How to Lead, Build a Culture, and Prioritize like S. Truett Cathy (Billionaire restaurateur) by Evan Carmichael

"I realized I could do anything if I wanted it badly enough." - S. Truett Cathy

Samuel Truett Cathy (born March 14, 1921) is the founder of Chick-fil-A, a quick service restaurant chain based in suburban Atlanta, Georgia, USA. When his parents couldn't pay their bills from his father's job they began renting out rooms in their house, providing a bed and two meals to guests for a dollar a day. At any given time, there would be as many as 8 guests in the Cathy house. That, on top of Cathy’s two brothers, four sisters, and parents. According to Cathy: “Growing up in a boarding house introduced me to hard work and taught me the value of diligent labor."

By the time he was eight years old, Cathy was already an entrepreneur, chipping in where he could to help support his family. He began buying six-packs of Coca Cola for 25 cents and selling the individual bottles door to door for five cents each. In high school he read "Think and Grow Rich" by Napoleon Hill which had a profound impact on his life: “I wasn’t all that bright. I had difficulty keeping up in class and I had always carried with me a bit of an inferiority complex. But I enjoyed my work and I enjoyed the rewards of working. As I read Mr. Hill’s book, I realized I could do anything if I wanted it badly enough. His words motivated me and showed me that I live in a do-it-yourself world.”

With just over $10,000 of his own and the bank's money, Cathy opened up his first restaurant in 1946. Today, his Chick-fil-A restaurant chain has over 1,500 locations and Cathy's net worth is over $1.5 billion making him one the richest people in North America.

Action Item #1: Lead from the Front

Your business will only be as strong as the people you have helping you. If you want them to perform and be motivated then you need to be a source of inspiration and lead them.

After a particularly rough year in 1974 where inflation rates rose unexpectedly, Chick-fil-A was hit hard in the pocketbook. They had to spend more money on advertising to attract people into the restaurants. Not wanting his operators to lose their shirts, Cathy decided that he would cover the unexpected increase in costs. He took the hit so they wouldn't have to.

According to Cathy: “I didn’t take a salary that year because I didn’t want our employees to take pay cuts. I struggled with this but I was determined not to lose sleep over it...Too many CEOs are leaving sinking ships. They should be the last ones to leave the company. If some people are losing money, everyone should lose money, not just the stockholders.”

Action Item #2: Build a Culture

If you're really clear about the type of company that you want to build and the type of people you want to hire then it'll be much easier to attract people to you who believe in your vision. There is no right or wrong culture but it's important that you build one that people can rally behind if you want to really accelerate your business growth.

Cathy doesn't believe that businesses should be open seven days per week. He built a culture around working hard for six days and then having a day off to spend with your family and for your spiritual well-being. As a result he attracts people who believe in that culture and strengthen it.

According to Cathy: “Why do we close on Sunday? Well, it started back in 1946 when I opened my first restaurant... After the first week, I determined that if it took seven days a week to make a living, I should be in some other business... We find closing on Sunday attracts those people who give attention to spiritual growth and are family oriented... The fact that we have Sunday closing helps attract quality employees."

Action Item #3: Keep Your Priorities in Order

As entrepreneurs we often don't do a great job of managing our lives. We work too hard, eat bad food, don't look after bodies, neglect those around us... all in the name of building our businesses. If that's you, it might be time to reconsider where your priorities are.

When Cathy was 38 years old, he was diagnosed with colon cancer. He thought his life as he knew it was over. It wasn't, but the experience did force Cathy to re-examine his principles.

According to Cathy: "I think I’d like to be remembered as one who kept my priorities in the right order. We live in a changing world, but we need to be reminded that the important things will not change if we keep our priorities in proper order."