On Purpose with Jay Shetty - Arthur Blank ON: How Successful People Build Their Life & Business Based on Service

Episode Date: December 28, 2020

You love On Purpose because it inspires your life. Have you tried Jay’s Genius workshops and meditations to access even deeper well-being? Learn more at https://shetty.cc/OnPurposeGenius Arthur Blank wears the same bracelet everyday with the inscription: “You Only Pass Through Once, Make a Difference.” On this episode of On Purpose With Jay Shetty, Jay talks to Arthur Blank, the founder of Home Depot and an incredible businessman and philanthropist about living a life built on service. They speak about what it means to work in a way that is “worthy of your life” and how to make service to others the most important part of any business and career. Check out Arthur’s new book, Good Company!See omnystudio.com/listener for privacy information.

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podcasts. Our 20s are often seen as this golden decade. Our time to be carefree, make mistakes and figure out our lives. But what can psychology teach us about this time? I'm Jermis Beg, the host of the Psychology of Your 20s. Each week, we take a deep dive into a unique aspect of our 20s. From career anxiety, mental health, heartbreak, money, and much more to explore the science behind our experiences.

The Psychology of Your 20s, hosted by me, Gemma Speg. Listen now on the iHeOT Radio app Apple Podcast or wherever you get your podcasts. What do a flirtatious gambling double agent in World War II? An opera singer who burned down an honorary to kidnap her lover. And a pirate queen who walked free with all of her spoils, haven't comment. They're all real women who were left out of your history books. You can hear these stories and more on the Womanica podcast.

Check it out on the iHeartRadio app, Apple Podcasts, or wherever you listen. So the ability to be calm, the ability to reflect, the ability to build it into my life every day, where I'm not kind of a gerbil on the wheel, which is constantly running. The ability to get off that cycle and ploys reflect, understand, build back, my strength, my vision. I think that's been an important part of my own personal well. That part of it didn't take place until you know probably just maybe four or five years ago I think when I began to think more about you know been a broader sense, a deeper sense, purpose and service to others. Hello everyone, welcome back to on purpose, the number one health podcast in the world

because of each and every single one of you. Thank you so much for taking out time out of your day, out of your evening to be here, to learn and grow and advance your thinking. And like you know, every week, I try and find guests that I believe are going to ask us thought-provoking questions, give us deeper insights to ourselves and give us so much experience and abundance and wealth of insight to learn from so that we can learn from their lives, their mistakes, their failures, their successes, and most of all their wisdom.

And today's guest is someone that I've been really blown away by. I've met him for the first time this week, but he just has this natural humility, his natural grace. He's extremely kind-hearted. And it really blows me away when extremely successful individuals are so deeply genuinely grounded and wanting to do incredible things for the world. So as you know, this week I've been with the Arthur Blank Family Foundation, we've been at the West Creek Ranch here in Montana, and we've been discussing the state of well-being in America. And the person who's put this on is Arthur Blank himself who is the best known as the co-founder

of the Home Depot and was named by Forbes as one of the world's hundred greatest living business minds and sports business journals, most 50 influential people in sports for the past three years. His business portfolio currently includes the NFL's Atlanta Falcons, MLS Atlanta United, the retail PGA Tour Superstore, the Arthur and Blank Family Foundation, and many, many more ventures.

Arthur, I'm so grateful, honored and humbled that you're doing this. Thank you for being here. Well, it's great to be with you, as I said to you the night. I mean, you're the last person I see when I go to bed. And it's always very warming to hear your counsel and your wisdom. So thank you for sharing that with all of us.

I appreciate it. Now, thank you so much. I was so touched to hear that you'd been watching my videos without me even knowing. I have been. I love them all. The great stories. And kind of like you said the other day,

we're talking about Abbot Einstein, how the ability to take something that's very complex and there's a lot of sides and edges to it and make it to where it's digestible and understandable by the majority of people. And I's digestible and understandable by, you know, by the majority of people. And I think that's a powerful asset that you have. And one that I, you know, that I try to remember as well to try to make things a little bit

easier for people to understand. And therefore, you know, get through with the points you're trying to make. You do it well. Very well. Thank you so much. That means so much to me coming from you. And we're so happy and grateful to be in this incredible rites this week, your space here in Montana.

We have this incredible view. And even more amazing is the people that you've gathered and your team has gathered for this such an important conversation and cause. Could you tell us about where this idea for this week came for you and what the purpose was from your perspective. Well, I think it was, it was, you're born out of a lot of years of my, my journey in terms of wellness and well-being and, and I was a very competitive runner for many years of my life and, and that, you know, that was great, but, you know, we transitioned out of that and I do a variety of other things to keep myself physically and mentally and in now, but we're living in very trouble times.

And I'm talking about really on a global basis, nationally as well as globally. And despite our GDP, which we discussed the other day, is not being the real measure of happiness in a country. Despite the growth of that, we've got a lot of issues that young people and older people are all struggling with the fact that you met Laurie Santos from University

in a quarter of the student body of Yale, three and eight to 18 years old has now taken, was taking this course every year and had a deal with positive growth, had a deal with the stress in your life, et cetera. At Harvard, they have a thousand students every growth, had a deal with stress in your life, etc. At Harvard, they have a thousand students every semester to do a similar. So the reality is it's not only with folks my age that are, you know, wise and suicide rate double since in 1996, or 30 percent, I should say. But the young people today, thank heavens, are questioning themselves,

you know, what is my purpose? What's my purpose myself? What's my purpose in serving humanity? But the young people today, thank heavens, are questioning themselves, what is my purpose, what's my purpose myself, what's my purpose in serving humanity, what's my purpose and what I'm doing, how do I connect all these dots in my life journey together? And so I think the idea was to bring together the best, the brightest, the smartest, we have them all starting with you.

And many others that have incredible backgrounds the best, the brightest, the smartest, we have them all starting with you. And many others that have incredible backgrounds and histories and bring such knowledge and wisdom to the room. And the idea was to bring together for us as a funder and other funders as well, are the ways that we can help move the bull down the field to use, either of my football teams, a market football soccer as an algae,

but it's a ways that we can put our shoulder to the wheel and do more than what is currently being done, is a ways we can assist. And we do that within our own businesses and we can talk about that later if you'd like, but beyond that, you know, what's the scale, what's the impact? We've talked about that.

