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 acquired all peer entrepreneurs in the Natural Foods Network
“And eventually Whole Foods ended up, all those entrepreneurs all ultimately sold out to us. So Natural Foods Network ended up being this great vehicle of relationship building that allowed those entrepreneurs to all cash out and make, become millionaires and m…”
Mackey: Whole Foods was not as good at cost discipline
“Whole Foods was not as good at that if we were at other things. And I wasn't as good at that as I should have been.”
Amazon acquisition talks involved a secret location and security searches
“When we were going up there to talk about maybe Amazon buying Whole Foods you know, we were meeting at Jeff's Boathouse, which was next to his mansion on Lake Washington, and, but when we, they wouldn't tell us who the meeting place was until we landed, and th…”
Mackey: Whole Foods generated $1.3B EBITDA when Jana Partners targeted company
“We had EBITDA was very high. I think we were making about 1.3 billion dollars in EBITDA when Jana bought us.”
Mackey: Safer Way launched on $45,000 from friends and family
“Renee's family and friends, my family and friends, and yes, my dad, I didn't have any money, my dad loaned me 10,000 dollars for my share of the investment at five percent interest. So, so that's how we got started. We needed 50, but we only had, we only were …”
Mackey: Whole Foods' Hardest Scaling Barrier Was Market Size Skepticism
“I mean, the hardest barrier Whole Foods for us scaling was convincing people that this wasn't just, ah, that there was a market for it. I was told, you guys are a bunch of hippies selling food to other hippies, and we don't think that's a very big market. I he…”
Mackey: Removing father from board and selling to Amazon were hardest business decisions
“That was the most difficult thing I've ever had to do in business, to be honest. That plus, I'd say the sale to Amazon was also a difficult decision, but I had to do it.”
Mackey: College degree density was Whole Foods' top predictor of success
“In our case, the biggest indicator was college degrees. Who has a college degree? And the places that had the most college degrees, not surprisingly, also had the highest income.”
Mackey: Oak Investment Partners backed Whole Foods during early Sand Hill fundraising
“The ones in, we did go out to Sand Hill Road and I met with some, and actually one of those did invest in us Oak. Oak Investments, which their retail partner, Jerry Gallagher, was very interested in it.”
Mackey: Whole Foods sold 34% of the company for $4.5M
“And so we sold 34% of the company for a, for four and a half million.”
Mackey: First Whole Foods quickly became the highest-volume US natural foods store
“And that first Whole Foods market was, it quickly became the highest volume natural food store in the United States.”
Mackey: Bulk Foods Dropped to Under 1% of Whole Foods Sales
“The first Whole Foods we had was, we sold 20% of bulk foods, 30% produce, for example. Maybe 10% were animal foods, and the processed foods were relatively small. And yet that's what grew and grew and grew and grew until bulk now went from 20% of our sales to …”
Co-founders required selling meat and alcohol to form Whole Foods
“One of the Craig's and Mark's conditions is we have to make this a real store. We have to sell meat, and we have to sell beer and wine, and we have to sell coffee. We can't just be completely a vegetarian idealistic store.”
Mackey: Whole Foods Reopened 30 Days Post-Flood with Free Labor and Loans
“There was a benefit held for the store, and the team members, they worked for free. Our bank loaned us money, On my signature, which was worthless. And the investors decided to kick in more cash. So we were able to reopen 30 days later.”
Mackey: South Austin store cannibalized original Whole Foods and caused losses
“That store was too close to our original store and cannibalized it significantly. And together, we started to lose money.”
Mackey: Whole Foods Sold 34% of Business at $8.5M Valuation in 1988
“We sold 34% of the business for an eight and a half million dollar valuation.”
Mackey: Whole Foods holds about 1.5% to 2% of US grocery market
“I think it's about one and a half to two percent.”
Whole Foods sponsored Global Animal Partnership and implemented its welfare standards
“That led to the Global Animal Partnership, which Whole Foods Market sponsored and has tried to follow the GAAP standards for the last several years.”
Mackey Launched SaferWay With $45,000, Including $10,000 Borrowed From Father
“We thought we needed 50,000 dollars to start the store, and we can only come up with 45, but we decided we could make do with it. And my initial stake was 10,000 dollars. That's the most I ever owned of the company, and 10 of the 45,000, and I borrowed all of …”
Co-Founders Required Selling Meat and Alcohol to Merge With Mackey
“One of the Craig's and Mark's conditions is we have to make this a real store. We have to sell meat, and we have to sell beer and wine, and we have to sell coffee. We can't just be completely a vegetarian idealistic store.”
Whole Foods Reopened 30 Days After 1981 Flood With Stakeholder Support
“There was a benefit held for the store, and the team members, they worked for free. Our bank loaned us money. On my signature, which was worthless. And the investors decided to kick in more cash. So we were able to reopen 30 days later.”
VC Who Passed on Whole Foods Later Called It Worst Decision
“Yeah, he apologized to me about 10 years later, said it was the worst decision he ever made.”
Whole Foods Sold 34% at an $8.5 Million Valuation in 1980s
“We sold 34% of the business for an eight and a half million dollar valuation. So about eight times our earnings or about I don't know, 20%, 15% of our sales.”
Mackey: Whole Foods was the first natural food supermarket in Texas
“And we relocated and changed the name to Whole Foods Market, and that was the first natural food supermarket in Texas.”