Jimmy Gibbs started out two classes shy of finishing college and grew an international business
Jimmy Gibbs just celebrated the 40th anniversary of his Upstate-based company, Gibbs International. The owner of this once textile-based corporation talks about how he went from dealing in textile equipment to a multi-national corporation investing in everything from mining to software, not to mention supporting local cancer care.
How did you launch your own company?
I was working at Three Pines golf course and met a man who was buying and selling electrical components to the textile industry. He always had a big, old wad of money, he was having a good time and he was playing a lot of golf and I thought if he could do that, I could too. At 22 years old, I started with modest means and actually borrowed $100. I started with textile parts, then textile machinery, then buying and selling complete plants, then complete companies.
How did the company evolve from textiles?
I worked initially in textile parts, but with the downturn in the textile industry, we began buying textile companies and their real estate assets. That put us in the real estate business. In 1978, we became an international business with an office in Mexico and expanded to Europe in 1981. At this point, we’ve done business in around 80 countries. We have ventures in mining, oil and gas, power plants, smart (power) grid technology and artificial intelligence.
What is your philosophy when it comes to choosing what to invest in?
Sometimes I’m my own worst enemy because I tend to look at the glass over half-full. We’re not risk averse, we don’t mind taking calculated risks. And when I was 22 to 35 years old, I had to take risks to keep up. It gets in your blood. And it’s not something you can teach people, but you can fine-tune it.
What is a point of pride for you along the way?
I’ve bought a lot of companies that have gone out of business, but never caused a textile worker to lose a job. I take great pride in the fact that probably five percent of those that I bought and resold and kept people working. I helped to put together the Sage Automotive deal when they bought it from Milliken a couple of years ago. Instead of that company being liquidated, it kept around 900 employees working. You get a lot of satisfaction in being able to take something that may be dispersed along with some good people…to keep it running and to make it a great success.
How do you spend your free time?
Well, I love to work. I usually work all week. If I’m not working, I like to spend time with my wife and our dogs. I also like to play golf and play once a month.
What got you interested in contributing to the Gibbs Cancer Center?
In my family, there are many survivors of cancer. I’ve always believed that it’s not how much money you make, but it’s what you do with it that counts. My wife and I started a foundation about 20 years ago. Dr. James Bearden and Dr. Julian Josie shared their dream of starting a cancer center in Spartanburg. And my wife and I prayed about it and everything they said would happen has happened. The new research institute will be a great economic driver for Spartanburg, Greenville and the Upstate. It’s nice to be involved in something that helps people. Everybody gets scared to death when they hear about cancer; it’s just a lot different from other diseases. You want to go to the very best.
In light of your interest in healthcare, what is your opinion on the Affordable Care Act?
I think the government should keep its nose out of everything except policing our borders and policing the country. I think it (ACA) creates more bureaucracy. Instead of care going to people who need it, it just takes money away from research and development. The key to cancer is prevention, not treatment and the ACA only addresses treatment.
What’s the best piece of advice that you received?
When I was very young, the lady that played the organ at Roebuck Baptist Church, Ms. Foster, said something that stuck in my mind. She told me that it only takes a few moments to tear down a reputation that you’ve built up over a lifetime. I think it translates to doing what you say you are going to do.
