Everything John Mackey said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Mackey: Whole Foods avoided opening stores in competitors' home markets
“But I didn't compete directly with anybody else in stores ever. I didn't, I never did it. I didn't go to Portland for that reason, because Nature's was there. I didn't go to Boulder until Alfalfa's and Wild Oats had sort of partnered up.”
Mackey: An acquisition is the only liquidity path for most businesses
“I mean, the reality for most businesses is they're never going to be big enough. They either have to sell the, to get liquidity, they have to sell the business because most of them can't go public. And how else can you get liquidity? Either, you're going to ei…”
Mackey: 250 years ago 94% of humanity lived on under $2/day
“250 years ago, 94% of everyone alive. 94% lived on less than two dollars a day. 94%, and that's in today's dollars. 88% of the people alive were illiterate. 88%. The average lifespan was 30.”
Mackey: Most popular brands are built by early cult-like customer evangelists
“I think you will find that most brands that are really popular Particularly in their early days, they were kind of cults. They were cult cults, meaning they had a following, because I think most brands are ultimately built by the evangelist enthusiasts of thei…”
Mackey: Charismatic entrepreneurs use reality distortion fields to suspend skepticism
“I think most persuasive entrepreneurs, charismatic entrepreneurs have a reality distortion fields. They're able to get people to spend their normal skepticism, and for a moment, they let them into their vision, and they catch a little bit.”
Mackey: Phil Knight should have written a sequel to Shoe Dog
“He should have written, in my opinion, he should have written a follow-up book, because I think so much of the Nike story takes place after that occurred.”
Mackey: Selling Whole Foods stock post-IPO cost me substantial wealth
“I sold it because he advised me to do it, and I trusted my dad, but in retrospect, that was a mistake, and I really believed, and I should have compounded it, and compounded it. Still made a, I'm still really a wealthy guy, but I could have been a lot wealthie…”
Mackey: Firing my father from the Whole Foods board was my hardest decision
“The most difficult thing I ever did was firing my dad from that board.”
Mackey: Entrepreneurship is fundamentally a spiritual hero's journey
“Rightly seen, the entrepreneurial journey is a hero's journey, and a hero's journey is a spiritual journey. It's a journey of discovery. It's a journey of going deeper into yourself, knowing who you are and what really matters in life.”
Mackey: Whole Foods Lamar location achieved highest US sales volume within six months
“In fact, within six months, it became the highest volume natural food store in the entire United States, based on everything I know about the world back then.”
Mackey: Approximately 0.5% of Americans are vegan and 2% vegetarian
“The problem in that instance is that about half of one percent of Americans are vegan, and two percent are vegetarian.”
Mackey: Idealism without catering to customer demand leads to business failure
“If you just want to have your ideals, you can have them, but you may not have a business. So you have to engage with the market. You can try to influence the market. You can try to educate the market. But at the end of the day, they vote every day with their p…”
Mackey: Whole Foods held under 1% of grocery share during FTC case
“We got less than one percent of the grocery business, and they sort of made up this category that we were the, we had a monopoly of premium natural and organic food supermarkets, but my point is, of course, we weren't a monopoly of anything”
Mackey would aggressively compete with Erewhon if still Whole Foods CEO
“I would love to be competing more aggressively with Erewhon if I was still the CEO.”
Mackey: Digital Businesses Can Scale Rapidly Without Cultural Dilution
“But I see other businesses, particularly digital businesses, that can scale at enormous rates without cultural problems because it's, they're doing it with so few people.”
Mackey: Whole Foods left Mrs. Gooch's unintegrated for years after acquisition
“We pretty much just left them alone for the first few years and didn't try to integrate them into our company or culture. Just let them operate independently. That was the solution, and it worked.”
Mackey: Project leaders rarely admit failure and instead lobby for resources
“Generally, when something is failing, the people that Are responsible for it. Don't want to admit it's failing, and what they do is that we need more resources. I can make this trick, but you need to give more resources.”
Mackey: Professional managers optimize for career risk while entrepreneurs optimize for experimentation
“That's the job of the entrepreneur is to see things the professionals would not see, or the professionals are making a more calculated decision on is this good for my career or not? Or if this succeeds, will it really help my career? But if it fails, will I en…”
Mackey: Whole Foods had highest sales per square foot among public food retailers
“We had, at the time, the activist investors invested in Whole Foods. We had the highest sales per square foot of any public food retailer. We'd had the same store sales growth of eight percent over a thirty-plus year period.”
Mackey: Warren Buffett declined buying Whole Foods due to Dairy Queen ownership
“Warren Buffett's like the best example, and we actually contacted Warren and asked him if he'd be interested, and he has a good sense of humor, and he said that ah, you know, I own Dairy Queen. I don't think Holfe is a good brand fit for me. And so, nothing ca…”
Mackey: Whole Foods signed Amazon merger agreement six weeks after first meeting
“They came down just three days later, and six weeks after that first meeting, we had signed an agreement to get married, to merge”
Mackey: Love.Life implemented dual-class shares to protect founder control
“It may not surprise you that Love Life has that in our structure there. That didn't really exist when Whole Foods got founded back in 1978, but no, we have two classes of shares. I've learned that lesson.”
Mackey: Never make poor business decisions just to hit an outdated plan
“But the tool shouldn't become the master. Some businesses become slaves to their business plan, and it's like, we're behind the plan now, so what are we going to do differently to get us back on plan? It's like, well, don't do something stupid to try to get yo…”
Mackey: Whole Foods lost $100 million on dot-com investments
“Times, I had the, I bought the Amory on, I pushed the dude dot com, we can't let the internet opportunity escape us. A hundred million dollars we lost.”