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https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0336
"Uh, we can really scale this. You can keep a chunk of it. You know, we'll put in 30%, you'll get a big p- you know, c- chunk of cash and... But we'll really grow this thing." Did you start to get approached?
customer: Yeah, exactly. agent: But were you starting to get calls? Like, were private equity groups saying, "Hey, uh, yo, listen, you've got something good going on here, John." customer: Yeah.
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Oh, we got tons of approaches. It was the most common call I got from outside of the business.
agent: But were you starting to get calls? Like, were private equity groups saying, "Hey, uh, yo, listen, you've got something good going on here, John." customer: Yeah. agent: "Uh, we can really scale this. You can keep a chunk of it. You know, we'll put in 30%, you'll get a big p- you know, c- chunk of cash and... Bu...
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It was the most common call I got from outside of the business
medium
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What would people say to you?
customer: Yeah. agent: "Uh, we can really scale this. You can keep a chunk of it. You know, we'll put in 30%, you'll get a big p- you know, c- chunk of cash and... But we'll really grow this thing." Did you start to get approached? customer: Oh, we got tons of approaches. It was the most common call I got from outside ...
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Just what you said. "You've got something that works, it makes sense. We can, we can make it grow."
agent: "Uh, we can really scale this. You can keep a chunk of it. You know, we'll put in 30%, you'll get a big p- you know, c- chunk of cash and... But we'll really grow this thing." Did you start to get approached? customer: Oh, we got tons of approaches. It was the most common call I got from outside of the business....
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None of those were interesting conversations or attractive?
customer: Oh, we got tons of approaches. It was the most common call I got from outside of the business. agent: What would people say to you? customer: Just what you said. "You've got something that works, it makes sense. We can, we can make it grow."
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No.
agent: What would people say to you? customer: Just what you said. "You've got something that works, it makes sense. We can, we can make it grow." agent: None of those were interesting conversations or attractive?
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No, not a single one?
customer: Just what you said. "You've got something that works, it makes sense. We can, we can make it grow." agent: None of those were interesting conversations or attractive? customer: No.
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No.
agent: None of those were interesting conversations or attractive? customer: No. agent: No, not a single one?
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To... Why?
customer: No. agent: No, not a single one? customer: No.
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[laughs] One, if you looked at their performance, generally, they've, they've ruined more businesses that they've grown. They just don't... One, they think they're smarter than the owners, the people that created the business in the first place. Second, they think they can over-leverage this thing, take a lot of cash o...
agent: No, not a single one? customer: No. agent: To... Why?
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But you could've got... I mean, it c- I mean, I imagine by this point you're making a nice salary and even getting a nice, uh, uh, distribution. But, I mean, all of a sudden somebody's like, "Hey, you can get 50, $75 million right now in your bank account and we'll just take 30% of this thing," and, you know, that's ca...
customer: No. agent: To... Why? customer: [laughs] One, if you looked at their performance, generally, they've, they've ruined more businesses that they've grown. They just don't... One, they think they're smarter than the owners, the people that created the business in the first place. Second, they think they can over...
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I just had, had no interest in that. I really didn't. I, I knew they would ruin whatever it is we'd built. I knew they would ruin it.
agent: To... Why? customer: [laughs] One, if you looked at their performance, generally, they've, they've ruined more businesses that they've grown. They just don't... One, they think they're smarter than the owners, the people that created the business in the first place. Second, they think they can over-leverage this...
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And you just said, "No, I don't even wanna have a conversation"? You didn't even-
customer: [laughs] One, if you looked at their performance, generally, they've, they've ruined more businesses that they've grown. They just don't... One, they think they're smarter than the owners, the people that created the business in the first place. Second, they think they can over-leverage this thing, take a lot...
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Exactly. Yep.
agent: But you could've got... I mean, it c- I mean, I imagine by this point you're making a nice salary and even getting a nice, uh, uh, distribution. But, I mean, all of a sudden somebody's like, "Hey, you can get 50, $75 million right now in your bank account and we'll just take 30% of this thing," and, you know, th...
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So you felt like growth was just gonna happen if it happened, but you wanted to make sure that it was sustainable.
customer: I just had, had no interest in that. I really didn't. I, I knew they would ruin whatever it is we'd built. I knew they would ruin it. agent: And you just said, "No, I don't even wanna have a conversation"? You didn't even- customer: Exactly. Yep.
