Think Like an Owner

Jim Derry - “Culture is the lowest level of behavior you’ll tolerate” - EP.247

Oct 29, 2024

Jim Derry, former CEO of Field Fastener, shares his expertise from leading a $180 million business known for its unique vendor-managed inventory system. He dives into the significance of a measurable, data-driven culture and how it can set a company apart. Jim emphasizes the importance of values in shaping corporate culture and addresses the unique challenges of managing a multi-generational family business. Notably, he quips, 'Culture is the lowest level of behavior you'll tolerate,' underlining the essential balance between performance and values.

54:39

Episode guests

Jim Derry

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Episode notes

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Quick takeaways

Jim Derry emphasizes that maintaining a strong company culture is essential for attracting and retaining talent within an organization.

The podcast discusses the strategies Field Fastener employs for ensuring its legacy as a successful multi-generational family business.

Derry highlights the pivotal role of data-driven decision-making in optimizing processes and enhancing customer relationships at Field Fastener.

Deep dives

Innovative Inventory Management

Field Fastener operates on a unique vendor-managed inventory system that sets it apart from traditional distribution models. Instead of central warehousing, the company stocks fastener supplies directly at customer locations, facilitating a seamless supply chain for manufacturers. This approach not only saves clients time and money but also enhances their production efficiency by ensuring that essential materials are readily available. It exemplifies a tailored service that positions Field Fastener as a crucial partner in their clients' operations.

Intro

3min

The Legacy of a Family-Owned Fastener Business

2min

Navigating Growth: Culture and Strategy in Business Expansion

24min

Understanding Profitability Factors in Distribution

2min

Innovating Data Management and Customer Engagement

6min

Harnessing AI Across Business Functions

2min

Ensuring Legacy: Strategies for Family Business Success

12min

Exploring the Impact of Components in Everyday Products

3min

My guest on this podcast episode is Jim Derry, the CEO of Field Fastener, a $180 million fastener business based in the Midwest with a unique vendor-managed inventory system. We discuss two main topics: culture and maintaining a multi-generational family business.

Jim shares insights on creating a measurable, data-driven culture where talented people thrive and the importance of values in defining company culture. We also discuss preparing Field Fastener for future generations, covering the essential questions and strategies. My favorite quote from Jim on culture is, 'Culture is the lowest level of behavior you'll tolerate.'

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Learn more about Alex and Think Like an Owner at https://tlaopodcast.com/

Links:

Jim on LinkedIn

Field Fastener

Topics:

(00:00:00) - Intro

(00:03:33) - The family history of Field Fastener

(00:15:47) - How does your culture separate you from competitors?

(00:18:37) - New Hire key characteristics

(00:23:25) - Getting teams to buy in

(00:26:01) - Firing customers for cultural reasons