Opportunity Knocks Twice; Chapter 7

Editor's Note: Utah Pulse is serializing the book, 'Opportunity Knocks Twice,' by Don Hale, as told to Mark Hale. We'll publish two chapters a week. You'll enjoy the wit and wisdom of one of Utah's great entrepreneurs, founder of Hires Big H. To buy the book, click here.

CHAPTER SEVEN
Business Ventures

The 1950s became, for me, a decade of business ventures. Hale’s Market made a living for us, but I continued to look for other opportunities to make a better living or additional money. When I saw an opportunity, I tried to seize it.
I love cars—I always have and probably always will—particularly new cars. I even enjoy the smell of a new car. For some reason, driving a new car has always been a priority for me. I am not sure if it is out of concern for image or simply the pleasure of driving a new car, or both.
My favorite car was a 1941 silver Buick coupe, the slickest looking car I had ever seen. The only problem was, I did not have one. However, one of my friends, the vendor who delivered bread to the market each day, did. I had eye-balled his car for sometime when I decided to talk to him about selling it to me. To my amazement he said he would. I drove that car for six years and loved every minute of it. Years later he told me, “Don, selling you that Buick was the worst mistake I ever made.”
Because of my love of cars, I decided I would sell used cars. I opened Hale’s Used Cars on a lot near downtown Salt Lake City. The business went well, but I eventually decided that I did not want to be in the car business, so I sold it.
During the 1950s uranium mining boomed. I had always been interested in the stock market and felt that if I were to get into the stock business, now would be the time to venture. A friend of mine knew an oil man from Texas who promoted stock in a variety of uranium and oil companies. He needed someone to underwrite his stocks in Utah, so I formed a company called Hale and Company and located an underwriter for his stock. We set up offices in Salt Lake City, and I contacted one of my friends, who had an accounting background, to manage the company.

Uranium companies popped up rapidly. Once the public sensed the potential opportunity in this mineral, my office phone rang off the hook. We could hardly keep up with the demand for these new issues. The uranium boom continued for about five years at which time I sold my company.
Because the stock market has continued to fascinate me, I have invested in it a great deal over the years. Given my approach to the market—I am kind of a risk taker, kind of a gambler—I have made a lot and I have lost a lot. The stock market ride continues to intrigue me, but now my best advice is to invest in land where the stability is greater.
Since I had already divested myself of my used-car business and my stock business, I began wondering whether it was also time to leave the tavern business. And so, in the 1950s, after some consideration, I sold my interest in both taverns.
Eventually, I was even able to buy that diamond ring I wanted. I asked a jeweler friend to look for a diamond ring next time he went on a buying trip, and when he found one, I promptly bought it. I wore the ring for a couple of months but took it off and put it in my bank box, because it was just too flashy for me. A couple of years later, while going through the bank box, I saw it and wondered if my dad would like to wear it. When I asked him if he had any interest in wearing my diamond ring he said, “My gosh, I really would like to wear it.” I had it sized for his finger, and he wore it, as proud as a peacock, until he passed away. Now I wear it. The ring has real meaning to me now, because my father wore it with such pleasure for so many years. Every time I notice my ring, I think of my dad.

Be watchful for good opportunity.