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https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0036
And what did that mean? Like, you were, um, you were dealing with inventory, you were managing personnel, people, the staff, all those things?
customer: I was, yes. Yes. I, I, I went to University of Minnesota, and I actually, um... I don't have a degree. I rejected taking a lot of the required courses. I took business courses, design, uh, art related courses. agent: Hmm. customer: I knew I was heading into the business and, um, uh, it was a combination of I ...
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Yeah. Yeah, very quickly it was everything. Yep. And he acknowledged it, and I was president at, um, I think I was 23.
agent: Hmm. customer: I knew I was heading into the business and, um, uh, it was a combination of I was being groomed and I think my dad had worked really hard his entire life. He had, uh, purchased a home in Florida. He'd fallen in love with golf, and basically, for six some months of the year, he was gone. And so as ...
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https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0038
How did you learn how to do those things, 'cause, you know, managing people, for example, how... What do you remember about learning how to be a boss?
customer: I knew I was heading into the business and, um, uh, it was a combination of I was being groomed and I think my dad had worked really hard his entire life. He had, uh, purchased a home in Florida. He'd fallen in love with golf, and basically, for six some months of the year, he was gone. And so as I started wo...
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I, I don't know initially how I learned it. Um, I guess much of that came later through reading. I must say Jim Collins, uh-
agent: And what did that mean? Like, you were, um, you were dealing with inventory, you were managing personnel, people, the staff, all those things? customer: Yeah. Yeah, very quickly it was everything. Yep. And he acknowledged it, and I was president at, um, I think I was 23. agent: How did you learn how to do those ...
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Good to Great.
customer: Yeah. Yeah, very quickly it was everything. Yep. And he acknowledged it, and I was president at, um, I think I was 23. agent: How did you learn how to do those things, 'cause, you know, managing people, for example, how... What do you remember about learning how to be a boss? customer: I, I don't know initial...
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The book.
agent: How did you learn how to do those things, 'cause, you know, managing people, for example, how... What do you remember about learning how to be a boss? customer: I, I don't know initially how I learned it. Um, I guess much of that came later through reading. I must say Jim Collins, uh- agent: Good to Great.
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Yep.
customer: I, I don't know initially how I learned it. Um, I guess much of that came later through reading. I must say Jim Collins, uh- agent: Good to Great. customer: The book.
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Yeah.
agent: Good to Great. customer: The book. agent: Yep.
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Yeah.
customer: The book. agent: Yep. customer: Yeah.
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Great books about what it is to be a manager and all of that. I don't remember the exact year I started reading that, but that literally became my bible. Um, Margaret Wheatley, she's written several books about management in a kind of different point of view, uh, so she was the second influence on me. I think I just fe...
agent: Yep. customer: Yeah. agent: Yeah.
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Yeah.
customer: Yeah. agent: Yeah. customer: Great books about what it is to be a manager and all of that. I don't remember the exact year I started reading that, but that literally became my bible. Um, Margaret Wheatley, she's written several books about management in a kind of different point of view, uh, so she was the se...
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I just felt comfortable making the design, merchandise decisions. Um, I, I basically felt comfortable managing people that were older than me, um, which almost everyone was.
agent: Yeah. customer: Great books about what it is to be a manager and all of that. I don't remember the exact year I started reading that, but that literally became my bible. Um, Margaret Wheatley, she's written several books about management in a kind of different point of view, uh, so she was the second influence o...
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Do you remember finding it stressful or challenging, or do you remember, do you remember it being, like, thrilling and exciting?
customer: Great books about what it is to be a manager and all of that. I don't remember the exact year I started reading that, but that literally became my bible. Um, Margaret Wheatley, she's written several books about management in a kind of different point of view, uh, so she was the second influence on me. I think...
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Probably initially exciting, but over a relatively short period of time, I became frustrated with the process. Um, so the, the, you know, it was a process where the manufacturers really controlled the product. You went to a market, you went to different manufacturers that were well-known then, and you'd select, "Oh, I'...
agent: Yeah. customer: I just felt comfortable making the design, merchandise decisions. Um, I, I basically felt comfortable managing people that were older than me, um, which almost everyone was. agent: Do you remember finding it stressful or challenging, or do you remember, do you remember it being, like, thrilling a...
