CEO, Peñasco Valley Telephone Cooperative, Inc.
Lovelace graduated from what was then the School of Management with a marketing degree and minors in computer science and finance. He also earned an MBA from Harvard University. In his current position, he’s with Peñasco Valley Telephone, a utility provider that started in 1949, with the switchboard in the living room of Mr. and Mrs. C.B. Altman, in Hope, NM. Today, the rural utility covers 4,929 square miles in southeast New Mexico with headquarters in Artesia, NM, between Carlsbad and Roswell. PVT has 100 employees and has expanded from providing basic telephone service to internet, cable TV, ISP services, communications systems, technical support services, and security and alarm monitoring services.
What do you enjoy about your current position/profession?
I enjoy the people, community and providing a valuable service. In a rural environment like ours, people depend on one another more so than in urban areas. It brings the community closer. The people are great. The community supports the children and schools like no other place I have ever seen. One good example is a community charity that provides generous four-year college scholarships to all graduating high school students who have a 3.0 GPA or higher. Our company provides internet, cable and telephone service to the area. In many areas that we serve, we are the only provider. In today’s world, online access is extraordinarily important. It is rewarding knowing that your efforts are making a difference in so many people’s lives.
What is a professional highlight of your career, either where you currently work or in the past?
I’ve been blessed to have a lot of rewarding experiences. I worked for a Bell company during the AT&T divestiture. Developing products with a multi-national company based in Japan was an amazing technological and cultural experience. Designing and patenting call waiting on caller ID was a lot of fun and very interesting. Becoming an entrepreneur in the early 2000s, during the “Dot com bubble” was a lifetime of experience rolled into a decade – much of which I would not recommend to others. I founded a company that created a business with 250 employees in its first 24 months. I watched dozens of former coworkers strike out on their own to start their own businesses with pride. I met some wonderful and amazing people, as well as some I won’t miss. Greed drives some to lose their ethical compass. Entrepreneurs can and will change the world. It is an exciting but challenging place to be.
Did a UT Dallas professor inspire you? Who was that and how was that person inspirational?
Dr. Richard Tozer was my Strategic Planning professor. He was a great teacher with seemingly unlimited energy and enthusiasm. He had an almost encyclopedic memory of everything he had ever read. He became my mentor and adviser. He inspired me to follow in his path and finish my education at Harvard Business School. What an experience for an East Texas country boy. Dr. Tozer and I stayed in touch over the years. When I left the corporate world and began my entrepreneurial career, he again became a tremendous supporter. He was a director and chairman of the board for my first start-up business, and a counselor to me. He worked with me in each of my start-ups and was always an inspiration and source of strength. I owe him a great deal. (Tozer died in 2016.)
What advice do you have for college students hoping to succeed professionally?
Don’t lose sight of what is most important to you. Being successful in business is an admirable goal, but I would caution people to not lose sight of their family, friends and health. Someday, you will move on from your business. Make sure you retain what makes you happy for whatever you do next. Balance is important but difficult. I have seen too many people hyper-focus on their careers and lose their family, their health and even their life.
What makes an effective leader?
I think an effective leader always takes the view of improving the company from an impersonal and unselfish perspective. I have seen people work themselves out of a job, only to get a better one. Don’t be afraid of doing the right thing. Don’t worry about getting credit, it isn’t important. People are smarter than you think. An effective leader makes everyone around them better. They focus on the organization, not just themselves or their own group. A leader is a good communicator. They have to get input from others and they have to consider others’ viewpoints. A good leader has to have a clear vision of where they are going, and be able to communicate that vision. A good leader has to make those around them feel valued and respected, and inspire others to take action. I wish I had known earlier in my career that it is OK not to know something and to make mistakes. I have said “I don’t know” more times in the last five years than I did in my first 25 years of my career. You don’t know everything. It is OK. You just have to figure it out. Plan for it, take measured risks, learn what you need to do and what you need not to do. You have to take risks to learn.
What do you enjoy doing in your free time?
I enjoy spending time with my family and helping my grandchildren learn about life. I enjoy traveling to new places and learning about them. I enjoy the serenity of the mountains. I enjoy the outdoors, hiking and riding four-wheelers. I enjoy reading, technology and learning. It is fun to work with entrepreneurs and share their energy and see the future through their eyes.
