This episode of the WPAOG podcast features a conversation between Tye Reedy '05, Director of Business Development at Adams Keegan, and James Keegan '55. He is best known as a co-founder of Morgan Keegan & Company (now Raymond James), one of the country’s largest investment firms, where he served as president and COO until retirement in 1985. Jim tells us about his time in the military and what’s required to be a confident entrepreneur.
This episode of the WPAOG podcast features a conversation between Tye Reedy '05, Director of Business Development at Adams Keegan, and James Keegan '55, a private investor and former Chairman of the Board of Adams Keegan. He is best known as a co-founder of Morgan Keegan & Company (now Raymond James), one of the country’s largest investment firms, where he served as president and COO until retirement in 1985. He has served as Chairman of the Board of Governors of the National Association of Securities Dealers (NASD) and as Chairman of the Board of Directors of NASDAQ, Inc. Mr. Keegan served as a Director of AutoZone, Inc. from 1991 through 2004.
In this episode, Jim tells us how his experiences at West Point and in the Air Force, helped prepare him for the business world. He provides his take on what is required to start a business and navigate the trials and tribulations to success. Jim also explains why being disciplined and resilient are paramount to being a great entrepreneur.
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“Starting a business right now, the first thing I'd want to have is passion for the business and be adequately capitalized to start. And there you have the base. You start from there, you go into the integrity problem that you want your customers, your clients, to feel the same way you do, and to have the same experience you do and want to do business with you. You have to have the perseverance to know that if someone's going to say no and slam the door on you as you're walking out, you gotta turn around and do it again the next door you come to. And you might even go back to the first door and see if you can't get back in.” - James Keegan
“The idea of getting back and dealing with graduates, whether they're leaving the military after their obligation, like I did. Or setting out for a new life after retirement and starting their own business, I think if I can offer anything that helps them, makes it easier for them to do and understand what is involved, then I'd love to do it. That’s part of my goal. It's kind of a little payback if you will, because a great deal, pretty much everything I have, I gave West Point credit for whatever successes I might have had, however small or however large that goes along that line.” - James Keegan
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(02:30) Growing Up and Interest in West Point
(06:30) Experience Attending West Point and in the Military
(10:00) Path to Finance and Starting a Business
(17:30) Military and West Point Professional Influence
(19:45) Importance of Capital to Entrepreneurship
(20:30) Keys to Success of Business and Navigating Hardships
(23:15) West Point and Military Influence on Discipline Resilience in Business
(29:00) Learning and Succeeding in Multiple Trades
(31:00) Importance of West Point Entrepreneur Summit
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West Point Association of Graduates
[00:00:00] Narrator: This episode of the WPAOG podcast features a conversation with James Keegan, class of 1955, a private investor and former Chairman of the Board of Adams Keegan. He is best known as a co-founder of Morgan Keegan & Company (now Raymond James), one of the country’s largest investment firms, where he served as president and COO until retirement in 1985. He has served as Chairman of the Board of Governors of the National Association of Securities Dealers (NASD), Chairman of the Board of Directors of NASDAQ, Inc., and as a Director of AutoZone, Inc. from 1991 through 2004.
In this episode, Jim tells us how his experiences at West Point and in the Air Force, helped prepare him for the business world. He provides his take on what is required to start a business and navigate the trials and tribulations to success. Jim also explains why being disciplined and resilient are paramount to being a great entrepreneur.
Now please enjoy this interview with James Keegan a private investor and Chairman of the Board of Adams Keegan
[00:01:13] Tye Reedy: Hi everyone. My name is Ty Reedy class of 2005. And I'm joined by Mr. Jim Keegan class of 1955. Not only do I have the honor of speaking with Jim today, but I also have the privilege of working for one of his companies. He co-founded over 35 years ago, Adams Keegan, which is an HR payroll and benefits firm.
We are recording this from the Adams Kegan corporate office in Memphis, Tennessee. Jim, I'm so excited to do this podcast with you, firstly, because you have an in. [00:01:40] Story through your time at the academy, playing football during a challenging time for the academy and the team, your time in the air force, and obviously your entrepreneurial journey since you left active duty back in the sixties.
So I think listeners are in for a real treat. And on that note, I'm gonna do as little talking as possible and just ask some probing questions as we go along. So, Jim, thank you so much for being.
[00:02:02] James Keegan: Thank you.
[00:02:03] Tye Reedy: Thank you. We're just gonna start at the beginning and we're gonna kinda lead our audience to where we are today.