Lord knows that if we make a difference in one person's life, that's a huge journey by itself. But reality is that these issues are such scale, not only nationally, but internationally, as we've heard from Dan butner of Blue Sones and, you know, and Bob Walding and Bob Walding from Harvard. I mean, these issues are being questioned throughout the world.

So they're big time concerns that we have to face. Yeah, absolutely. And when I first received the invite and saw what the conversation was, I was just so happy and in awe that this was taking place. Yeah. I just thought, wow, there's someone out there who is so deeply invested and seems so genuinely

caring about what the challenges of the world are. And then when I looked at the list of people coming, I was just like, wow, this can be so exciting for me because I love my notebook out. And I've learned so much this week. So thank you again. And I want to help my audience understand your backstory because I think that's what really shows where people's purpose comes from. It's very easy to look at you. We're sitting in this beautiful West Creek Rines today. It's, you know, this beautiful property here, but you actually grew up in a one bedroom apartment a dead Queens.

Right. And you didn't move out until you went to college and didn't live in a home till age 32. Right. That's correct. Yeah. And so tell us about how formative that experience was and what you learned from that.

Well, I think it was very important in my own life. My father was a pharmacist, but I lost him when I was 15. He was 44 at the time, very young age. My mother was 37. She took over my dad's business and ran it. But, you know, we always, we didn't have very much. I mean, as I said, it was a one bedroom apartment,

shared by all four of us, we had a single bathroom. I mean, we were living in a very, very modest way. And, but the one thing I remember clearly about my mother is that it was never about money. It was always about making a difference in trying to give back and trying to be involved in the community, et cetera. I mean, I was a bracelet that I had made from our book that inscribed.

You can't see it on here, but I wear one every day matches the color of what I'm wearing. But it says you only passed through once, make a difference. And that was the title of the book, the Cheer Oat. So I think that that became ingrained in me, the notion of trying to make a difference, giving back, being connected to others in the community and what have you. And we were not in a position to write checks then, but writing checks is great,

but doing the work itself and getting connected to the individuals that you're trying to serve is really the most rewarding part of philanthropy in my view. It makes it all come to life, makes it all real, gives it more purpose than just sitting and writing checks. Checks are important. Recesses are important to make things happen and bring scale. But I think it's important to have that background.

That, I would say part of it and my faith. I'm Jewish and one of the expressions in Judaism is to Conalum, which means to repair the world. Or Saddhaka, I mean, giving and participating. So those were ingrained in me, even though I went to the services. You don't think you're absorbable at you. You obviously did.

We came among at 18. But a lot of the congregational meetings I went to, et cetera, I wasn't sure exactly what, but I wasn't absorbing, more so than I even really thought. So I think those things are very important in terms of my child. Yeah, that's incredible. Like regardless of how little you had,

your mom was, your mother was always trying to find time and energy to give to the community in different ways. I think those are really powerful messages. And I think when I bought my first home, it was $32,000, it was 32 years old. I remember telling my wife then, I said, look, I'm not gonna embarrass us. I'll pay off the mortgage.

I mean, I'll keep us current. Don't worry about that. I'll pay the bills, but we're never gonna pay this mortgage off completely. I just, there's no way. So obviously that part of my life has changed, but remembering that and remembering that experience and what it meant to not have the kind of financial success

that we have today going back to those days, I think, was very important part of my own molding, if you will. Absolutely. I think perspective is so important. I remember when I was nine years old, I visited India for the first time, and my father took me to the home that he grew up in. And he grew up in an area where they shared a bathroom

with 30 other families. His home was as big as this room, and that had seven people living in this much space. And when I went outside, they were like bats and cockroaches and all this kind of stuff. And I was just like, I couldn't believe that that's where my dad grew up. And compared to, you know, we didn't grow that that's where my dad grew up. Yeah.

And compared to, you know, we didn't grow up in a huge house in England, but compared to his home. Right. Your home was huge. Yeah. And so for me, it was so important, I feel at nine years old to see that.

Right. Because it started making me feel grateful for what I did have, rather than being ungrateful for what I didn't know. Yeah. And I think, you know, just as your journey brought you at some point at age 18, I think it was, and I think, you know, just as your journey brought you at some point at age 18, I think it was when you decided to, you know, go on the journey of becoming a monk, you know, you're affected by your background, your history, all the connecting points in your life.

And sometimes they don't all seem to add up right at the moment, but there's a big puzzle going on in your head and in your heart. And in your spirit, that actually brings those things together. And it and it's you know that moment of saying aha this is my purpose. This is really what I want to do. I feel at peace with this I want to you know I want to go as far as I can down this road take others with me travel with others etc so I think it's been beautiful from my standpoint. Yeah and tell us how then five years later at 37, you go from feeling tired of working at a regional hardware store to then going on to build the biggest, what is that process of thinking about it, making it happen, pushing forward, look like?

Well, it wasn't, we were on tide of doing it. It was a company was called Handidown Home Improvement Centers, which was then the most successful home improvement center company chain in the United States, but it was owned by a logic company that was in financial difficulty. So when Bernie and I, my partner, co-founded Home Depot, we got fired, actually. So it wasn't like, well, it was a lot of political reasons,

and that's a whole other story. But beyond that, it was our chance, really, to live our lives over again from a business standpoint. And, although those stores were the best run in the United States, we felt that if we ever had a compete with a large no frills down market warehouse store, we really couldn't do it. So we said, if we couldn't do that, we were running the best company in that sector at that time.

