Ashland University alumnus Ferarri shares secrets for career excellence

ASHLAND — In every activity and every interaction, every person has a choice.

“And that choice should be to deliver excellence,” Rich Ferarri said. “That’s what we should be shooting for in the small and big things that we come across every single day.”

Ferrari, an Ashland University alumnus, has seen what success looks like in business.

He is co-founder of a venture capital firm called De Novo Ventures that has $650 million under management.

He has also been a successful CEO of two publicly traded medical technology companies — Cardiovascular Imaging Systems, which was eventually acquired for $125 million by Boston Scientific, and CardioThoracic Systems which was acquired by Guidant for $350 million. 

Ferarri returned to his alma mater Tuesday to impart lessons to current students, faculty and community members at the Burton D. Morgan Center for Entrepreneurial Studies in the Dauch College of Business and Economics. He presented “The Moment of Truth,” the first in a series of lectures he is developing called Excellence by Choice.

Ferrari defined excellence as “giving the best of yourself consistently,” a principle he said has its foundation in the Bible in Ecclesiastes 9:10, which says, “Whatever you do, do well.”

The three key attributes for excellence, he said, are commitment, passion and focus. 

“When your passion lines up with your skillset, whatever that might be, that’s where magic happens,” Ferrari said. “Then when you add focus to that combination, that is clearly a recipe for success.”

Ferrari urged audience members to achieve base-level competency in their weaknesses but to focus most on developing their strengths. 

“Nothing could be worse than focusing on your weaknesses, because it takes time away from your strengths,” he said.

Both big and small moments of truth can change the trajectory of a life and a career, Ferarri said. 

Big moments, he said, you will usually see coming. For those, there is no excuse not to prepare. But it’s the small moments, Ferarri said, that define who you are and shape others’ perceptions of your character and abilities. 

As an example, Ferrari told a story of how he promoted a competent and cheerful receptionist several times until she eventually became a vice president of human resources and a consultant in the San Francisco Bay Area.

Ferarri also addressed some situations when difficult decisions need to be made. 

He told a story in which he walked out on a job that was sapping his energy and a boss who didn’t value customer service. 

“Don’t stay in a situation where it’s draining your life and your passion. Close the book, and you’ll be better for it,” he said. 

Another tough part of the business world for leaders, he said, is firing underperforming employees. 

Ferrari said he cuts “C players” from his team every year. Otherwise, he said, the “A players” will leave the company and only “B players” and “C players” will remain, bringing the whole company down.

Other tips from Ferrari’s talk included practicing gratitude, performing small acts of kindness and finding time for exercise or meditation. 

Dauch College of Business and Economics Dean Elad Granot urged students in the audience to try out Rich’s advice for a semester. When Ferarri returns to campus for his second lecture in the series, Granot hopes to put together a panel of students to share what they have learned and accomplished.