Hansen Scholarships Channel Nearly $200,000 each year to Students in Need
By Steve Eaton
A successful Logan entrepreneur told Huntsman students recently if they did two things, they could find success in business, even when the economy is struggling.
Dell Loy Hansen said they just needed to find something they could do “faster, better, and cheaper.” And he said once they figure out what they are going to do, they need to trust their instincts and act.
“Once you’ve decided, make it happen,” he said. “You may modify it later. You may change a few things along the way but get after it. Get it done.”
Dell Loy has succeeded with his “simple” two-part formula more than once. In fact, he has started or been a partner in more than 100 new businesses. The largest of those startups are Wasatch Property Management and Wasatch Commercial Management, which together employ nearly 750 people. Through Wasatch-related business, Dell Loy is part owner and manager of some $3 billion of real estate, including more than 15,000 residential apartment units. Wasatch Properties owns several giant buildings or major developments in downtown Salt Lake City, including the Wells Fargo Center, the Ken Garff Building, the Chase building, and the Woodlands Towers in Salt Lake County.
Dell Loy and his wife Lynnette visited campus in late September, when Dell Loy was recognized with a Professional Achievement Award at a luncheon. He then spoke to an auditorium full of students at a Dean’s Convocation. Subsequently, he spoke at a reception for the Hansen Scholars, a program which awards nearly $200,000 in scholarships to USU students who otherwise would not be able to continue their educations without taking a break to earn more money for tuition.
Lynnette, who graduated from the Huntsman School of Business in 1974 with a bachelor's degree in business administration, was recognized with a Professional Achievement Award in 2007.
The Hansens are also majority owners of Real Salt Lake, Salt Lake City’s professional soccer team. In fact, Dell Loy was accompanied at the Dean’s Convocation by a life-sized cardboard standup figure of one of his star soccer players.
“I’m like the mom of the team,” Dell Loy said. “I just get to cheer them on.”
During the Dean’s Convocation, Dell Loy elaborated on his business philosophy and practice:
- “The first key is to save or invest more than you consume. That sounds simple, but it is absolutely essential. If you don’t start there, you can never get to the rest of the steps. You have to look at your circumstances, and you have to make a bigger pie or use less of what you have coming in.”
- He told the students they need to start their work lives by putting away six months of expenses, just for emergencies. “If you want to succeed, you need to get that out of the way.” He said a home is a relatively expensive-to-maintain asset and it should not be considered an investment.
- He said students should never borrow money for a “consumable asset,” and he used a car as an example of such an asset. “Never borrow to buy a car. Why? Cars always eventually wear out,” he said. “Save and buy a car that you can afford to pay cash for, period.”
- “In our business we think of our investment partners first. Their interest is primordial; it always comes before our interests.”
- “Be true to your internal value system, never waiver. The world will never have a clear picture of your intentions. Don’t worry what the world thinks. They can love you or hate you--that’s immaterial.”
- “Trust your own analysis of what you know makes sense,” he said. “Do your own research. Trust yourself. If you have a passion, you are going to follow that through.”
Dell Loy told the students if they were passionate about their work and if they identified something they could do better, faster, and cheaper, then they could be successful in business.
“Business is a remarkable place,” he said. “I use it as a way to always learn something new.”