Sam Walton: Made in America

 

Just finished the autobiography of “self-made” billionaire, Sam Walton, Sam Walton: Made in America.  I guess a billionaire can call his book whatever he wants, even have his name be in the title.  Which is not entirely surprising as he did the same with his stores (Wal-Mart – using the first three letters of his last name and Sam’s Club, using his first name).  Walton was inspired to write his memoir at age 72, when he learned that he had terminal cancer.

Walton started his business life working at JCPenney before a short stint in the military.    He then quickly became the king of the small rural town department store.  The book chronicles the growth of the Wal-Mart chain, starting with his first store in Bentonville and the first true Wal-Mart opening on July 2, 1962, in Rogers, Arkansas.  Walton recounts the days when the corporation was so strapped for cash flow that he and his entourage would fly around the country to borrow money from banks.  He also recalls outlandish store opening day celebrations and when Wal-Mart went public on the stock exchange.  Yes, Wal-Mart is one of the true icons in the business world. 

He married his wife, Helen and then had four children, two of which stayed gainfully employed by the booming business.  

Walton’s style for writing the book was to provide his perspective and then immediately follow with quotes from members of the Wal-Mart family.  The chapters focused on various topics including, how he involved family in his work (kids could be seen sweeping the floors), how he recruited his “dream team” of management (some he recruited from the competition), creating a culture with the associate staff, giving back through philanthropy, and the ten rules of what worked for him as a leader.  Those ten roles are worth repeating here:

      1.       Commit to your business – believe in it more than anything else

2.       Share your profits with all in your company

3.       Motivate your partners

4.       Communicate everything you possibly can with your partners

5.       Appreciate everything your staff does for the business

6.       Celebrate your successes

7.       Listen to everyone in your company

8.       Exceed your customer’s expectations

9.       Control your expenses better than your competition

10.   Swim upstream (go in directions that ask you to take risks)

Walton was a shrewd and very successful business man.  Although, some would say his CHEAP way of living and poor treatment of others in his employ are what made him a pretty rich guy.  Some of the story gets a bit old (patting the back of every person who helped him) instead of highlighting more of the challenges and mistakes of building his empire.  I bet they sell this book cheaply at Wal-Mart…..