Building A Culture from a Distance: Strategies for Remote Leaders
Navigating Leadership and Legacy in the Fuel Industry: Insights from GPM Investments' Dave Keith
As the host of our insightful podcast, I had the distinct pleasure of engaging in a profound conversation with Dave Keith, a seasoned leader from GPM Investments. In this blog post, I'll share the wealth of knowledge and experience Dave imparted during our discussion, which spanned his personal journey, leadership philosophy, and the evolving landscape of the fuel distribution and convenience store business.
From West Texas Roots to Industry Innovator
Dave Keith's story is one of ambition, adaptability, and unwavering commitment to growth. Hailing from West Texas, Dave's educational path led him to Texas Tech, where he not only honed his skills but also developed a deep connection to the region and its people. His career trajectory took him through various roles in San Antonio, where he gained invaluable experience working in a family office environment. This foundation set the stage for his transition to GPM Investments in Greenville, South Carolina, following the acquisition of his previous company.
Embracing Remote Leadership
One of the most pressing challenges in today's business world is leading a team remotely. Dave shared his strategies for managing a dispersed workforce, emphasizing the critical role of virtual communication tools like Microsoft Teams. Adapting his leadership approach to the virtual setting, Dave focuses on building relationships and ensuring that his team feels supported and connected, despite the physical distance.
Servant Leadership and Culture Building
At the heart of Dave's leadership style is the philosophy of servant leadership. He believes in the power of helping others succeed, a principle he practices by prioritizing personal well-being and growth in his one-on-one meetings with team members. This approach has cultivated a culture within GPM Investments where mistakes are viewed as learning opportunities, and the core values revolve around nurturing and developing people alongside business processes and techniques.
Future Trends and Opportunities
Looking ahead, Dave is excited about the potential applications of AI in their business, despite the unconventional nature of their industry. He also acknowledges the need to scale and evolve in a rapidly changing market, which brings us to GPM Investments' strategic acquisition strategy.
Strategic Acquisitions and Market Dynamics
GPM Investments has a keen focus on acquiring smaller convenience store chains and wholesale distribution opportunities, often from family-owned businesses. Dave underscores the importance of trust and mutual benefit in these transactions, ensuring that the acquired businesses' legacies are respected and their teams are well taken care of.
The COVID-19 pandemic brought significant shifts in consumer behavior, with fuel sales declining but inside store sales rising. Dave notes the resilience of the fuel industry and the importance of diversifying the fuel sales base to stay ahead of market changes. He also highlights the opportunities within the free market system for individuals to become branded fuel dealers through companies like GPM Investments.
Investing in People and Building a Legacy
Attracting and retaining high-performance leaders is crucial for any business, and Dave stresses the significance of investing in employee development. He reflects on his experience in the family office space and his desire to leave a lasting legacy through empowering others to achieve their goals.
Advice for Young Entrepreneurs
Dave's advice to young entrepreneurs is to recognize their strengths and weaknesses and to seek help and guidance when necessary. Understanding that n
Dave Keith
Quarles Division Controller at GPM Investments
Dave Keith's career has spanned over 40 years in business including stints in public accounting, manufacturing, private equity, not-for-profit, and fuel distribution. In addition, Dave served for 10 years in a large family office in various roles, including CFO. Dave loves mentoring and developing people, and currently resides in Greenville, SC with Toni, his wife of 36 years.