With his father overseas engaged in the final throes of World War II, Mitch’s grandma played a key support role when he left school daily to head for her shop. “I bussed tables, and I really liked to take cash,” he said. “I thought, ‘Wow! You serve them food and they pay you for it.’”

Fast forward to the present and a remarkable success story built in part upon that early restaurant experience for Rhoads, a TSU trustee, retired executive for several restaurant chains, and successful entrepreneur. Rhoads, BSBA ’66, wound up at TSU through the work of a recruiter and because he preferred a small town close enough to home to allow him to stay active in the family business.

At TSU, Rhoads met someone whose philosophy would dominate his early life and career planning. “I was influenced by Lucy Emerson, TSU Director of Public Affairs and an executive assistant. She encouraged students to think about working for a big, solid company for a while for broad experience to use later for success in their own businesses,” he said. “She said to be a leader on campus, to learn to work as a team, and to join the co-op program. I did, with two companies who paid a great salary to work in management and then go back to school.”.

The approach worked—at TSU, where he was “president of about everything on campus not related to engineering”—and at General Tire and Rubber in Akron, Ohio, and U.S. Steel division in East Chicago, where “they wanted me back, and I could pick and choose,” he said.

At Kaiser Steel, where he worked after graduation, sound management practices again impacted his business philosophy. “They sat down with their first-year management people and said, ‘You need to decide at a young age to write down your life plan—what you want to contribute to society and country, what you want to make—and where you want to be in five, 10, and 20 years. Keep it in your wallet, keep score, over-achieve, and change it often,’” he said.

He followed the advice and launched a storied career in business management and entrepreneurship. “I set a goal to be president of a billion-dollar company in 10 years, with the end objective of going into a business of my own. I wanted to learn from the best minds and businesses,” he said.

At age 30, he was vice president of A&W International, a division of United Brands/United Fruit Corp., traveling to Central America in the ’70s. He has been executive vice president of world-wide operations for Burger King, president of Technicolor Corp. retail division, and a court-appointed trustee of International House of Pancakes. He was named Food Service Executive of the Year in 1987.

By age 46, he had the experience to strike out on his own. “I started with one business and then several, and then provided venture capital for others,” he said. “What I have tried to stay true to is that whatever you invest in as you mature should be in your strongest skills, because that’s your most potent arsenal for success. Use your skills and good business methods.”

He purchased LePeep Restaurants in 1992 and founded Rhoads Holdings in 1993. Other investments include Beneficio Santa Rosa S.A., a coffee processing plant in Honduras; Finca Isis Estate Coffee S.A., a coffee plantation, also in Central America; and the venture capital company Dawnbreakers Holdings LLC; the coffee roasting plant Mountain State Golden Roast LLC; and Mountain State Provisioners LLC, a food service distribution company, all in Denver.

Developing key people is essential to efficient business operation and freedom later on, he said. “I have tried with each company to develop people to run the business,” he said. “They then have a strong incentive to do their best and have the character you want to run it. That allows me freedom, and now that I have people in place, I mentor, coach, and sell them those businesses.”

He stayed true to his early plan to contribute to the larger world. His exposure to Central America through international operations sparked a desire to help. “I love the people and country and decided to invest in the people down there. That’s why I bought a coffee plantation and a processing plant in Honduras,” he said.

In addition to providing jobs and strengthening the economy, the investment also meant education for the people. “We built a school for kindergarten students. The countries can’t afford kindergarten, but the kids wanted to learn, so I built a little school for the children of our employees and neighbors,” he said.

Giving back should be a business basic, he said. “I want to be able to share what I’ve learned and earned. Your family and others should be the beneficiaries.”

His contributions include serving as chairman of the Colorado State Chamber of Commerce and as one of 250 invited members of the National Republican Senatorial Committee’s Presidential Roundtable.

His many beneficiaries include TSU, for which he has worked actively in alumni and development and as a trustee. His contributions to the University of Northern Colorado Monfort College of Business, where he has been an executive professor, helped the school earn the Malcolm Baldridge Award from President George W. Bush and the American business community. “We aimed to raise the level of the business school. The university received the award three years ago, and it was a wonderful moment,” he said.

TSU’s new major may also reap the benefits of his experience. “I hope I can help. I would like to see it require co-op education. Lots of schools offer an entrepreneurship program, but not with a solid co-op element,” Rhoads said.