7 minute read
Time, Talent and Treasure
By Sharon Oswald
Looking up the word “humble” in the dictionary, those who know him might expect to see the face of 1979 College of Business alumnus Joe Rice. Despite his many accomplishments, Joe never wants the spotlight. He shies away from accolades. A deeply religious man and fiercely proud of his family and Lebanese heritage, he credits his father, also Joe Rice (who went by Joe G.), for instilling in him a strong work ethic and a desire to learn. Most of all, Joe G. taught him to always treat people with dignity and respect. Those words are the hallmark of Joe’s life.
“My dad epitomized the American dream,” says Joe. “He was a Lebanese immigrant who knew the meaning of hard work. He was very proud of where he came from, but dad was equally proud of becoming a naturalized U.S. citizen.”
Joe’s grandfather and uncle initially immigrated to Detroit, MI, where they worked for the U.S. Rubber Company. Having initially left their families back home, the pair saved enough money to bring them to America. Word spread among the immigrants in Detroit that the Lebanese were doing well in Jackson, MS. So, in 1923, the Rice family relocated to Jackson in search of the American dream.
Joe G. was only 18 when he opened his first grocery store in downtown Jackson, on the land where the Jackson Convention Complex stands today. He subsequently added locations, becoming a successful businessman through hard work and treating people as he would want to be treated. Over the years he ventured into real estate investments and equity investments, and he even became a gentleman cattle farmer.
Joe adds, “Dad learned to read the stock market at age 13. He did all of this with only a seventh grade education. My interest and passion for capital markets was developed and nurtured through his mentoring. For all his accomplishments, I often wonder what he could have done if he’d had the opportunity to stay in school.”
Joe G. understood the value of knowledge and stressed the importance of higher education to Joe and his two sisters, all of whom attended Mississippi State University as College of Business students.
Joe entered MSU with the goal of getting an accounting degree. Although his studies were his primary focus, he also joined the Greek life. He pledged Lambda Chi Alpha fraternity, meeting many who would become his lifelong friends. Among his new acquaintances was Madelyn Koury, a young woman from the Delta who became his “big sister” in the fraternity. On numerous occasions Joe would solicit Madelyn’s help to set him up on dates – after all, that was one of the roles of a big sister. When he would mention a girl’s name to her, her response was always, “She is not right for you.” Joe completed college without a single Madelyn-approved date.
His “big sis” graduated in 1978 with a degree in education. Joe followed one year later with a degree in accounting. Both settled in Jackson, as did Madelyn’s actual brother, Phillip, also a Lambda Chi. Joe lost touch with Madelyn after college, but he remained friends with Phillip.
Then, in 1980, the Bulldogs were set to play the 18th-ranked Miami Hurricanes in South Florida, and the two fraternity brothers decided to fly to the game. The Dawgs won 34-31, but Joe earned a more important victory that sparked when Madelyn picked up the pair from the airport.
Joe exclaims, “I like to say that we won the game, and I got the girl!”
They became engaged about 18 months later. Now married 41 years, Madelyn offers no ulterior motives for her earlier failures as a matchmaker.
The couple has two grown sons, Paul and Joseph, and a granddaughter, Evelyn Jo, who brings a smile to their faces as they whip out the latest pictures. Paul works alongside his father at Rice Wealth Advisors at Raymond James.
The Rice family is passionate about MSU. Madelyn proudly displays the four MSU diplomas (Paul and Joseph followed their parents to MSU) in their Starkville condo on Russell Street. MSU blood runs thick in her family as well. Her father was an MSU engineering graduate, and five of his six children, including Madelyn, followed him to MSU.
The Rices credit several of their professors as being great influences on their lives. For Joe, it was accounting legends Scotty Wofford, Bill Simmons and Dr. Dora Herring, as well as his communications professor, Dr. Hank Flick. Madelyn credits education professor Dr. Gloria Correro for inspiring her during her college days and beyond.
“Everything we have today is because of MSU and the grace of God,” Joe says.
Another mentor to Joe throughout his professional career has been MSU alumnus Lewis Mallory, Jr., former chairman and CEO of Cadence Bank, whom he met in 1973. They remain close today.
While Madelyn was teaching and raising two boys, Joe ultimately landed his dream position as a financial advisor – the first 28 years with Merrill Lynch in Jackson and the past seven with Raymond James & Associates in Ridgeland, MS. He has been named by Barron’s as one of America’s Top Financial Advisors and as one of the Financial Times of London’s Top 400 Financial Advisors –recognitions that Joe was too humble to share.
Despite his active career, Joe finds time to give back. He enjoys being on campus, interacting with the faculty.
“I love being around intelligent people,” he says. “You can learn so much just talking to them.”
From its inception, Joe served on the Finance and Economics Advisory Board, chairing the group for five years. He transitioned from there to the College’s Executive Advisory Board (EAB), serving the last two years as Chairelect. In 2024, he takes over the gavel as EAB Chair.
Joe says he is honored to chair the Executive Advisory Board for the College.
He notes, “These members are very accomplished in their careers and professional lives. Yet they all have an innate and elemental understanding that all they are and all they have are gifts from God, and it is incumbent upon them and all of us to give as freely as we have received.”
He explains that giving back is more than just “stroking a check,” that it takes the “three Ts” –time, talent and treasure. As board chair, he will charge the members to utilize their talents and invest time in “telling the tremendous story of our College.” From his standpoint, everything the board does should benefit the student experience.
Very committed in his faith, Joe has been a member of the Catholic Foundation since its inception 30 years ago. He has served as President of Catholic Charities for the past 10 years. He also sits on the board of St. Dominic’s Hospital. As he puts it, his two great passions are the Catholic Church and MSU.
How does he see the future of the College of Business? As a very bright one.
“This is an important and transformational time for the College of Business,” he says. “We have experienced remarkable growth and development over the past 12 years. Now we look to build on that strong foundation and work hand-in-hand with Dean Grawe and the faculty to take the College and, more importantly, the student experience to the next level.”
And Joe says he believes new dean Scott Grawe is up for the task.
Joe’s enduring love for MSU and the College of Business makes him an ideal person to lead the EAB for the next two years. His humble nature is reflected in his motto: “No one is more important than the person right in front of you.”