Let's try to develop that and go with that and that was the birth of Home Depot and started in 78 first those were in 79 so long so when I left 23 years later it was the second largest retail in the world second only to Walmart which is a great company and they have one of their senior executives here this week as well and trying to understand well-being and wellness and how that relates to the associates that they have and I don't even know what their numbers today. It's probably about a million and a half, maybe more than that. It's mind-boggling. What I'm really interested in Arthur is that what gave you the courage and risk-taking after being fired at the age of 37 to do that? Because I think today, and it's interesting because I was sitting yesterday at a table

with Laurie, with Robert, and we were discussing this, and what they were sharing with me is that so many students today had some of the best institutions in the world, and all institutions in the world are so scared of doing anything that isn't the path. And what I mean by the path is they believe that they go to Yale or Harvard, they continue and they have to get a job in what they're studying right now, and that they have to live that very narrow line. And they said in their words, they said they know some of their students are doing things they hate just because it's the path. Yeah. Where did you feel the confidence and the risk-taking approach to try something new and how can our audience

and listeners today feel that they're not old? Because today people think they're old at 25. I don't know. We think we're old at 28 to try something new. I got married at 23 the first time and I said, okay, I just was 20 years old. I need to get married today. The kids are getting married much later. But in any event, I think in my own case,

probably came from the experience that my father passed away at an early age, being an entrepreneur. He was working as a pharmacist. He left, said, he was before he passed away, started his own wholesale drug company, equals America, drugs to his hospitals, nursing homes, et cetera. And then when he passed away, my mother took that business over. So I had all these role models in my family of not giving up

of trying, trying something new, extending yourself, you know, going on that journey. I've been connected with that with bound for probably 40 years now, and there's slowness to serve, to strive and not to yield. And so I very much believe in that, and the notion that we all can do more than what we thought we're capable of doing,

and does mean you do it without, you know, safety nets around you, but you can't do more than what you thought. So I would encourage, and I do encourage people to, as Dr. Dwyer would say, define the music within you and make sure it gets played.

So I think a lot of us have to find that music, if you will, that passion, that point of physical, mental, spiritual connection that makes us feel we're not getting up to work today, we're getting up to have fun, but to do God's work, do our work, do work with purpose, service to others, et cetera. So I think you try to find, and I encourage young people today to try to find, don't

worry about making money. If you're good at what you're doing, you're going to be fine. And money really is really not the main attribute to happiness, as you will know. But I think doing what you find a passion for, serving others in some capacity, and being part of the greater community, not just of your family, which is obviously critical, but of humanity, brings you the joy and peace.

And I think if you can find a business that in one form or another provides that service, I think you create a company, especially I use to our managers that you want our associates to feel as companies really worthy of your life. I mean, that in disrespect to religion or whatever else it may be,

but giving you 8, 10, 12 hours a day, whatever it may be, but you want them to come to work and not have a think of it as work. Think of it as, you know, this is part of my mission. I love the values of this organization. I believe in them. I want to stand for them. I want to participate in them.

I want to help articulate them. I want to help share them with others. Was there a join our businesses? And I think that passion, I think, and that commitment is what will bring, bring a greater sense of joy. And hopefully, you know, I'm thrilled, really, with Bob Walding and Erin Lawy, San Thils here as best examples in many of the universities, but this tremendous thirst that our young people have, who at the end of the day really are a future.

The young people have to find a great purpose, find themselves personally, and then find a great connection to others and their community and humanity is something that I applaud. And that's why your work is so important because you're part of the voices that young people are listening to. I'm 76, so I'm not young,

but everybody is listening to. I'm 76, so I'm not young, but everybody is listening to today and trying to get some better guidance, broader guidance, more spiritual guidance, connecting guidance to everything inside of themselves than they would have had otherwise. So, I'm very optimistic about the direction that we're going in, but it's not going to happen by itself. It's not going to change by itself. We need people like yourself, Jay, and all the people in the other rooms that are doing incredible work and making sure that those messages get expanded and we're touching more

and more people and find ways to bring that message of scale. And I think it's one that people, when somebody has that feeling that I'm not really, I mean, this is purpose to me. In the true sense of the word, what I'm doing every day has purpose. Yeah, absolutely. And when I hear you speak from the first day when you led the introduction to even now,

the words like purpose and values and spirit, they're so deeply embedded in who you are. And one of the things I loved, and we'll try and get a slide to put it onto the video version, but when you first started speaking, you showed us the two value diagrams that you have. And one thing I loved is that there was an upside down pyramid. And on the upside down pyramid, the person at the bottom of the pyramid was Arthur.

It was me. And I loved that. And at the top was customers. And then you had the other circular one with innovation and all these other aspects of values. I'd love for you to talk through some of those. Because I believe that we hear a lot of people say this stuff. Right, I know.

And you've probably heard it more than I have. But from spending a bit of time with you and seeing the success of what you've done, it seems like you've actually been able to really do it. Please share with us some of those values and how you constructed them specifically and where that upside down pyramid and you're the bottom idea came from. So I think Jay, all of our businesses regardless of their exactly what they're doing described them well earlier all that incredibly high very high success

portfolio in results portfolio and results, all based on the same set of values. And the same set of values is the wheel of six, if you will, but they're all have to do with relationships, all have to do with community, all have to do with respect, all have to do with giving back. None of those key values of anything to do with, you know, what's our maximum revenue, what's our rate of profitability, what's our return on sales, et cetera. It's all has to do with behavior and how we treat the people that was serving.

So whether we're serving guests here at Mountain Sky or West Creek or whether we're serving customers in our PGA business or whether we're serving fans and our Atlanta Falcons at Land United and our stadium, which has been voted number one stadium in the country the last two years, little plug. But, you know, everything we do is all about service to others.

So, you know, we know if we do the right things for the right reasons in terms of the tactical decisions. But if we have this welcoming home, this welcoming feeling where we're more concerned about who was serving than about ourselves, that comes across with a sense of trust and caring. So an example would be just to demonstrate that in a National Football League, 32 teams. The last two years, the Atlanta FAQAs were voted number one in the NFL for fan experience, Major League Soccer, or at the 24 teams, we were ranked number one in Major League Soccer

in terms of fan experience. But, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, about, feels like they're an honored guest, feels like they are, the reason we're there is to serve them. And I would say to you, I mean, our associates are compensated well. But having said that, their greatest compensation, in my view, is that, you know, they're seeing people smile every day, they're making people's dreams come true, they're making people's problems go away, the sense of community, all of these things that we share and talk about, I mean, they love all that. So our associates feel like, you know, I may have a tough day at home with a tough day, some, maybe when they come into work though and they're, and they're confusing work with play

and they're making the opportunity to serve right there is very powerful in terms of enriching their own experience. So, you know, that's a key driver and everything that we do. We also feel strongly in community and giving back. And, you know, we do that with the service and the businesses themselves, but we do it in a broad sense in terms of our own philanthropy, our family foundations, you know, $400 million since 1995, and that'll probably, you know,

double and triple on the next 10 years. And then each of our businesses has an associate led fund to themselves, which is very, very significant in dollars. But the beauty of that is that these are not trained philanthropists, they're just associates, they're not executives necessarily. They're trained, you know, to how to go through evaluations, et cetera, they make the decisions.

