#231 William Rosenberg (Founder of Dunkin Donuts)
Founders
Family Ties and Business Dilemmas
This chapter explores the intricate relationship between a founder and his son as they face the challenges of managing a thriving business. It focuses on the founder's reflections on past mistakes and the vital lessons learned about loyalty and the balance between family bonds and business decisions.
What I learned from reading Time to Make the Donuts: The Founder of Dunkin Donuts Shares an American Journey by William Rosenberg.
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[5:18] The Founders: The Story of Paypal and the Entrepreneurs Who Shaped Silicon Valley
[5:30] A Mind at Play: How Claude Shannon Invented the Information Age (Founders #93)
[10:28] When I opened my first Dunkin Donuts store I focused on making the first store a success. Then after I did that I could move on to the second and the third and the fourth, but I gave all my heart and my soul to making that first store a winner.
[12:13] From an early age these working experiences taught me that if I put my mind to it and worked hard, I could do whatever I was doing as well or better than most other people. I learned to strive for excellence.
[14:05] Odd as it may sound I think one of the best lessons I ever learned from my Dad is what he didn't do properly. He taught me what I never wanted to have happen to my family.
[15:02] I decided I wanted to quit school, go to work and help support my family. I knew they desperately needed help. We didn't have enough money to live.
[19:25] I learned an important lesson about sales. You don't sell to people. You get people to buy from you. You say to yourself, if I were in their position why would I want to buy this product? If I was in their position why would it be to my benefit?
[19:48] The Man Who Sold America: The Amazing (but True!) Story of Albert D. Lasker and the Creation of the Advertising Century (Founders #206)
My Life in Advertising and Scientific Advertising (Founders #170)
Ogilvy on Advertising (Founders #82)
Confessions of an Advertising Man (Founders #89)
[22:58] Total Recall: My Unbelievably True Life Story (Founders #141)
[27:00] They were not interested in building a long-term business. They were only interested in a fast buck, buying their wives mink coats, and driving Cadillacs. They did not have the same ideas that I had about building a business. These guys didn't care about gaining respect, about being honest and honorable. I didn't want to be in business with people of that nature.
[27:29] Adversity is a great teacher. Little did I know that this downturn of events would catapult me to a higher ground.
[30:25] Copy This!: Lessons from a Hyperactive Dyslexic who Turned a Bright Idea Into One of America's Best Companies (Founders #181)
[32:18] I came from within inches of quitting that day.
[32:43] Not many things are as exciting and satisfying as being part of a business that is succeeding and growing rapidly. There's an atmosphere and a feeling that's tremendous.
[41:48] How can you get closer to the customer? And then just keep maintaining that relationship.
[42:44] I wasn't content to rest on my laurels. Good enough wasn't good enough for me. I saw that we had a good thing going and I wanted to expand in a big, big way before somebody else did.
[43:02] Setting the Table: The Transforming Power of Hospitality in Business(Founders #20)
[50:07] Identify your bottleneck and put all your resources into attacking that bottleneck.
[51:33] Focus is saying no. —Steve Jobs
[53:34] Bloomberg by Bloomberg (Founders #228)
[56:39] Keep your foot on the gas and stay close to the customer.
[1:00:19] Les Schwab’s autobiography (Founders #105)
[1:02:27] I was eager to have Bob takeover. I think this is common in family businesses when a parent hands over the reigns to the child. But the danger is that the parent becomes blind to some of the drawbacks of such an arrangement. This didn't become apparent until later.
[1:10:22] They spent a lot of time in court preparing and fighting legal battles. Instead of building the business. I stuck by my son and his team. My fortune in Dunkin donuts stock went from $30 million to $3 million.
[1:13:06] I made many mistakes in my life. I believe one of the biggest mistakes was trying too hard to accommodate my son's desires.
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“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth
Be like Gareth. Buy a book: All the books featured on Founders Podcast
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