Miro’s Story
Miro Vranac is a life-long Texan whose father was a Croatian immigrant. His mother’s family traces back to the early settlers of North America. This confluence of family experiences shaped his ideas on life, work, happiness and fulfillment. He grew up in Galveston, Texas and on a cattle ranch in East Texas. After graduation from UT Austin he started his professional career in Dallas working for Coopers & Lybrand (now PriceWaterhouseCoopers) where his clients were primarily in the oil and gas, and real estate industries.
Miro’s career as an entrepreneur commenced after leaving Coopers & Lybrand when he started working for ultra high net worth family businesses, all having active operating companies either in oil and gas, or real estate, as well as passive investments in various other sectors. He was responsible for all strategic planning and implementation. He also managed all office operations as the chief financial officer for: oil and gas operating companies, and real estate companies involved in office, retail, residential lot development, and management. During his career he experienced and managed through numerous business cycles including: $10 oil prices in the oil and gas sector (and the related panic it created), to $100 oil prices (and the frenzy it created); the various real estate boom and busts, including the go-go days of the 1980s, the savings & loan/banking crisis, the dot com crisis and the Great Recession of 2008/2009. He negotiated numerous debt and equity transactions (including loan workouts and restructurings in oil and gas, and real estate) and partnership agreements.
As CFO, Miro created and managed two highly successful private equity energy funds, and operated and sold over $1 billion of oil and gas properties. He also was trustee of various family trusts and operated his own CPA firm. In 2008, Miro decided to offer his numerous talents and extensive experiences to clients on a contract basis as a fractional CFO. Miro is an avid runner and life-long horseman. He enjoys competing as a team roper and training his quarter horses. According to Miro, “There’s an art in communicating with a horse, most want to please you and do what you ask, the challenge is figuring out how to do this while earning their trust and respect”. Miro employs these same principals in communicating with people for which he attributes his past achievements.
Selective Insights on Miro…
Entrepreneurship
Miro’s career working for entrepreneurs in ultra high net worth family businesses was a direct result of him being an entrepreneur himself. He considers his father the ultimate entrepreneur. Miro Vranac, Sr., an embodiment of “The American Dream”, founded International Ship Supply Company, one of the most prominent and successful ship suppliers on the Texas Gulf Coast. According to Miro, “Without a degree from a prestigious university, political or social connections, and any significant financial net worth, my father was able to create and maintain a very successful business for several decades”. Miro believes “The American Dream” is still available to everyone who is willing to make sacrifices, take risks and not be overcome by the thought of failure.
“Making money isn’t hard in itself… What’s hard is to earn it doing something worth devoting one’s life to.” — Carlos Ruis Zafon, The Shadow of the Wind
Winning, Losing and Risk
Miro believes that all meaningful opportunities have a winning component and a losing component, and it is the thrill of winning and fear of losing that drive most entrepreneurs. He believes it’s imperative to be informed as much as possible in order to address the various risks so that the fear of losing does not outweigh the chance of winning.
“You’ll come to see that a man learns nothing from winning. The act of losing, however, can elicit great wisdom. Not least of which is, uh… how much more enjoyable it is to win. It’s inevitable to lose now and again. The trick is not to make a habit of it.” — Uncle Henry Skinner, Movie: A Good Year
Longevity vs. Exit Strategy Focus
According to Miro, many business plans today focus more on the exit strategy instead of longevity. He believes the get rich quick fever that has infected many entrepreneurs will pass and usher in a more stable environment where business plans that focus on exceptional product quality and processes, and create sustainable cash flow for extended periods will be rewarded. Miro believes future businesses will strive for longevity, maintain a true commitment to community, and foster an environment where everyone will have the opportunity to live “The American Dream”.
“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.” — Peter Drucker
Hands-on Management
Miro’s management style has always been that of a hands-on manager. His lead by example attitude and belief that most employees want to do their job well, allowed him to create a positive culture with high employee retention. Miro believes lack of training and uncertain advancement possibilities are the two highest reasons employees leave. His “Never ask someone to do something you wouldn’t do” credo created a very loyal and dedicated work staff.
Information and Communication
Miro contributes his successful career on his ability to provide and communicate timely and actionable information. He believes entrepreneurs have a distinct advantage by being able to react quickly and decisively, which makes information critical. According to Miro, the absence of accurate and timely information is a precursor to poor management and investment decisions, as well as missed opportunities. He believes information needs to be compiled correctly and communicated effectively in order for successful decision-making.