself out. And throughout my life, I’ve had a lot of different opportunities. When I was growing up, my mom was a waitress at the Bellevue Hotel. Before she passed in 1997, I was able to take her there, and I was the largest tenant in the building with 56,000 square feet of space and had a sign outside that said ‘Tierney, FCB Tierney’, because we had sold the Foote Cone & Belding at that point. So, it’s just anything is possible, just kind of give it a shot. And again, a lot of people spend a lot of time thinking what can’t work? Give it a shot. 

I got a call from the archdiocese in 2014 saying, ‘Can we meet if there’s a chance? We can come see you, Brian.’ So I happened to be in town. I went over there, and I met with the archbishop and some other people, and they said the Pope is coming here in a year and a half, and we’ve only raised $12 million. They say we need to raise $35 million and one of the concerns we have is we just got turned down by a major corporation because they don’t do religious events, and I was wondering if you had any ideas. So, we learned more about the World Meeting of Families. I never understood it. Every three years the Pope goes somewhere, he brings people, they come from 50, 60, 70 different countries. So, we went back to them the next day and I said, when the Republicans in 1998, I was involved under Mayor Ed Rendell then on trying to attract a convention to Philadelphia. And it wasn’t viewed as a Republican or Democrat. It was a great thing. We got the Republican Convention, and everybody looked at it wonderfully. 

In two years, the Democratic conventions come into Philadelphia and while it’s going to be a democratic convention in the arena, it’s just great for the region and everybody is involved with it. They said, ‘So what are you suggesting, Brian?’ I responded, ‘What if you had Jewish co-chairman?’ Within 36 hours we recruited three very prominent figures; Joe Neubauer of Aramark, who’s a wonderful guy, Brian Robertson, and David L. Cohen from Comcast. And by doing that, it made it people realize, this is Pope Francis, he’s amazing. This is going to be great for the entire region. The world’s eyes will be on Philadelphia. And again, it was just reaching out and not viewing things narrowly but looking at things kind of more broadly. Perhaps that’s one of the things that I bring to the table, and I’ve seen it. I worked for a state senator, Paul Coverdale. He went on to run the Peace Corps, and then went on to be a US Senator. And he inspired me early on in my life. I knew him when he was a state senator, when I lived in Atlanta for a while. So amazing things are happening. It’s America. Anything is possible, just give it a shot. 

19:45 Hank Smith  

Well, that is just a great example of bringing together people of all walks and just a wonderful, wonderful anecdote. You’ve had so many successes over your career and it’s always easier to talk about successes. Are there some disappointments though, that kind of stand out that you wish you could have a do-over? 

20:10 Brian Tierney

The Inquirer, even though we went through bankruptcy because all newspapers were having all kinds of challenges. One of my investors was Gerry Lenfest. He later on bought it and I served on the board of the Inquirer. Part of it is to get in the pool, but make sure you’re willing to do the laps. There was one time I got involved with an exercise equipment company, and this was after the agency world or towards the end of it. And then before I was an investor in different things. I flew to Taiwan, I toured the factory and all that sort of thing, spent a week on it but wasn’t really prepared to do the laps. I wrote a good size check and that I didn’t understand it and that didn’t make it. So, there’s an example of kind of something, but you have to just step back up. I got to tell you, when the Inquirer when going through that 27-hour bankruptcy auction where I was advising my investors don’t go any further, this is not worth it. A couple of days later when I was pretty banged up because it was just a public defeat like that. I put so much passion in terms of it, and both in terms of the teamsters had teamsters for Tierney signs and all the rest of it. It was amazing to get calls from three CEOs, I won’t mention them here, major, major corporations are saying, ‘What are you thinking of doing?’ I said, ‘Well, I’ve got a stay till September, but I may start something.’ They all said ‘Well, if you start a new agency, I want to be your first client.’ So, I thought that’s when in September of 2010, I started Brian Communications, using my first name and also bought a company called Realtime Media, which was in contests and promotions. I have a great partner in that and Bob Bernstock, who used to be the head of the international division of Campbell Soup, Scott’s Miracle Gro, CEO. When you’re really down, you got to step back and say, ‘Alright, let’s figure it out. What do we do? We can’t give up. We got to get back into it..’ And having people reach out to you like that. 