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All right, let's break this down a little bit. So the employees were on 100% commission, which I don't think you can do that today. I think in most states it's not-
customer: I just felt comfortable making the design, merchandise decisions. Um, I, I basically felt comfortable managing people that were older than me, um, which almost everyone was. agent: Do you remember finding it stressful or challenging, or do you remember, do you remember it being, like, thrilling and exciting? ...
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Right
agent: Do you remember finding it stressful or challenging, or do you remember, do you remember it being, like, thrilling and exciting? customer: Probably initially exciting, but over a relatively short period of time, I became frustrated with the process. Um, so the, the, you know, it was a process where the manufactu...
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... probably not allowed. I think you have to pay a salary. But in theory, you could do very well or you could do not so well. I mean, you could walk out of, of working a whole day and have, and make zero dollars, in theory.
customer: Probably initially exciting, but over a relatively short period of time, I became frustrated with the process. Um, so the, the, you know, it was a process where the manufacturers really controlled the product. You went to a market, you went to different manufacturers that were well-known then, and you'd selec...
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Exactly right. And I don't think they were doing what was actually best for the customer.
agent: All right, let's break this down a little bit. So the employees were on 100% commission, which I don't think you can do that today. I think in most states it's not- customer: Right agent: ... probably not allowed. I think you have to pay a salary. But in theory, you could do very well or you could do not so well...
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Because they were really just trying to make a sale.
customer: Right agent: ... probably not allowed. I think you have to pay a salary. But in theory, you could do very well or you could do not so well. I mean, you could walk out of, of working a whole day and have, and make zero dollars, in theory. customer: Exactly right. And I don't think they were doing what was actu...
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They were just trying to make a sale.
agent: ... probably not allowed. I think you have to pay a salary. But in theory, you could do very well or you could do not so well. I mean, you could walk out of, of working a whole day and have, and make zero dollars, in theory. customer: Exactly right. And I don't think they were doing what was actually best for th...
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Got it. Okay. Um, the other p- part of it is you were getting your furniture from manufacturers in North Carolina and in New England and, and maybe Michigan, and you had no input. Like, if, if they... Whatever they made, you sold. And, and, but I think that's, that, that makes sense. I mean, obviously it, it... [laughs...
customer: Exactly right. And I don't think they were doing what was actually best for the customer. agent: Because they were really just trying to make a sale. customer: They were just trying to make a sale.
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Right
agent: Because they were really just trying to make a sale. customer: They were just trying to make a sale. agent: Got it. Okay. Um, the other p- part of it is you were getting your furniture from manufacturers in North Carolina and in New England and, and maybe Michigan, and you had no input. Like, if, if they... What...
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... "We make the thing, and you put it-"
customer: They were just trying to make a sale. agent: Got it. Okay. Um, the other p- part of it is you were getting your furniture from manufacturers in North Carolina and in New England and, and maybe Michigan, and you had no input. Like, if, if they... Whatever they made, you sold. And, and, but I think that's, that...
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Right
agent: Got it. Okay. Um, the other p- part of it is you were getting your furniture from manufacturers in North Carolina and in New England and, and maybe Michigan, and you had no input. Like, if, if they... Whatever they made, you sold. And, and, but I think that's, that, that makes sense. I mean, obviously it, it... ...
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... "in your store and keep your mouth shut and sell it."
customer: Right agent: ... "We make the thing, and you put it-" customer: Right
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Exactly. [laughs] You know, we were one retailer basically in Minnesota. I mean, it... Not a lot of impact to them at all. They were doing their own thing.
agent: ... "We make the thing, and you put it-" customer: Right agent: ... "in your store and keep your mouth shut and sell it."
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Yeah. You probably did not have much, much pull there, right? You didn't carry a lot of the-
customer: Right agent: ... "in your store and keep your mouth shut and sell it." customer: Exactly. [laughs] You know, we were one retailer basically in Minnesota. I mean, it... Not a lot of impact to them at all. They were doing their own thing.
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No, no, not at all. But, um, in 1972, I, I took a tour with a company to visit other retailers in the wor- around, like, uh, Europe primarily, and I went to IKEA, and at that point, I think they had a couple stores in Sweden and one in Germany maybe. But as I, as I learned more about what they do, it... The design. I r...
agent: ... "in your store and keep your mouth shut and sell it." customer: Exactly. [laughs] You know, we were one retailer basically in Minnesota. I mean, it... Not a lot of impact to them at all. They were doing their own thing. agent: Yeah. You probably did not have much, much pull there, right? You didn't carry a l...
