What I learned from reading Sol Price: Retail Revolutionary by Robert Price.
This is Jim Sinegal, founder of Costco, writing in the foreword of this book.
About four years ago, shortly before his death and a few days after we had lunch together, I received a letter from Sol Price.
Dear Jim, it's always nice seeing you and experiencing your enthusiasm, knowledge, and commitment to your values.
You've been very generous about giving me some credit for influencing you.
I suspect that's true, but you would have been a great achiever under any circumstance.
I related only the first paragraph of this letter because Sowell went on to say some very complimentary things that I will keep personal.
Upon reading the letter, I turned to my assistant and said, I've been waiting 50 fucking years for this letter.
It was well known that compliments from Sowell came around about as frequently as Halley's comment.
After digesting the letter, I reflected on the fact that here I was in my seventies and still seeking approval from this guy.
What was it about the man that engendered so much admiration and respect, not just from me, but from thousands of us who worked with Sol over the years?
Certainly there was his intelligence and creativity, but that's not the complete answer because there are millions of bright people in the world and only a handful make a lasting impact.
There was so much more to Seoul's leadership qualities that touched all of us and made everyone confident that we would persevere regardless of the obstacles.
I started working at Fedmart.
That's a company that Sol founded.
I started working at Fedmart in 1954 while still in college, a path that was followed by many of Costco's current executives.
Sol gave us incredible opportunities to learn the business, teaching us the skills and core principles we applied throughout our business careers, and then later when we launched Costco in 1983.
Sols teachings had a great impact on our business ethics, our core values, and, of course, our merchandising philosophy.
He believed in developing strong operating efficiencies, and he continually emphasized passing on savings to customers.
In 1993, our two companies, Price Club and Costco, merged to form the Costco that we know today.
We owe our legacy to the retail concept that Sol pioneered with Fedmart and Price Club, as do all of our competitors in the industry and big box retailers in general.