Many argue Greenspan, who in his last four years as Fed Chairman kept rates too low and regulation too tight, led us to a housing bubble that is causing our worst financial crisis since the Depression. But Bernanke has said regulatory problems in the mortgage markets were to blame, not the Fed’s monetary policy. All this got me thinking about the bit of personal insight I have on Greenspan’s leadership.

In 2000, I was invited to a Washington D.C. dinner attended by Mr. Greenspan and hosted by Congressman Spencer Bachus. Over the course of that meal, I learned that Greenspan is a diverse man. I’ve talked before about becoming a better business leader by indulging your passion, and it seems his is two pronged: music and data.

Although his life’s work has been centered on economics, Greenspan graduated from Juilliard in his early 20s and traveled as a professional saxophonist in a jazz band prior to earning degrees in commerce and economics. He still plays the sax occasionally, in addition to the clarinet and the piano.

As for the data side of his passion, he has long studied New York Yankees statistics. Even as a boy, he could tell you the batting average of every player. This folded logically into his career. Greenspan told me that his business life could be easily described as studying data and trying to figure out how the world works.

In an MSNBC article he said, “I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.” Now, I imagine he’s studying data and taking his time to put this crisis into some kind of fact-based, statistical perspective—solving the mystery, so to speak.

After meeting him, I don’t believe he ever allowed the seemingly endless, often excessive praise he got in the old pre-crisis days go to his head. His data-based disciplines kept him steady as reflected in this quote about his time as Fed Chairman: “I was praised for things I didn’t do and now I’m blamed for things I didn’t do.” Powerful words.

My takeaways:

• Don’t be a one-note song. Explore all your interests, both in your career and outside it.
• Find a way to relate your passion to your career. Greenspan made his life’s work from his love for interpreting data.
• Much like Greenspan’s approach to capitalism, laissez-faire leadership is often the best.
• Make glory personal, not something others ascribe to you. If your work is grounded in data, you can stand by your decision, no matter which way the wind is blowing.

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Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email.

When the economic downturn started affecting commercial construction, our CFO Del Allen and I were forced to take a hard look at ways to reduce cost. As a guest blogger, Del has shared a few thoughts on cutting general and administrative budgets. Even with these changes implemented, we were challenged to lower our biggest operating expense–PAYROLL. This was almost unimaginable. Every person on staff brings something unique to the table, and we wanted to do whatever it took to avoid losing any of that talent by letting someone go.

They say recessions inspire innovation, and that’s exactly the mindset we tried to embrace. We decided to set up a furlough system where everyone in the company, myself included, takes five unpaid days every two months. While this isn’t the ideal scenario, it did allow everyone to keep his or her job, health insurance, retirement plan and profit sharing. I’m pleased to say the Stewart Perry family has adapted to the lowered pay with a positive attitude. They were glad to make a joint sacrifice for the sake of the team.

You’ll remember I said this wasn’t a perfect plan. We’ve learned that less revenue is not always commensurate to less work. Many of our folks have come in on a furlough day or two because they have a passion to get the job done right. Everyone is grateful for the extra effort.

However, the benefits have far outweighed the negative aspects of furlough. I’ve seen a greater camaraderie among team members. Personally, my appreciation of our team continues to deepen. When someone isn’t here, I’m more aware of that person’s role in the overall success and seamless operation of the company. Our people are what set us apart, and trials have only made that more apparent.

As for right now, it seems our business opportunities are picking up a bit. Maybe it’s the spring. Maybe it’s a microeconomic envelope that we are in.  I’m not sure, but hopefully we are rocking along the bottom, trending upward. I’ll be glad to have my entire team there with me on the other side.

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Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email.

I saw a similar scenario played out in the opening and closing ceremonies of the Winter Olympics. Recall the Vancouver Convention Centre opening ceremony when the center flame cauldron rose up from the floor. Wayne Gretzky, Steve Nash, Nancy Greene and Catriona LeMay Doan marched to center court with their torches. After arriving in position, the four athletes held steadfast, waiting on the word to light the Olympic flame. It seemed like they stood there forever. There was a problem. Only three of the smaller cauldrons had emerge, and there was supposed to be a fourth.

Ms. Doan stood there with nothing to light. Plan A had gone wrong.

At the closing ceremony, the mistake was transformed into a success. Instead of downplaying the problem from the opening ceremony, Ms. Doan marched in alone carrying her torch. The fourth cauldron emerged from the floor and she finished the job of lighting it. The crowd erupted with cheers and applause. I felt the same way watching from home.

To me, the closing ceremonies Sunday evening were the best ever. This ceremony was particularly good because they took plan A from the opening ceremonies and, with style, turned it into plan A+.

I think there’s a good lesson here for all of us to remember when plan A fails. You can turn lemons into lemonade. Take a deep breath and take your time figuring out how to adapt to the situation. Anyone can perform well when the sailing is smooth, but it’s navigating the rough waters that shows us what we’re really made of.

