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WEBVTT 1 00:00:00.000 --> 00:00:02.140 DON KURATKO: Hello, I'm Dr. Don Kuratko, 2 00:00:02.140 --> 00:00:04.680 known as Dr. K, executive director of the Johnson 3 00:00:04.680 --> 00:00:06.560 Center for Entrepreneurship and Innovation 4 00:00:06.560 --> 00:00:08.102 here at the Kelley School of Business 5 00:00:08.102 --> 00:00:09.720 at Indiana University Bloomington. 6 00:00:09.720 --> 00:00:12.240 Many times, I get questions about why is the name 7 00:00:12.240 --> 00:00:14.257 Johnson on the Johnson Center. 8 00:00:14.257 --> 00:00:16.840 And really, that's because of an entire entrepreneurial legacy 9 00:00:16.840 --> 00:00:18.920 that came from the Johnson family. 10 00:00:18.920 --> 00:00:21.640 So we thought one good way to explain 11 00:00:21.640 --> 00:00:23.960 the legacy is to have with us someone 12 00:00:23.960 --> 00:00:26.720 who could certainly speak to that, and that is Rick Johnson. 13 00:00:26.720 --> 00:00:29.440 Rick is now the CEO and head of Johnson Ventures 14 00:00:29.440 --> 00:00:32.437 and really the head of the entire Johnson family legacy. 15 00:00:32.437 --> 00:00:34.520 And so, Rick, I thought it'd be great to bring you 16 00:00:34.520 --> 00:00:37.400 into the studio and have you talk to all of us a little bit, 17 00:00:37.400 --> 00:00:40.900 in summation, about really what the Johnson legacy is all about, 18 00:00:40.900 --> 00:00:43.660 how this entrepreneurial legacy really got started. 19 00:00:43.660 --> 00:00:46.040 So first of all, let me welcome you, Rick, to be with us. 20 00:00:46.040 --> 00:00:46.980 It's great to have you here. 21 00:00:46.980 --> 00:00:47.460 RICK JOHNSON: Thanks, Don. 22 00:00:47.460 --> 00:00:48.960 Appreciate it very much. 23 00:00:48.960 --> 00:00:50.220 I'm happy to be here. 24 00:00:50.220 --> 00:00:53.280 And why don't I just-- 25 00:00:53.280 --> 00:00:54.700 maybe just start at the beginning. 26 00:00:54.700 --> 00:00:57.280 We'll do it, encapsulate it a bit, but that'd be great. 27 00:00:57.280 --> 00:01:02.420 But my dad, Dick, who really was the initial sponsor 28 00:01:02.420 --> 00:01:04.560 of the Johnson Center along with the family. 29 00:01:04.560 --> 00:01:07.540 But he obviously drove it. 30 00:01:07.540 --> 00:01:14.340 And he began in business in 1959. 31 00:01:14.340 --> 00:01:18.880 And really was a small jobber ship of Shell Oil Company, 32 00:01:18.880 --> 00:01:23.580 which is a distributor of petroleum products to farm 33 00:01:23.580 --> 00:01:26.220 and industrial locations. 34 00:01:26.220 --> 00:01:31.420 And his start really came from his dad, who, in typical Johnson 35 00:01:31.420 --> 00:01:34.360 fashion, cosigned a loan, didn't give him any money, 36 00:01:34.360 --> 00:01:36.540 didn't loan him any money, cosigned a loan 37 00:01:36.540 --> 00:01:41.060 because my grandfather knew he wanted to help, 38 00:01:41.060 --> 00:01:44.880 but he wanted to help my dad do what my dad needed to do, 39 00:01:44.880 --> 00:01:47.980 which was to borrow the money and pay the money back himself. 40 00:01:47.980 --> 00:01:50.120 So my grandfather cosigned a note. 41 00:01:50.120 --> 00:01:55.700 My dad purchased a small jobber ship, distributor ship, 42 00:01:55.700 --> 00:01:57.660 of Shell Oil products. 43 00:01:57.660 --> 00:02:01.760 And business was-- at that point, 44 00:02:01.760 --> 00:02:06.180 really a secretary, a truck driver, and my dad, 45 00:02:06.180 --> 00:02:07.380 who was also a truck driver. 46 00:02:07.380 --> 00:02:13.320 So a very humble, slow start to really what ended up 47 00:02:13.320 --> 00:02:16.200 being a great, great career. 48 00:02:16.200 --> 00:02:20.720 The business grew over a lot of years, kind 49 00:02:20.720 --> 00:02:23.960 of slow, even general progress. 