Economics professorship named after local entrepreneur

PANAMA CITY — It is somewhat ironic that the state Legislature chose to name a professorship after Charlie Hilton. Hilton always avoided this type of publicity.

“I never sought fame or fortune or publicity,” Hilton said. “I did it because I believe in the American system. It’s what made the country great, the economic system.”

The fact that the professorship is in economics is appropriate. Hilton’s daughter, Julie, said he often had the habit of handing out economics books to his friends.

“I’ve worked in that area many years,” Hilton said. “That was one of my long suits.”

Hilton built an empire of businesses in Bay County: banks, investment firms, hotels and restaurants, construction companies, golf courses and a cable television system. Julie Hilton said her father also was instrumental in the background of developments in Panama City Beach, particularly Pier Park and Frank Brown Park.

“Most people don’t know that,” Julie Hilton said. “He didn’t do it to be recognized; he did it because it was the right thing for the community.”

Senate President Don Gaetz, R-Niceville, was one of the sponsors of the bill. He remarked that Hilton came from humble beginnings and built himself from nothing.

“He started without any inherited wealth,” Gaetz said. “Everything he built he built with his own hands.”

Hilton was willing to build up others as well. Hilton knew former Speaker of the House Allan Bense when Bense was a child. After Bense’s parents died, Hilton became Bense’s mentor. Eventually they became business partners.

“I’m proud to call him a partner and friend and mentor,” Bense said, a Panama City resident.

Bense said it is rare for a lawyer — Hilton is a former trial attorney — to also be talented in business. He said Hilton’s understanding of different economic markets was a key to his success.

“When he sets his mind to a business project or business venture there are no obstacles,” Gaetz said.

Purposefully, Hilton cut off contact with Bense when he became speaker from 2004 and 2006. Bense said this was in part because of Hilton’s life-long belief that the only thing he wanted from government is less of it.

“He could have made a pile of money just from lobbying me,” Bense said. “The fact that he didn’t, that shows you what type of guy he is.”

Hilton has had a personal political impact with Gaetz. Hilton first encouraged Gaetz to run for office. Gaetz was talking with Hilton, saying he did not like the direction of his local school district.

“Are you going to do something about it?” Hilton responded. “If you’re not willing to put your name on the ballot and get in there and fight, I don’t want to hear about it.”

Gaetz and Bense agreed that this propensity to deliver the truth bluntly served Hilton well as a business man.

“He was very clever to set standards and set goals,” Bense said. “You need to have benchmarks you have to report to. He made sure everybody hit those benchmarks. If you didn’t meet them, it was unpleasant. Sometimes you need that truthfulness.”

The professorship provides a $600,000 appropriation, recurring annually, to the main campus of Florida State University. The chairman of the FSU Economics Department, Mark Isaac, said the money will be split three ways: paying for the salary of a new professor, paying for an annual symposium the professor will host and the rest going to research support for travel and support of graduate students. Isaac said the average full professor in the department makes $147,000. Because of salary inversion for new professors, Isaac believes the annual salary will be much higher.

The professor will be part of the market and institutions research group. Isaac said some research topics might include the role of institutional groups like government, religion, courts and volunteer associations on markets. Isaac said the ability to run and host a successful symposium will be an important criterion for the selection of a professor.