Join host Michael Sonnenfeldt exploring the remarkable journey of Libby Connolly Alexander. In 1984, Tulane graduate Libby joined her father's startup. This small family venture evolved into a global giant and leader in recovery auditing for healthcare, retail, and more major industries.
How it began: Libby's father James Connolly, a former senior executive at Gimbels, recognized an untapped opportunity to help department stores recover overcharges. He started Connolly from his living room in 1979. Over the years, alongside her brother Larry Connolly and husband Robert Alexander, Libby took the reins as CEO, transforming Connolly, Inc. from $5 million to $5 billion during her tenure. It became a leader in recovery auditing. For example, Connolly, Inc. saved clients $1.1 billion in 2018-2019 alone.
Key Themes:
-Sustaining 20% annual growth for over 20 years (Warren Buffett-like returns)
-Family business: Second-generation success
-Insights on entrepreneurial risk, growth, and legacy
Libby's story underscores the power of humility and teamwork, offering valuable lessons for entrepreneurs. Tune in to hear how she built an industry-dominating company and the unique skills required to sustain such extraordinary success.
Watch clips:
How Connolly Achieved Warren Buffett-Like Returns With No Debt
A Real Life MBA from My Father
Valued $11 billion: Why we sold Connolly (Cotiviti)
Topics:
(0:00) Introduction: Connolly and recovery auditing
(6:38) Libby's father's career transition
(10:45) Evolution of retail from Gimbels era
(15:08) Building a sustainable business model (value proposition)
(21:00) Libby joins Connolly (1984)
(22:30) Low noise
(25:00) Giving up a million dollars
(27:21) Libby and Larry take the reins
(29:57) Second generation family business
(31:57) Culture
(34:22) PC revolution and competitive edge
(39:21) Healthcare
(46:15) Selling to Advent
(50:41) Reflections and legacy
About:
TIGER 21 is the premier peer membership organization for ultra successful entrepreneurs, investors, and executives.
Tip Jar:
Practice self care.
Links:
tiger21.com
Michael Sonnenfeldt - LinkedIn | @mwsonnenfeldt
libbyconnollyalexander.com
linkedin.com/in/libbyconnollyalexander
Book: “Figuring It Out”
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