Founder Profile: Dennis Eakin
About Dennis
Dennis Eakin hails from Detroit, MI. After spending two tours in Vietnam as a helicopter pilot, he met his wife Kandace in 1968 while she was a senior at TCU and Dennis was an instructor pilot at Ft. Wolters, TX. Dennis got into the insurance business in 1971 and spent 17 years as Regional VP for Academy Services. In 1987, he purchased part of Mazda Jeep Volkswagen store in Killeen, Texas. Dennis then became one of the first KIA dealers in Texas in 1994, and bought his partner out in 1997. Dennis has since sold his stores, with the exception of the KIA store, that his daughter now runs. Dennis is an equal partner in Andice Development Co which owns commercial real estate in Georgetown, TX and owner of his passion-project turned business, Nolan Creek Vineyard.
Dennis and his wife Kandace and have three daughters and ten grandchildren.
What has been your most surprising success?
Real estate. I had been in insurance for a long time, then in the car business when I bought real estate with the idea of putting a dealership on it. I ended up not doing that, because Kia didn’t authorize that location. Then, Texas widened I-35, which ended up being a blessing. That also happened with another amount of real estate that I owned - it was a lucky circumstance. With real estate, you need to put yourself in position to hold on to it, even though income isn’t coming in, then that can happen. You need to pay cash or have a good bank relationship that understands value.
Do you believe in luck? Or do you believe that you make your own luck?
I think I make my own luck, but sometimes it comes to you too - it’s both. I’ve had some help along the way. I’ve been lucky in real estate, and it started with a friend who wanted to partner with me in the car dealership. With a property in Georgetown, I knew we were going to be in for a long time. You have to look at the big picture, and estimate what rewards you can expect from waiting. I think you can’t always be lucky, you have to do something too!
What have you found to be the 5 most important competencies for success in business?
1. Reputation - Back to the banks: they have to feel you’re an honest person, and you’re competent in what you’re doing, because they’re putting faith in a financial statement and you as individual. I’ve been able to build a good reputation by being active in the communities I’m in, and same with my wife. Being honest and always involved in something helps in business because people look at the big picture of an individual, including their track record.
2. Education - Mine was more on the job, and I’ve made some mistakes, but you learn from them.
3. Work Ethic - I’m 70 and I work around the clock - but it doesn’t feel like work and I love what I’m doing. Retirement does mean anything to me. I work hard to get ahead in what I’m doing.
4. Faith - Kandice and I also are active in the church. Indirectly, we’ve had a lot of people there that have brought opportunities in life.
5. Friendships - I got into real estate through a friend. Just having lunch, we were talking about the Georgetown deal; I told him that I knew a bank that could help, and ended up being half owner. Your contacts in life make a big difference.
How do you demonstrate leadership to your team?
In the car business, the people who worked for me knew I was honest, fair, and they were comfortable working for me. It’s a combination of looking out for other people and putting yourself in position where people say: “Hey, I’d like to be like him!” We like to promote from within, and have high standards for people on the team. That’s led to low turnover because they look up to the leadership. They trust us, and know that we’re not going anywhere.
What do you do for your own personal business development/growth?
In the last 4 years I’ve been working at the vineyard. It was something like a hobby at first, but it requires a lot of capital, and there’s a lot to do and know. I spend a lot of the time reading and studying, I’ve even taken courses offered at Texas A&M. I’ve also learned a lot from my contacts, Ed & Susan Auler who own Fall Creek Vineyards. It’s a lot of studying. I might have changed my mind if I knew initially how much it takes, but it’s really rewarding work.
I also have one mentor. He’s my partner in the real estate business and he’s in his 80s, a wonderful person, and very successful. I’ve known him since the early 70s when we worked for the same insurance business. He’s one of the smartest people I know. We have a lot in common and are good friends that travel together and spend time together.