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So essentially when you saw IKEA i- in Europe, this was the first time that you saw a f- a furniture company, a furniture store that actually was selling furniture that they designed.
customer: Exactly. [laughs] You know, we were one retailer basically in Minnesota. I mean, it... Not a lot of impact to them at all. They were doing their own thing. agent: Yeah. You probably did not have much, much pull there, right? You didn't carry a lot of the- customer: No, no, not at all. But, um, in 1972, I, I t...
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Yes.
agent: Yeah. You probably did not have much, much pull there, right? You didn't carry a lot of the- customer: No, no, not at all. But, um, in 1972, I, I took a tour with a company to visit other retailers in the wor- around, like, uh, Europe primarily, and I went to IKEA, and at that point, I think they had a couple st...
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And so the manufacturer was just making their designs to spec.
customer: No, no, not at all. But, um, in 1972, I, I took a tour with a company to visit other retailers in the wor- around, like, uh, Europe primarily, and I went to IKEA, and at that point, I think they had a couple stores in Sweden and one in Germany maybe. But as I, as I learned more about what they do, it... The d...
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Yep.
agent: So essentially when you saw IKEA i- in Europe, this was the first time that you saw a f- a furniture company, a furniture store that actually was selling furniture that they designed. customer: Yes. agent: And so the manufacturer was just making their designs to spec.
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That must have been like a road to Damascus moment, like, so revelatory.
customer: Yes. agent: And so the manufacturer was just making their designs to spec. customer: Yep.
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[laughs] It was. Absolutely. I mean, I just, I just remember being startled by how much sense it makes, um, knowing what the frustrations are with dealing with American manufacturers, the way the process was set up. And, um, I, I couldn't do a lot about it at that time, but I tucked it away and knew that that's what th...
agent: And so the manufacturer was just making their designs to spec. customer: Yep. agent: That must have been like a road to Damascus moment, like, so revelatory.
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Okay. So you have, uh, this trip to Europe, you see IKEA, and you come back to the US, and you're running Gabbert's, and you were seeing... At Gabbert's, you were seeing stuff that was, that, uh, I guess sounds like you didn't really like a lot of the stuff that was being sold.
customer: Yep. agent: That must have been like a road to Damascus moment, like, so revelatory. customer: [laughs] It was. Absolutely. I mean, I just, I just remember being startled by how much sense it makes, um, knowing what the frustrations are with dealing with American manufacturers, the way the process was set up....
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Yeah, I... You know, it's... What happened, though, is I started changing things at Gabbert's, and I found little, little openings, right? So I found a New England manufacturer that wasn't doing all that great, and they were really interested in a true partnership in terms of product being designed together or being, u...
agent: That must have been like a road to Damascus moment, like, so revelatory. customer: [laughs] It was. Absolutely. I mean, I just, I just remember being startled by how much sense it makes, um, knowing what the frustrations are with dealing with American manufacturers, the way the process was set up. And, um, I, I ...
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And what's the idea you had? I mean, you, you start to, you start to figure out, "How can we take some of this IKEA model and apply it to Gabbert's?" Um, is that, is that fair? Is that what you were s- starting to think?
customer: [laughs] It was. Absolutely. I mean, I just, I just remember being startled by how much sense it makes, um, knowing what the frustrations are with dealing with American manufacturers, the way the process was set up. And, um, I, I couldn't do a lot about it at that time, but I tucked it away and knew that that...
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That's, that's totally fair. Yep, that's exactly right.
agent: Okay. So you have, uh, this trip to Europe, you see IKEA, and you come back to the US, and you're running Gabbert's, and you were seeing... At Gabbert's, you were seeing stuff that was, that, uh, I guess sounds like you didn't really like a lot of the stuff that was being sold. customer: Yeah, I... You know, it'...
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So how were you gonna do that?
customer: Yeah, I... You know, it's... What happened, though, is I started changing things at Gabbert's, and I found little, little openings, right? So I found a New England manufacturer that wasn't doing all that great, and they were really interested in a true partnership in terms of product being designed together o...
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Well, there was... It was mostly imported product. There was some made in the United States. Um, we just opened this small department inside of Gabbert's. It was called Put Together originally. I think we then called it Home & Company. Um-
agent: And what's the idea you had? I mean, you, you start to, you start to figure out, "How can we take some of this IKEA model and apply it to Gabbert's?" Um, is that, is that fair? Is that what you were s- starting to think? customer: That's, that's totally fair. Yep, that's exactly right. agent: So how were you gon...
