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John Mackey

๐Ÿ‘ค Speaker
1501 total appearances

Appearances Over Time

Podcast Appearances

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

And so the thing about professionals, this is why most corporations over time begin to decline.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

Once the founders leave, that entrepreneurial spirit begins to go out of the company, and it's less creative, less innovative.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

And it's true of almost all businesses, unless they're family-owned.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

Right.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

So what ends up happening is the professionals are very smart people.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

They get MBAs from Harvard and Wharton and Stanford.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

They're very bright people.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

But their first loyalty is to their careers.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

And oftentimes...

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

A company like Whole Foods or Amazon is just kind of a stop along the way.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

It's an addition to the resume.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

And then they're going to leverage that to another higher paying job.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

And so their first loyalty is going to be to their own careers.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

And then the second loyalty is to their profession itself, because they think of themselves as professional.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

So as we were building the company, it was very hard.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

It was very easy to enlist people that were coming up through the ranks into our purpose and our mission.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

In our stakeholder theory, people bought into that.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

It got harder to do that with the professionals because, again, their loyalties were not first to the company.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

And so I do think that's why over time, despite all that intelligence and market research and all the things they do, that sort of the creative spark oftentimes goes out of companies as they age.

Habits and Hustle
Episode 495: John Mackey: From Living Above a Store to $13.7 Billion Exit - The Whole Foods Story

But, you know, capitalism solves for it.