Paychex founder and author of The Italian Kid Did It Tom Golisano has joined Mornings With Maria to share the inspirational story of how he turned $3,000 into a $44 billion empire.
Transformational business leader and Paychex founder Tom Golisano shared the inspirational story of how he turned a mere $3,000 into $44 billion and overcame a series of obstacles to live his incredibly successful life.
Golisano attended Mornings with Maria on Monday to share his secrets to success and talk about his newly launched business school, the Golisano Institute for Business and Entrepreneurship.
“Well, when I started Paychex, I had no idea that I would achieve something like this. But as it happened, I started with a very small ambition. I wanted to be in Rochester, New York and maybe get 300 clients that we did payroll for and live happily ever after. But we managed to do that in a few years,” said Golisano on Monday.
Tom Golisano founded Paychex in 1971 and has since grown the company into an empire. (Fox News / Fox News)
“We started franchises and partnerships for people I knew in the Rochester area and sent them to different cities across the country to start similar businesses. After a while, maybe five years, and we had that established, we decided to consolidate one company, and that’s what we did in 1979, and we had a five-year plan: we were going to work very hard for three years to set up new locations and build our sales organization, then the next two years we wanted to focus on profitability and we did that,” he told hostess Maria Bartiromo.
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Paychex took a huge financial leap when the company decided to go public in 1983, taking the company’s market valuation to $65 million.
“And the great thing Maria is the market we chose, payroll, payroll preparation and staffing services for the small business market. I mean, you know, there are millions of them out there, and it’s such a big, wide-open marketplace. We are still very successful. We have over 700,000 customers and we’re still growing,” Golisano continued.
The Golisano Institute is slated to open in 2023 and costs just $4,800 per semester. (Fox News / Fox News)
The Paychex founder also detailed his recent business venture, the Golisano Institute for Business and Entrepreneurship, a post-high school that offers students a two-year certification program with reduced tuition.
“There are two important things about the institute. First is the calendar. As you probably know, the typical calendar for higher education these days is pretty loose and liberal. I mean, the kids just don’t go to class that often. We put together a year-round calendar, 11 weeks of classes and two weeks of vacation,” Golisano began.
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“So if we combine the calendar and eliminate the mandatory electives, we can put together a package of two-year business courses. When you take our two-year program, you end up taking 1.3 times the number of business courses as you would in a normal four-year business degree.”
The Golisano Institute costs $8,900 per year and includes all technology, books, and other necessary materials for students. (Fox News / Fox News)
The Golisano Institute is scheduled to open in fall 2023 and will only accept 500 students. Golisano donates the institute and charges $4,900 for half a year and $8,900 for a full year.
“We fund for their benefit. My goal is to bring 250 new entrepreneurs to the Rochester area each year,” concluded Golisano.
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