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And it was, like, a section of Gabbert's. It would just say Home & Company, and it was just-
customer: That's, that's totally fair. Yep, that's exactly right. agent: So how were you gonna do that? customer: Well, there was... It was mostly imported product. There was some made in the United States. Um, we just opened this small department inside of Gabbert's. It was called Put Together originally. I think we t...
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Yeah
agent: So how were you gonna do that? customer: Well, there was... It was mostly imported product. There was some made in the United States. Um, we just opened this small department inside of Gabbert's. It was called Put Together originally. I think we then called it Home & Company. Um- agent: And it was, like, a secti...
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... modern stuff that you would-
customer: Well, there was... It was mostly imported product. There was some made in the United States. Um, we just opened this small department inside of Gabbert's. It was called Put Together originally. I think we then called it Home & Company. Um- agent: And it was, like, a section of Gabbert's. It would just say Hom...
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Exactly
agent: And it was, like, a section of Gabbert's. It would just say Home & Company, and it was just- customer: Yeah agent: ... modern stuff that you would-
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... assemble at home.
customer: Yeah agent: ... modern stuff that you would- customer: Exactly
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And it, and it was a small section. You know, if the, if the store was 100,000 square feet, this was 4,000.
agent: ... modern stuff that you would- customer: Exactly agent: ... assemble at home.
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And much less expensive than what was sold.
customer: Exactly agent: ... assemble at home. customer: And it, and it was a small section. You know, if the, if the store was 100,000 square feet, this was 4,000.
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Much, much, much less expensive.
agent: ... assemble at home. customer: And it, and it was a small section. You know, if the, if the store was 100,000 square feet, this was 4,000. agent: And much less expensive than what was sold.
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And how did it do?
customer: And it, and it was a small section. You know, if the, if the store was 100,000 square feet, this was 4,000. agent: And much less expensive than what was sold. customer: Much, much, much less expensive.
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Um, it did fair. Just fair. Not great, but it was okay.
agent: And much less expensive than what was sold. customer: Much, much, much less expensive. agent: And how did it do?
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Okay, so, so what this, this kind of furniture line that had different names... It was called, uh, Put Together and then Home & Company. It eventually... You guys started calling it Room & Board?
customer: Much, much, much less expensive. agent: And how did it do? customer: Um, it did fair. Just fair. Not great, but it was okay.
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Yes. I just sat down with a couple friends, and we talked about names and something that was not too specific, so it, it had some reference to home. Um, I think I realized later that, uh, Room & Board was more of a, a Midwestern term. In East Coast, it's, like, Bed & Board. Um, but it worked, and that's how we got it. ...
agent: And how did it do? customer: Um, it did fair. Just fair. Not great, but it was okay. agent: Okay, so, so what this, this kind of furniture line that had different names... It was called, uh, Put Together and then Home & Company. It eventually... You guys started calling it Room & Board?
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Okay. Meantime, the family business, Gabbert's, is expanding, right? I mean, you, you, I believe, opened a second store in Dallas in 1973. Uh, and then at some point, maybe, maybe this is around, like, 1980, you actually approach your dad with a proposal to take over the business, to take over Gabbert's. Um, t-tell me ...
customer: Um, it did fair. Just fair. Not great, but it was okay. agent: Okay, so, so what this, this kind of furniture line that had different names... It was called, uh, Put Together and then Home & Company. It eventually... You guys started calling it Room & Board? customer: Yes. I just sat down with a couple friend...
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Well, I, it, it was f- first came, I was, um, on the National Home Furnishings Association Board of Directors. I was the youngest member by maybe 15 or 20 years. Um, so we'd have our board meetings, and after the board meetings, you know, you'd sit around and talk and have a beer, and it seems like the conversations fo...
agent: Okay, so, so what this, this kind of furniture line that had different names... It was called, uh, Put Together and then Home & Company. It eventually... You guys started calling it Room & Board? customer: Yes. I just sat down with a couple friends, and we talked about names and something that was not too specif...
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my dad
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Okay. So he agreed, and you were gonna have... A-and, and when you came to this agreement, how many years before he would, uh, he would, he would-
customer: Yes. I just sat down with a couple friends, and we talked about names and something that was not too specific, so it, it had some reference to home. Um, I think I realized later that, uh, Room & Board was more of a, a Midwestern term. In East Coast, it's, like, Bed & Board. Um, but it worked, and that's how w...
