Chet Cadieux KU Business Presentation


#1

This is a great presentation on QuikTrip “A Values Based Business.”

Some of the highlights:

  • [4:23] - “Some companies when they are written up for best practices, it is like the kiss of death. You get the Baldrich Award, the next year you are bankrupt. Or you are in Good To Great, and no you are no where to be found… In the years since we’ve written about them, they continue to be among Fortunes ‘100 Best Companies To Work For.’ Think about that, 10 years running.”

  • [7:23] - Who We Are

  • [11:05] - Success all because strong culture - almost cult. Found out core values they had and only hire those who have those same values.

  • I like how he says its like a cult because people self-select and leave very quickly if they made a hiring mistake. One of the best filters ever. - [19:29]

What We Believe In

  • [12:31] - Be The Best

  • [13:00] - Never Be Satisfied

  • [14:44] - Focus Long Term

  • [15:39] - Do What’s Right for QT

  • [17:17] - Do The Right Thing

  • [19:15] - Hired people with these values so that if the company switched, whey would mutiny.

  • [19:58] - Purpose: Why Do We Do This?

Focus: People

  • [23:23] - Pay Well - not based on market, based on talent coming in the door wanting to work there.

  • [24:14] - Very Picky with dedicated interviewer. Experts

  • [24:51] - Always run 30% long on headcount on Part Time and Full Time.

  • [30:05] - Focus: Place

  • [32:38] - Don’t Take Ourselves Too Seriously

Q&A

  • [34:15] - Typical advancement for employees?

  • [37:20] - Specific hiring methodology

  • [38:27] - What are your challenges in creating new ideas?

  • [39:55] - Question about specific site selection.

  • [42:56] - Employee meetings & transparency

  • [45:10] - Future with alternative fuels

  • [47:20] - “Keep the source in mind, I just a dumb old guy from Oklahoma who sells Snickers bars. So I don’t pretend to know everything, but I would tell you that the world will never run out of oil.”

  • [50:43] - Talk about the genesis of QuikTrip core values

  • [53:28] - Talks about financial returns

  • [55:40] - Rationale on 60% part timers

  • [58:20] - How do you attract customers?

  • [60:00] - You have side doors, how do you keep customers from stealing?

  • [1:02:30] - Constraints on growth?

  • [1:06:46] - You are so transparent with giving information to employees, why don’t you think competitors haven’t been able to copy you?

“I think it is very hard for most people to get over the hurdle that their people are literally an investment, rather than an expense item. It’s really hard to come to a conclusion that you are going to invest people on the front line.”


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