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Yes. Yes, and that we were profitable the whole way. I mean, we, we, early on we just said, "No bank debt."
agent: And you just said, "No, I don't even wanna have a conversation"? You didn't even- customer: Exactly. Yep. agent: So you felt like growth was just gonna happen if it happened, but you wanted to make sure that it was sustainable.
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Mm-hmm.
customer: Exactly. Yep. agent: So you felt like growth was just gonna happen if it happened, but you wanted to make sure that it was sustainable. customer: Yes. Yes, and that we were profitable the whole way. I mean, we, we, early on we just said, "No bank debt."
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"We're gonna operate with no debt." And we di- uh, for years and years and years. Um, you know, it's a, a, a, a part of our story that I think is important is that we developed a, a online web business early, early on in the process.
agent: So you felt like growth was just gonna happen if it happened, but you wanted to make sure that it was sustainable. customer: Yes. Yes, and that we were profitable the whole way. I mean, we, we, early on we just said, "No bank debt." agent: Mm-hmm.
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Yeah, in, like, 2000, right?
customer: Yes. Yes, and that we were profitable the whole way. I mean, we, we, early on we just said, "No bank debt." agent: Mm-hmm. customer: "We're gonna operate with no debt." And we di- uh, for years and years and years. Um, you know, it's a, a, a, a part of our story that I think is important is that we developed ...
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Yeah, exactly.
agent: Mm-hmm. customer: "We're gonna operate with no debt." And we di- uh, for years and years and years. Um, you know, it's a, a, a, a part of our story that I think is important is that we developed a, a online web business early, early on in the process. agent: Yeah, in, like, 2000, right?
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No, no, sorry, in, like, 19-- in the '90s.
customer: "We're gonna operate with no debt." And we di- uh, for years and years and years. Um, you know, it's a, a, a, a part of our story that I think is important is that we developed a, a online web business early, early on in the process. agent: Yeah, in, like, 2000, right? customer: Yeah, exactly.
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Yes, exactly. So it's a huge part of our business, and I, I say this because as we go to look at other markets, we say, "Oh, you know, Bozeman, Montana-
agent: Yeah, in, like, 2000, right? customer: Yeah, exactly. agent: No, no, sorry, in, like, 19-- in the '90s.
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Mm-hmm
customer: Yeah, exactly. agent: No, no, sorry, in, like, 19-- in the '90s. customer: Yes, exactly. So it's a huge part of our business, and I, I say this because as we go to look at other markets, we say, "Oh, you know, Bozeman, Montana-
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... we're doing, I don't know, $5 million right now, today." We say, "Oh, add a store. What's the potential?" The potential is nine million.
agent: No, no, sorry, in, like, 19-- in the '90s. customer: Yes, exactly. So it's a huge part of our business, and I, I say this because as we go to look at other markets, we say, "Oh, you know, Bozeman, Montana- agent: Mm-hmm
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Right.
customer: Yes, exactly. So it's a huge part of our business, and I, I say this because as we go to look at other markets, we say, "Oh, you know, Bozeman, Montana- agent: Mm-hmm customer: ... we're doing, I don't know, $5 million right now, today." We say, "Oh, add a store. What's the potential?" The potential is nine m...
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Uh, it makes no sense.
agent: Mm-hmm customer: ... we're doing, I don't know, $5 million right now, today." We say, "Oh, add a store. What's the potential?" The potential is nine million. agent: Right.
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Yeah. So you don't need stores in every city.
customer: ... we're doing, I don't know, $5 million right now, today." We say, "Oh, add a store. What's the potential?" The potential is nine million. agent: Right. customer: Uh, it makes no sense.
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We do not need stores.
agent: Right. customer: Uh, it makes no sense. agent: Yeah. So you don't need stores in every city.
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Okay, now we're into the 2000s, and you're, you know, you're, you're hitting, like, over $200 million in sales.
customer: Uh, it makes no sense. agent: Yeah. So you don't need stores in every city. customer: We do not need stores.
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Right.
agent: Yeah. So you don't need stores in every city. customer: We do not need stores. agent: Okay, now we're into the 2000s, and you're, you know, you're, you're hitting, like, over $200 million in sales.
