469 - Jim Weber - Outpacing Goliath, Impressing Warren Buffet, & Leading With Purpose

<p>Text Hawk to 66866 for "Mindful Monday." A carefully curated email sent each Monday morning to help you start your week off right!</p> <p>Full show notes at <a href= "http://www.LearningLeader.com">www.LearningLeader.com</a></p> <p>Twitter/IG: @RyanHawk12 <a href= "https://twitter.com/RyanHawk12">https://twitter.com/RyanHawk12</a></p> <p>Jim Weber joined Brooks Running Company as CEO in 2001 and is credited for the Seattle-based running company's aggressive turnaround story. The business and brand success caught the attention of Warren Buffett, who declared Brooks a standalone subsidiary company of Berkshire Hathaway Inc. in 2012. He's the author of a new book called, "<em>Running With Purpose, How Brooks Outpaced Goliath Competitors to lead the pack</em>."</p> <p>Notes:</p> <ul> <li>A purpose is a forever cause that can permeate everything from the business to the brand to the culture. <em>It is a choice, not an outcome.</em></li> <li>The secret to success is "constancy of purpose" - Instead of a mission statement, Jim decided that a purpose was preferable to a mission. A purpose is a forever cause that can permeate everything from the business to the brand to the culture.</li> <li>The riskiest path is to look like your competitors. You can't just chase trends.</li> <li>They have distinct points of view: <ul> <li>Focus</li> <li>Excellence in execution</li> </ul> </li> <li>Trust: Charlie Munger has often spoken about the "seamless web of deserved trust" as a life pursuit. <ul> <li>The Berkshire culture is built on trust <ul> <li>Brooks is completely empowered</li> <li>Brooks is completely accountable</li> <li>There are no required meetings</li> <li>People choose to self-select into it</li> </ul> </li> </ul> </li> <li>"You're an outcome of your journey."</li> <li>What Jim looks for when hiring a leader: <ul> <li>Competitive</li> <li>Culture driven - "Cultures are behaviors in action."</li> <li>Likes being part of a team</li> <li>Functional excellence</li> </ul> </li> <li>Values: <ul> <li>Word is bond</li> <li>Be active</li> <li>Authenticity</li> </ul> </li> <li>The process Jim has in place to continue learning: <ul> <li>He was involved in YPO in the early years</li> <li>His wife Mary Ellen</li> <li>A board of advisors - It's 6 former CEOs</li> </ul> </li> <li>The one-page strategy that you relentlessly message to your team – Jim made the decision to walk away from non-premium running to concentrate on performance-running, eliminating 50% of his product line and 40% of his retail partnerships. He didn't try to be all things to all people.</li> <li>Expectations and Messaging: After becoming CEO, Jim lowered revenue and profit projections so that he could establish some credibility by hitting his numbers. He brought in a new CFO, David Bohan… He shared a one-page strategy and told everyone they would get sick of you repeating it.</li> <li> </li> </ul>