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Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email.

Since Planting Acorns evolved primarily as a forum to discuss views, encounters and takeaways from my professional life, it’s rare that I have the occasion to mention my family. With that said, I think facets of our personal lives shape the way we think professionally, so it’s important you know I’m a fortunate father of three healthy and reasonably bright children—a high schooler, a college student and a medical student. I’m thankful for a million things about them, including the connection they’ve given me to the next generation of American leaders.

It concerns me when I see the media paint their age group as a self-absorbed, unpatriotic bunch. From my perspective, I feel there’s a spirit that resides in the youth of America. Passion for freedom, patriotism and community has been passed down through our history, and I can’t dream that it skipped this generation. I was glad to get evidence last week.

Just after I posted the piece about our post-hurricane trip to New Orleans, our controller asked if I knew about the recent surge in college applications for New Orleans’ major universities—Tulane, Loyola and Xavier. Before Katrina, Tulane had around 16,000 applicants annually. Now they’re up around 34,000 for a freshman class of 1,400. Xavier is up approximately 20% and Loyola is projecting a 40% increase during the same period.

Post-Katrina, New Orleans has become a place to make a difference, where citizens can be a part of putting a battered community back on track. Judging by the influx of college applicants, our youth clearly want to be involved in this kind of movement.

Tulane has even started a public service requirement for graduation. What does all this tell me? There is a vital force inherent among Americans, no matter their age.  Sometimes it takes adversity to remind us of the common drive that calls us to action, but it’s very much alive in our youth, and it runs deep.

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Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email.

If I had my way, we at Stewart Perry might consider having no titles on our business cards at all.

Some of our team members wear so many hats in their day-to-day tasks that a standard business card couldn’t hold enough words to properly title them. Having said this, I suppose the reality is that we all need titles to communicate a general idea of our role to new contacts. After they get to know us, our actions and our good word should be our title.

As an example, there are two titles in our organization that are co-mingled: estimating and project management. I like a team approach where one person’s job is primarily estimating, but with the ability to negotiate subcontracts, develop scopes and create schedules. This estimator would partner with a project manager for follow though.

Our estimating team members sometimes know the market in a different way than those who have been involved in the “trees.” They see a total view of the marketplace and beyond. Estimating requires a bit more of an engineering personality – more cautious, careful and a bit more clinical.

Depending on client needs, estimating doesn’t always take the lead on a project. Sometimes our project managers will guide the estimating function of a job with a teammate from estimating. By getting involved early, project management becomes a stakeholder in the success. I’ve found this minimizes communication breakdowns.

Either way, I want the team to own or manage a project from all angles so we can we provide the best results, value and delivery to our customer relationship. The simple truth is each team member likes doing different things. When they all work together, we’ve got a winning combination.

If properly approached, it doesn’t really matter which job title is completing which task. The sum of the parts is always greater than the whole.

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Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email.

I recently heard a speech from Robert “Robin” Henry Alexander Eames that reinforced and broadened my thoughts on the subject of listening. I’ll get to how, but first, a little context. Lord Eames served as the 103rd Archbishop of Armagh in Ireland for 20 years. He was a confidant of Irish and British prime ministers and a negotiator between the Irish Republican Army and Loyalist paramilitaries. He contributed greatly to the peace process in Northern Ireland, so much so that he and Desmond Tutu have been the only two recipients of the Archbishop of Canterbury’s Award for Outstanding Service.

When Lord Eames started working for accord in Northern Ireland, he first had to get to a cease-fire and then try and build relationships in a volatile environment. He was successful, and he shared his tactics with our audience. He urged that we become better listeners to help reconcile the differences we must work through in our daily lives. To do this effectively, we must move from the ideal to the accomplishment. He shared that reconciliation has to do with truly understanding relationships. This is a journey with no end.

As I sat there, I realized the truth and relative simplicity in this notion. Leaders should get an armistice of sorts so that we all start to listen to each other. Too often, we are fond of hearing the sound of our own voice. “I must tell you my opinion. Wait until I tell you why I’m right—you’ll agree with me.”  How many times have I felt those words implied over the years? Maybe, if we all listened a little more, we would pick up on a detail that could ultimately lead to resolution of a conflict.

In this process you might see value in a new viewpoint and vice versa. In order for that to happen, you must first be willing, and then have the courage “to put your head above the roof parapet” as they used to say in Northern Ireland. Be the bigger person and silence yourself long enough to hear others. You’ll become a better leader. I’ll be there with you, taking Lord Eames’ challenge to hone my listening skills.

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Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email.

In Florida, if businesses provide goods or services, are not in direct contact with the owner they are working for and they wish to preserve their lien rights, they must provide a “notice to owner.” We are seeing vendors and subcontractors providing these notices in many states that have no such law. It creates a creditability question in the way the owner or the lender views the project contractor. This can lead to slow creditability question, which tends to complicate the problems further.

