What I learned from reading Les Schwab Pride In Performance: Keep It Going! by Les Schwab.
What I learned from reading Les Schwab Pride In Performance: Keep It Going! by Les Schwab.
I hope to pass on some of my theories of business. Should we fail to follow these policies, I would prefer that my name be taken off the business. [0:01]
"If you want to read one book that will demonstrate really shrewd compensation systems in a whole chain of small businesses, read the autobiography of Les Schwab, who has a bunch of tire shops all over the Northwest. And he made a huge fortune in one of the world’s really difficult businesses by having shrewd systems. And he can tell you a lot better than we can.” —Charlie Munger [1:55]
The meeting between James Sinegal (the founder of Costco) and Jeff Bezos in 2001 and how it changed Amazon. [8:55]
Les Schwab’s early life/ his father’s alcoholism / on his own at 16 [13:23]
How Les Schwab made more money in high school than his principal. During the Great Depression! [18:10]
Runnin' Down a Dream: How to Succeed and Thrive in a Career You Love by Bill Gurley [21:00]
How Les Schwab starts his business at 33 years old [25:55]
Les Schwab’s unique ideas on profit sharing / being good at sales is like being a magician [28:22]
I had made up my mind to do it differently [34:45]
Determined to be independent / early days full of struggle / modest initial goals [36:30]
Cap your downside and don’t build a business on someone else’s property [39:09]
My thinking was to reverse it. / The idea of a tire showroom [45:20]
How to get the incentives right [48:28]
Be kind. We are all temporary. The death of his son. [57:03]
Falling out with his partners over money [59:30]
Unselfish for good reasons [1:02:44]
Life is hard for people who think they can take a shortcut [1:06:00]
The company isn’t for sale. The stock will remain in the family / What would I do with the money? [1:09:17]
Most companies put the emphasis on the wrong part [1:15:00]
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