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Transcript of Audio: Dial toll free: 866-740-1260 Access Code: 3289796 Problems? ReadyTalk Customer Care:...
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Audio: Dial toll free: 866-740-1260 Access Code: 3289796Problems? ReadyTalk Customer Care: 800-843-9166
King Arthur Flour Company: Mixing Tradition with New Inventions
Steve Voigt, President & CEOSarah McGinley-Smith, Employee-Owner
Moderator: Diane Stoneman, Dir. of Consulting and Training, Winning Workplaces
Start Time: 10 am CT
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• Founded in 2001 by co-owners of Fel-Pro Auto Gaskets
• Committed to small enterprises building healthy, productive work cultures
• Triple bottom line: Business, People, Community.
Winning Workplaces
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Winning Workplaces
Online Clearinghouse
Business Leader
Webinars
Consulting & Training
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• The Wall Street Journal
• Winners profile @ WSJ.Com/Entrepreneur
• 2008 Best Practice Report@ WinningWorkplaces.org
• Top Small Workplaces conference Oct. 1& 2 in Chicago
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ATA EngineeringDecagon DevicesIntegrated Project Management (IPM)JA Frate Jackson's HardwareJump Associates King Arthur Flour Company Landscape FormsLundberg Family FarmsNew Belgium BrewingPhenomenexRainforest AllianceResource InteractiveThe Paducah Bank & Trust The Redwoods Group
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2008 Winners at a Glance
• Steady rate of growth, 2005-2007 = 23%.
• Revenues range= $8-$107 mil.; average $36 million.
• Employees ranges from 48 to 477; average 154.
• Average tenure= 6 years; average turnover rate 13%.
• Stable leadership: avg. CEO tenure = 17 years.
• Long term business: average 42 years.
• 10 out of 14 firms= employees share in ownership.
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Our Agenda Today
• King Arthur Flour History
• Evolution Over Time- Two Perspectives
• Lessons Learned
• Audience Questions
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Meet our Presenters
Steve Voigt
President & CEO
Sarah McGinley-SmithEmployee-Owner
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King Arthur Flour King Arthur Flour HistoryHistory
1790: Henry Wood began importing flour to Long Wharf in Boston1896: Owners gave product a new brand name: King Arthur Flour1984: Then-owner Frank Sands moved company to Norwich, Vermont1990: Mail order catalogue established1992: Baker’s Store opened1995: King Arthur Flour’s new headquarters, Camelot, was built.1996: Frank Sands decides to sell his company to his employees2004: King Arthur Flour becomes 100% employee-owned2007+2008+2009: Ranked in top 5 for best places to work in Vermont
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Snapshot of GrowthSnapshot of Growth
1990 2008
Employees: 3 160
Products offered: 142 1500
Annual catalogues: 125,000 5,800,000
Annual emails: 0 25,000,000
Facilities (sq. ft): 4000 62,000
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King Arthur Flour TodayKing Arthur Flour Today• 170 employee owners
• $73 million in sales
• Flour: grocery, Bakery Food Service
• Direct: web, catalogue, retail store
• Education: Baking Education Ctr, LifeSkills, Traveling Baking Demonstrations
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Company TransformationCompany Transformation
• Challenges
• Culture
• Leadership during change
• What went right
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Employee InvolvementEmployee Involvementat time of transitionat time of transition
• Employees already acting like owners- now actually owners
• Stock price decrease
• Ownership vs. operational involvement
• Maintaining culture after original owners phase out
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Employee Involvement Today= Employee Involvement Today= TeamsTeams
• Safety• ESOP • Stewardship
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Employee Involvement Today= Employee Involvement Today= Brown Bag Lunches Brown Bag Lunches
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Employee Involvement Today= Employee Involvement Today= Owner Meetings Owner Meetings
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Employee Involvement Today= Employee Involvement Today= Intranet/Tablespoon/Wiki Intranet/Tablespoon/Wiki
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Employee Involvement Today= Employee Involvement Today= Brain food Classes Brain food Classes
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Ingredients for SuccessIngredients for Success• Involvement (the Round Table)• Quality• Fun and Celebration• Pride
• Open Book
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Lessons LearnedLessons Learned
– Succession is tricky (it was in the days of kings as well)
– Developing leaders from within to match pace of new opportunities
– Communication even more critical
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ROI Impact of ROI Impact of TransformationTransformation
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Questions or Feedback?
Steve Voigt
President & CEO
Sarah McGinley-SmithEmployee-Owner
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Upcoming Webinar
Engaging Fresh Young Talent in the Workplace Featuring:
Dave Schmitz, General Mgr, The Steppenwolf Theatre,
Tom Walter, CEO, Tasty Catering, Elk Grove Village, IL
October 20, 2009 @ 10:00 a.m. CST
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Thank you for joining us.Thank you for joining us.
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