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I'm, I'm thinking it was '77 or '76 when we agreed-
agent: Okay. Meantime, the family business, Gabbert's, is expanding, right? I mean, you, you, I believe, opened a second store in Dallas in 1973. Uh, and then at some point, maybe, maybe this is around, like, 1980, you actually approach your dad with a proposal to take over the business, to take over Gabbert's. Um, t-t...
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Okay
customer: Well, I, it, it was f- first came, I was, um, on the National Home Furnishings Association Board of Directors. I was the youngest member by maybe 15 or 20 years. Um, so we'd have our board meetings, and after the board meetings, you know, you'd sit around and talk and have a beer, and it seems like the conver...
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... and the, the date was October 1st, 1980.
agent: Okay. So he agreed, and you were gonna have... A-and, and when you came to this agreement, how many years before he would, uh, he would, he would- customer: I'm, I'm thinking it was '77 or '76 when we agreed- agent: Okay
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He would step aside, you would buy his shares-
customer: I'm, I'm thinking it was '77 or '76 when we agreed- agent: Okay customer: ... and the, the date was October 1st, 1980.
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Yes
agent: Okay customer: ... and the, the date was October 1st, 1980. agent: He would step aside, you would buy his shares-
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... and then you would become the full owner of Gabbert's.
customer: ... and the, the date was October 1st, 1980. agent: He would step aside, you would buy his shares- customer: Yes
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Because I would be the controlling owner-
agent: He would step aside, you would buy his shares- customer: Yes agent: ... and then you would become the full owner of Gabbert's.
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Controlling
customer: Yes agent: ... and then you would become the full owner of Gabbert's. customer: Because I would be the controlling owner-
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... because I had siblings that still owned some shares. Yep.
agent: ... and then you would become the full owner of Gabbert's. customer: Because I would be the controlling owner- agent: Controlling
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Got it. Okay. Um, okay, that date comes, 1980, the t- the moment for your dad to sell the shares, and what happens?
customer: Because I would be the controlling owner- agent: Controlling customer: ... because I had siblings that still owned some shares. Yep.
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[laughs] I went, simply went to him and said, "Here, we have the agreement" and he said, "I'm not gonna do it." I said, "We have a legal agreement," and he said, "I, I'm not gonna do it."
agent: Controlling customer: ... because I had siblings that still owned some shares. Yep. agent: Got it. Okay. Um, okay, that date comes, 1980, the t- the moment for your dad to sell the shares, and what happens?
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What was your dad's reasoning? I mean, he wanted to retire. He was in semi-retirement already, from what I understand, going to Florida. What was the reasoning he gave you?
customer: ... because I had siblings that still owned some shares. Yep. agent: Got it. Okay. Um, okay, that date comes, 1980, the t- the moment for your dad to sell the shares, and what happens? customer: [laughs] I went, simply went to him and said, "Here, we have the agreement" and he said, "I'm not gonna do it." I s...
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He thought the things that I was doing was going to ruin the company. I mean, it was his baby. Gabbert's was a business that he built, and I was running it, and I was making changes, and he thought those changes were a serious mistake. And then you add in what was going on in the '70s in terms of the economy. Interest ...
agent: Got it. Okay. Um, okay, that date comes, 1980, the t- the moment for your dad to sell the shares, and what happens? customer: [laughs] I went, simply went to him and said, "Here, we have the agreement" and he said, "I'm not gonna do it." I said, "We have a legal agreement," and he said, "I, I'm not gonna do it."...
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He thought the things that I was doing was going to ruin the company
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He was worried you were gonna run it into the ground.
customer: [laughs] I went, simply went to him and said, "Here, we have the agreement" and he said, "I'm not gonna do it." I said, "We have a legal agreement," and he said, "I, I'm not gonna do it." agent: What was your dad's reasoning? I mean, he wanted to retire. He was in semi-retirement already, from what I understa...
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Yes, exactly.
agent: What was your dad's reasoning? I mean, he wanted to retire. He was in semi-retirement already, from what I understand, going to Florida. What was the reasoning he gave you? customer: He thought the things that I was doing was going to ruin the company. I mean, it was his baby. Gabbert's was a business that he bu...
