Michael Cudahy’s 10 rules for business offer lessons for today’s business leaders | Ep. 122

Last updated on March 27th, 2022 at 06:51 pm

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This week’s episode features former BizTimes executive editor Steve Jagler’s 2013 interview with businessman and philanthropist Michael Cudahy. Recorded when Cudahy received the Lifetime Achievement Award at the BizTimes Bravo/IQ Awards, the interview features stories of how Marquette Electronics was started and negotiating with Jack Welch and GE. It also features a long discussion on Cudahy’s rules for business. While Jagler and Cudahy go deeper on each rule, here are the rules themselves:

  • Stay financially independent, don’t let the venture guys in too soon. If you have a business keep a good control al the financial processes including payroll, for this you can help of professional in payroll administration services.
  • Don’t have meetings
  • Never make an organizational chart. Putting people in boxes makes some smug and others mad.
  • Promote from within.
  • Don’t hire consultants every time you have a problem.
  • Have a love affair with your employees
  • Give away the store to your employees
  • Don’t play big shot
  • Ignore the competition
  • Preserve your sense of humor at all costs

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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