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Um, and then you've got the financial crisis, 2008, and you're not selling lipstick. You're not selling cigarettes, right? These are things that are... You know, it's, like, inelastic products. Like, you're selling really expensive high-end furniture for people who are buying homes. All of a sudden there's a financial ...
customer: We do not need stores. agent: Okay, now we're into the 2000s, and you're, you know, you're, you're hitting, like, over $200 million in sales. customer: Right.
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Yes
agent: Okay, now we're into the 2000s, and you're, you know, you're, you're hitting, like, over $200 million in sales. customer: Right. agent: Um, and then you've got the financial crisis, 2008, and you're not selling lipstick. You're not selling cigarettes, right? These are things that are... You know, it's, like, ine...
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... a mortgage crisis, the collapse in value of homes. I mean, Americans l- you know, their, their n- net worth drops by trillions of dollars. Uh, this is not good for the construction business. This is not good for the furniture business.
customer: Right. agent: Um, and then you've got the financial crisis, 2008, and you're not selling lipstick. You're not selling cigarettes, right? These are things that are... You know, it's, like, inelastic products. Like, you're selling really expensive high-end furniture for people who are buying homes. All of a sud...
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No. No, we took a, we took a big dip in sales. Okay, so you have to understand, the economy drops 2%.
agent: Um, and then you've got the financial crisis, 2008, and you're not selling lipstick. You're not selling cigarettes, right? These are things that are... You know, it's, like, inelastic products. Like, you're selling really expensive high-end furniture for people who are buying homes. All of a sudden there's a fin...
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Yeah.
customer: Yes agent: ... a mortgage crisis, the collapse in value of homes. I mean, Americans l- you know, their, their n- net worth drops by trillions of dollars. Uh, this is not good for the construction business. This is not good for the furniture business. customer: No. No, we took a, we took a big dip in sales. Ok...
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The furniture business will probably drop 20 or 25%. That's just been the history of I-- as I think through the years.
agent: ... a mortgage crisis, the collapse in value of homes. I mean, Americans l- you know, their, their n- net worth drops by trillions of dollars. Uh, this is not good for the construction business. This is not good for the furniture business. customer: No. No, we took a, we took a big dip in sales. Okay, so you hav...
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Mm-hmm.
customer: No. No, we took a, we took a big dip in sales. Okay, so you have to understand, the economy drops 2%. agent: Yeah. customer: The furniture business will probably drop 20 or 25%. That's just been the history of I-- as I think through the years.
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Because it's such a discretionary purchase, it gets put off first thing. That's what happened back then. But part of our, part of our original philosophy was that our goal is to generate an 8% profit.
agent: Yeah. customer: The furniture business will probably drop 20 or 25%. That's just been the history of I-- as I think through the years. agent: Mm-hmm.
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Every year, you want 8%?
customer: The furniture business will probably drop 20 or 25%. That's just been the history of I-- as I think through the years. agent: Mm-hmm. customer: Because it's such a discretionary purchase, it gets put off first thing. That's what happened back then. But part of our, part of our original philosophy was that our...
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8%.
agent: Mm-hmm. customer: Because it's such a discretionary purchase, it gets put off first thing. That's what happened back then. But part of our, part of our original philosophy was that our goal is to generate an 8% profit. agent: Every year, you want 8%?
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Which is pretty modest, right? Well, it's, it's great.
customer: Because it's such a discretionary purchase, it gets put off first thing. That's what happened back then. But part of our, part of our original philosophy was that our goal is to generate an 8% profit. agent: Every year, you want 8%? customer: 8%.
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Yeah.
agent: Every year, you want 8%? customer: 8%. agent: Which is pretty modest, right? Well, it's, it's great.
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But, but that's-
customer: 8%. agent: Which is pretty modest, right? Well, it's, it's great. customer: Yeah.
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Yeah
agent: Which is pretty modest, right? Well, it's, it's great. customer: Yeah. agent: But, but that's-
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... that's not... That's a nice profit, but, uh, not, you know, crazy.
customer: Yeah. agent: But, but that's- customer: Yeah
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No, exactly. Exactly. But, but part of this is saying that if we generate 8% profit when times are good, sales drop 20%, that basically takes us down to break even, right? No profit at that point. But we didn't have to cut things. We didn't have a profitable year, but we didn't have a loss. So now we're able to move fo...
agent: But, but that's- customer: Yeah agent: ... that's not... That's a nice profit, but, uh, not, you know, crazy.
