A Letter from Minuteman’s President Chris FoxDecember 15th, 2008 by
To all Minuteman Team Members,
I am writing to you as we enter the last month of 2008 to share my thoughts on what is going on in the world and with Minuteman Parking. This year has been an extraordinary year with the United States electing the first African American to be President and our economy sinking to depths that have not been seen since the Great Depression.
In terms of the economy, we are in the midst of one of the worst recessions since the Great Depression. The US Government is bailing out the financial services industry, the stock market is down 35 to 40%, housing prices have plummeted while foreclosures are rising, and the unemployment figures for California have recently risen above 8%. Because of the economy, personal and business travel is also down for the second half of 2008 which directly impacts our Hotels segment. In our Hospitals segment they have frozen equipment and other expenditures and have begun to limit or cut labor hours from their budgets. Some economists point out to a recovery during the second half of 2009 and others are saying that it may take even longer.
Fortunately, Minuteman Parking has been able to more than hang in there. Our revenue for the year is down, but we’ve been able to remain profitable by implementing aggressive cost controls. We have had to scale our labor hours back as some of our accounts have slowed and we appreciate your understanding that this is hopefully just a temporary setback. Our goal is to keep everyone employed and prospering in 2009. By continuing to work by our ˜Commitments To Excellence™” we will make Minuteman Parking Company an indispensable partner to our hotel and medical facility accounts. We need to come to work every day in these turbulent times asking ourselves, “How can I make myself indispensable today?” We all need to want to make a difference every day.
Thank you to all of you who have worked so hard in 2008 to help us continue to deliver on our commitments by providing excellent service to our partners and their customers. Our business is people-based and caring for others, teamwork and the little personal touches we add every day are what make Minuteman Parking different from other companies. You make it possible to keep our commitments and I thank you for that.
We have recently made some very positive changes that will impact our business when the economy starts to pick up later in 2009. In November, we re-launched our new website which now includes a blog and easier ways for people to contact us. Plus, the site establishes Minuteman Parking as one of the premier providers in the Western US. Check it out at www.minutemanparking.com/ and make sure to share the URL with your family, friends and colleagues. We have beefed up our sales efforts by bringing in Greg Best to drive new business and we have promoted Treavor Bramwell to training and safety manager as we continue to make training and safety a key differentiator in our marketplace. We want you to have all the tools necessary to be the best ambassador for your location that you can possibly be.
Finally, let’s be thankful as we enter this Holiday season - thankful for our families and friends, thankful for our jobs and for working at a stable company, thankful that we can still share our blessings with others.
I would like to leave you with a short quote about faith by Barbara J. Winter that I find appropriate these days:
“When you come to the edge of all the light you know and are about to step off into the darkness of the unknown, faith is knowing one of two things will happen: There will be something solid to stand on, or you will be taught how to fly.”
I have faith that the economy and country will recover and we will all be stronger for having gone through this turbulent time.
I would like to wish you and your families a happy and healthy Holiday Season. I am looking forward to a great year for Minuteman Parking in 2009 and beyond.