My guest today is the co-founder of The Home Depot, and owner of The Atlanta Falcons, Arthur Blank. Arthur built The Home Depot from an idea back in 1987 to a $50 billion-dollar company with 2,285 locations and is the leading home improvement retailer in the world. In this episode, we delve into what makes a “Good Company”, based on his new book, and discuss the importance of both building, and working for, a values-based organization that supports society, while making a profit.
The 5 questions I ask in this episode:
- Many prominent leaders I’ve spoken to during this pandemic, like Reed Hastings, John Mackey, Jon Taffer, and Former General Martin Dempsey, have said that trust is the most important asset leaders can build right now. How were you able to create a culture of trust at Home Depot that led to both a positive work environment and higher financial returns?
- I’ve always believed that values give us a framework that guides our decision-making process. How did you decide on Home Depot’s values of giving back, building strong relationships, and doing the right thing and how do these values reflect your own? 3) Last year the Business Roundtable defined the purpose of a corporation to focus on all stakeholders instead of just making a profit, even though we are in a capitalistic society. In what ways can companies support society, while also turning a profit?
- One of the trends I’ve been studying over the past year is stakeholder activism. Today’s employees and consumers expect companies to take a stance on social and political issues, but it can be very tricky to do so. What do you recommend to leaders on how to manage stakeholder activism?
- What is your best piece of career advice?
Follow Arthur’s journey: