Business CEO's and business practices in general

[glenwolde]

Sorry but I think you guys are off-base. It's not like CRBL has had massive success over the last few years sticking with the same-old-same-old. Look at their financials. Something needs to change. Their demographic is dying off and they need to do something to stay relevant to younger customers. We may love it but Gen X,Y,Z? Not so much. Now they've been bullied into a reversal. I'd be surprised if they have the same store count five years from now if they keep on doing what they are doing.

 

[DWalt]

Remember that the shareholders elect the BOD.

It is more like a few large shareholders elect (select) the board members. At least in larger companies' BOD elections, the vast majority of smaller shareholders have not the remotest idea who is up for election to the BOD, nor anything about them, and just vote "For" for whatever names appear on the ballot. Proxy ballots generally have only a list of names of the BOD candidates and offer a choice of For, Against, and Abstain for each name. I nearly always vote "Abstain." You know that 99% of the time, those on the ballot list will be the ones elected to the BOD anyway. Corporate BOD elections for the most part are nothing like political elections in which the candidates must campaign for votes. Normally, but not always, there is no campaigning for board seats, and BOD elections are not really elections, but appointments.

 

[DWalt]

i have an MBA, biggest problem with too many MBA programs is they have become too quantification oriented, trying to turn it into hard science. The note economist Lester Thurow noted that to be accepted as an economist today requires dazzling virtuosity in math but relying on assumptions that make the math work but fly in the face of reality.
One of my professors told me to stay away from the banks, 40 years he noted they sneer at MBAs but
banking had become very much a seat of the pants operation, people take every shortcut they can and let their egos get in the way. And are not as smart as they think they are.
50 years ago a savvy Wall Street lawyer told me the dark ugly secret of American capitalism is the many companies are run for the benefit of their top officers-often the top officer.

Having considerable experience in retail banking and S&Ls, I would never recommend considering them as employers. I have observed that upper management of such institutions are, likely as not, either crooks or morons, possibly both simultaneously. But in my position I saw mainly only the worst institutions.

 

[DWalt]

Sorry but I think you guys are off-base. It's not like CRBL has had massive success over the last few years sticking with the same-old-same-old. Look at their financials. Something needs to change. Their demographic is dying off and they need to do something to stay relevant to younger customers. We may love it but Gen X,Y,Z? Not so much. Now they've been bullied into a reversal. I'd be surprised if they have the same store count five years from now if they keep on doing what they are doing.

Possibly a correct assessment. Customer expectations and preferences do change over time. My experience with CBRL is very limited, only one visit over 10 years ago, maybe closer to 15. The service was so bad that my wife nixed ever returning. She had quite a blowup with the manager.

 

[cowboy94916]

MBA should stand for "Makes Bad Assumptions". When I was coming up thru the ranks as an engineer, I worked for a number of self made men. They taught me that a degree would get you maybe an interveiw. To get promoted it only came with hard work, passion for the business and results. When it came time to pick an engineering manager for all operations. I beat out 3 PE one if which had an MBA. Why because I had a team that got results. They knew what had to be done and allowed me the oppurtunity to work on special projects for expansion. The door didn't hit us on the behind after 8 hours. We did what it took and had no expectations that an advance degree got you a penny more. The raises and promotions were totally based on results.
Many found out when they went to go elsewhere in the corporation, that degree may get you an interveiw or may work against you. What did work was a resume with results and a reputation in your division, industry or professional focus.
Our 100 year old company was destroyed in 5 years by MBA's, their consultants, a lack of understanding of our processes, greed and nafta move to mexico to get cheap labor. As I wanted no part of moving to Mexico, I left after a 30 yr career.

I got a call from an old associate, 5 years later while working in Canada, informing me the company was gone along with 1 other division and another was being sold for scrap. He wanted me to know the primary instigators had all been fired with prejudice. Sad that $1.4 billion dollars of sales with very good profit margins had gone bankrupt and sold off for scrap. Because all that so called talent couldn't move the divisions to Mexico and meet customer expectations. My life went on, but I still feel for the multiple thousands of others whose life was totally screwed up by Bad Assumptions. Sorry for the vent its been 25 years and still irritates me when I see the people I used to work with.