They're closest to the people that's serving. They understand the communities they're living in. They understand their industries incredibly well. And so they make decisions about, you know, how much we're gonna allocate in certain areas and they do that work. And we support them. We don't guide them. We just, you know, we give them X amount of areas and they do that work and we support them. We don't guide them

We just you know, we give them X amount of dollars and they take care of it The beauty of that is that the associates feel which medicine's a pride then not just in their work quote unquote Which is having purpose in terms of serving others But also their pot their physically pot of going out and do excite visits in a variety of settings and making decisions about, you know, well, you know, we've been blessed here. And how do we help others? You know, how do we, how do we do this work and expand it? So to have that pride, that gives the associates

even more purpose and more sense of that, you know, and I've publicly said, from my standpoint, look, whatever's left over 98% of my state is going to be going back through philanthropy, family foundation, from my standpoint, look, whatever's left over, 98% of my state is going to be going back through philanthropy, family foundation, my kids' foundations, these associate led foundations, because I, you know, I don't need any more clothing, I don't need any more of anything.

I need more, you know, growth myself, but I want to see, you know, I want to see the world a better place than it is currently today and be part of that. And our associates feel it way. Even if the holidays look different this year, it doesn't mean you have to miss out on one of the best parts of the season, the music. This holiday season, my wife and I have gotten in the spirit

by playing one of the many holiday music playlists from Amazon Music on repeat in our home. We are big fans of the softer classical playlists like the Nutcracker Suite and more that a peaceful festive and make our home feel like it's a winter wonderland. I've heard Raddy say, Alexa, play the Nutcracker more times than I can count this last month and I couldn't think of a cozier soundtrack for our home this season. Listen at home or wherever you are, your holidays will be merriot with fun festive tunes. Remember for a limited time, new subscribers can get three months off Amazon Music unlimited

for free. Go to amazon.com-forward-slash-on-purpose. That's amazon.com-forward-slash-on-purpose to get your first three months of Amazon Music free. It starts at $7.99 a month after that. New subscribers only, terms apply, offer expires 11th of January 2021. New Year's Resolution coming along. You know the one you made about paying off your pesky credit card debt and finally starting to save a retirement. Well you're not alone if you haven't made progress yet roughly four in five New Year's resolutions fail within the first month or two. But that doesn't have to be the case for you and your goals. Our podcast How to Money can help. That's right we're

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Millions of listeners have trusted us to help them achieve their financial goals. Ensure that your resolution turns into ongoing progress. Listen to how to money on the iHeartRadio app, Apple podcasts, or wherever you get your podcasts. I am MiYAMLA, and on my podcast, the R-Spot, we're having inspirational, educational, and sometimes difficult and challenging conversations about relationships. They may not have the capacity to give you what you need and insisting means that you are abusing yourself now. You human! That means that you're crazy as hell, just like the rest of us. When a relationship breaks down, I take copious

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to explore the science and the psychology behind our experiences, incredible guests, fascinating topics, important science, and a bit of my own personal experience. Audrey, I honestly have no idea what's going on with my life. Ha ha ha ha ha ha ha. Join me as we explore what our 20s are really all about. From the good, the bad, and the ugly, and listen along as we uncover how everything is psychology, including our 20s.

The psychology of your 20s hosted by me, Gemma Speg, now streaming on the IHOT radio app, Apple podcasts, or wherever you get your podcasts. So the upside down pyramid, if you will, with guest, customers, fans on top, and me on the bottom, reinforces the message that the people that are most important are the people that were serving. I mean, it's not a bunch of words. We embody that. We tell stories around that, et cetera.

And then we have our frontline associates who are the next ones that are touching and feeling all of our guests or our fans customers. And then it's my job and other associates, the leadership level, to provide an environment to make sure they have the resources, to make sure they have the strategy, to make sure that we create goals for them that are reasonable, et cetera, and give them support. So, and your question, which is probably the best question that as a business person, you ask, is that, you know, orphan entrepreneur has a vision

and it's successful, but once they try to expand it, it becomes not successful. So, you know, at Home Depot, we struggled with that as well, and we had forced doors. I remember meeting with the gentleman from Goldman Sachs, who was the most highly regarded banker on Wall Street in the retail space.

And he sat down and he'd lunch and said, well, you have these four stores, land are very successful and you have unique culture. But you didn't ask me a question. I was only 37, so I was like, woo, meeting with the guys is a really big deal. So he said, as you expand, you're not going to be able to maintain this culture.

You just not going to be able to do it. He said, you guys are so physically involved in the level of training, the level of commitment, the level of their associates understanding your viewpoints and all this. So it was troubling coming from here because we had aspirations to become a national company, which obviously with 2,200 stores now and stores in Mexico, Canada, and US. It's, you know, it's, you know, amazing story. But the key to that was not what's on a piece of paper, not the six core values that we live. It was not really the inverted triangle, but the ability to make sure that when we returned in case of Home Depot was the orange apron, so it was orange, a lot

of orange in our business, that our associates, you know, blood orange, if you will. And what that means is that they understood the values. We didn't make them write them down, we didn't make them, they weren't, you know, the same exactly in this order, but did they live them? Could they articulate them in whatever words they wanted to, but most importantly, could they live them? So that ability to understand and live our values and become a role model and lead by examples, one of our core values, lead by example. So you saw that's something that I serve

by. So I mean, I'm, you know, this is maybe off the subject a little bit, but I mean, the example is it's important. It's not just important. I do it at Mount Sky as well, our guest ranch opens to the public because, you know, I want the guests that really see me in a position of service to others. I want associates to see that. It's not just a bunch of words. Actually, leading by example, is nothing that I wouldn't do to help. Last year at Mount Sky, I was sitting in the bar area and having a drink and I heard somebody say, well, you know, our bathroom is not working and you know, that's over there. I said, yeah, so I went and I fixed it myself.