And some of the lessons you've learned through your time at the academy and the military and through business, obviously this is geared and oriented toward entrepreneurs and they want to hear, you know, your story and some advice you might have. And I think we'll just tell that story as we go through your timeline.
So maybe a good place to start is kind of where you grew up and how you kind of came to wanting and being interested in the.
[00:02:31] James Keegan: Well, it, it started a long time ago, as you can tell by looking at me, but I grew up as an army brat. I grew up in the 1930s and in the early forties and my father originally started out as a Calvary person and, uh, transferred to the army air Corps.
And, uh, I grew up in the San Francisco area and there was days. And when the army worked five and a half days a week, so always on Saturday. In California. My dad would take me to the swimming pool and he'd go to work. But I heard about west point growing up. And when my dad went overseas in 1941, He was sent to the Philippine islands and, uh, settled in the, in the, the area of mid to now.
And when they, they were forced to [00:03:20] surrender in 1942, may of 42, I think it was, that was the last we heard from him until we were notified in September 55, that he had died of malnutrition and, uh, exposure. Was admitted to the United States military academy as the son of a deceased veteran. It was a competitive examination.
And I, I guess looking back on it, I was lucky to get in. I don't think I could get in the military academy today. I think maybe kind
[00:03:50] Tye Reedy: of tell us your. Self pursuit of the academy, right? A lot of people have people that kind of mentor them through the process and kind of tell us about the process
[00:03:59] James Keegan: of through high school.
Well, it was a matter of, I was gonna go to the military academy or college is a doubtful procedure for me. So I had to study a little bit and he would spend some time in the library. First of all, learning how to procure in a, in my, an appointment in the year that I. I think there were two vacancies and, uh, some 50 odd of us.
There were sons of deceased spectrums were competing with each other. You had to work. First of all, in the library with some old exams, you could find. And although they weren't typical of the exam, you would take, they were all written exams and they, you would see some crazy answers from some of the kids back in those days.
I think just discipline and more than anything else, studying hard, made it possible. I was lucky enough to get received. One of the appointments I went the academy, uh, initially for more than anything else to gain an education. And it [00:05:00] came away alive for me. I think that, uh, I was lucky enough to play a little bit of football there.
I wasn't any good, but I did was able to do that. And I had the, the joy, if you will, to member of the coach Blake's staff at the time I was there included, uh, Vince Lombardi as the offensive coach and Paul Deel is the defensive coach, both hard driving. And, uh, demanding people. Can you talk a little bit about
[00:05:27] Tye Reedy: the academy at that time, maybe, you know, as a plea, what was it like and the drills and the, you mentioned something to me earlier, when we were preparing about the Tru lights and the frog lights,
[00:05:37] James Keegan: there are frogs in their frogs.
And most people think of Thero as aro light, uh, I guess a, a nuisance old person that, that gets in the way all the time. But the truth of the matter is Theros are two regimen, old grads, and the frogs are for regiment old grads. And I was aro light. The frogs, I, I guess more than anything else, tend to be a little more set in their ways than most other, uh, groups, but we, we nonetheless have only the best regards for the academy.
[00:06:10] Tye Reedy: Maybe talk about the typical day back then you were telling me about classes on Saturdays and
[00:06:14] James Keegan: seeing, well, we, we did have five and a half days worth of classes. We also had two parades a week, particularly in the summertime in the wintertime. We just had bandbox reviews every Saturday. And they, they weren't the regimental parades.
They were brigade parades. When I was a plebe, we marched on the plane in battalion mass. If you can imagine. which is we had six battalions at the time and there'd [00:06:40] be six masses of cadets, uh, with roughly 600 and 500, 4, 500 in each of the masses. And then, uh, they made the movie west point story and everyone's decided we needed to learn how to March squad drill, which is what they did back around 1900.
And so we marched in squad drill for the rest of my three years there squad drill was an exciting thing, cuz everyone goes several different ways before they end up going the same way we had besides the five days class we had the parades in, in spring and fall, I guess, twice a week, Wednesday and Saturday.
Whether permitting it was, if the weather was there, you watched and you'd hear plebes singing, uh, the old song, uh, about please bring the rain on. Can you talk
[00:07:25] Tye Reedy: about your, the military side and, and the education you received the four years? And I know you were telling me about some of the summer activities and, and then what got you interested in, in the branch that you ultimately
[00:07:36] James Keegan: okay.