22:04 Hank Smith

I want to go back to that analogy about getting into the pool. If you could elaborate on that a little bit, because I think it’s really terrific advice for young people and maybe even not so young people. You’ve just got to take that step and show up so to speak. But just elaborate on that a little bit. 

22:45 Brian Tierney

I’ve had to fight and have a lot of friends who’ve done it, is they spend a lot of time thinking about, ‘Oh, I don’t know, maybe I’ll do this, maybe I’ll do that.’ You talk to them a week later and they say, ‘Well, I’m not sure about this.’ For some reason years ago, I got in my head, ‘Let’s get into the pool.’ Let’s not just say should I jump into this part of the pool or that part of the pool. Get in the pool, exercise, have fun, do it. Make sure there’s enough water. And by water, I mean talent. To be successful, it’s not a solo act. There might be artists who can do that who were painters, but other than that, even they have probably a good team. 

They have managers around them, but in the end, the water in the pool is the talent and that is critical. And making some tough decisions about people that perhaps are too negative or whatever, and you realize, you know what, I’m just never going to be able to make it in this pool. I got to get good fresh water and surrounding yourself with those kinds of people. That’s been the secret of my success.  

If I had to say one thing, it’s attracting great talent. That’s when I bought the advertising agency in the mid-nineties. I hired the best search firm in New York, and they came back and said, ‘Oh, so-and-so great for…”. I knew the key thing was a creative director. And they said, ‘so-and-so’s with TBWA\Chiat\Day.’ Oh my god, that’s Apple’s agency, that’s amazing. Yes, yes. And he’s originally from Philadelphia. So-and-so is with such and such agency and wow, that’s amazing. Yeah, and she’s originally from Philadelphia. Finally, I said, if the secret, if the strainer is, I’m originally from Philadelphia. I want to meet all these people, but I want to meet other people. People that you think I’d have no chance of getting to come to Philadelphia.  

There was a fellow named Rich Russo who was at Deutsche. He was Donnie Deutsch’s chief creative officer. And at first, he didn’t want to meet me. Then he was only willing to meet me in my hotel room for breakfast. Finally, he was willing to meet me in public. I said to him the third time, I said, ‘Rich, your kids are about the same age as mine.’ They were like 11 and 12. I said, ‘For this to be of interest to you, we’ve got to get them excited about it or just to make sure that they like it. Alright, so why don’t you have them come down and just to see Philadelphia and see.’ So, I hired a Ben Franklin impersonator named Ralph Archibald to greet them in the train station. “It’s the Russo family”. There was Ben Franklin. “Daddy, they love us”. And Rich helped me take that company from 60 people to more than 200 people in three years. And that was the key thing. It was his creative talent, who he was able to recruit, and we’re still friends to this day. He’s the COO of Arnold Advertising and their chief creative officer. But that’s the key to it, and some people don’t get that.

Talent is key, your team is key. One of the things I’ve seen in organizations is the negative voices kind of get louder and louder the more successful you get because they have to prove they were right. And you just can’t make it with those people. So, you just got to make changes. 

25:47 Hank Smith  

You’re a lifelong Philadelphian ingrained in everything Philadelphia, what do you love most about the city and are you passionate about the future for Philadelphia? 