And it was another one that wasn't working. I fixed it myself. So, you know, I came back. I just, you know, that's kind of my nature. You know, it's not working. Go fix it. I'm out of title of my am, but I didn't ask anybody else to do it.

I did it myself. So, the associate's the next day. I had a cup of tea and me. We heard that you actually were fixing toilet chests today and said, well, yeah, I mean, it wasn't, you know, it's part of what we do is that we have to lead by example. And those storytelling, those examples, and picking the right people behind that, that understand those things and live those things are the way you expand an organization over a broader scale.

If you have really bright people, they don't get what you're doing, they don't get your purpose in your vision, and it's not gonna work. Doesn't mean the not bright, doesn't mean the not good, doesn't mean they don't have a different purpose in life, but they're not gonna be able to support your organization. So, you know, much of what you're doing,

and expanding it so incredibly in the last three years, you know, you have of what you're doing and expanding it so incredibly in the last three years, you know, you have to have the right people around you. People who want to stand J. Shetty, people want to stand your value set. I mean, they can have their own, but it has to be in a certain sense, has to have sense of service and sense of purpose deeply ingrained as well. When I meet someone, I'm most endeared by their humility and by their character more than how much money they've made or how successful they are. And I think that's all of us.

We remember people based on how they make us feel as opposed to what they have or what they say. And I think the fact that you've been able to do that in an organization, tell me about a time after where actually you may have made a mistake or a failure in the organization, and I'm sure there were many, but any of that stand out to you where you really learned an important lesson that stayed with you that made you change something. Yeah, I hope there weren't too many, but there were some. I'll give you an example, and this was one at Home Depot as an example.

We, the only acquisition we made when I was there and Bernie was there was a group of nine stores that were in our industry. They had stores in Dallas and Ellswood, Louisiana, or in Mobile and Baton Rouge, etc. And so we acquired the stores, and then our decision was that we didn't want to lose the volume that they had. It was a fraction of the volume that we had, but we didn't want to lose the volume that they had. It was a fraction of the volume that we had, but we didn't want to lose the volume. A very paranoid about losing volume, focused always on revenue.

So we decided to keep them open and change the stores. So it really was kind of like changing tires on a car that's going, you know, even 30 miles an hour. It's very ugly, very difficult to do, etc. So when we opened the stores, we realized we had, physically we had changed the stores, they look like traditional home depots stores, great stores. But the associates didn't really get us, because we hadn't really put them through the kind of training and exposure and understanding that was critical

to all of our associates. So there's a separation there from a value set which drives everything to the people that were serving the customers who were well-intended, but they didn't understand our priorities. And it stood the traditional priorities, which was not as rigorous about customer services as ours was. So we ended up closing those doors for a short while

and putting everything on pause, taking all these so-shoots, training them, doing everything we had to do, et cetera, when they reopened, they reopened as our home depot store. So I think that was an example of where we got a little ahead of ourselves. And probably forgot to check certain boxes that we needed to check.

Another example, both in our PGA business today is a good example. We're expanding, we add about a million square feet in golf retail in the next five years, which is, there's nobody in golf retail expanding anywhere and people you talk to sing. But it's been extraordinary successful. But the point is that those stores require a high level of service and people understanding the industry, club fitting, ball fitting, et cetera, et cetera, and relationships to customers, et cetera. So, to our guests in the store.

So, you know, we take a lot of time now in moving a large group of people to the new store to make sure that we don't make that mistake again. So those number of people can train the additional 40, 50, 60 people that we're hiring and making sure that they get our culture. So culture really drives everything that we do. I mean, everything we do, those value sets, they drive everything that we do. And the body can only absorb change to a certain rate and pace at a certain rate. So I think it's important to be able to acknowledge that and make sure that whatever your culture is, it doesn't get diluted as you expand.

More often than not, it does happen. I've had some experiences. And one other example of that when we went at Home Depot, when we started to expand into the middle west, we went to Detroit with a group of stores. And we realized then we were opening up stores that we store in a half store every day and a half and that we couldn't really sustain that rate of growth. So we went to the board, Bernie and I, and he said,

look, we decided we're going to maintain growth rate of no more than 25% a year. And nothing to do with financial modeling and everything. I had to do with how many associates could we impact, you know, higher impact, train, making sure they understood our orientation became home people, fanatics, blood orange, you know, all those things we asked them to do. We said that's the most that we can possibly do. So we we kept our growth down to a point that we can that we can still produce the kind of success and deliver the kind of experiences and all of our businesses. Same thing happens out here at the ranch is that we've made some adjustments over the years. We do it very slowly, very modestly, because we don't want the

experience to change. And we want to make sure that everybody's ready for the change. Absolutely. And that's amazing advice for all of us, anyone who's listening or watching right now and is growing a small team into a larger one and entrepreneur that's expanding their business, culture is that thing that's going to make sure that you succeed in the long run. And it's so easy to hire fast and hire quickly. And I know Alex and I and with the businesses that I work with right now,

we're actually some of the slowest hiring people in the world. Well, it's, you know, it's terribly important. I mean, I had a CEO of a major competitor of ours, meet with me once I was actually playing off over to Gusto as a guest and he was there. And he said to me, well, you know, if you hear around lunchtime, I'm out on the putting green and you know, come over and say hi and I knew him.

So I did. So he had left the company at that point and he said, you know, we probably visited 200 of your stores a year and at that point in time we had stores in Chile as well. He said, and we could copy everything, we could copy the size, the pricing, the sort of it, the signing, I mean, everything. He said, we'd go around and ask people, you know, culture thing, value thing, and a matter where we went, no matter who we spoke to, they all said the same thing.

In their own words, but they they all said the same thing in their own words, but they all were doing the same thing. And we were not able to do that in our company. And, but that's because, you know, we recognized the importance in that. It was not a new message every single day. It was the same message is over and over and over and over again to the point of us at all boy.

