In Memoriam: Dickson C. Buxton

Dickson C. Buxton, Chairman of Private Capital Corporation until a few years prior to his death, and Chairman of Kelso & Company from 1978-1981, passed away on May 8th in Northern California.

Dick began his ESOP career shortly after ERISA was passed in 1974. In 1978 Dick, and his partner Joe Schuchert, acquired Kelso & Company. Founded by Louis Kelso, the father of the ESOP, Kelso & Company prospered after the capital infusion.

In 1981, Kelso & Company separated from Private Capital Corporation, where Dick remained active until recently as Private Capital Corporation Managing Director & Chairman. His pioneering efforts for Employee Stock Ownership Plans (ESOPs) created hundreds of millions of dollars of wealth for employee owners through ESOPs. He founded one of two predecessor organizations that became the ESOP Association and he conducted the first survey of ESOP companies that was entered into the Congressional Record by Senator Russell Long. For several years it was the only data that supported pro-ESOP legislation. He was also a co-founder in 1980 of Kelso Capital with a capitalization of five million dollars. The private equity firm has invested $15 billion since then.

Dick authored three books: “You’ve Built a Successful Business, Now What ? A Guide to Perpetuating Your Business” , “Lessons in Leadership and Life, Secrets of Eleven Wise Men”, and “Business Maters: Lessons in Leadership and Life”.

Dick Buxton’s deep baritone voice (think James Earl Jones) caught my attention as I stepped out of my office door in downtown San Francisco in 1978. “Hey Ron, we just bought the Kelso Company. Let’s go to lunch!” Shortly after that I joined Kelso & Company. After forming ESOP Services with my wife Susan in 1984, with the blessing of Kelso & Company’s Chairman Joe Schuchert, I began working in collaboration with Dick and Jeffrey Buxton and Dick’s many associates. Jeffrey tragically died of a heart attack in his 40’s, but I had the pleasure and privilege of working with Dick until he ceased being active just a few years prior to his death.

In his book “Secrets of Eleven Wise Men” Dick emphasizes that the common characteristic of many of the Wise Men he profiled is that “They made people feel good about themselves”. That was Dick. After he introduced you at a meeting or dinner you felt very good indeed about yourself.

Dick was a tireless worker. It wasn’t unusual for me to get a phone call from Dick in my Virginia office shortly after 9 AM. “Dick, where are you?” “California, why do you ask?” Dick loved the game of golf, and was one of the very few people I’ve known who could point to many business relationships that began on the golf course. He was a member of Marin County Country Club in California and Sedgefield County Club in North Carolina.

Dick’s vision, optimism, and especially his mentoring will be missed by me and countless others whose lives he touched.

Ron Gilbert