50 00:02:23.960 --> 00:02:27.240 My dad was a good guy, focused on what 51 00:02:27.240 --> 00:02:29.180 he needed to do from a business standpoint, 52 00:02:29.180 --> 00:02:31.720 but also good on the relationship side. 53 00:02:31.720 --> 00:02:33.560 So he developed good relationships 54 00:02:33.560 --> 00:02:37.120 with Shell Oil Company and, over time, 55 00:02:37.120 --> 00:02:40.440 Shell-- as Shell Oil Company moved their gasoline facilities 56 00:02:40.440 --> 00:02:45.200 more toward urban areas, my dad was 57 00:02:45.200 --> 00:02:48.840 able to take over some supply contracts to dealers, which 58 00:02:48.840 --> 00:02:52.880 at that day, were independent dealers who 59 00:02:52.880 --> 00:02:55.820 had repair facilities for cars and sold gasoline. 60 00:02:55.820 --> 00:02:59.590 So he took over supply relationships for that. 61 00:02:59.590 --> 00:03:03.970 As the company grew, the entire family was involved in it. 62 00:03:03.970 --> 00:03:07.870 My mom became a secretary and office administrator, then 63 00:03:07.870 --> 00:03:08.890 office manager. 64 00:03:08.890 --> 00:03:11.110 Everything started pretty humble. 65 00:03:11.110 --> 00:03:14.870 My sister and I went in on weekends to, 66 00:03:14.870 --> 00:03:18.370 at the ends of the month, to send out invoices-- 67 00:03:18.370 --> 00:03:21.210 fold invoices, stick them in the envelopes. 68 00:03:21.210 --> 00:03:22.630 Lick the, I still think-- 69 00:03:22.630 --> 00:03:23.970 DON: This is as you're growing up too, right? 70 00:03:23.970 --> 00:03:24.887 I mean, we're talking. 71 00:03:24.887 --> 00:03:28.390 RICK: Based on 5, 6, 7, 8, 9, 10 years old, 72 00:03:28.390 --> 00:03:32.570 learning how to paint gas station curbs and pull weeds. 73 00:03:32.570 --> 00:03:36.190 And so really, I think that's really 74 00:03:36.190 --> 00:03:38.290 how we approach business, too. 75 00:03:38.290 --> 00:03:41.550 I mean, from the standpoint of as the businesses grew 76 00:03:41.550 --> 00:03:45.590 and the responsibilities grew, still my dad 77 00:03:45.590 --> 00:03:48.430 and I would walk through our convenience stores, which 78 00:03:48.430 --> 00:03:54.070 we started in 1981 after I got out of school here at IU. 79 00:03:54.070 --> 00:03:57.870 But we'd still walk through the driveways, 80 00:03:57.870 --> 00:04:00.250 picking up paper, pulling weeds. 81 00:04:00.250 --> 00:04:04.270 Not every day, all day obviously, 82 00:04:04.270 --> 00:04:08.250 but it's just the philosophy we grew up with: 83 00:04:08.250 --> 00:04:09.750 nothing too small to do. 84 00:04:09.750 --> 00:04:13.690 And clearly, the example of being 85 00:04:13.690 --> 00:04:15.570 willing to step out there and show 86 00:04:15.570 --> 00:04:19.130 how it ought to be done, even to the smallest of tasks, 87 00:04:19.130 --> 00:04:22.192 would be part of what the philosophy would be. 88 00:04:22.192 --> 00:04:24.650 DON: One of the innovations was the idea of the convenience 89 00:04:24.650 --> 00:04:25.150 stores. 90 00:04:25.150 --> 00:04:26.890 And you've told the story that, you know, 91 00:04:26.890 --> 00:04:29.010 how you guys started to come up with the idea of maybe having 92 00:04:29.010 --> 00:04:31.530 some food and some things that could sell besides just 93 00:04:31.530 --> 00:04:33.340 petroleum products. 94 00:04:33.340 --> 00:04:35.590 RICK: Yeah, that was a big transition in the business. 95 00:04:35.590 --> 00:04:38.410 And over time, our business-- the Johnson Oil Company 96 00:04:38.410 --> 00:04:40.690 business-- switched from this industrial lubricants 97 00:04:40.690 --> 00:04:42.290 and farm fuels. 98 00:04:42.290 --> 00:04:44.690 We ended up exiting that business 99 00:04:44.690 --> 00:04:46.930 and converted it to a convenience 100 00:04:46.930 --> 00:04:49.210 store, retail convenience store business. 101 00:04:49.210 --> 00:04:51.530 And that really happened over time 102 00:04:51.530 --> 00:04:55.770 as these dealers who we supplied would go out 103 00:04:55.770 --> 00:04:58.350 of business on the automotive side, 104 00:04:58.350 --> 00:04:59.850 and you'd have to find a new dealer. 105 00:04:59.850 --> 00:05:02.670 And we ended up, uh, company-operating 106 00:05:02.670 --> 00:05:07.510 some of those locations selling motor oil, snacks, drinks, 107 00:05:07.510 --> 00:05:11.230 which initially was through vending machines and those types 108 00:05:11.230 --> 00:05:11.810 of things. 109 00:05:11.810 --> 00:05:17.530 And then in 1981, we did take a store in Nashville, Indiana, 110 00:05:17.530 --> 00:05:22.230 and set up a small store, which was maybe 111 00:05:22.230 --> 00:05:26.670 3 or 400 square feet, very small, and began 112 00:05:26.670 --> 00:05:29.570 the process of understanding how to merchandise, how to market, 113 00:05:29.570 --> 00:05:33.870 how to control the accounting side of the business. 114 00:05:33.870 --> 00:05:39.310 Which, that grew to about 15 to 20 stores. 115 00:05:39.310 --> 00:05:43.490 And then we implemented a logo to bring those stores together, 116 00:05:43.490 --> 00:05:46.270 a brand, which was Bigfoot Convenience Stores, 117 00:05:46.270 --> 00:05:49.850 and that really became the key business. 118 00:05:49.850 --> 00:05:56.530 So it was a process of going from distributor to retailer. 119 00:05:56.530 --> 00:05:58.890 Lots of fun. 120 00:05:58.890 --> 00:06:00.450 As you looked around the world, I 121 00:06:00.450 --> 00:06:04.130 don't think we could say our process then or now, 122 00:06:04.130 --> 00:06:06.390 did we really invent anything different? 123 00:06:06.390 --> 00:06:07.590 No, I don't think we did. 124 00:06:07.590 --> 00:06:09.850 But the process of innovation for us 125 00:06:09.850 --> 00:06:12.450 is taking best practices and concepts that 126 00:06:12.450 --> 00:06:14.130 have worked over a lot of different time 127 00:06:14.130 --> 00:06:15.990 in a lot of different industries, 128 00:06:15.990 --> 00:06:18.650 and applying them to a business that maybe they 129 00:06:18.650 --> 00:06:20.330 hadn't been applied to before. 130 00:06:20.330 --> 00:06:24.495 So looking around the world as a generalist and then saying, 131 00:06:24.495 --> 00:06:26.370 how do we take these general things that work 132 00:06:26.370 --> 00:06:29.930 and then apply them specifically to the business we had at hand 133 00:06:29.930 --> 00:06:32.850 in a different way that was more compelling to the customer 134 00:06:32.850 --> 00:06:35.010 than some of our competitors had done? 135 00:06:35.010 --> 00:06:37.130 DON: As you grew from Nashville and you 136 00:06:37.130 --> 00:06:39.810 say you started, did you grow and emanate from there 137 00:06:39.810 --> 00:06:43.030 and start to the circumference of the local area? 138 00:06:43.030 --> 00:06:43.850 Is that how you-- 139 00:06:43.850 --> 00:06:44.642 RICK: Yeah, we did. 140 00:06:44.642 --> 00:06:51.490 Clearly it grew from this Bloomington, Columbus, Nashville 141 00:06:51.490 --> 00:06:52.030 area. 142 00:06:52.030 --> 00:06:54.470 We had a footprint in Southern Indiana 143 00:06:54.470 --> 00:06:57.570 that, where we distributed these Shell Oil products. 144 00:06:57.570 --> 00:07:00.010 And so that was really the beginning of that. 145 00:07:00.010 --> 00:07:04.230 And as we grew, we stretched out to various markets 146 00:07:04.230 --> 00:07:06.570 in Illinois, Kentucky, and of course, 147 00:07:06.570 --> 00:07:07.970 broader areas of Indiana. 148 00:07:07.970 --> 00:07:09.870 We really liked being-- and we found 149 00:07:09.870 --> 00:07:11.910 the power of a retail brand-- and we 150 00:07:11.910 --> 00:07:14.510 liked being number 1 or number 2 player; 151 00:07:14.510 --> 00:07:17.590 number 1, obviously best, but number 2 is good too. 152 00:07:17.590 --> 00:07:22.170 And in mid-sized markets, which would be Bloomington, Columbus, 153 00:07:22.170 --> 00:07:26.310 Evansville; Champaign, Illinois; those size 154 00:07:26.310 --> 00:07:30.550 markets were really areas where we could have 6, 7, 8 stores, 155 00:07:30.550 --> 00:07:31.810 be a major player. 156 00:07:31.810 --> 00:07:34.690 People became very familiar and comfortable with our offer. 157 00:07:34.690 --> 00:07:36.690 We could afford to advertise effectively. 158 00:07:36.690 --> 00:07:42.930 We could be known as a or the leading player in those markets. 159 00:07:42.930 --> 00:07:48.070 And when you develop a brand to be a leading player, 160 00:07:48.070 --> 00:07:54.060 there are some benefits to that in terms of just the familiarity 161 00:07:54.060 --> 00:07:57.020 and the depth that you can penetrate the customer 162 00:07:57.020 --> 00:07:58.160 base with your program. 163 00:07:58.160 --> 00:08:00.860 And quite frankly, you get some added benefit 164 00:08:00.860 --> 00:08:03.940 in terms of market penetration. 165 00:08:03.940 --> 00:08:07.540 DON: By the late 90s, how big had you grown? 166 00:08:07.540 --> 00:08:10.760 RICK: Well, we sold the business in 2001. 167 00:08:10.760 --> 00:08:12.800 We sold that business in 2001. 168 00:08:12.800 --> 00:08:17.300 And so at that point, we had a couple thousand employees, 169 00:08:17.300 --> 00:08:20.500 $500 million in sales. 170 00:08:20.500 --> 00:08:21.600 DON: How many locations? 171 00:08:21.600 --> 00:08:22.800 RICK: A couple of hundred locations. 172 00:08:22.800 --> 00:08:23.780 DON: Couple hundred. 173 00:08:23.780 --> 00:08:27.900 RICK: So the business had transformed from a truck driver 174 00:08:27.900 --> 00:08:32.539 to an initial store and then onto a chain with a brand 175 00:08:32.539 --> 00:08:34.299 identity and a market that was leading, 176 00:08:34.299 --> 00:08:37.860 and very, very successful business. 177 00:08:37.860 --> 00:08:39.960 DON: And then after selling that operation, 178 00:08:39.960 --> 00:08:41.900 then came Johnson Ventures, right? 179 00:08:41.900 --> 00:08:43.820 What was the thought process there? 180 00:08:43.820 --> 00:08:47.020 RICK: Well, obviously, or maybe not obviously, 181 00:08:47.020 --> 00:08:51.300 when a family or a person builds a business, 182 00:08:51.300 --> 00:08:54.360 and really all our family have been involved in it. 183 00:08:54.360 --> 00:08:59.280 There is, uh, people would say maybe, 184 00:08:59.280 --> 00:09:02.060 is it like having another marriage? 185 00:09:02.060 --> 00:09:04.040 Well, there's an intimacy with that business 186 00:09:04.040 --> 00:09:06.040 that's different than a job. 187 00:09:06.040 --> 00:09:09.160 And when you commit yourself to it, and most entrepreneurs 188 00:09:09.160 --> 00:09:12.480 that build successful businesses build them 189 00:09:12.480 --> 00:09:14.913 as part of themselves, and committing themselves to it. 190 00:09:14.913 --> 00:09:16.580 And that was how we built this business. 191 00:09:16.580 --> 00:09:18.330 So separating ourselves from that business 192 00:09:18.330 --> 00:09:19.760 was pretty difficult. 193 00:09:19.760 --> 00:09:25.680 And we did believe at that time, in 2001, 194 00:09:25.680 --> 00:09:29.260 that there were some reasons why we didn't feel comfortable, 195 00:09:29.260 --> 00:09:32.260 as we always had and as most entrepreneurial folks do, 196 00:09:32.260 --> 00:09:34.720 putting every dime and every bit of our attention 197 00:09:34.720 --> 00:09:35.800 back in that business. 198 00:09:35.800 --> 00:09:37.420 For the first time, we said, hey, 199 00:09:37.420 --> 00:09:40.340 there's a couple of reasons why we may not want to do this. 200 00:09:40.340 --> 00:09:43.780 Quite frankly, cigarettes was a key part of the product mix. 201 00:09:43.780 --> 00:09:45.840 And we said, are cigarettes going to have a 30-, 202 00:09:45.840 --> 00:09:46.820 40-year run? 203 00:09:46.820 --> 00:09:47.860 Well, I don't know. 204 00:09:47.860 --> 00:09:52.260 They've had a pretty good run, and but there 205 00:09:52.260 --> 00:09:54.780 were a couple of issues that said maybe 206 00:09:54.780 --> 00:09:56.960 we ought to think about broadening our base. 207 00:09:56.960 --> 00:10:00.120 And we decided to do that. 208 00:10:00.120 --> 00:10:01.740 And we thought the way to do that was 209 00:10:01.740 --> 00:10:06.280 to totally exit that business and then to redeploy our assets. 210 00:10:06.280 --> 00:10:09.120 So we did exit the business. 211 00:10:09.120 --> 00:10:11.080 I think it would be fair to say here, too, 212 00:10:11.080 --> 00:10:13.740 on exiting the business. 213 00:10:13.740 --> 00:10:16.380 Entrepreneurs that grow and build a company 214 00:10:16.380 --> 00:10:20.220 do love that company and care about the people 215 00:10:20.220 --> 00:10:22.460 there, the community that supports 216 00:10:22.460 --> 00:10:23.900 the way it does business. 217 00:10:23.900 --> 00:10:27.500 And so, rather than go out and sell it in an auction in a way 218 00:10:27.500 --> 00:10:31.860 that the business might be just assimilated into a larger 219 00:10:31.860 --> 00:10:35.540 organization, we did find a company 220 00:10:35.540 --> 00:10:37.500 that was interested in maintaining 221 00:10:37.500 --> 00:10:40.940 our people, our connections to community 222 00:10:40.940 --> 00:10:42.720 and our business philosophy. 223 00:10:42.720 --> 00:10:45.780 And so we made a fair deal, a good deal with them. 224 00:10:45.780 --> 00:10:46.280 Good for us. 225 00:10:46.280 --> 00:10:47.280 We think, good for them. 226 00:10:47.280 --> 00:10:48.340 I'm sure it was. 227 00:10:48.340 --> 00:10:51.400 And so I just think that's another aspect 228 00:10:51.400 --> 00:10:52.940 of some entrepreneurial enterprise. 229 00:10:52.940 --> 00:10:54.550 There's a lot of ways to do it, but-- 230 00:10:54.550 --> 00:10:55.800 DON: It wasn't just the money. 231 00:10:55.800 --> 00:10:58.080 RICK: Right, but the things that we cared about, we 232 00:10:58.080 --> 00:10:59.580 wanted that to continue on. 233 00:10:59.580 --> 00:11:00.960 And we still do that today. 234 00:11:00.960 --> 00:11:03.463 Quite frankly, we've never bought a business at an auction, 235 00:11:03.463 --> 00:11:05.380 and we've never sold a business at an auction. 236 00:11:05.380 --> 00:11:09.160 And so we like the idea of reaching across the table 237 00:11:09.160 --> 00:11:11.440 and looking people in the eyes and understanding 238 00:11:11.440 --> 00:11:14.200 what we would and wouldn't do, and whether this 239 00:11:14.200 --> 00:11:16.160 is good or bad for them and for us, 240 00:11:16.160 --> 00:11:20.920 and transacting a purchase or a sale. 241 00:11:20.920 --> 00:11:22.180 DON: Values and relationships? 242 00:11:22.180 --> 00:11:24.020 RICK: Absolutely, and it's always been that way, 243 00:11:24.020 --> 00:11:25.420 and it always will be that way. 244 00:11:25.420 --> 00:11:27.380 And we think it's a great way to do business. 245 00:11:27.380 --> 00:11:31.192 And it's our way. 246 00:11:31.192 --> 00:11:35.840 DON: So Johnson Ventures now, as you moved into that, 247 00:11:35.840 --> 00:11:38.840 because like you say, had sold the operation 248 00:11:38.840 --> 00:11:40.520 and the family was realizing they 249 00:11:40.520 --> 00:11:42.960 wanted to be part of the business, of some business 250 00:11:42.960 --> 00:11:43.762 together. 251 00:11:43.762 --> 00:11:46.220 RICK: I think I could say when we sold Johnson Oil Company, 252 00:11:46.220 --> 00:11:48.560 it was a successful sale. 253 00:11:48.560 --> 00:11:52.340 There was a pool of assets there that we 254 00:11:52.340 --> 00:11:56.060 had choices about and different choices than we'd had before. 255 00:11:56.060 --> 00:12:00.160 But we never really wanted to get out of business. 256 00:12:00.160 --> 00:12:02.220 Our goal was not to get out of business 257 00:12:02.220 --> 00:12:05.120 to change our lifestyle. 258 00:12:05.120 --> 00:12:08.020 We liked our life, we liked what we did. 259 00:12:08.020 --> 00:12:10.860 And in a lot of ways, I think you could say-- and we did say-- 260 00:12:10.860 --> 00:12:13.740 we didn't really want or need the money. 261 00:12:13.740 --> 00:12:15.680 Well, we like to do was what we were doing. 262 00:12:15.680 --> 00:12:17.800 So Johnson Ventures is the next step, 263 00:12:17.800 --> 00:12:21.900 was the next step in moving forward from that 264 00:12:21.900 --> 00:12:23.360 to redeploy the assets. 265 00:12:23.360 --> 00:12:29.300 And in that process, we had really some great opportunities 266 00:12:29.300 --> 00:12:33.980 to learn more about business, do some different things. 