Oct 29 2024 54 mins 5
My guest on this podcast episode is Jim Derry, the CEO of Field Fastener, a $180 million fastener business based in the Midwest with a unique vendor-managed inventory system. We discuss two main topics: culture and maintaining a multi-generational family business.
Jim shares insights on creating a measurable, data-driven culture where talented people thrive and the importance of values in defining company culture. We also discuss preparing Field Fastener for future generations, covering the essential questions and strategies. My favorite quote from Jim on culture is, 'Culture is the lowest level of behavior you'll tolerate.'
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Learn more about Alex and Think Like an Owner at https://tlaopodcast.com/
Links:
Topics:
(00:00:00) - Intro
(00:03:33) - The family history of Field Fastener
(00:15:47) - How does your culture separate you from competitors?
(00:18:37) - New Hire key characteristics
(00:23:25) - Getting teams to buy in
(00:26:01) - Firing customers for cultural reasons
(00:31:24) - Unique data uses
(00:39:16) - Designing a multi-generational family business