 

[BLACKHAWKNJ]

I wonder if this Cracker Barrel logo change wasn't just some sort of trial balloon, if it was serious then they're behind the curve since the backlash against wokeness and PCness is gaining strength.
Management of corporations, especially big one, often have just as much an Ivory Tower mentality as academia with much more serious consequences. Many companies are like Organized Crime, they're organized to shield the big bosses from exposure, let them stay in the shadows, out of sight. And the Ivory Tower management style means the higher ups often don't even understand how their companies actually earn their money, make their profits, who their customers actually are.
I recall the now retired manager of the McDonald's I patronize frequently, Hispanic fellow, always neatly dressed. Often saw him there Saturday or Sunday evening, other off-shifts, manning the cash register, had a memory for faces, recognized his regular customers, etc.
One flaw in many companies is they skimp on training employees, lower level managers. then cuss them out when they make mistakes-a lot like the military IMHO.

 

[Bekeart]

Sorry but I think you guys are off-base. It's not like CRBL has had massive success over the last few years sticking with the same-old-same-old. Look at their financials. Something needs to change. Their demographic is dying off and they need to do something to stay relevant to younger customers. We may love it but Gen X,Y,Z? Not so much. Now they've been bullied into a reversal. I'd be surprised if they have the same store count five years from now if they keep on doing what they are doing.

Nostalgia Sells on Flea-Bay.

What if S&W had stayed Revolvers Only?

IMHO McDonald's recent price increases were revolutionary - e.g. REVOLTING.
Customers voted with their feet.

In the mail I receive a monthly stack of discount coupons, many for fast and some not so fast food.

A McDonald's discount coupon has never been included.
They rely on posted signage at their businesses.
Preaching to the Choir does not lead to Conversions.

Bekeart

 

[gmarshall99]

I've come to the conclusion that after watching CEO's of fortune 500 companies make boneheaded decisions, they are no smarter than the rest of us, and not worth the millions are paid.

 

[chief38]

Nostalgia Sells on Flea-Bay.

What if S&W had stayed Revolvers Only?

IMHO McDonald's recent price increases were revolutionary - e.g. REVOLTING.
Customers voted with their feet.

In the mail I receive a monthly stack of discount coupons, many for fast and some not so fast food.

A McDonald's discount coupon has never been included.
They rely on posted signage at their businesses.
Preaching to the Choir does not lead to Conversions.

Bekeart

IMO the way to increase sales is to step up their selection, variety and quality. Since the logo has been there so long, leave that alone so as not to piss off the regulars that still patronize the place. I don't think that anybody really gave their old logo much thought at all (until this fiasco) - they just walked in and ate. When you change a logo that has bee in place for about 60 years, some get bent out of shape! Attracting NEW customers has absolutely nothing to do with their logo IMO. You do that will real improvements, advertising, specials, coupons, bill boards and not with logo changes.

I have eaten at CB a few times when on the road. I do not love it or hate it. IMHO it's descent, but nothing I'd go out of my way to eat at. It's convenient when on the road but when I am not driving distances, I'd never go there. There are way better places to eat at IMO. My wife and I go to Skillets often (many locations in our area) and we feel the quality is far superior to CB. Every Friday when we head to the Range, my shooting Bud's and I go there for breakfast. It's always great - even their coffee. Probably a bit pricier than CB but you get what you pay for. I know some people go goo - goo - ga - ga over CB but I never really understood why.

My old man used to go nuts over White Castle - I thought it was dog food! To each his own!

 

[mtgianni]

No one has talked yet about boards. It doesn't matter what the CEO wants if there are board members that are not just "yes men". Too many are staffed by those who only want to agree with the top management, take their check and go home.

 

[TX-Dennis]

This is one of my favorite examples of people who cite Kodak as being short-sighted - which in hindsight I don't think they were. They KNEW the end was coming.

Yes, Kodak sold cameras but they never made money on cameras. They made (and sold) a LOT OF film, and processing chemicals, and photo paper, and developing services, and processing equipment, and stuff for movies and slides and microfilm, etc. ad nauseum - NONE of which exist for digital cameras. If they had embraced digital photography at that point, they would have alienated 95% of their business, and they knew it because Kodak had the one thing for digital photography that nobody else had - the patent. Can you imagine the reception the guy who developed digital photography got from the bosses at Kodak when he came to them with a product that literally eliminated the vast majority of how they made their money??? It's no wonder they sat on that patent!

Kodak knew in their bones that the end was coming, just a sure as CDs replaced vinyl records and MP3s replaced CDs and streaming replaced MP3s. They rode film photography to the bitter end, but in the end they knew they just couldn't compete with foreign manufacturers making digital cameras because there was no easy conversion from their existing business to the new model. It was sad, but it was as inevitable as the tides.

Many people do not realize that Kodak still exists. Their focus is on commercial imaging including printing and the motion picture industry where they still reign supreme. It's a much smaller company today with a different focus, but they are still in business. Not to mention their former subsidiary Eastman Chemical which was spun off some years ago and is quite successful today.

 

[GypsmJim]

MBA should stand for "Makes Bad Assumptions". When I was coming up thru the ranks as an engineer, I worked for a number of self made men. They taught me that a degree would get you maybe an interveiw. To get promoted it only came with hard work, passion for the business and results. When it came time to pick an engineering manager for all operations. I beat out 3 PE one if which had an MBA. Why because I had a team that got results. They knew what had to be done and allowed me the oppurtunity to work on special projects for expansion. The door didn't hit us on the behind after 8 hours. We did what it took and had no expectations that an advance degree got you a penny more. The raises and promotions were totally based on results.
Many found out when they went to go elsewhere in the corporation, that degree may get you an interveiw or may work against you. What did work was a resume with results and a reputation in your division, industry or professional focus.
Our 100 year old company was destroyed in 5 years by MBA's, their consultants, a lack of understanding of our processes, greed and nafta move to mexico to get cheap labor. As I wanted no part of moving to Mexico, I left after a 30 yr career.

I got a call from an old associate, 5 years later while working in Canada, informing me the company was gone along with 1 other division and another was being sold for scrap. He wanted me to know the primary instigators had all been fired with prejudice. Sad that $1.4 billion dollars of sales with very good profit margins had gone bankrupt and sold off for scrap. Because all that so called talent couldn't move the divisions to Mexico and meet customer expectations. My life went on, but I still feel for the multiple thousands of others whose life was totally screwed up by Bad Assumptions. Sorry for the vent its been 25 years and still irritates me when I see the people I used to work with.

Your experience mirrors mine to the letter. For me it's been 23 years.

Our last good CEO started as a salesman and worked his way up, thru the ranks. When he went to a plant he would tour the entire facility and speak to every single employee. Subsequent MBAs were arrogant and demeaning. Glad I left.

 

[Ματθιας]

Sorry but I think you guys are off-base. It's not like CRBL has had massive success over the last few years sticking with the same-old-same-old. Look at their financials. Something needs to change. Their demographic is dying off and they need to do something to stay relevant to younger customers. We may love it but Gen X,Y,Z? Not so much. Now they've been bullied into a reversal. I'd be surprised if they have the same store count five years from now if they keep on doing what they are doing.

I think that's true about customers dying off.

It's like the cafeteria type dining. Cafeterias used to be somewhat common. Advertised on TV and everything. Now, I can't think of one aside from the ones in hospitals.

My folks, Silent Gens, loved them. I didn't like it at all. I especially didn't like standing in line with a tray... And the food, mediocre, at best. To me it was a step above 7/11 or gas station food.

I've not been to a CB in many, many, years. The last time I went, the "clean" silverware still had food on it! Yeah, no.

 

[Oldengineer]

This thread makes me ponder the efficacy of our current leadership.

 

[DWalt]

Many people do not realize that Kodak still exists. Their focus is on commercial imaging including printing and the motion picture industry where they still reign supreme. It's a much smaller company today with a different focus, but they are still in business. Not to mention their former subsidiary Eastman Chemical which was spun off some years ago and is quite successful today.

Kodak is still in the film business, sort of. There was a post-bankruptcy spinoff from Kodak that continued the manufacture of some varieties of film, but it was later sold to another company, which I believe is still operating under the Kodak name, even though it is not a part of Kodak. And there are still some overseas film manufacturers. But it is a limited market, and the film available is now somewhat expensive. Most movies today, but not all, are shot with very advanced digital movie cameras. Some movie directors insist on using film for artistic reasons. But that film is often later digitized for distribution to theaters, few of which still have film projectors. One of the major benefits of digital movies is that it greatly simplifies the logistics of distribution from studios to theaters.

 

[DWalt]

I think that's true about customers dying off.

It's like the cafeteria type dining. Cafeterias used to be somewhat common. Advertised on TV and everything. Now, I can't think of one aside from the ones in hospitals.

My folks, Silent Gens, loved them. I didn't like it at all. I especially didn't like standing in line with a tray... And the food, mediocre, at best. To me it was a step above 7/11 or gas station food.

I've not been to a CB in many, many, years. The last time I went, the "clean" silverware still had food on it! Yeah, no.

I was thinking much the same about cafeterias and their close cousins, buffets. 25-30 years ago, there were many of them here in San Antonio, found in every neighborhood. Right now, I can think of only a handful, and those are mainly Chinese and Indian buffets. I don't know of a single remaining cafeteria-style restaurant, except, as you said, some in hospitals and at the military bases.