Wednesday, October 20, 2021
SILICON SLOPES SUMMIT Oct 13-14, 2021 in Salt Lake City : THE ENTREPEUNERIAL SPIRIT Ryan Smith and Gail Miller
It’s black and white. Utah Jazz owner Ryan Smith confirms rebrand is a thing
He said the overall goal for the Utah Jazz boils down this: “We’re all here for one thing, we want a (championship) parade in the city,” Smith said. “That’s it.”
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The enthusiasm both men shared for the Jazz and where they hope to take the team had the audience at the Salt Palace roaring their approval.
Smith said he and the other owners have had the great fortune to take over a team that was not at all broken, much like their predecessors.
“We’re just grateful to take over a platform that’s setup,” Smith said. “We didn’t come into something that was broken ... we get to take it forward and grow it, like Larry did.” The late Larry Miller bought the team outright in 1986.
Smith and Wade also highlighted that the Jazz are the only team in the league with the name of a state on their jerseys. That, Smith said, plays into exactly how they see who they’re beholden to.
The Silicon Slopes Summit, as it turns out, played a role in the journey that would eventually lead to Smith buying majority ownership of the Jazz. Smith’s first exchange with then-Jazz owner Gail Miller happened at the 2020 edition of the summit. However, Smith said that initial exchange didn’t go quite as smoothly as he had hoped.
Smith told the Salt Palace crowd that when he asked Miller if there was a possibility, any chance, that she would consider selling the Jazz he got a one word answer: “Nope,” Miller told him.
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-- But that initial barrier would eventually soften and the official announcement of Smith’s purchase of a majority interest in the Jazz came last October.
-- Wade acquired a minority stake in the team this spring, and Smith celebrated the three-time NBA champion and 13-time All-Star joining his ownership team.
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Here's what Gail Miller says is next for the Larry H. Miller Group
"Gail Miller announced Thursday that the Larry H. Miller Group of Companies has made $5 billion in strategic changes in the past year, moving on from their most well-known business ventures.
In 2020, Miller, owner and chairwoman of the group of companies, is assumed to be the wealthiest person in Utah.
> A year ago, she sold the Utah Jazz to Qualtrics founder Ryan Smith.
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> Two weeks ago, Larry H. Miller Automotive was named the second-largest privately owned automotive dealership in the nation. Shortly after, Miller announced the group's intention to sell the dealerships to the Georgia-based company Asbury Auto Group. The dealerships will keep the Larry H. Miller name.
So, what's in the company's future? "We're turning our attention to new horizons," Miller said during the Silicon Slopes Summit in Salt Lake City on Thursday.
She added that it's important to know when a certain era is over and when it's time to move on. These "new horizons," she said, include diversifying the company's portfolio, while being agile and using foresight.
Miller stated that one such move is the company's purchase of Advanced Health Care Corp in January, though she did not say whether the company would continue purchasing other health care companies.
During Thursday's conference, she reminisced on how she and her late husband, Larry H. Miller, purchased a single Toyota dealership in Utah 42 years ago, with around 30 employees, because "our roots are here."
From their success and growth and "entrepreneurial spirit," she said, "I can tell you the American dream is alive and well."
"It's through change and challenge that we find opportunity and growth," Miller added."
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SUMMIT One Vanderbilt. Experience a New Reality.
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