267 00:12:33.980 --> 00:12:36.440 Examples of that would be a company here in Bloomington, 268 00:12:36.440 --> 00:12:38.780 Indiana, AuthorHouse, that we bought in conjunction 269 00:12:38.780 --> 00:12:44.320 with another partner; grew that business, sold it successfully. 270 00:12:44.320 --> 00:12:47.580 It's continued today to continue to grow and be very, very 271 00:12:47.580 --> 00:12:50.370 successful. 272 00:12:50.370 --> 00:12:52.890 Indiana Limestone Company, a business 273 00:12:52.890 --> 00:12:57.050 that has roots here in Southern Indiana, Bedford, 274 00:12:57.050 --> 00:12:59.170 and Bloomington area. 275 00:12:59.170 --> 00:13:05.310 A major mining and production of Indiana limestone, 276 00:13:05.310 --> 00:13:07.610 the greatest building stone in the country. 277 00:13:07.610 --> 00:13:11.450 So we had an opportunity to make a purchase there 278 00:13:11.450 --> 00:13:13.450 and to work with a great group of people 279 00:13:13.450 --> 00:13:17.390 to help build that business, which we were able to do. 280 00:13:17.390 --> 00:13:19.130 Help think differently about the products 281 00:13:19.130 --> 00:13:22.050 that they sold, how we might be able to go to market. 282 00:13:22.050 --> 00:13:25.730 Grew that business, sold that this past year, 283 00:13:25.730 --> 00:13:28.970 and provided a combination in the industry that should 284 00:13:28.970 --> 00:13:33.410 hopefully will continue to grow the people-- again, 285 00:13:33.410 --> 00:13:35.650 in our organization and the prospects 286 00:13:35.650 --> 00:13:37.990 and the prospects for the industry, quite frankly. 287 00:13:37.990 --> 00:13:41.210 So we think that was a great experience. 288 00:13:41.210 --> 00:13:45.170 Another business opportunity that we've taken advantage of 289 00:13:45.170 --> 00:13:48.030 was the purchase of a company called Central Restaurant 290 00:13:48.030 --> 00:13:53.070 Products, a marketing company, basically around restaurant 291 00:13:53.070 --> 00:13:55.070 equipment and supplies. 292 00:13:55.070 --> 00:13:58.190 Target audience of smaller marketers 293 00:13:58.190 --> 00:14:02.730 throughout the country, and just a great opportunity, again, 294 00:14:02.730 --> 00:14:04.870 to learn a little different aspect of the business 295 00:14:04.870 --> 00:14:08.470 sold through catalog and internet. 296 00:14:08.470 --> 00:14:13.710 It's a great opportunity to use one location where, 297 00:14:13.710 --> 00:14:15.970 before, to grow our business, we had to go out-- 298 00:14:15.970 --> 00:14:19.030 Johnson Oil and build multiple sites and a lot 299 00:14:19.030 --> 00:14:19.990 of capital investment. 300 00:14:19.990 --> 00:14:23.070 From one spot here in Indiana, we 301 00:14:23.070 --> 00:14:26.950 could service operators across the country and just a really 302 00:14:26.950 --> 00:14:33.070 wonderful business that we also sold to a great group of people 303 00:14:33.070 --> 00:14:38.230 who have our staff and our people continue 304 00:14:38.230 --> 00:14:39.970 to run it and continue to grow it. 305 00:14:39.970 --> 00:14:42.750 So it's been really a lot of fun to learn 306 00:14:42.750 --> 00:14:44.870 about a lot of different businesses, 307 00:14:44.870 --> 00:14:49.190 about a lot of different-- how really, in most ways, 308 00:14:49.190 --> 00:14:51.770 the same business principles can be 309 00:14:51.770 --> 00:14:54.490 applied across a lot of different areas 310 00:14:54.490 --> 00:14:55.550 and successfully. 311 00:14:55.550 --> 00:14:58.410 And so, we've been, along with that I 312 00:14:58.410 --> 00:15:01.770 think it's fair to say we've been extraordinarily lucky. 313 00:15:01.770 --> 00:15:05.002 Some of it's hard work, for sure. 314 00:15:05.002 --> 00:15:06.710 The harder you work, the luckier you get. 315 00:15:06.710 --> 00:15:08.630 But you still do need a bit of luck. 316 00:15:08.630 --> 00:15:11.513 And so we've been very fortunate. 