Article Number : 2835 |
|
Article Detail |
|
 | |
| Date | 1/10/2008 9:42:46 AM |
| Written By | LGM & Associates Technical Flooring Services |
| View this article at: | //floorbiz.com/BizResources/NPViewArticle.asp?ArticleID=2835 |
| Abstract | Boca Raton, Fla.—He had a storied career that spanned more than a half century and included founding a major carpet mill, sharing ownership of two professional sports franchises, advocating national awareness of personal health and physical fitness, and contributing millions... |
| Article | Boca Raton, Fla.—He had a storied career that spanned more than a half century and included founding a major carpet mill, sharing ownership of two professional sports franchises, advocating national awareness of personal health and physical fitness, and contributing millions of dollars to worthy causes. Bud Seretean was the quintessential businessman, an inspirational leader and a dedicated humanitarian. While he was in London on Aug. 13, he died of a brain aneurism. He was 83. The centerpiece of his brilliant career was Coronet Industries, which catapulted him into a pre-eminent position in the business world. His flooring career started as an executive trainee in 1950 at A&S, the Brooklyn department store. Three months later the assistant buyer of floor coverings resigned and Seretean replaced him. In 1951, he left A&S to be the floor covering buyer for Allied Stores, which entailed making trips to Dalton. One of his sources was Katherine Rug Mills and, in 1953, he was offered the job of sales manager and Seretean headed south. The job paid $12,000 a year. In three years, he increased sales from $2 million to $6 million, built an effective sales force and moved the company seamlessly into broadloom—but he wanted more. With the help of Jack Bandy and Guy Henley they pooled $45,000, more than $20,000 came from Seretean—virtually all of his savings—to form Coronet Carpet Co. in August of 1956 with Seretean as president. They shared a single phone at a common desk and with just four employees embarked on one of the most successful journeys in the annals of the carpet industry. By 1962, Coronet hit $30 million in sales and was the first tufting company to go public. In 1971, the stock hit $30 and in March, Radio Corporation of America (RCA) acquired Coronet for $181 million, according to Fortune magazine. Seretean became RCA’s biggest single stockholder and, in 1973, he became chairman of Coronet Industries and an RCA board member. Though Seretean remained in touch with the industry, he sought other outlets: co-founding Opti World and eventually selling it to Lens Crafters; co-founding ABC-TV affiliate WGXA in Macon, Ga., and being founder and chairman of Nova Laser Light Surgery Centers. From 1975 to 1977, he was a co-owner, president and general manager of the NBA’s Atlanta Hawks. When the franchise was sold to Ted Turner, Seretean was appointed to the boards of the Hawks, MLB’s Atlanta Braves and Turner Broadcasting Systems (TBS), serving on them for 20 years. In September of 2003, Seretean was among a group of investors who purchased the NHL’s Atlanta Thrashers, the Hawks, and the operating rights to the Philips Arena in Atlanta. An ardent advocate of wellness and physical fitness, he spent his later years lecturing on the subject and authoring the book, “Living Healthy to 100: A Wellness Program for Seniors.” He received numerous awards including induction into the World Floor Covering Association Industry Hall of Fame and winning the first Lifetime Achievement Award of the President’s Council on Physical Fitness. |