Here we go again, listen to customer service, exactly. And every example that we could find of great customer service, we celebrated that. We had issues with, you know, that we had a struggle with as well as a company, but we celebrated the successes, and particularly, it weren't successes

in how many stores you opened up. The fact that our earnings per share grew at 49% a year for 23 years, a stock with that quickly. We didn't talk about the stock market and how wealthy we were making people though we had a lot of pride in that because then we gave other people the financial capacity to make a difference in their own lives

and have financial purpose in their lives and taking care of their family, extended family, community giving back. But so it was, you know, it's a beautiful model because it's one where associates and who you're serving all appreciate the investment you've made in doing the right things for the right reasons.

Absolutely. Yeah. Absolutely. And like you said earlier, the Arthur and Blank Family Foundation has given $400 million over since 1995 to so many incredible ventures and many of them have been in the space of childhood development, education in the arts

and parks and green space. And I wanted to know why you specifically selected each of those three. I mean, they're so beautiful and they're on right, but I'd love to know from your own perspective as to why you believe those three areas are so important. Well, I think anything doesn't have to be in Montana. Obviously, most people don't live here, but anything connected to green space, to parks,

to nature, to getting outside, to find that solitude, that quietness, that place where you can reflect. And the place where you actually can go with family and friends and experience things that aren't driven by my phone every three and a half minutes or less. So I think that's an area that we've always felt very strongly about. Obviously we're involved in conservation here in Montana as well and elsewhere in the West. So it wasn't just these two ranches which we think are models in terms of ranches that operate, not just from a guest standpoint,

but from, you know, in terms of the actual ag process that we have going on. So we've always felt strongly about that. Being outside, being connected to nature, being connected to people that you're outside with. It opens up a different perspective on viewing the world and viewing each other and having that sense of community,

a sense of community is so important. I was raised in an apartment house and as one of the rest of my family, but you know, what's interesting is that in those apartment houses, when it was during the summer and it was warm, or even in the fall and spring, it was in New York City.

People would bring their little chairs downstairs and everybody would sit outside the apartment because they had that, you know, that need desire for connection to others. And I think that's true whether you're living in an apartment or whether you're living in a home or living. So we at our ranchers, we don't promote the use of technology. Sorry, Jay. I apologize for that. But I, but I mean, you know, there are places where people can use technology because the conference is another work, but we don't actively promote it. We want people to get outside. We want people to experience nature. We want people to touch and feel things in that silence and that solitude and that, you know, finding a quietness with themselves, that intercom, which they can do so beautifully in nature.

Public education has always been a big issue for me. I went through a public school my whole life. Didn't I went to a, didn't go to private school to went to college, went to small business school, baps in college out of Boston. And so I feel like, you know, the more that we can do in terms of public education at a higher level creates, you know, really unlocks minds of all of our young people. That exposure, Thomas Freeman was right, many years ago, and he wrote his book, The World Is Flat. And I think we're realizing that more and more and

more over time in books 25 years old, but reality is that we're seeing that every day it's coming less curved and more flat and everybody's connected. And I think you know, that's a wonderful thing. So I think, you know, public education because not everybody with very few people can afford, you know, private schools and, you know, kind of an answer answer that just works for a handful of people relatively. So that's always been very important to my family and my children as well. They're very actively involved in that around arena. So those are some of the things we do a lot of work in areas of culture because we think culture is

another way. There's a lot of times there's too much of an emphasis in my opinion on book learning and what have been. Some people learn differently. They learn by expressing themselves to yogurt, to watts, to athletics, to whatever it may be, music, drama. And so I think you have to let people kind of find themselves in those ways as well.

Sadly, within the public education area, a lot of those opportunities for expression have been cut back and eliminated. So we'd like to see more of that expanded over time because I think it's very healthy for everybody. Yeah, I love that how you've chosen three things that encourage so much internal growth. Right. Like I feel like your investment in parks

and green spaces is about people finding internal calm. And even this week, we've had all these incredible outdoor activities that you've arranged and the teams arranged here for everyone to partake in and we've seen how people are bonding closer when they're out and about in green spaces and outdoors and going on these beautiful walks and riding or whatever else it may be and and especially what you're speaking about the education system of course and then I think you're spot on when you talk about how arts and the arts allow us to express ourselves more effectively and how that's never always encouraged.

And so you invest in that space and ensure it's many different things. Well, I think, you know, as you know, and many of our guests know that, you know, that education, you know, the book education is very important. The life education is, in many cases, even more important than exposure and what have you. 20 of the reasons we, our foundation

is just started to invest on an international basis. We're doing work in Africa, doing work in the Caribbean, et cetera, but one of the reasons is not because, you know, I mean, we don't have enough opportunities within the United States. We do, and we I mean, we don't have enough opportunities within the United States. We do, and must needs we do. But I wanted to send an important message, you know, to our family and to our associates is that, you know, not just talking about, you know, humankind being being connected, but actually demonstrate that. So, in the case of Nigeria, it was 60% of the

population lives on less than a dollar a day. You know, we want people to the case of Nigeria, it was 60% of the population lives on less than a dollar a day. We want people to be aware of that and how do we participate and support answers in those areas of the world. So I think that the notion that we are, brothers, keepers, which is an integral part of our faith and the faith of everybody's faith, I believe, is part of our faith and the faith of, you know, part of everybody's faith, I believe, is very important. And it's not just, it starts maybe with your family, your extended family, your community, but it really has to include everybody on the face

of the earth. That's where the earth is important. You know, the earth is important because we all live here. We've got to take care of it a little better than we have been. Absolutely. That resonates so strongly with me

because one of the reasons why I became a monk and one of our teachings was that you big pain a monk and you were free from your basic family responsibility so that you could see the whole world as your family. And so that you could go and extend yourself even further. And I think it's beautiful to see you do that. I mean, you have six children and six grandchildren. Six and six, right?

Yeah, six and six. And what is your, what is the leg? Double dogs. Double dogs as well. Amazing. And horses. And horses. And horses. What is the legacy that you're hoping that they're going to carry forward

to the future generations is the foundation. Well, I don't, you know, I think it's important for them to find themselves, you know, they need to climb your own mountains. I need to find themselves, they need to climb their own mountains, they need to explore themselves, they need to fall down and pick themselves up or they need to deal with adversity and growth, both physically and personally.