317 00:15:11.513 --> 00:15:12.930 DON: Although, the old adage, luck 318 00:15:12.930 --> 00:15:14.550 is when preparation meets opportunity. 319 00:15:14.550 --> 00:15:17.130 So that could be part of it too. 320 00:15:17.130 --> 00:15:20.150 RICK: But it's also fair to say when we bought these businesses, 321 00:15:20.150 --> 00:15:22.310 just like when we got in the Johnson Oil Company, 322 00:15:22.310 --> 00:15:23.110 we didn't know. 323 00:15:23.110 --> 00:15:25.850 My dad knew nothing about convenience stores 324 00:15:25.850 --> 00:15:27.670 when he got in Johnson Oil Company, 325 00:15:27.670 --> 00:15:31.010 and the things we did at Indiana Limestone Company or Central 326 00:15:31.010 --> 00:15:32.890 Restaurant Products were not things 327 00:15:32.890 --> 00:15:35.790 that we really anticipated coming in the door. 328 00:15:35.790 --> 00:15:37.290 You can only know so much. 329 00:15:37.290 --> 00:15:40.770 And so, we try and make sure that the businesses that we 330 00:15:40.770 --> 00:15:43.850 get involved in have good fundamentals behind them, 331 00:15:43.850 --> 00:15:45.370 good people behind them. 332 00:15:45.370 --> 00:15:47.790 But still, there's that application 333 00:15:47.790 --> 00:15:49.630 of all these ideas and thoughts that 334 00:15:49.630 --> 00:15:53.530 are broader than the businesses that we enter, 335 00:15:53.530 --> 00:15:55.190 that we hope to apply. 336 00:15:55.190 --> 00:15:56.290 So far, so good. 337 00:15:56.290 --> 00:15:57.390 DON: That's great. 338 00:15:57.390 --> 00:16:00.150 So that's the Johnson story from the standpoint 339 00:16:00.150 --> 00:16:02.750 of the business and the entrepreneurial journey 340 00:16:02.750 --> 00:16:04.110 that they've taken. 341 00:16:04.110 --> 00:16:07.070 And I would be remiss if I didn't leave our audience also 342 00:16:07.070 --> 00:16:09.710 talking about your dad and your devotion 343 00:16:09.710 --> 00:16:12.710 to students and this whole idea of the Johnson Center, which 344 00:16:12.710 --> 00:16:13.910 the family name is on. 345 00:16:13.910 --> 00:16:16.550 Speak a little bit to that because, I mean, 346 00:16:16.550 --> 00:16:19.550 you're certainly a confidant to me in helping grow the Center, 347 00:16:19.550 --> 00:16:21.930 and why it means something to you and your family. 348 00:16:21.930 --> 00:16:25.970 RICK: Yeah, well, in building our businesses, 349 00:16:25.970 --> 00:16:28.270 we have loads of fun. 350 00:16:28.270 --> 00:16:30.630 But what we know is that giving back 351 00:16:30.630 --> 00:16:33.710 is as important as building. 352 00:16:33.710 --> 00:16:36.050 And so while we love to build what we do, 353 00:16:36.050 --> 00:16:37.410 we also love giving back. 354 00:16:37.410 --> 00:16:39.470 That comes in a number of ways. 355 00:16:39.470 --> 00:16:44.510 Strongly in the communities that we live in, Columbus, probably 356 00:16:44.510 --> 00:16:47.790 the main example of that, but also surrounding communities. 357 00:16:47.790 --> 00:16:52.250 But then in Bloomington with Indiana University, my dad 358 00:16:52.250 --> 00:16:57.610 and I and my sister, graduates of Indiana University. 359 00:16:57.610 --> 00:17:05.130 And this is a place, when you help people, young people are 360 00:17:05.130 --> 00:17:11.089 probably for all of us have been a special place to give back. 361 00:17:11.089 --> 00:17:14.530 It's sharing that opportunity with a group of people that have 362 00:17:14.530 --> 00:17:17.170 a long runway to make it work. 363 00:17:17.170 --> 00:17:19.170 Indiana University is the place where 364 00:17:19.170 --> 00:17:23.130 we've decided to do that and continue 365 00:17:23.130 --> 00:17:26.890 to make contributions, both financially and with our time 366 00:17:26.890 --> 00:17:28.690 and efforts. 367 00:17:28.690 --> 00:17:33.070 The student base here is just phenomenal. 368 00:17:33.070 --> 00:17:36.010 So you've got a great-- you've got a productive group of people 369 00:17:36.010 --> 00:17:38.070 to work with and to share. 