Gracen and Gracen Incorporated

since 1947

  This Month's Executive Spotlight
Jim Profit  
Junior Vice President, Acquisitions

 
                     

Each month this page spotlights a member of the G&G Executive team.  This month we have selected 28 year old Jim Profit, recently promoted to Junior Vice President of the G&G Acquisitions Division.  The following interview was conducted by Dynamite PR, a wholly-owned subsidiary of Gracen & Gracen.

 

Interviewer: Good morning Jim Profit and thank you for taking the time to sit down with us for the G&G "Executive Spotlight” series.  May I call you Jim?

 

Jim Profit: Let me put it to you this way: it would probably be in your best professional interest to address me as Mr. Profit.  And G&G policy required my participation in this interview.

 

Interviewer: Uh, alright then Mr. Profit.  Where did you go to school and what was your course of study?  I can see that you are wearing a Harvard school ring.

 

Jim Profit: Knowledge is the only instrument of production which isn't subject to diminishing returns.  I have a Bachelor’s degree in economics from Harvard, with a double minor in Computer Science and Accounting.

 

Interviewer: And graduate school?

 

Jim Profit: My Executive MBA is from Wharton with a concentration in tax management.

 

Interviewer:  You were hired by G&G at the age of 24 as an auditor.  What made you choose to work at G&G?

 

Jim Profit: (long pause) The family-oriented corporate values of G&G were very…appealing.

 

Interviewer: How familiar were you with G&G when you applied for your auditor position?

 

Jim Profit: One should always concentrate on the future instead of dwelling in the past.  It would be best for us to move on.  (smiles)

 

Interviewer:  OK.  While working in the Internal Audit department, G&G was investigated by the Internal Revenue Service (IRS) 7 separate times for various alleged tax violations; you spearheaded the G&G response team to these IRS audits.  Not only was G&G exonerated of any wrongdoing in each and every case, but the IRS was required to pay G&G’s attorney fees and issue additional tax refunds to G&G.  You were even featured in a Success magazine article with the tagline: “Boy wonder beats IRS for Gracen & Gracen…again!”.  Can you tell us about how you were able to repeatedly and utterly defeat such a feared organization?

 

Jim Profit: As…bizarre as this may sound, the IRS tax code and human nature are quite similar.  As something like the tax code becomes older, more byzantine, and more complex, the easier it can be twisted and molded to someone’s advantage.  This process is in no way a science…it is an art.

 

Interviewer:  Let’s talk about your recent promotion to Junior Vice President of Acquisitions.  You started out 4 years ago at G&G as an entry-level auditor and rapidly ascended to the position of Chief Audit Executive (CAE) with several hundred people reporting to you; quite a meteoric rise by any standard.  What is the secret to your success at G&G?

 

Jim Profit: If I may invoke a bit of cliché, it is being able to think “outside the box”.  It can be very…inhibiting to find oneself caught inside a box of rigid and unoriginal thinking, both figuratively and literally.  Everything else is just details. (smiles)


Interviewer: Recent media reports have painted a quite unflattering picture of corporate America and Wall Street.  What would you say to those who assert that corporate America is nothing more than a den of naked ambition and bald turpitude?


Jim Profit: Unknown forces rule more absolutely than the truth.  Successful businessmen are generally dangerous to somebody; it isn't intent necessarily, it's just the way the world works.

 

Interviewer: Yesterday we all received the terrible news that the founder and Chairman Emeritus of G&G Henry Gracen was found dead at his mansion which had been obliterated by an accidental natural gas explosion.  Can you give our readers a bit of insight into how the employees of G&G are handling the tragic loss of G&G's lead family patriarch?

 

Jim Profit: Individual men mean nothing; it is organizations that nurture us, that gives us a means by which we survive.  The family is more important than one individual; it's more important than Chaz, more important than me, and even more important than Henry Gracen.  Individual people may die but families and organizations always go on.

 

Interviewer: I see.  I have just one more question for you Mr. Profit, and I’m sure you already know what it is.

 

Jim Profit: (smiles) It would have…disappointed me if it didn’t come up. (smiles)

 

Interviewer: You were libeled by an unauthorized Fox TV show called "Profit" some time ago which portrayed you, G&G, and its executives in a quite, well... unflattering light.  A trailer for the show as well as a music video were unable to be suppressed by G&G's team of lawyers.

   

         


 

Interviewer (cont.): While the show drew huge critical acclaim, a massive G&G legal assault against Fox and its station affiliates headed up by Jeffrey Sykes managed to get the program pulled off the air after only four episodes; the legal wrangling over the content of the show continues to this day.  You have never publicly commented on the content of the show nor the ensuing legal firestorm.  Are you prepared to discuss it now?


Jim Profit: Of course.

Interviewer: Really?

 

Jim Profit:  TV is bad for you.  (smiles)

 

Interviewer: No other comment?

 

Jim Profit:  While Adrian Pasdar may be quite a fine actor he really doesn’t look anything like me and frankly I found his portrayal of myself quite…restrained.  (smiles)

 

Interviewer: Uh, I see.  A follow-up question if I may…

 

Jim Profit: My schedule is very busy…

 

Interviewer: This will only take a moment.  You are aware that despite a continuing and vigorous assault by G&G’s legal department, the “Profit” TV series was recently released on DVD.

 

Jim Profit: Of course, but what…

 

Interviewer: …and that the creators of the “Profit” TV series David McNamara and John Greenwalt became entangled in quite unfortunate legal circumstances within a week of the DVD’s release date.  There is no need to revisit all the lurid details here, but both individuals are currently serving 30 years to life in a federal penitentiary as a result of numerous criminal proceedings.  Don’t you see this as quite a coincidence?

 

Jim Profit: (long pause) Human frailty can be so…disturbing when exposed to the harsh light of day.  As it was with Jack Walters our former President of Acquisitions, these two individuals were undoubtedly just caught up in an unfortunate situation of their own making.  It is really quite…inefficient. (smiles) We’re done now.

 

Interviewer:  Thank you Mr. Profit.

 

Readers can contact Mr. Profit via our Contact page.