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This version of NSU News has been archived as of February 28, 2019. To search through archived articles, visit nova.edu/search. To access the new version of NSU News, visit news.nova.edu.
This version of SharkBytes has been archived as of February 28, 2019. To search through archived articles, visit nova.edu/search. To access the new version of SharkBytes, visit sharkbytes.nova.edu.
Hall of Fame Honoree Shares Insight with Students, Faculty
Following his Distinguished Lecture Series presentation, Joseph Farrell (far right), is recognized by (L to R) Dr. Preston Jones, dean of the H. Wayne Huizenga College of Business and Entrepreneurship; Bridget Guerrero, president of the Graduate Student Business Association; and NSU President Dr. George L. Hanbury II.
When Joseph E. Farrell, Jr., moved to Quincy, Massachusetts, at the age of 12, he had no idea that his family’s proximity to the water would one day play a major role in his development of a global entity, now considered to be the leader in the marine salvage and firefighting operations industry.
As President and CEO of RESOLVE Marine Group, Farrell proudly recounted how his background as a veteran of both the U.S. Navy and Coast Guard also impacted his decision to form the company in 1980. Students and faculty from the H. Wayne Huizenga College of Business and Entrepreneurship listened attentively at a recent Distinguished Lecture Series event where he shared his story and insight as a business leader and a 2015 Hall of Fame honoree.
Farrell acquired his first tug boat and served as both captain and owner when he initially launched RESOLVE—named for the fact that he had resolved what he wanted to do for his career. After starting out in Ft. Lauderdale with a focus on Florida and the Caribbean, today the company provides emergency salvage and marine firefighting response coverage for almost 40% of tankers trading in U.S. waters. In addition, there are international operations in United Kingdom, Singapore, India, China and Gibralter with project offices in New Zealand and Namibia.
Farrell attributes his company’s growth to many things. “My success has been because of my people,” he related. “My job is to find guys and gals who are smarter than me.” Because many of RESOLVE’s projects are all-encompassing, he says the company always has a backup team to send in when the current crew needs relief.
RESOLVE has been part of countless prominent recovery efforts such as the salvage of the Value Jet Flight 592 crash site in the Everglades in May, 1996; the recovery of the Costa Concordia, a $1.5 billion project in July, 2014, in Giglio, Italy; and the cleanup of the Exxon Valdez oil spill in 1989. But Farrell cautioned his audience not to “beat their own chests” too much. “If you’re doing a good job, people will find you,” he said.
He added, “I’ve been so low key that competitors often wonder, ‘Where did this guy come from?’”
He encouraged students to pursue fields that they really like. Farrell advised, “If your heart isn’t into it, don’t ever stay in position where you’re miserable!”
Farrell credits the moral support of his family and his faith – he attends daily morning mass – for giving him the strength to lead the company through good times and bad.
In closing, he emphasized the importance of entrepreneurs remembering their roots and giving back when they can. He said, “Give back, like I do here at NSU. Good stuff comes out of it.”