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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:
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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.
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Don’t have meetings
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Never make an organizational chart. Putting people in boxes makes some smug and others mad.
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Promote from within.
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Don’t hire consultants every time you have a problem.
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Have a love affair with your employees
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Give away the store to your employees
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Don’t play big shot
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Ignore the competition
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Preserve your sense of humor at all costs