So our older children are all involved on our family foundation and we're actively involved in a variety of areas that we've talked about and many we haven't, but they're involved in a variety of areas that we've talked about and many we haven't but they're involved in all of them. In addition to that, each one is starting their own foundation now. Much smaller but I want to see, make sure they know how to evaluate, make sure they know how to do their work, et cetera because when you're giving, you're giving you always getting more. I mean, it makes no difference with its physical work of financial, whatever it may be.

The more we give, the more we get back. It's just kind of the way the math of the world works. The universe and our soul work. So the young children have age, age appropriate exposure to philanthropy on 22 to 18. So they're younger, but they're getting exposed to it mostly by doing, not by writing checks, but by doing things and being connected and serviced in a variety of ways. And they're interested in all of our businesses as well. But you know, bringing them along very slowly and making sure they understand our values that

nothing is going to be given to them, whatever they get has to be earned. And earn primarily through understanding these values, living these values, being a great role model, caring about community, caring about others, caring about service, caring about purpose. And my hope, my desire as a parent, is that children will grow when I'm long gone and they will have their own set of values. The values hopefully they've learned from their mothers and their father and they'll continue to do

the work that we're doing today and expand it. I mean, I don't have a written set of things, these are the seven things we're gonna do after I'm gone. So I'm not gonna manage my foundation for my grave. I have enough faith in my children and they'll make the right decisions based on the passions. They know their father has their own passions, which are critical. So they're really feeling they're doing the work that's important to them and that they are doing work that's important in terms of the times that we're facing. So, as well being, you know, wellness, well-being, notion, as a critical mass, you know, today in our country,

not the world, but certainly in our country, would it be the rate of suicides, which continue to climb, which are matigrades, which affect, you know, the veteran population, very young population, 10 to 14, and as double what it is on a national basis. So those serious issues we're facing today, they'll have other maybe issues in the future. And so whatever they are, they should feel the passion, the drive to want to make a difference

in those areas and put themselves and resources in place to help others come to a better conclusion that whatever it may be. I've read that your favorite quote on a t-shirt is that there is no finish line. The Wi-Fi is called finish line two. What does that mean to you? Also, what is the personal work you're doing right now in that regard? What are the internal things that you're working on at this stage in your life? Well, I think, you know, it came to me primarily for my running initially. I ran competitively and

Nike had this t-shirt so there was no finish line. There was a guy running the woods and couldn't find another one of them. I saw it someplace. I feel night was kind enough Nike was kind enough to get me one of the shirts. And you know, I think in virtually all areas of my life, I understand that, you know, the next day isn't necessarily the end is always more to do and et cetera, et cetera. And I think you have to have the ability to deal with adversity, grit, bounce back, you know, and continues putting one step in front of the other. I got that from my long distance running. You probably got that from you, Monk Hood, and maybe athletics as well and other areas of your life.

But you know, the ability to understand that these problems that we're facing are not, you know, you're not in and out in five or 10, 15 minutes. It's not a transaction, it's about relationships, all of our businesses that have a, it's never about the transaction, it's always about the relationship. So these causes, these issues that we have today

in our country and worldwide, are not gonna go away tomorrow. So we have to have the wisdom to understand that. We also have to have the tenacity to say, we're going to make a dent and we're going to make a difference just as my mother said in the bracelet I'm wearing. But we're going to make a difference in every day. We're going to continue to strive to move forward and to make a difference in that area. So I think, you know, it's important. I think my oldest thought would say, Dad, that, you know, I love the expression. I love the feeling, but you know, which brings me back to myself a little bit, but at some point,

you know, in your life, you need to, you know, you need to be able to say that I'm kind of at a, you need to be a piece with where you are. And that's where I think my version of wellness and well-being has changed, because it used to be running seven days a week if I didn't do that. You know, that was my design around fitness and well-being. And in many ways, physical fitness is important. But I think the whole notion of trying to dig deeper and really understand myself and my real purpose.

And are we connecting the dots as well as we can, taking time for myself to every day do meditation? I need to get back on that horse again, did it for a number of months with, I got encouraged by Deepak Chopra, but I didn't get back on and do it again, because I saw the value of that, you know, for a very long period of time, the work I do in terms of yoga and just the quietness living in a quiet space and taking time to

reflect. And it's one of the reasons I love Montana would come out here and we walk, we hike, whatever may be, host back ride and, and see this beautiful scenery, but it's quite a time. So the ability to be calm, the ability to reflect, the ability to build it into my life every day, where I'm not kind of a gerbil on the wheel, which is constantly running.

The ability to get off that cycle and ploys reflect, understand, build back, my strength, my vision. I think that's been an important part of my own personal growth. That part of it didn't take place until, you know, probably just maybe four or five years ago, I think. When I began to think more about, you know, been a broader sense, a deeper sense, purpose and service to others. a deeper sense, purpose and service to others. Amazing, Arthur. You've been incredible. We end every interview with what we call the Final Five Quick Fire Rapid Fire Round.

So you can only answer the questions with one word or maximum one sentence. And so what I've done is we've created, considering your name, is Arthur Blank. We've done this Final Five is fill in the blanks. So I can ask you, I'm going to ask you to fill in the blank at the end of the sentence. So the first question is, the best advice I've ever received is blank. So what would it be? The best advice of everything? Be true to my values.

Okay, wonderful. The second question is, the worst advice I've ever received is blank. I always say, you know, focus, the focus on, you know, productivity, the focus on financial metrics, you know, as being the goal versus, you know, all the other things in terms of behavior versus all the other things in terms of behavior and changing people's lives in a positive way and seeing the joy in that. That's great answer. Okay, question number three.

Three things I'm grateful for, a link. Well, I have to stop my family. Six great children, six great grandchildren and great, you know, I've been married multiple times. Unfortunately, but I have a great relationship with all of my ex-wives and they're all wonderful people. And so I would say my family and my relationships,

I think my ability as a result of our business success My ability as a result of our business success to try to have an opportunity to expand, you know, what service means of others, create that with our associates and who was serving in all of our different businesses. Do this one blank thing and it will change your life. What would you put into that blank? Find your passion because I think when somebody kind of add on another word it's... Yeah, please, yeah, of course, yeah.

