Posted by SMAD January 4, 2008
Story by LIZ DELIVUK

HARRISONBURG - SMAD students gathered over slices of pizza in the new television studio, an activity that would have otherwise been forbidden, to hear what media moguls Larry and Susan Patrick had to say about their careers in the media industry and what it takes to become successful.

“Its sort of like playing monopoly with real money,” says Larry of the media brokerage company, Patrick Communications that he operates with his wife Susan. The company serves as a full-service broadcast investment banking and management-consulting firm.

With over $6 billion in transactions, Patrick Communications is one of the most successful media brokerage companies in the country. With the help of Susan’s financial background, the company has done over 500 radio deals and close to 100 television deals in recent years.

Larry and Susan also own Legend Communications, which owns 40 small market radio stations in Missouri, Iowa and Wyoming. Owning small market radio stations has been successful because in these areas people are still relying heavily on radio as a source of local news. Small markets feel none of the effects of large corporate radio stations. People in these small towns use radio as a source for local news, high school sports, as well as interviews and other forms of entertainment.

Larry describes the media brokerage side of the business as a process that stresses the importance of people skills. They practice strategic buying and selling of everything from mom and pop radio stations to multi-billion dollar big business deals.

“Ninety-Nine percent of it is trust,” says Larry of the importance of working closely with clients. In every brokerage deal Larry and Susan strive to both maximize the sale of the station while looking out for employees as well as the integrity of the station.

As far as skills necessary for students looking to work in this field, Larry and Susan cited writing and negotiation skills among the most important in their industry. In hiring brokers for Patrick Communications, they look for someone who can present themselves professionally as well as having an understanding of the business. In this area of media, it is critical to be able to handle the pressure that comes along with multi-million dollar deals.

Larry and Susan Patrick also shed some light on the importance of striving to achieve goals. At 20 years old Larry knew that he wanted to eventually become a radio station owner, and although there have been many roadblocks, as he says one teacher laughed at him, if anything that only pushed him harder. Now a media entrepreneur, this shows us that anything is possible.