Newswise — Nearly eight years later, a businessman's promise to donate $7 million worth of company stock to Florida State University's program in hospitality management is yielding huge dividends. As a result of Robert Dedman's generosity, the Dedman School of Hospitality could receive as much as $12.6 million, once matching funds from the state of Florida are factored in.
Dedman, who died in 2002, was the founder of ClubCorp, the world's leader in private club management. Internationally, ClubCorp affiliates own or operate nearly 170 golf courses, country clubs, private business and sports clubs, and resorts. (In Tallahassee, the company manages the University Center Club, located in FSU's University Center complex.) ClubCorp has approximately $1.5 billion in assets.
In 1999, Dedman agreed to donate $7 million worth of ClubCorp stock to FSU's hospitality program. In return, the program acquired his name, becoming known as the Dedman School of Hospitality. Among other things, his gift helped the school establish the Professional Golf Management program, which exposes FSU students to career opportunities in all aspects of country club management — everything from golf-course planning and development to sales and merchandising, coaching, broadcasting and journalism, just to name a few.
"The overwhelming generosity of the Dedman family has dramatically improved our program in hospitality management and resulted in wonderful career opportunities for hundreds of students," said Robert A. Brymer, an FSU hospitality professor and chairman of the Dedman School. "Although he is no longer with us, Robert Dedman's legacy lives on in the opportunities his gift is generating."
"Robert felt he was creating a 'win-win' partnership with FSU and other universities through his giving," said James A. Riscigno, who directs FSU's program in Professional Golf Management and, as the former executive vice president of ClubCorp, was instrumental in coordinating several gifts from Dedman to FSU.
"He was convinced that if he helped universities and students, ClubCorp would be in a position to attract the brightest and the best students to become employee partners with his company," Riscigno said. "He felt that with the high caliber of graduates attracted under this approach, ClubCorp would continue to show higher-than-industry average growth rates, and everybody would benefit and win."
In December 2006, ClubCorp announced the completion of its sale to KSL Capital Partners, LLC, a private equity firm. Once the sale was complete, FSU was able to cash in its ClubCorp stock for a lump-sum payment. A check for approximately $6.37 million was deposited in the Dedman School's accounts on Jan. 15. That amount qualifies for a state match, thus potentially raising the total value of Robert Dedman's 1999 gift to around $12.6 million.
Brymer identified a number of ways in which the proceeds from the sale of the ClubCorp stock will strengthen the school.
"First, we want to use this money to attract more world-class researchers," he said. Important research in the hospitality field encompasses such areas as tourism trends and economic impacts, the study of leadership skills and dynamics, and developing ways to enhance service quality.
"With a larger faculty, we would like to develop a new doctoral program in hospitality by 2008," Brymer said. Other areas that would be augmented by the additional money are student scholarships and faculty internships, he said.
Dedman's gift "gives us an opportunity to really catapult our program to a different level," Brymer said.
Approximately 110 students graduate from the Dedman School of Hospitality each year. The school boasts of a 100-percent job placement rate for its graduates within their field of study. To read more about the school, visit www.cob.fsu.edu/dsh. To learn more about the school's Professional Golf Management program, go to http://www.cob.fsu.edu/dsh/pgm_major.cfm.
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