26:03 Brian Tierney

I am! One of the reasons I’m passionate about it is because I’ve seen where it was and how it has gotten so much better. When I think about a key moment, it was Ed Rendell, when he came in, when you think about Ed Rendell, he had been elected DA, the youngest district attorney in the history of the city, even to this day, he was 32, got reelected, beat an incumbent, then he ran for governor and lost. Then he ran for mayor and lost. And finally, he said to me one time, “Brian, I felt like if I’d given up after two losses, I’d always regret it.” So, he ran the third time and won. But that first day, seeing Ed Rendell when the city was in a horrible situation in the early nineties, he invited people to help him out to clean the city hall. More than 400 people showed up and there was Rendell scrubbing the toilets and the bathrooms on his knees in City Hall. And you were like, if he’s doing that, I want to be part of it too. So, to see the turnaround that he was able and getting people like myself, who was nominally a Republican, but in the business community, I’d love to help with this. And things like the Kimmel Center was a concept, and I was there, and I was on the board when we opened it up. And nobody thought that was possible that you could have the Kimmel Center and Willard Rouse’s leadership was incredible in that.  

So, I’ve seen where it was, I know it can get better. I feel like there’s some hope with the new mayor. She knows that there’s a lot of people saying, “How can I help? How can I help?” We really need to do it because the region does better if the city does better. And we’re all in this together. And even beyond our region too, it’s a great example for other parts of the country, what you can learn from a turnaround like this. 

27:43Hank Smith  

And I would just add from my observation is when I started working in Philadelphia in 1985, almost all of the graduates of the area university and colleges went somewhere else after graduation. Today, the majority of them are staying in Philadelphia. So, there’s this incredible young community that brings so much energy, and you see it in the bar and restaurant scene, and you don’t have a flourishing restaurant scene if people aren’t excited about being in the city. And so, I agree with you, I’m very optimistic about our future. It’s not as though we don’t have problems. All big cities have problems, but they can be overcome.

28:32 Brian Tierney  

And one of the things that Governor Rendell said to me when Mayor Parker was elected, but before she took office, one of the first things, and she is working hard on this, and he said, and I thought this was really a great proof point, he said, “First thing she’s got to do is stop those ATVs that are illegally so loud driving over sidewalks.” And it’s right because if you walk out on a street and there’s people with motorcycles and ATVs loudly zigging about, it creates a certain feeling of unsettled. And maybe, I’m not sure, and she’s evidently confiscated more than a thousand of them, I think at this point, which is a great point. It’s those small little things that create the momentum to do really big things. It’s scrubbing the floor in City Hall that gives you the momentum to build the Comcast Towers 20 years later to build the Kimmel Center. 

All these things create a sense of optimism and hope. Momentum is key though and I think she’s been bringing a lot to that table too as well. People want to help. People want their community to do well, and it’s a very challenging moment, especially with Covid and people not coming back to work and all those sorts of issues too as well. But I do love that when people have moved here from Los Angeles or from New York and they’re like, I love the city. It’s so livable, and yet it’s sophisticated, the art museums and this and that. And it’s like, oh yeah, I’m glad you like it too. And for me, it was great to live in Washington, to live in Atlanta, then to come back. So, I’ve seen other parts of the country as well. 

30:04 Hank Smith

If you’ve been to any other big city; you truly appreciate that. We don’t have traffic relative to many other cities. It’s very manageable to get in and out and around the suburbs. Well, Brian, I know we could spend another hour talking about wonderful anecdotes. I certainly appreciate your time. It’s been great having you join us on Speaking of Quality and hearing your perspective on business, running businesses, marketing, bringing people together. And I know our listeners will really enjoy this episode.  

Thank you for listening to this episode of Speaking of Quality Wealth Management Insights. Our next episode will be released shortly. In the meantime, please send suggestions or questions for me or the Haverford Trust team to marketing@haverfordquality.com. And don’t forget to subscribe, rate, review, and share this podcast. Until next time, I’m Hank Smith. Stay bullish. 

 31:09 Maxine Cuffe

Thanks for listening to this episode of Speaking of Quality, Wealth Management Insights with Hank Smith. To hear future episodes of speaking of quality, please subscribe on Apple podcasts, Spotify, or wherever you listen to podcasts. To learn more about the Haverford Trust Company, please visit www.haverfordquality.com. 

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