News and Features

Edward Richman, Ph.D.

Secrets
of Success

Edward Richman, Ph.D.
President
Richman Chemical, Inc.

Edward Richman, Ph.D., is the Founder and President of Richman Chemical, Inc., a provider of project management, custom/contract manufacturing and sourcing services to life sciences and chemical industry clients.

Richman did his undergraduate work at Brown University and earned M.S. and Ph.D. degrees in Chemistry from the University of Chicago, writing his thesis on molecular beams.

After starting his career in synthetic fibers R&D with Celanese and Rohm & Haas, Richman worked at National Starch for 10 years, eventually serving as Director, Chemical Business.

In 1988, he started Richman Chemical, based on a unique business model utilizing independent outsourcing to bring value to both emerging and established pharmaceutical and chemical companies.

What drives you to be successful?

Independence. I want to continue to be independent, both financially and intellectually. I don't want someone making me do something I don’t want to. A successful business gives me the freedom to set my own agenda.

What are the three most important elements of solid business leadership?

Decisiveness, ethics and vision. You can be the brightest guy in the world, but if you can’t make decisions and move on, you are not going to be successful. Having solid and consistent ethics are important so people will trust you and work with you.

The vision thing: a good leader knows where he is going!

How would you define career success?

This is very personal. I define it as being proud of what I have done while being able to pay my own way.

Would you consider yourself successful?

Yes, but especially since I can also take pride in my personal life as a husband, father and grandfather and as a community contributor.

What are the goals you are setting for yourself now?

My goals have not really changed. I want to continue to contribute value and leadership to my business, industry, family and community.

As a CEO, what is your particular competitive edge?

I’m decisive when needed, I’m honest and my instincts have always been good.

What is the key to keeping your edge and staying ahead of the curve?

One thing is to avoid micromanaging. I don’t limit my options to those I think of myself. I learn from the people around me, or even better I try to help them learn and do their jobs better.

How or from whom did you learn your leadership skills?

My parents were influential of course. My background in philosophy and science helps me understand the balance between reason and emotion.

What type of environment have you created to foster success at your company?

See micromanaging above. We have an organic, evolving structure. I give my people room to find out what they are comfortable doing and make sure they stay on target.

What, if any, responsibilities does a business leader have beyond making a profit?

One should not underestimate the profit responsibility, unless you work for a non-profit! Without the profit, you cannot take care of your family, employees, customers and vendors. As part of that, it is important to be a good ambassador for your business and a good citizen in your community. I am not a believer in using a business for social or political goals.

What three lessons or words of advice would you give to emerging entrepreneurs or CEOs?

Decisions, ethics and vision! It is the job of a CEO to make decisions, not achieve perfection. It is a lot easier to be honest with yourself when you are honest with others. You need to know on a granular level what your business objectives are. How are you going to make payroll or maybe even a profit?