Mark Begelman
| Mark Begelman | |
| Residence | Florida, United States |
| Nationality | American |
| Occupation | Co-founder |
| Employer | Markee Music |
| Known for | Senior board member (Office Depot, BankAtlantic, Mars Music) |
Mark Begelman is an American businessman and musician, who was formerly involved with both Mars Music and Office Depot. He began his career as a well-known guitarist, before becoming the President of Office Depot. He founded Mars Music in 1996, which became one of the largest music store chains in the United States at the time.
In 2005, Begelman became the President of BankAtlantic. He is currently the co-founder of Markee Music, which is responsible for producing a number of Latin Grammy Award winning artists.
Career
From April 2001, Begelman became the CEO and President of Office Depot. While working at the company, it underwent a large-scale expansion, resulting in its store base growing from 127 stores to 467 stores over a five-year period. The company revenue increased during the same period from $900 million in annual revenue to $4.5 billion. Begelman was named as the Ernst and Young "Entrepreneur of the Year" on two separate occasions, early in his career.[1] He left his role at Office Depot in 1995.[2]
After leaving his Presidential role at Office Depot in 1995, Begelman self-funded the music store chain, Mars Music with a $10 million investment. Mars Music was founded in 1996 after he himself had experienced poor shopping experiences at a number of music megastores. The company was based in Fort Lauderdale, Florida. In an interview with Forbes, Begelman stated that he was aiming the stores at younger generations.[3]
Mars Music began with the purchase of Ace Music, a store chain in south Florida. The chain comprised of five stores in the state, all of which were purchased by Begelman and became Mars Music.[3] Begelman focused on selling a wide selection of musical instruments and audio equipment. Practice rooms, recording studios and even performance stages were all features that were implemented by Begelman in the Mars Music stores.[4]
The megastores also used a number of methods to increase interaction with musicians. Mars Music was for example used for music lessons, where individuals and groups could be taught. "Weekend Warriors" was another type of tuition offered by the superstores on weekends, for adults wanting to learn an instrument. The tutoring strategy which Begelman implemented meant that Mars Music eventually became the largest single provider of music lessons in the United States.[5]
Begelman was also the founder of the charitable organization the Mars Music Foundation. The charity was created to increase the use of used instruments, encouraging people to bring in unused instruments so they could be used by less fortunate children.[6]
During Begelman's time at Mars Music, they also sponsored the Coral Sky Amphitheatre, which was renamed the Mars Music Amphitheatre. He expanded the Mars Music group by creating an e-commerce division in 2000. A year later the dot-com bubble burst, leading to the stock market downturn of 2002. Begelman's Mars Music was one of the companies lost during the downturn and declared bankruptcy in 2002.[7]
In 2005, he was announced as the Vice President and Chief Marketing Officer for BankAtlantic.[1] In 2008, Begelman was rumored to become the CEO of the then struggling Office Depot. The move however never materialized.[8]
Begelman later became the co-founder of Markee Music. Based in south Florida, it provides recording time in recording studios, while also providing on-site lessons. It became the base for a number of notable musicians in recent years. In 2015, Begelman's Markee Music was responsible for recording and producing tracks, which led to three Latin Grammy Award wins.[9]
Recognition
• Ernst and Young - Entrepreneur of the Year
See also
References
1 ^ Jump up to: a b "BankAtlantic Names Mark Begelman Executive Vice President and Chief Marketing Officer; Former President and Chief Operating Officer of Office Depot Joins Executive Team at Florida's Most Convenient Bank". BusinessWire. October 18, 2005.
2 Jump up ^ Maglich, Jordan (April 22, 2013). "Former Office Depot COO Charged With Insider Trading". Forbes.
3 ^ Jump up to: a b Linsmayer, Anne (September 3, 1998). "The big box comes to music". Forbes.
4 Jump up ^ "Former Head of Office Depot Tries Similar Approach to Music", Toledo Blade, July 1998
5 Jump up ^ Heimlich, Cheryl Kane (November 11, 1996). "Tired of office supplies and bored with retirement, Mark Begelman's new passion is a Rock 'n' Roll Depot". Biz Journals.
6 Jump up ^ Comas, Martin E. (February 6, 2000). "Recycling Helps Kids Strike Up The Band". Orlando Sentinel.
7 Jump up ^ Heroux Pounds, Marcia (September 28, 2002). "Music Store Giant Mars Inc. Files For Bankruptcy". Sun-Sentinel.
8 Jump up ^ Kouwe, Zachery (April 19, 2008). "Office Depot Dissident Ends Proxy Fight". NY Post.
Jump up ^ "Mark Begelman, Business profile". Bloomberg.
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