Hal Rachal, 55, is president, chief executive, general counsel and personnel director of the largest employer in Kerrville, Texas (pop. 11,300). Though he is also controlling stockholder, he draws no salary, receives no dividends, pockets no expense money. Instead, he plows every cent of profit, which he prefers to call "operating surplus," back into his business—aviation. In the space of 13 years, Rachal's little known Mooney Aircraft Inc. has gone from the brink of bankruptcy to become, after Cessna, Piper and Beech, the nation's fourth biggest private-aircraft maker.
Positive Control. A...
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