DALLAS-In 1914, Henry S. Miller launched his career in commercial real estate by launching a one-man office in Dallas. Close to 100 years later, the company is one of the largest independent real estate brokerage services companies in Texas, with a presence in Houston, Austin, El Paso/New Mexico and San Antonio.
But 2013, the year before the company's centennial, didn't begin auspiciously; Vance C. Miller, the chairman and CEO of Henry S. Miller Co., died in February 2013 of a sudden heart attack. In April 2013, Vance's son Gregory L. Miller was appointed president and CEO of the company, while his mother, Mrs. Vance C. Miller, was appointed permanent chairman of the board. Miller had been president of Miller Realty Investments before taking on the new role.
In an interview with GlobeSt.com, Greg Miller says he understood that, at one point, he'd end up in the firm's leadership role. But he didn't expect he'd have to step into his dad's shoes quite so soon. "Dad was such a powerful leader for so long, it's hard to imagine him not being around any more," Miller says. At this point, he acknowledges he's working to get his arms around the job and understanding the scope of his new role. He's also preparing to make some changes; one of those changes is a pending move from its current headquarters on North Dallas Tollway to another location that is, at this point, undisclosed. "We've been there for close to 20 years, and will be moving out by the end of the year," Miller comments. "It gives us a chance to revitalize the business and start a new era. It's a good opportunity to clean out the desks, too."
Other areas on which he's focused include encouraging more employees to get involved with HSM's property portfolios, to focus on overall property performance improvement through stronger management and leasing and to take advantage of the improving market both on the brokerage and property ownership sides. He also wants to get away from over-leveraging on properties – which was happening before the economy turned south.
"That's one of the things we got in trouble with," he comments. "The older employees who remember the Great Depression had gotten away from that, but we overleveraged. The properties were doing great, but few loans were available. We struggled during those years, but managed to make it through." The lessons learned during that period, he went on to say, were to ensure everything be held to a higher scrutiny. "When things were hot in 2005 and 2006, you could close a deal with a few phone calls and emails," Miller says. "It shouldn't be that easy."
Though Miller was born into real estate – after all, Henry S. Miller was his great-grandfather, while Henry S. Miller Jr. was his grandfather, and many of his cousins, uncles and brothers work in the family business – Miller decided to strike out on his own for awhile. To that end, after receiving his law school degree from Southern Methodist University (where he also earned his undergraduate degree), Miller worked for eight years at Geary, Porter and Donovan, PC as a real estate attorney, then came to HSM in 2002. While at HSM, Miller was president of Miller Realty Investment Partners and HSM Equity Partners. His time in real estate law benefitted him, he explains, it helped him get to know the mechanics of any real estate deal.
It's also helped Miller bring a fresh eye to the leadership position. He considers himself a good mix between his father (a self-acknowledged, type-A, driving personality) and his grandfather (a soft-spoken, polite individual). Miller talks about a plaque that is given to associates when they are hired at Henry S. Miller; on one side of the plaque is the question "Is it Fair and Just?" "It means being the gentleman, honoring your word and following through on what you say you'll do," Miller comments.
The flip side of the plaque, however, says "Though Shalt Not Whine." "That's my dad's toughness," Miller says, with a laugh. "He had a cowboy philosophy; don't complain, don't explain. He never complained or whined, he just got things done. The two sides of the plaque are what I'm about, and what we'll carry forward during the next 100 years."
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