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What about your inventory? Were you finding that you had pieces that just were not moving, that, that w- were weighing you down?
customer: Yeah agent: ... that's not... That's a nice profit, but, uh, not, you know, crazy. customer: No, exactly. Exactly. But, but part of this is saying that if we generate 8% profit when times are good, sales drop 20%, that basically takes us down to break even, right? No profit at that point. But we didn't have t...
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No, I don't think so. I don't think so. I think if... The, the, the, the, the decrease in sales was just across the board. It wasn't specific product that didn't work.
agent: ... that's not... That's a nice profit, but, uh, not, you know, crazy. customer: No, exactly. Exactly. But, but part of this is saying that if we generate 8% profit when times are good, sales drop 20%, that basically takes us down to break even, right? No profit at that point. But we didn't have to cut things. W...
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And, and are your-- Do you think that you deliberately worked to get products that had that sort of timeless look that you could sell today or in five years or in 10 years from now?
customer: No, exactly. Exactly. But, but part of this is saying that if we generate 8% profit when times are good, sales drop 20%, that basically takes us down to break even, right? No profit at that point. But we didn't have to cut things. We didn't have a profitable year, but we didn't have a loss. So now we're able ...
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Oh, completely. We don't think of our business as a fashion business at all.
agent: What about your inventory? Were you finding that you had pieces that just were not moving, that, that w- were weighing you down? customer: No, I don't think so. I don't think so. I think if... The, the, the, the, the decrease in sales was just across the board. It wasn't specific product that didn't work. agent:...
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Yeah.
customer: No, I don't think so. I don't think so. I think if... The, the, the, the, the decrease in sales was just across the board. It wasn't specific product that didn't work. agent: And, and are your-- Do you think that you deliberately worked to get products that had that sort of timeless look that you could sell t...
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And much of the industry thinks they're in the fashion business, and I think it's a big mistake. We think we're in the business of good design, so you'll be happy with it five years from now, 20 years from now, but we're definitely not in the fashion business from our point of view.
agent: And, and are your-- Do you think that you deliberately worked to get products that had that sort of timeless look that you could sell today or in five years or in 10 years from now? customer: Oh, completely. We don't think of our business as a fashion business at all. agent: Yeah.
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Yeah. Okay, so you get through the financial crisis and, um, and Room & Board once again go- gets into growth mode. Um, you, uh, you, you step down officially as CEO in 2017. You stayed on as chairman. So you weren't involved in sort of the operational challenges of COVID, but I know that affected everyone in- includin...
customer: Oh, completely. We don't think of our business as a fashion business at all. agent: Yeah. customer: And much of the industry thinks they're in the fashion business, and I think it's a big mistake. We think we're in the business of good design, so you'll be happy with it five years from now, 20 years from now,...
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Yes
agent: Yeah. customer: And much of the industry thinks they're in the fashion business, and I think it's a big mistake. We think we're in the business of good design, so you'll be happy with it five years from now, 20 years from now, but we're definitely not in the fashion business from our point of view. agent: Yeah. ...
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... furniture stores, uh-
customer: And much of the industry thinks they're in the fashion business, and I think it's a big mistake. We think we're in the business of good design, so you'll be happy with it five years from now, 20 years from now, but we're definitely not in the fashion business from our point of view. agent: Yeah. Okay, so you ...
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Yes
agent: Yeah. Okay, so you get through the financial crisis and, um, and Room & Board once again go- gets into growth mode. Um, you, uh, you, you step down officially as CEO in 2017. You stayed on as chairman. So you weren't involved in sort of the operational challenges of COVID, but I know that affected everyone in- i...
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... because people were not going to visit them and buying furniture necessarily. People were buying furniture for remote office space and stuff like that.
customer: Yes agent: ... furniture stores, uh- customer: Yes
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Right, right.
agent: ... furniture stores, uh- customer: Yes agent: ... because people were not going to visit them and buying furniture necessarily. People were buying furniture for remote office space and stuff like that.