Well, my, my father, as I say, was air force, so I was inclined towards the air force. Which will had just been, become a, a separate branch about the time we entered the academy, but we selected branches much like it, I guess you do now. Uh, the branch selection was a matter by class standing and, uh, there's so many slots in each branch.
The only, only choices we had were combat choices in the army is infantry ter armor engineers and signal core. And plus the air force. And 25% of our class went to the air force. And 25% of the nav academy class went to the air force in 1955. [00:08:20] And I, I chose to go to the air force cuz uh, I'd had experience about getting wet at work at Buckner and didn't like it
[00:08:29] Tye Reedy: so, so you, you graduate and
[00:08:31] James Keegan: I talk about the air Corps.
I graduated and went immediately into pilot training at Mariana, Florida and primary. And we were the last class in the air force to train. Primary train in the T six, which was a world war II, advanced trainer, but the old yellow perils, if you will. And went from there to Laredo air force base, and learned and turned my basic training in, in jets.
Half of the class went to other stations and got their training in multi-gen aircraft.
[00:09:06] Tye Reedy: So you did that training and, uh, you incurred a year and then you went to another specialty training. Well,
[00:09:12] James Keegan: our, our obligation in 1954 was much different than we have today. We had two year obligation at graduat. And, um, we had an additional year for each year of advanced training in our, in my case was pilot training.
Uh, and they, it was really kinda lax and, uh, it was relatively easy to move on to something else. Uh, my personal experience. So I enjoyed flying. I had a wonderful time. I was stationed at Langley field at the, uh, on the fighter bomber, squadron, and enjoyed that was transferred in 1950. To uh, Hamilton field in California.
And my experience in California, wasn't quite as good as it was in Virginia. I [00:10:00] think that's all I should say about that.
[00:10:03] Tye Reedy: and then you started to get the itch to kind of look for something different and
[00:10:06] James Keegan: you found finance, you reached a date time in your life. You're 25 years old and you see the old guys who are 30, 30, 5 years old, and you think, Hmm, Jim, you can't do this.
All your. and I didn't have a, at that time, I didn't have a sponsor as such to mentor me if you will, and convinced me I to stay where I was. And I'd taken some evening courses in finance at the university of California in a, a local, uh, junior college Marine junior college. And learned. I got to know several people in the investment business, and I told them what I was doing.
They gave me some interviews and, uh, a as we pursued ideas, I settled unsettling in Memphis, Tennessee in the investment business with a small local firm. And as over several years, as I progressed in the business, I noticed something strange about Memphis. It was a large city, 650,000 or more one of the, probably 20 largest cities in the country.
If you don't look at the Metro area. And, um, I just, I noticed there's a, a lack there, if you will avoid. And I talked to anyone that listened to me, I'd have the conversation, what this town needs is. And one of the things that needed. Was a investment banking firm who could help local firms go public if necessary, [00:11:40] raise capital as well as pursue other investment banking options.
And I also had become a, a wholesaler trader, if you will. I traded the work firm's capital made markets. And I got to meet virtually every retailer in the city of Memphis and a good many outside of the city of Memphis and my afternoons after the market closed. What's going on to, to other firms and talking to the brokers there in order to sell my services so that they were gonna buy a thousand shares of federal Congress and warehouse they'd come to me looking for it.
And in the process, I, as I say, I learned, I got to know virtually all the young brokers there and the ID. People with some imagination. One of my friends was a fellow bunny, mallow Morgan. His father was the chairman of the board of first national bank in Memphis. And during this time I was recruited away from my firm to a firm in national called equitable securities.
This was 19. 68 69. And at that time, equitable was the second largest firm in the country. In terms of capital Merrill Lynch had 120 million of capital and, and equitable had a hundred and base I think was 83 or something like that. It was a third largest firm market turned to kind of sour. The end of sixties.
We had some big clearing problems and Alan called one day and said, Keegan, let's start a firm. And I said, sounds like good to me. So I [00:13:20] had to go out. And so I visited with him over a weekend, decided if we could do it, how we could do it. And that's really the, the beginning of what was at that time. Morgan Kegan, can you talk
[00:13:33] Tye Reedy: about like maybe some of those discussions, what were you in Morgan talking about?
