Although they lack business school educations, brothers Shep and Ian Murray have managed to build successful careers in the business world -- selling ties.
Wharton's Musser-Schoemaker Leadership Lecture Series -- which in the past has brought in guest speakers like the CEOs of Goldman Sachs and PepsiCo -- invited the Murray brothers, co-founders of Vineyard Vines, to talk about their venture into the business world.
Though both had stable jobs on Wall Street, "we ended up hating our jobs," Shep Murray pointed out. "We wanted to pursue the good life ... go to Martha's Vineyard and ride our boat."
It is no surprise then, that the brothers, who from an early age had begun retailing cars or selling CDs, started their own business.
In the summer of 1998, both quit their jobs in Manhattan, and after meeting a few importers and manufacturers, ordered their first batch of neck ties which soon turned out to be a hit.
The neckties, which sell for $65, have attracted luminaries like Rudy Giuliani, John Kerry -- who wore them last summer during his campaign -- action star Arnold Schwarzenegger and many inhabitants of Martha's Vineyard.
The Murray brothers said that they saw a need for neckties that were creative and fun. Their catalogues usually portray people doing things such as fishing at the beach. Their products reflect that pleasurable ambience with bright colors and innovative designs.
The two key elements of creating a thriving business are to have a good product and to provide great service, they said.
"We believe in doing whatever it takes to make customers happy," Ian Murray said. "It takes a long time to gain a customer, and just one second to lose them."
Among laughter and jokes, the brothers were able to inspire the audience that gathered at Huntsman Hall yesterday through their amiable nature.
Not only did they provide students with small advice such as which polos should be worn in what weather, they even gave away caps and visors.
"They have been able to reach a rare equilibrium that few people in the business world ever have -- combining business and pleasure," said Wharton sophomore Greg Cohen, an event organizer.
The brothers also noted the importance of keeping employees happy.
"We treat our employees well," Shep Murray said as he talked about their corporate outing to the Florida Keys just a few weeks ago.
Wharton senior Lucinda Parkhurst, former series co-chair, said that brothers were non-traditional business leaders who are inherently nice.
"We just want to sit on our boat, drink rum and let life pass by," they said when asked about their long-term goals.
