It is no secret that I love to play golf. And it's no secret that I have conducted a lot of business on the golf course. I have learned a lot during rounds of golf, particularly during a recent game.
My golf partner last week was the very delightful Harold Smith, who with his brother-in-law, Don Mains, co-owned a chain of 65 Tradehome Shoes stores throughout the Upper Midwest. He's been retired for some time now, and plays golf whenever he can.
On the first hole, Harold two-putted from 70 feet. On the second hole, he got down in two from off the green. I won't bore you with the rest of the scorecard; suffice it to say, it was a great game.
Did I mention that he is 100 years old?
Harold expressed his gratitude for the invitation, because, as he told me, all his friends have died. Our conversation exposed many commonalities: our alma mater (University of Minnesota), our love for sports and many friends in common. But I was particularly interested in his business philosophy, which we also share.
The Tradehome business model is rooted in customer service and employee recognition. Their business grew at a rate of two to three stores a year. They made sure stores were performing well before expanding further. They took their time to hire the best people for each store.
Each store had five to 10 employees who had the opportunity to work their way up.
An employee profit-sharing plan was started in 1955. Some employees had as much as $800,000 in their plans when they retired. Harold said the plan was a great way to retain employees.