Banker and Tradesman - May 23, 2011

Being A Part Of Tomorrow
Banker and Tradesman

William Cummings is no stranger to creating things. During his 41-year career, he built Cummings Properties into a small empire that has amassed 10 million square feet of commercial real estate space, housing more than 2,000 tenant-clients.

In 1986, he established the Cummings Foundation, a $900 million organization that operates the Cummings School of Veterinary Medicine at Tufts University and two nonprofit assisted living facilities in the state, among other endeavors. Today, even though he has ‘retired’ from an official role with the company, he and his wife Joyce are establishing the Institute for World Justice, which will be started initially at Tufts University in September, though Cummings said he hopes it spreads into a network with representatives at many different colleges and universities. The institute will bring speakers from around the globe to educate students on the Holocaust and modern-day genocide, along with everyday injustices including racism and sexism.

William Cummings

Title: Founder, Cummings Properties; Woburn

Age: 74

Experience: 41 years

Q: After so much work with medicine at Tufts and personal care in the assisted living facilities, what lead you to promoting Holocaust and genocide education?

A: My wife and I were in Jerusalem at [Israel’s national Holocaust remembrance musem] Yad Vashem there, and we met [a Holocaust survivor] and were so moved by his story, and the entire visit to that institution, that we felt this was a chance for us to make a difference. Genocide is so common in so much of the world. We learn about the future from the past, and history certainly does repeat itself. There are many lessons to be learned from the Holocaust, but the concern is genocide in all parts of the world. The more [students] know about genocide education and the incidences of it, the more they are aware and sensitized to issues of injustice. We think this is an important part of students maturing today to learn these things.

Q: How does the foundation relate to your company’s real estate efforts?

A: The foundation never related in much of any way at all to our real estate activity until the last few years. Now, since a large majority of the Cummings buildings have been donated to the foundation, the foundation is sometimes of special interest. There never was a plan to donate so much, but gradually the number of buildings owned by the foundation grew substantially. Now, there are many clients who tell us they like the idea of supporting a charitable purpose when they pay their monthly rent.

Q: If it didn’t relate to your professional life, then why did you choose to establish the foundation?

A: At some age I think we all look around and summarize what we want to do with the rest of our lives. In our case, our four children and grandchildren are well provided for, so the decision needed to be made as to what we would do with the majority of our assets. We decided that by putting everything else into the Cummings Foundation now, we could be a part of what happens next.

Q: What business choices did you make that enabled you to create that charitable vehicle?

A: The principal goal for the company was to make sure it would always be stable. We sometimes took what outsiders viewed as great chances, such as when we purchased the defunct United Shoe complex in Beverly, but we never bet more than we could afford to lose if something went wrong. For the longest time, I took very little salary. Instead, we reinvested everything in the company. Eventually we didn’t have to deal with banks to finance the properties. Today there are 73 buildings … and there are no mortgages on any property. Probably most important, the company, which has about 360 full-time employees, has never had a layoff in more than 40 years of operation.

Five Thoughts From William Cummings On Entrepreneurial Success:

Don’t even think about starting your own business if you don’t think you can love every hard-working minute of it.
Think of the business like a baseball team. In an emergency, a business owner should be able to step in as a substitute in all nine positions.
Surround yourself with people you respect for their values, integrity, and dedication, as much as for their intellect. Select people who will really care.
Work to save money on every purchase, but develop a reputation for prompt payment and abundantly fair treatment of your suppliers.
Treat customers and clients with the utmost courtesy and respect at all times. These people, along with employees, will be your firm’s most valuable assets.