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So there was some, but it was challenging. Um, one of the things that happened in the last few years is that, 'cause we, we talked about how you, you never brought in outside funding, right? Like you... For most of the history of Room & Board, it was 100% owned by you, right?
customer: Yes agent: ... because people were not going to visit them and buying furniture necessarily. People were buying furniture for remote office space and stuff like that. customer: Right, right.
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Yes. Yep, yep. My-- I have two daughters, and they had some ownership, but it was mostly 100% by me.
agent: ... because people were not going to visit them and buying furniture necessarily. People were buying furniture for remote office space and stuff like that. customer: Right, right. agent: So there was some, but it was challenging. Um, one of the things that happened in the last few years is that, 'cause we, we ta...
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Okay. At some point, the business started to get transitioned to being an ESOP. This is employee stock ownership plan. Companies like Cliff Bar did this. I believe that, uh, King Arthur Flour is an ESOP. Um, New Belgium was an ESOP. Um, there's... This is a, a, a program that essentially transitions ownership of the co...
customer: Right, right. agent: So there was some, but it was challenging. Um, one of the things that happened in the last few years is that, 'cause we, we talked about how you, you never brought in outside funding, right? Like you... For most of the history of Room & Board, it was 100% owned by you, right? customer: Ye...
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Yes
agent: So there was some, but it was challenging. Um, one of the things that happened in the last few years is that, 'cause we, we talked about how you, you never brought in outside funding, right? Like you... For most of the history of Room & Board, it was 100% owned by you, right? customer: Yes. Yep, yep. My-- I have...
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... over time. They essentially buy it.
customer: Yes. Yep, yep. My-- I have two daughters, and they had some ownership, but it was mostly 100% by me. agent: Okay. At some point, the business started to get transitioned to being an ESOP. This is employee stock ownership plan. Companies like Cliff Bar did this. I believe that, uh, King Arthur Flour is an ESOP...
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https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0399
Yes. I mean, I was getting to the age where the question is, what's next, right?
agent: Okay. At some point, the business started to get transitioned to being an ESOP. This is employee stock ownership plan. Companies like Cliff Bar did this. I believe that, uh, King Arthur Flour is an ESOP. Um, New Belgium was an ESOP. Um, there's... This is a, a, a program that essentially transitions ownership of...
3,835.358
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customer
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Llama-3.3-70B-Instruct_20260713T143033Z
meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0400
Right.
customer: Yes agent: ... over time. They essentially buy it. customer: Yes. I mean, I was getting to the age where the question is, what's next, right?
3,838.938
3,839.338
agent
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Llama-3.3-70B-Instruct_20260713T143033Z
meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0401
Who's, who's the owner, who's the owner gonna be?
agent: ... over time. They essentially buy it. customer: Yes. I mean, I was getting to the age where the question is, what's next, right? agent: Right.
3,839.338
3,841.218
customer
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Llama-3.3-70B-Instruct_20260713T143033Z
meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0402
Right.
customer: Yes. I mean, I was getting to the age where the question is, what's next, right? agent: Right. customer: Who's, who's the owner, who's the owner gonna be?
3,841.218
3,841.618
agent
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Llama-3.3-70B-Instruct_20260713T143033Z
meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0403
And, and we looked at all of the options. We looked at going public-
agent: Right. customer: Who's, who's the owner, who's the owner gonna be? agent: Right.
3,841.618
3,845.318
customer
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Llama-3.3-70B-Instruct_20260713T143033Z
meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0404
Mm-hmm
customer: Who's, who's the owner, who's the owner gonna be? agent: Right. customer: And, and we looked at all of the options. We looked at going public-
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agent
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Llama-3.3-70B-Instruct_20260713T143033Z
meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0405
... um, briefly.
agent: Right. customer: And, and we looked at all of the options. We looked at going public- agent: Mm-hmm
3,845.658
3,847.138
customer
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Llama-3.3-70B-Instruct_20260713T143033Z
meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0406
Yep.
customer: And, and we looked at all of the options. We looked at going public- agent: Mm-hmm customer: ... um, briefly.
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3,847.478
agent
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Llama-3.3-70B-Instruct_20260713T143033Z
meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0407
Uh, we looked at all of the private equity options, uh, as we talked about earlier, and the, and the complications and the opportunities within that, and we kept going back to ESOP. Um, and once we came to the acceptance that the way to make sense for us to do it is have 100% owner finance, so there's no bank loan invo...
agent: Mm-hmm customer: ... um, briefly. agent: Yep.