What were the things that you needed to discuss to decide that this was, this was a
[00:13:42] James Keegan: good. well, we, we saw the void, right? We discussed the void and how we were gonna fill it, but we needed, first of all, capital and the investment business, particularly capital is essential. Cuz I had, in my short time, in the investment business, I had seen several firms.
otherwise look like strong and viable businesses go under because they like the adequate capital to go through harder times of who you will are to meet regulatory challenges that to do. Certain products. They had to have a certain amount of capital and they couldn't double count the capital without going in a great deal of detail.
That's what started so that we talked about how we were gonna keep our books. We decided we needed, and part of the smartest thing we ever did, but we hired, we recruited a young CPA who just graduated from the university of Mississippi to be our CFO. And at that point, we were able to go out and start recruiting other people to join us in the business.
So
[00:14:48] Tye Reedy: this is the, really the start of the beginning of your entrepreneurial,
[00:14:51] James Keegan: like this. This was the beginning of the, my entrepre entrepreneurial life. Yeah. I begged borrowed and I can't say stole, [00:15:00] but I, I certainly begged and borrowed a hundred, a hundred thousand dollars, which in those days was a hell of a lot of money, still a lot of money, but it was a hell of a lot of money.
And my Paul partner, Allen, who came from a well do family. He took a re a inheritance. He had gotten from its grandmother and he invested $300,000 in our business. And that's where we started the business by default, the biggest business and the biggest brokerage firm in Memphis in terms of capital.
Which is I have to interject to this point. Memphis was strange cities like Nashville had equitable securities, JC Bradford and company, a New York stock exchange member Jackson, Mississippi, uh, had a new lead in speed. I believe was the name of the firm, had a New York stock exchange member firm down there at little rock Arkansas.
And these are all cities smaller than Memphis. Little rock had Stevenson company, which. 35 or $40 million in capital at the time. And they're just little municipal bond shop. And the, the boy that we were looking for is a well capitalized brokerage firm. And that could do a broad range of M and a and a brokerage services through our region.
Right. So you saw, you saw
[00:16:24] Tye Reedy: the, the, the gap right in the industry. There was, there was a that's. Within industry. So what do you think from, from leading up to this point in your life, whether it's growing up as a brat or, or being a graduate of west point, going through west point, playing [00:16:40] football, being in the, the air core or the air force, all those experiences, what do you think that did for you to be able to have the confidence to make that, that leap?
Right? Cause you had a secure job. It was a good paycheck. Probably, you know, you had you're maybe comfort. But this was a, this was a step out for you. And what drove you that, what gave you
[00:17:00] James Keegan: the confidence of that? It was the desire. First of all, be successful. I never thought of it about terms of being on my own or anything like that.
I wanted to be successful. I wanted to, uh, I'd be, I guess, EAs, if I said, uh, I wanted to be a service to someone I did, I wanted to make a lot of money. Mm-hmm and that. I guess brought about the disciplines we learned as cadets, if you will, trustworthiness and integrity and, and, uh, GE attention to detail and yeah, well the detail and the passion, if you will, you got to have passion for what you're doing.
And as I mentioned, capital is all the important, but beyond that, you have, have to have discipline. to plea what you're doing. We, we had the discipline when we started to make a little money in the business to, and this was by design from the very first put at least 50% of our earnings back into the firm, not pay 'em out to the principals.
And we were not overpaid by any stretch imagination during the, during the first 10, 15 years of our business. We did reach the point where we took the company public in 1982 and re reach the point where our capital was at the same, uh, [00:18:20] level where some of the other regional firms across the country, the firm was, had been very successful.
I left the firm in 1985. They were sold out about 2000. And it was a fair size from that time, as I think as capital reached up about seven or $800 million,
[00:18:39] Tye Reedy: if we could let's focus in on the, the discipline piece, because I know you and I talked earlier and obviously to get. Most, if, if all entrepreneur endeavors off the ground, you have to have capital
[00:18:51] James Keegan: absolutely.
In which, which, and you have adequate capital to take you through the harder times when perhaps you're not making money or even losing money. And you have to have the capital too, cuz expanding office to hire people that is selfishly. I personally been against front end of money. Like a lot of. Do at this point, it's common in the investment business.
If you're a big producer and you move it to another firm, they have to pay you, uh, it ranges from a hundred percent of a year's production to some astronomical numbers. And we always felt like it. If we couldn't sell our prospects, who will on the future. And the wonderful experience of working with neat guys like us, that we didn't want them.