370 00:17:38.070 --> 00:17:42.670 It's a pleasure for us to support the team, Don, 371 00:17:42.670 --> 00:17:45.280 that you have and that the Kelley School has. 372 00:17:45.280 --> 00:17:49.680 We couldn't put our resources and efforts 373 00:17:49.680 --> 00:17:52.208 behind any better team. 374 00:17:52.208 --> 00:17:53.500 There just isn't a better team. 375 00:17:53.500 --> 00:17:54.820 We happen to live in Indiana. 376 00:17:54.820 --> 00:17:57.240 This happens to be in Indiana, but it isn't just 377 00:17:57.240 --> 00:17:58.540 because it's in our backyard. 378 00:17:58.540 --> 00:18:01.300 It's clearly, it's given us the opportunity to know about it, 379 00:18:01.300 --> 00:18:03.700 but this is world class. 380 00:18:03.700 --> 00:18:07.120 And so, when we go into a business, 381 00:18:07.120 --> 00:18:09.940 we look at the good fundamentals that we invest behind, 382 00:18:09.940 --> 00:18:10.980 as I said earlier. 383 00:18:10.980 --> 00:18:13.520 And so, when we look at places, we deploy our time 384 00:18:13.520 --> 00:18:16.500 and our resources from a philanthropic standpoint, 385 00:18:16.500 --> 00:18:19.400 we look at the same thing and we say, 386 00:18:19.400 --> 00:18:23.680 are the fundamentals here for productive deployment 387 00:18:23.680 --> 00:18:25.020 of time and resources? 388 00:18:25.020 --> 00:18:27.800 And the answer is the Johnson Center, the Kelley School, 389 00:18:27.800 --> 00:18:31.440 and Indiana University have the fundamentals 390 00:18:31.440 --> 00:18:36.420 for us to be successful, basically as participants. 391 00:18:36.420 --> 00:18:40.360 But in a lot of ways, being a cheerleader for what you guys 392 00:18:40.360 --> 00:18:43.020 are doing; you're doing some fantastic work, 393 00:18:43.020 --> 00:18:46.300 and the Johnson family could not be any more pleased 394 00:18:46.300 --> 00:18:47.780 than to be a part of that. 395 00:18:47.780 --> 00:18:48.780 DON: Well, thanks, Rick. 396 00:18:48.780 --> 00:18:50.820 That means a lot to me, and I think to our whole team 397 00:18:50.820 --> 00:18:51.862 and to the Kelley School. 398 00:18:51.862 --> 00:18:53.240 It's pretty incredible. 399 00:18:53.240 --> 00:18:54.740 What an entrepreneurial journey this 400 00:18:54.740 --> 00:18:57.080 is, full circle of building and giving back, 401 00:18:57.080 --> 00:19:00.480 as you say, Rick, which is the hallmark of the Johnson family, 402 00:19:00.480 --> 00:19:01.680 which is pretty incredible. 403 00:19:01.680 --> 00:19:03.620 RICK: And like all journeys, it's not over. 404 00:19:03.620 --> 00:19:04.370 DON: That's right. 405 00:19:04.370 --> 00:19:06.607 The best is yet to come, as they always say, so, 406 00:19:06.607 --> 00:19:08.940 I'm really pleased you were able to spend the time today 407 00:19:08.940 --> 00:19:11.700 to encapsulate the Johnson legacy 408 00:19:11.700 --> 00:19:14.340 and the entrepreneurial journey that you have taken 409 00:19:14.340 --> 00:19:15.405 and are still on. 410 00:19:15.405 --> 00:19:16.280 RICK: Happy to do it. 411 00:19:16.280 --> 00:19:17.360 DON: Which we're excited about. 412 00:19:17.360 --> 00:19:18.527 So thanks for being with me. 413 00:19:18.527 --> 00:19:21.700 And I hope all of you out there have got a glimpse now 414 00:19:21.700 --> 00:19:24.280 of why the name Johnson is on the Center, 415 00:19:24.280 --> 00:19:26.200 and why that's so valuable to us, 416 00:19:26.200 --> 00:19:28.140 and why we're so proud to always honor 417 00:19:28.140 --> 00:19:30.900 the Johnson legacy, the entrepreneurial legacy 418 00:19:30.900 --> 00:19:31.800 in our center. 419 00:19:31.800 --> 00:19:34.180 Because I think all the students going forward 420 00:19:34.180 --> 00:19:36.940 will always benefit from all the great accomplishments 421 00:19:36.940 --> 00:19:39.820 and devotions, values, and relationships of the Johnson 422 00:19:39.820 --> 00:19:40.680 family. 423 00:19:40.680 --> 00:19:42.260 So thank you for being with us today. 424 00:19:42.260 --> 00:19:44.490 We hope to see you soon.