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customer
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Llama-3.3-70B-Instruct_20260713T143033Z
meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0408
So basically, in other words, for the time being, you, you're giving away your shares over time-
customer: ... um, briefly. agent: Yep. customer: Uh, we looked at all of the private equity options, uh, as we talked about earlier, and the, and the complications and the opportunities within that, and we kept going back to ESOP. Um, and once we came to the acceptance that the way to make sense for us to do it is have...
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https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0409
Yes
agent: Yep. customer: Uh, we looked at all of the private equity options, uh, as we talked about earlier, and the, and the complications and the opportunities within that, and we kept going back to ESOP. Um, and once we came to the acceptance that the way to make sense for us to do it is have 100% owner finance, so the...
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customer
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Llama-3.3-70B-Instruct_20260713T143033Z
meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0410
... with the promise that you're gonna be paid in the future for those shares.
customer: Uh, we looked at all of the private equity options, uh, as we talked about earlier, and the, and the complications and the opportunities within that, and we kept going back to ESOP. Um, and once we came to the acceptance that the way to make sense for us to do it is have 100% owner finance, so there's no bank...
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agent
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meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0411
Yes, exactly.
agent: So basically, in other words, for the time being, you, you're giving away your shares over time- customer: Yes agent: ... with the promise that you're gonna be paid in the future for those shares.
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Llama-3.3-70B-Instruct_20260713T143033Z
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https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0412
And, and so when you join Room & Board as an employee, over time, your, your ownership increases, presumably.
customer: Yes agent: ... with the promise that you're gonna be paid in the future for those shares. customer: Yes, exactly.
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meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0413
Oh, substantially, yes. Exactly.
agent: ... with the promise that you're gonna be paid in the future for those shares. customer: Yes, exactly. agent: And, and so when you join Room & Board as an employee, over time, your, your ownership increases, presumably.
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https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0414
And now they have a stake in keeping it going and keeping it successful because then they'll make more money.
customer: Yes, exactly. agent: And, and so when you join Room & Board as an employee, over time, your, your ownership increases, presumably. customer: Oh, substantially, yes. Exactly.
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meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0415
Yep.
agent: And, and so when you join Room & Board as an employee, over time, your, your ownership increases, presumably. customer: Oh, substantially, yes. Exactly. agent: And now they have a stake in keeping it going and keeping it successful because then they'll make more money.
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customer
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Llama-3.3-70B-Instruct_20260713T143033Z
meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0416
It's a really interesting model.
customer: Oh, substantially, yes. Exactly. agent: And now they have a stake in keeping it going and keeping it successful because then they'll make more money. customer: Yep.
3,915.898
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agent
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Llama-3.3-70B-Instruct_20260713T143033Z
meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0417
It's a great model that probably isn't used as often as it should be used.
agent: And now they have a stake in keeping it going and keeping it successful because then they'll make more money. customer: Yep. agent: It's a really interesting model.
3,917.828
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customer
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Llama-3.3-70B-Instruct_20260713T143033Z
meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0418
Yeah. So we to- we touched on this earlier, more than touched on it, which is when you left Gabbert's, there was, um, a falling out in the family, and that's, that's one of the challenges and perils of, of a family business. They can often lead to, you know, um, to internal dissension and, and it's hard. Um, I'm assumi...
customer: Yep. agent: It's a really interesting model. customer: It's a great model that probably isn't used as often as it should be used.
3,922.138
3,949.678
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meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0419
Uh-huh. Yeah, I was.
agent: It's a really interesting model. customer: It's a great model that probably isn't used as often as it should be used. agent: Yeah. So we to- we touched on this earlier, more than touched on it, which is when you left Gabbert's, there was, um, a falling out in the family, and that's, that's one of the challenges ...
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https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0420
You were. Was it formal? Was it like a formal kind of sit down or did it... I don't know.
customer: It's a great model that probably isn't used as often as it should be used. agent: Yeah. So we to- we touched on this earlier, more than touched on it, which is when you left Gabbert's, there was, um, a falling out in the family, and that's, that's one of the challenges and perils of, of a family business. The...