So,
[00:19:40] Tye Reedy: so maybe the discipline and integrity piece. Cause I know you talk, you and I talked about those two qualities, the discipline integrity. So what can you talk specifically about what you and your partners did at Morgan Keegan? Once you became profitable and you had a surplus coming in the door, what did tactically, what you guys did to ensure the long term
[00:19:59] James Keegan: success of the [00:20:00] company?
First of all, we spent the first year recruiting a core of people, other producers, um, a good securities analyst, a bond specialist, as well as others. And this was our core. And at the end of the year, we had a million dollars of capital. And this first year that we ever lost money, we lost a total of $10,000.
That, that year, the following year, our profits, we paid, as I said, I fair but not outlandish salary, but the profits were split 50 50. The firm got 50% of the cap of the earnings and the partners would split the balance. Plus a little bit to some outstanding employees that we had. And that was the way we ran this firm and a ran this firm after the, after I left till he sold it.
The other things, uh, we were talking about is, is the ability to stay the course. You had to have capital in your business for, to carry you through the good times, as well as the bad times. So
[00:21:05] Tye Reedy: not only the financial resilience, right, exactly. To, to, to get that company. Through the, the ups and downs, like you're talking about when you talk about like maybe how your past and through the academy and through sport and all that builds up your own personal resilience and how you continue.
To have that today.
[00:21:23] James Keegan: Well, it's a matter of teaching to your children to start with, but I'm currently, well, I have been tell recently associated with bod Docker, which is the holding company, their owns Adams Keegan Adams Keegan was a, an [00:21:40] investment that I made in 1980. Small investment, a very small investment because of a friend who had previously been with Morgan Keegan went on as his own as a, uh, merger and acquisition specialist.
And he had this small company that was in the PEO business that he wanted to raise a little money for. And so about eight of us, I think, raised about a hundred, $120,000 for Bob Adams to. Staff line and which was a, uh, P and I think that I didn't know what they did, then I put it this way and I had no idea, but I invested the money.
And in five years I would paid my money back. And I had a small in, in the company for 5% of the company. And then I guess some years after that, a few years, one of the principles of John who originally put the deal together, Some financial problems. He needed to raise the money and he owned a little over 30% of it.
And, um, he, uh, came to me. I wanted to know if I wanted to buy his interest. I conferred with the other stall clerks. They didn't mind. And so I ended up owning something over 35% of the business when it was done. And I think I, I started to learn a little bit about the company. Not long after that. We. Uh, a bit of a strain, but we, I went out and raised $2 million for the company to get it going and expand its operation.
And [00:23:20] after a tough couple tough years, we never really lost money. Never really made money, but the principal. That we had hired a guy out from a and accounting firm. Wasn't doing the job. So we fired him. I told the board I'd run the company for a year until we could find some to take his place. My son in meat him mean I had.
Been working as a salesman was successful. And I brought him back to be our CFO. He, he was an MBA from the UNC in chapel hill and we got, got the company going from there after year. We made Jay COO and he's built the company since then. I've been on the board, but other people knew a lot more about the business than I.
[00:24:12] Tye Reedy: I guess just in general, I know you've already touched on some things like integrity and discipline and resilience, but, uh, maybe, maybe just touch back on your time at
[00:24:20] James Keegan: west point and okay. And how that's really shaped you. Well, it comes back again. If I were 50 years younger and starting a business right now, the first thing I'd want to have is passion for the business and be adequately capitalized to start and.
There you have the base. You start from there, you go into the integrity problem that you want your, your customers, your clients, to feel the same way you do, and to have the same experience you do, and to want to do business with you. You have to have the perseverance to know that if someone's gonna say [00:25:00] no and slam the door on your bud, as you're walking out, you gotta turn around and do it.
the next door you come to and you might even go back to the first door and see if you can't get back in and let 'em rest for a while. You have to have the discipline it takes to not spend your capital. And the resilience to, uh, uh, get up off the floor every time you knock down, because you'll be knocked down in hell a lot.
Uh, you gotta ask a lot of questions, uh, before you get an answer you're gonna, uh, like the other part I think would be extremely important in the business today is what is the long term? What's your desire? What do you want it to be? When you were in the military? You had a objective. We're gonna take this hill.
We're gonna strike this target. You had a discipline. And that's what you told your people who work with you, that you were gonna do. And you can have to have that same sort of resilience and discipline and, and desire to be successful in any business you start that has nothing to do with, is this a good business?