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When we come back in just a moment, the family business comes to a crossroads, which might be good for the business, but is not so good for the family. Stay with us. I'm Guy Raz, and you're listening to How I Built This. When it comes to your health and wellbeing, the right care can change everything. That's why Clevel...
customer: He thought the things that I was doing was going to ruin the company. I mean, it was his baby. Gabbert's was a business that he built, and I was running it, and I was making changes, and he thought those changes were a serious mistake. And then you add in what was going on in the '70s in terms of the economy....
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So I- I- I went to my attorney, and he said, "Well, this is the deal. It's, it's a clear document. It will take two to three years, but you could win in court if that's what you wanna do. But let's talk about what some of the other options are." Um, so, uh, my, my dad's proposal as a solution was I would move to Dallas...
agent: He was worried you were gonna run it into the ground. customer: Yes, exactly. agent: When we come back in just a moment, the family business comes to a crossroads, which might be good for the business, but is not so good for the family. Stay with us. I'm Guy Raz, and you're listening to How I Built This. When it...
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Okay, you had this legal agreement with your dad, and you at some point considered taking him to court, which would've been very, uh, that'd been a... That's a lot of friction, taking your own dad to court. I imagine... I mean, did you consider doing it? Was that, uh, something that you might have done?
customer: Yes, exactly. agent: When we come back in just a moment, the family business comes to a crossroads, which might be good for the business, but is not so good for the family. Stay with us. I'm Guy Raz, and you're listening to How I Built This. When it comes to your health and wellbeing, the right care can chang...
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No, no, no. I mean, I sat with the attorney, and we quickly said, "You don't wanna do that."
agent: When we come back in just a moment, the family business comes to a crossroads, which might be good for the business, but is not so good for the family. Stay with us. I'm Guy Raz, and you're listening to How I Built This. When it comes to your health and wellbeing, the right care can change everything. That's why...
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Yeah.
customer: So I- I- I went to my attorney, and he said, "Well, this is the deal. It's, it's a clear document. It will take two to three years, but you could win in court if that's what you wanna do. But let's talk about what some of the other options are." Um, so, uh, my, my dad's proposal as a solution was I would move...
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"That's not something you wanna do to your family. It's just disruptive to everybody." So that's how we said, "What are some of the alternatives?" And we came up with the alternative of just my vacating Gabberts and buying what was then going to be Room & Board.
agent: Okay, you had this legal agreement with your dad, and you at some point considered taking him to court, which would've been very, uh, that'd been a... That's a lot of friction, taking your own dad to court. I imagine... I mean, did you consider doing it? Was that, uh, something that you might have done? customer...
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Okay, your proposal was, "All right, fine. You don't wanna sell me the business. I just want this slice of the business that I kinda created, this modern-"
customer: No, no, no. I mean, I sat with the attorney, and we quickly said, "You don't wanna do that." agent: Yeah. customer: "That's not something you wanna do to your family. It's just disruptive to everybody." So that's how we said, "What are some of the alternatives?" And we came up with the alternative of just my ...
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Yes
agent: Yeah. customer: "That's not something you wanna do to your family. It's just disruptive to everybody." So that's how we said, "What are some of the alternatives?" And we came up with the alternative of just my vacating Gabberts and buying what was then going to be Room & Board. agent: Okay, your proposal was, "A...
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... "furniture thing." Uh-
customer: "That's not something you wanna do to your family. It's just disruptive to everybody." So that's how we said, "What are some of the alternatives?" And we came up with the alternative of just my vacating Gabberts and buying what was then going to be Room & Board. agent: Okay, your proposal was, "All right, fin...
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Yep
agent: Okay, your proposal was, "All right, fine. You don't wanna sell me the business. I just want this slice of the business that I kinda created, this modern-" customer: Yes agent: ... "furniture thing." Uh-
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... and, and what did you get for that? Would you get inventory? I mean, you, you had this kinda name, that Room & Board, but it wasn't a brand. So what, what were you actually buying?
customer: Yes agent: ... "furniture thing." Uh- customer: Yep
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I was buying, um, some locations that were open. So we had leasehold improvements and inventory.
agent: ... "furniture thing." Uh- customer: Yep agent: ... and, and what did you get for that? Would you get inventory? I mean, you, you had this kinda name, that Room & Board, but it wasn't a brand. So what, what were you actually buying?
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Okay, so you actually had opened a few locations.
customer: Yep agent: ... and, and what did you get for that? Would you get inventory? I mean, you, you had this kinda name, that Room & Board, but it wasn't a brand. So what, what were you actually buying? customer: I was buying, um, some locations that were open. So we had leasehold improvements and inventory.