A few things you might consider moving forward:

Listen to what the market is saying. Know the reputation of the contractor you are commissioning to build your project. A low, low price will feel good until credit problems erode trust over the course of construction.

Sometimes, vendors may unknowingly or knowingly misappropriate funds that are received from subcontractors for their account on a specific project.

Keep communication open on all fronts. Ensure paperwork is completed promptly, but isn’t unduly burdensome for the circumstances of the project. Paperwork should match the project. I would rather have a subcontractor or vendor work on the build of our projects than the details of the paperwork…if I trust them.

Be proactive by creating tools to motivate prompt payment to the responsible parties. Don’t let the funds get sidetracked to other non-related projects.

Everyone is looking for the angles these days, so deal with a responsible contractor and subcontractors who know the project and the market.

If a subcontractor is not currently carrying the insurance limits normally required, then consider reevaluating the particular risk of that project. Maybe go with the lower limits.

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Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email.

Two days after Katrina smashed into the Louisiana coast, I made a call to a friend at the FAA and he gave us clearance to fly. We rounded up a four passenger Bell Jet Ranger Helicopter and proceeded to New Orleans MSA. It was a relief to discover that, other than minor damage, the properties were not affected. They were even more fortunate that their entire team was accounted for and safe.

These images taken by Clinton Smith came from that uneasy helicopter tour. Revisiting them reminded me how tragedy can affect us all when we least expect it. Nine months after Katrina, I was back in New Orleans and cars remained stacked on top of cars underneath Interstate 10. Many of the shops on Canal Street were still not open.

But instead of being a defeat, the battering from the storm united the city and strengthened the ties that bound residents. The Crescent City has come a long way since the tragedy they endured four years ago. Today, New Orleans is back in business and home to a championship team. A new set of fans rallied around the Saints not because of their football skills, but because of what they represented—the American dream of rising above a challenge. Super Bowl XLIV became the most watched program in television history.

In the final few minutes of the game last Sunday evening, I e-mailed my customer in New Orleans to get his insight on the game. How did it feel? His response: “Who dat gonna beat ‘dem Saints?” What a great story of triumph over adversity.

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Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email.

I’ve always thought that corporate culture goes far beyond philosophy. It’s about application and tangible execution when possible. That was top of mind as we made plans for our new campus. We tried to make every detail speak to who we are as a company. The conference table, a focal point of our largest gathering place, was no exception.

Throughout my career, I’ve sat at many a conference table. It seems most are rectangular, a shape requiring someone to sit at the head, “in charge.” A round table would support a “team” atmosphere, but is inefficient for the number of chairs accommodated to its size. This led us to choose a square design—it’s efficient and puts us all on equal footing.

With that decided, I commissioned my friend Tom Church and his wife Susan to design and construct the piece. I requested our table be made from Red Bald Cypress we salvaged from swampland on a project in Florida. The Churches came from Tennessee to collect the wood.

Tom was kind enough to call a few weeks later to let me know he’d come up with a layout for us to discuss. Over the years, I have learned that one should never tell the artist how to paint the painting. I knew Tom had a unique eye for design, a gift of craftsmanship and patience of task. I gave him free reign on the finished product and signed off without seeing a single drawing.

The result was beyond my expectations. The real beauty of the table lies in the way it was put together. The Red Bald Cypress is exceptional, and the craftsmanship equally superb. It was obvious that Tom and Susan devoted a great deal of time to the detail of the design, from the seemingly flawless surface to the curvature of the edges to the solidity of the support. All is in arts and crafts style, hand-assembled with pegs.

While the table is attractive to the eye, the message lies in its components. I found huge significance in Tom’s decision to incorporate two cracked boards. Rather than discard the flawed wood, he reinforced it with burl walnut so that those two boards could be used in the table along with the others. Every time I see the table I am reminded that none of us is perfect and we require a little mending from time to time. With the support of others, we form a solid team.

What are you doing to bolster your team?  If you’re talking the talk, are you walking the walk? I encourage you to live your corporate philosophy. We continue to see the benefits. Mementos around the office—like our table—are reminders not only of who we are, but what we can be.

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Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email.

It goes on to explain the benefit of flames. When fire strikes a wooded area, the species living there adapt to survive, often using the disturbance to their advantage. If the flames are suppressed, it can actually hurt the adapted species. It’s an intriguing concept. The very thing that tears a forest down is essential to maintaining it.

I couldn’t help but think of the times we are in. The last couple of years have been difficult, challenging and devastating to some. It feels like the blaze is rising high around us, but I believe we will be just like the species of the forest community. We will survive, adapt and find a competitive advantage in our experiences. Until the fire is extinguished, I’ll be thinking about how it can help my team evolve.

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Merrill Stewart is Founder and President of the Stewart Perry Company, a commercial building contractor based in Birmingham, Ala. Contact him via email.