I can't tell you whether this software company or the software idea is gonna be successful, but I can tell. That if you have something that is abuse to your, your clients that they have to have, they want to have, even if they, you have competition, then you can do it as well as they can. So, Jim, if you could tell us,
[00:26:25] Tye Reedy: just really reflecting back on your time at the, at the academy and through your time at, in the air force, what.
Lessons. Did you learn and how did that, that lead you to be a successful entrepreneur? [00:26:40]
[00:26:40] James Keegan: Well, I, I think at the time the academy taught me di discipline in a, a confidence in myself that I could learn another business. I spent six years working for a small local firm to learn the business, but I had enough C.
To find out more than my small area. And as a matter of fact, I gravitated from one area to another area on purpose to learn more about the inner workings of, of the firm. And then when I was recruited away to equitable in Nashville, I learned even more, uh, have a lot more because it's a lot bigger firm.
The communication certainly is important and challenging other people. That's basically what you learn at west. The leadership part of the game is one where you learn. And matter of fact, I've not known other institutions, including somewhere sister, military institutions that lead that teach leadership now, or back in those days, the way as, as well as the military academy does, I think that anyone's success.
Is is based on their background. And the more you learn before you go out and step on your own toes, trying to start a business, the, obviously the better off you are
[00:27:57] Tye Reedy: reflecting back on our conversation, both during this conversation. And, and prior to this, you went into the, to the air force, but you were always flying the plane, right?
No, you were on the supply side, you're on the maintenance side. And then I think that agility. And the ability to learn a totally different trade. I think, you know, you parlay once you
[00:28:18] James Keegan: left the, the air [00:28:20] force. Well, that's true. I, I even had, uh, six months as a club officer in a major institution, and I'd never seen a true balance sheet before those days or an income statement, but you do learn pretty quickly.
What the assets are and where the expenses are and where the income is and which part of a business produces the best results for the so, so far as your bottom line is concerned. And then that, that was, and I'm questioning a major learning factor in, in my business background. And I think as you press on the more you learn and that the same thing I did when I went to equitable securities to a larger firm, I helped them.
Through a very difficult time set up a, a clearing operation. And the other thing that helped a lot in the business, I was very much involved in the self re. The self regulatory end of the business through the NASD. And I served on the district committee for three years in new Orleans, and then, uh, had the pleasure of good experience of serving on the board of governors of the national association of security dealers.
And then after that, I served on the board directors of NASDAQ for four years and three years as chairman. I will see, I I'll blow odd horn. Uh, I think I was in developing NASDAQ and it was in, in its infancy. At that time, I was responsible the showing of size, which doesn't mean much to a non monetary person in the business.
But prior to that time, the only thing that was shown on NAEC was the. And they ask and didn't show whether a [00:30:00] hundred shares or a hundred thousand shares. And in while I was there, I was helped develop the size presentation at that time. So
[00:30:08] Tye Reedy: I think the one, one thing is why we, you Adams Keegan wanted to get involved with the west point entrepreneur summit in the first place and what that means to you to maybe give back to the community and to the alumni and fellow old grads.
Well,
[00:30:22] James Keegan: well at for, for an old grad and I am old, the idea of getting back and dealing with graduates, whether they're leaving the military after their obligation, like I did, uh, are setting out for a new life after retirement and starting their own business. I think if I can offer. That helps them, makes it easier for them to do and understand what is involved.
Then I'd love to do it. That's part of my goal is kind of a little payback if you will, because a great deal. pretty much everything I have that I don't see. My wife gave me , uh, I, I give west point for whatever successes I might have had, however, small or however large, uh, that goes along that line. I'm really looking forward to, uh, being in the DC area because.
I'm looking forward to meeting. I understand there's quite a collection of, of attendance. I'm meeting much of old grads. I'll challenge some older than I am. See if they can get there, but I look forward to it and think this is something that is great, should be done on a regular basis by the AOG because your life doesn't end at 42 years old in the 20 years, [00:31:40] retirement from, uh, the army, that's just beginning.
And I had. The good, fortunate to stay active in the business through my seventies and kinda. Partially inactive through my eighties, but I'm looking forward to the next 10 years if I can last that long. Wow. What an
[00:31:58] Tye Reedy: incredible life you've had, Jim? Uh, I know there are many lessons you've shared that the listeners will be able to take with them.
Uh, and I know I can speak on behalf of all old grads out there that we are extremely proud of how you've represented the academy, both personally and professionally throughout your life. And we just thank you so much for taking the time to tell your.
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