I'm gonna say absolutely things to speak. You know, because I think when people find their passion and their purpose, you know, financially they're gonna do as well, if not better than they ever would have done doing anything else. And you know, their years here, which are limited, they're measured, if you will, are going to be much more enriched because they're going to feel like what I'm doing, what I'm really doing, as purpose for me and purpose for others that I'm trying to serve. And so I think finding purpose, which is not always easy. I mean sometimes people wander around a bit, you did, you describe your

journey. And myself as well, I had my own journeys there. But when you find it, you need to stop and honor it and to move with it. And all good things come as a result of that, in terms of the quality of life. Absolutely. And the fifth and final question is, the one thing that you're hoping, this beautiful four or five days we've had here in Montana will result in. Well, I think there are two things who expand the question a little bit. One is that the great connections that you have made with so many other people here, and they've made with you

and with each other. I think so. I think those physical connections, emotional, it's one thing to know somebody, but when you spend four days together in this setting, you get a deeper, deeper understanding of people's perspectives and their views and how can we work together there two and two equals eight and ten instead of just four or five for myself. So I think that has been very invaluable. The other thing is that I think we'll be able to focus for our foundation and you know drawing other foundations and other institutions that care about these things. You know some really good ideas to help support the expansion of the notion of well-being and wellness and to give exposure to that to other populations that don't necessarily have that

to see that. And to not have this widening gap that we have in America today is just too extreme in my viewpoint. And I think we need to do more of this and bring people together not necessarily economically as equals, because that's not reality and a capitalistic world. But to bring people together in terms of the well-being and their happiness and their ability to feel fulfilled in life.

So we want to get in the canoe and paddle along with everybody else. Paddle as hard as everybody else, know that we can make a difference and try to earn the you know the respect And the opportunity. It's an honor really having everybody here from my standpoint. It's an overwhelming honor to have Not just the intelligence in the room, but the the commitment and the sense of purpose and the sense of trying to reach out and make a difference in the world is incredible to me. So anything we can do

supporting the collaborations, supporting the partnerships, new ideas, expanding ideas, scaling up ventures, etc. Which is much of what I know your your concern is going forward How do I impact more people? Which is great We want to be part of that so it's been honor for me truly an honor for me to be here this weekend to Just be part of this it's Experience of my lifetime I'll never forget. I've gotten a great deal out of it much more than you know I've gotten much more out of it than we put into it. And that's the beauty of over-duty thing was service and purpose. You really do get more out of it

than what you give. Yeah, well, I want to thank you on behalf of me and all the other participants because I think you've allowed us to form such deep, amazing relationships. There's many people in this room that I would have loved to connect with or meet. And you're so right that when you go away with people for three, four days, you go so much deeper, so much quicker than you would if you met at a conference or a one day event or whatever it may be. So I just wanna say thank you from me.

Thank you for all your kindness, thank you for your encouragement. Thank you. You've given me so many wonderful votes of confidence this week and just sharing so much support and encouragement for the work I do, which has given me so much conviction and I'm very grateful for that. Thank you. Well, the work that you do is incredible. It really has tremendous purpose to it and high degree of success. I want to do everything we can do to help support you and support the people you're touching and trying to help with their life journeys.

So I think this is a great place to do it because when you spend time outdoors, you realize you're kind of dwarfed by nature and by things that have been here for thousands and thousands of years. And also everybody puts on their pants the same way. It's a level playing field. Nobody's wearing suits, Somebody's wearing ties.

Everybody's just being themselves and they're opening themselves up. And in this kind of environment, it's easier to do that. And so that's the reason we want to continue to do this work here. Absolutely. Thank you again, Arthur. Thank you, everyone, who's been watching or listening back at home or wherever you've been. Make sure you go and follow the blank foundation on Instagram and on Twitter and on the social media platforms as well.

If you want to find out about the great work, not only we've been doing, but all the other incredible work that the Arthur and blank family foundation does, please check out this podcast, share it with other people that you feel are going to benefit from this incredible presence around service, incredible presence around giving and doing through our work. And for anyone who's aspiring to be on to panel out there, what better values than the ones that have been talked about in this show. Make sure you share those on Instagram so that I can share them as well. I'm always looking through what you're learning so that that helps me ask better questions and serve you better. Thank you so much for listening and watching, Arthur. Thank you so much.

So great for that. That's an honor to be here. Thank you so much for listening and watching, Arthur, thank you so much. Thank you. So great for that. It's an honor to be here. Thank you for my thank you. Thank you. This podcast was produced by Dust Light Productions. Our executive producer from Dust Light is Misha Yusuf. Our senior producer is Julianna Bradley. Our associate producer is Jacqueline Castillo.

Valentino Rivera is our engineer. Our music is from Blue Dot Sessions and special thanks to Rachel Garcia, the Duslight Development and Operations Coordinator. Hi, I'm David Eagleman. I have a new podcast called Inner Cosmos on I Heart. I'm going to explore the relationship between our brains and our experiences by tackling unusual questions. Like, can we create new senses for humans? So join me weekly to uncover how your brain steers your behavior, your perception, and your reality. Listen to Intercosmos with David Eagleman on the I Heart Radio app, Apple podcasts, or wherever you get your podcasts. I'm Jay Shetty and on my podcast on purpose,

I've had the honor to sit down with some of the most incredible hearts and minds on the planet. Oprah, Kobe Bryant, Kevin Hart, Louis Hamilton, and many, many more. On this podcast, you get to hear the raw, real-life stories behind their journeys, and the tools they used, the books they read, and the people that made a difference in their lives so that they can make a difference in hours. Listen to on purpose with Jay Shetty on the iHeart Radio app Radio app Apple Podcast or wherever you get your podcasts. Join the journey soon. I'm Eva Longoria and I'm Mike DeGolmester Cohen. We're so excited to introduce you to our new podcast. Hungry for history. On every episode, we're exploring some of our favorite dishes, ingredients, beverages from our Mexican culture. We'll share personal memories and family

stories, decode culinary customs, and even provide a recipe or two for you to try at home. Listen to Hungry for History on the I Heart Radio app, Apple Podcasts, or wherever you get your podcasts.