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Yes, we had opened a few locations.
agent: ... and, and what did you get for that? Would you get inventory? I mean, you, you had this kinda name, that Room & Board, but it wasn't a brand. So what, what were you actually buying? customer: I was buying, um, some locations that were open. So we had leasehold improvements and inventory. agent: Okay, so you a...
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How, how many? Do you remember?
customer: I was buying, um, some locations that were open. So we had leasehold improvements and inventory. agent: Okay, so you actually had opened a few locations. customer: Yes, we had opened a few locations.
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I think there were three at the time.
agent: Okay, so you actually had opened a few locations. customer: Yes, we had opened a few locations. agent: How, how many? Do you remember?
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And they were... Where were they?
customer: Yes, we had opened a few locations. agent: How, how many? Do you remember? customer: I think there were three at the time.
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They were in Denver and Minneapolis.
agent: How, how many? Do you remember? customer: I think there were three at the time. agent: And they were... Where were they?
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Okay. A- and at that point, under the name Room & Board.
customer: I think there were three at the time. agent: And they were... Where were they? customer: They were in Denver and Minneapolis.
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Yes.
agent: And they were... Where were they? customer: They were in Denver and Minneapolis. agent: Okay. A- and at that point, under the name Room & Board.
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First of all, was it like what IKEA furniture is today? I mean, mostly it's particle board. It's not solid wood, a lot of veneers, um, assemble your own. Is that what you were selling?
customer: They were in Denver and Minneapolis. agent: Okay. A- and at that point, under the name Room & Board. customer: Yes.
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That's what, that's what Room & Board basically was-
agent: Okay. A- and at that point, under the name Room & Board. customer: Yes. agent: First of all, was it like what IKEA furniture is today? I mean, mostly it's particle board. It's not solid wood, a lot of veneers, um, assemble your own. Is that what you were selling?
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Oh
customer: Yes. agent: First of all, was it like what IKEA furniture is today? I mean, mostly it's particle board. It's not solid wood, a lot of veneers, um, assemble your own. Is that what you were selling? customer: That's what, that's what Room & Board basically was-
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... at that time. It was still that IKEA-like product.
agent: First of all, was it like what IKEA furniture is today? I mean, mostly it's particle board. It's not solid wood, a lot of veneers, um, assemble your own. Is that what you were selling? customer: That's what, that's what Room & Board basically was- agent: Oh
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And that enabled you to sell it for a low price because particle board is a lot cheaper than solid wood.
customer: That's what, that's what Room & Board basically was- agent: Oh customer: ... at that time. It was still that IKEA-like product.
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Right, right, yeah. And I wouldn't say particle board was the focus, but then there were things made of plastic. There was, you know, more innovative, uh... I think people perceived it as temporary furniture.
agent: Oh customer: ... at that time. It was still that IKEA-like product. agent: And that enabled you to sell it for a low price because particle board is a lot cheaper than solid wood.
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Yeah. And, and by the way, I think IKEA furniture, much of it is high quality. I think it's ver- It's a great, you know, value for money for sure. But-
customer: ... at that time. It was still that IKEA-like product. agent: And that enabled you to sell it for a low price because particle board is a lot cheaper than solid wood. customer: Right, right, yeah. And I wouldn't say particle board was the focus, but then there were things made of plastic. There was, you know,...
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It is, absolutely
agent: And that enabled you to sell it for a low price because particle board is a lot cheaper than solid wood. customer: Right, right, yeah. And I wouldn't say particle board was the focus, but then there were things made of plastic. There was, you know, more innovative, uh... I think people perceived it as temporary ...
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... a lot of it is particle board and veneer and, you know, not always the kind of furniture you're gonna have for 25 years.
customer: Right, right, yeah. And I wouldn't say particle board was the focus, but then there were things made of plastic. There was, you know, more innovative, uh... I think people perceived it as temporary furniture. agent: Yeah. And, and by the way, I think IKEA furniture, much of it is high quality. I think it's ve...
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Right.
agent: Yeah. And, and by the way, I think IKEA furniture, much of it is high quality. I think it's ver- It's a great, you know, value for money for sure. But- customer: It is, absolutely agent: ... a lot of it is particle board and veneer and, you know, not always the kind of furniture you're gonna have for 25 years.
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