The late billionaire retailer’s personal reminiscences are blended with hundreds of interviews with Sam Walton’s family and friends in this book “Sam Walton, Made In America,” an autobiographical narrative of his climb to the pinnacle of the American retail sector.
Sam Walton Made in America Quotes
-Success, I suppose, has always come at a cost, and I learned that lesson the hard way in October 1985, when Forbes magazine dubbed me the “richest man in America.”
-Because of my competitive nature, I respected and admired his achievement. It was not anything I wished for. It was something I admired.
-Giving your assets away before they appreciate is the easiest method to avoid paying estate taxes.
-Sam Walton and his brother-in-law, Nick Robson, came into a TG&Y dime store I was managing in Tulsa the first time I saw them.
-He’d never allow us to spend more than $1,000 per store. I believe $600 was a loan, and $400 was four shares of privately held stock at $100 each.
-We finally opened Wal-Mart No. 1 on July 2, 1962, and not everyone was pleased.
-To be honest, the original Walmart in Rogers wasn’t particularly impressive.
-We made a million dollars in a year, far more than most of our various businesses, which only made $200,000 to $300,000 annually.
-But keep in mind that Saint Robert was doing $2 million in sales up in that Army town.
-Walmart was off to a strong start, and we saw plenty of room for growth.
-To be honest, I was a little enraged when those people turned down my discounted concept, which may have influenced my decision to swim upstream on my own.
-Sam demanded red-hot pricing on antifreeze when we launched Wal-Mart No. 3 in Springdale.
-As a result, he ordered two or three truckloads of Prestone and set the price at $1.00 a gallon.
-After that, he set the price of Crest toothpaste at 27 cents for each tube.
-Because of the large crowd, the fire authorities ordered us to open the doors for five minutes before locking them until the customers had left.
-The concept was simple: shoppers should associate Walmart with low pricing and guaranteed satisfaction.
-In retail, you are either operations-driven (where your major goal is to cut costs) or merchandise-driven (where your main goal is to increase sales).
-Those who are truly merchandise-driven may constantly improve their operations. However, those that are driven by operations tend to plateau and decline.
-I recall him telling me over and again to come in and look at our competition.
-Make a list of everyone who is in our competition.
-Also, don’t seek the negative. Look for the positive.
-If you come up with one good idea, that’s one more than you had before you went into the store, and we should try to incorporate it into our business.
-Wal-stock Mart’s success and the wealth it has created is a story in and of itself, as everyone knows.
-The company’s market value was rough $135 million fifteen years ago; now, it’s worth more than $50 billion.
-I feel that individuals who have studied the company and understand its capabilities and management approach have done the best with Wal-Mart shares.
-I don’t care if we don’t live up to someone’s hypothetical vision of what we should be doing.
-It may cause a temporary drop in our stock price, but we’re in it for the long haul.
-We don’t give a damn about forecasts or what the market says we should do.
-The bigger the fact that I missed turned out to be another of those paradoxes, similar to the discounters’ principle of charging less and earning more.
-Every time we’ve had severe problems or the threat of a union infiltrating the company.
-It’s been because management has failed, because we haven’t listened to our employees, or because they have been mistreated.
-We started profit sharing at the same time we started a lot of other financial partnering programs.
-We have an employee stock purchase scheme that allows employees to acquire stock at a 15% discount off market value through payroll deductions.
-Everyone who works in that store becomes a partner in the effort to reduce shrinkage.
-When they achieve, they participate in the reward with the company in which they already have equity.
-If I’ve given the idea that Wal-Mart has absorbed most of my competitive energy over the years, I’m not entirely correct.
-I’ve also kept up with my other interests, primarily quail hunting and tennis, which I pursued competitively.
-Since the beginning, we’ve always sought out people with qualities neither Bud nor I possessed. They also fit into the company’s specializations as it grew.
-Then, there were instances when we needed even more talent than we had on board. Then David Glasses would appear at that point.
-The beauty of the Saturday morning gathering is that it is completely unpredictable.
-That is, someone may not have been doing their work very well, and instead of being publicly chastised, they are gently reprimanded in front of everyone.
-We have a competitive advantage thanks to a strong company culture with its distinct personality and the profit-sharing relationship we’ve established.
-Every year, like many other firms, Walmart runs a vigorous United Way campaign that is a huge success among our associates.
-We’re not naive regarding how big a stick Walmart wields in the retail sector these days.
-We realize we have a lot of clouts—or, to put it another way, a lot of power.
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