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3,955.638
agent
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meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0421
It, it was not formal, and it was probably different with different members of the family. Um-
agent: Yeah. So we to- we touched on this earlier, more than touched on it, which is when you left Gabbert's, there was, um, a falling out in the family, and that's, that's one of the challenges and perils of, of a family business. They can often lead to, you know, um, to internal dissension and, and it's hard. Um, I'm...
3,955.638
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customer
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meta-llama/Llama-3.3-70B-Instruct
https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0422
Hmm. 'Cause your brothers took over Gabbert's.
customer: Uh-huh. Yeah, I was. agent: You were. Was it formal? Was it like a formal kind of sit down or did it... I don't know. customer: It, it was not formal, and it was probably different with different members of the family. Um-
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https://rss.art19.com/ep…00762e86fb433970
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My brother took over.
agent: You were. Was it formal? Was it like a formal kind of sit down or did it... I don't know. customer: It, it was not formal, and it was probably different with different members of the family. Um- agent: Hmm. 'Cause your brothers took over Gabbert's.
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https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0424
Yeah.
customer: It, it was not formal, and it was probably different with different members of the family. Um- agent: Hmm. 'Cause your brothers took over Gabbert's. customer: My brother took over.
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https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0425
And that's probably been the most difficult reconciliation.
agent: Hmm. 'Cause your brothers took over Gabbert's. customer: My brother took over. agent: Yeah.
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Hmm.
customer: My brother took over. agent: Yeah. customer: And that's probably been the most difficult reconciliation.
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https://rss.art19.com/ep…e86fb433970_0427
And it was made more complicated because he struggled running Gabbert's, to be honest.
agent: Yeah. customer: And that's probably been the most difficult reconciliation. agent: Hmm.
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customer
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https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0428
Yeah.
customer: And that's probably been the most difficult reconciliation. agent: Hmm. customer: And it was made more complicated because he struggled running Gabbert's, to be honest.
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He sold it for almost nothing in 2008, and Room & Board continued to grow and be successful.
agent: Hmm. customer: And it was made more complicated because he struggled running Gabbert's, to be honest. agent: Yeah.
3,975.098
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customer
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https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0430
Yeah.
customer: And it was made more complicated because he struggled running Gabbert's, to be honest. agent: Yeah. customer: He sold it for almost nothing in 2008, and Room & Board continued to grow and be successful.
3,982.278
3,982.458
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https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0431
So, so that's was... That's the most complicated one. Um-
agent: Yeah. customer: He sold it for almost nothing in 2008, and Room & Board continued to grow and be successful. agent: Yeah.
3,982.458
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customer
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https://rss.art19.com/ep…00762e86fb433970
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How about your dad? Did you-- Were you able to reconcile with him?
customer: He sold it for almost nothing in 2008, and Room & Board continued to grow and be successful. agent: Yeah. customer: So, so that's was... That's the most complicated one. Um-
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3,989.218
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I think so, in certain ways. Um, [laughs] he, he wasn't someone that would necessarily reconcile his differences with people, whether it be his children or his brother or whatever. It kinda goes away, but you don't sit down and really define it.
agent: Yeah. customer: So, so that's was... That's the most complicated one. Um- agent: How about your dad? Did you-- Were you able to reconcile with him?
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https://rss.art19.com/ep…e86fb433970_0434
He was a man of his generation.
customer: So, so that's was... That's the most complicated one. Um- agent: How about your dad? Did you-- Were you able to reconcile with him? customer: I think so, in certain ways. Um, [laughs] he, he wasn't someone that would necessarily reconcile his differences with people, whether it be his children or his brother ...
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https://rss.art19.com/ep…00762e86fb433970
https://rss.art19.com/ep…e86fb433970_0435
Yes, exactly. Exact- The closest, [laughs] the closest thing he came, actually, was, this was, like, the day before he died, last thing he said to me. No, not the last thing he said to me. Second to last thing he said to me. My mom said to him, "Okay, Don, what's gonna happen with Gabberts?" 'Cause they were struggling...
agent: How about your dad? Did you-- Were you able to reconcile with him? customer: I think so, in certain ways. Um, [laughs] he, he wasn't someone that would necessarily reconcile his differences with people, whether it be his children or his brother or whatever. It kinda goes away, but you don't sit down and really d...
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My mom said to him, "Okay, Don, what's gonna happen with Gabberts?" ... And my dad said, "Ah, don't worry, John'll buy it."
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