Robert Carr, CEO of Heartland Payment Systems, believes in sharing company wealth with employees. He gave a third of the company to employees in 2000, creating many millionaires. Some employees left after the company went public in 2005 with their newfound wealth. Carr continues innovative compensation programs and raises starting wages to attract and retain employees, even though it means he earns less than some high-paid salespeople. His goal is to spread company wealth widely and improve lives.
Robert Carr, CEO and co-founder of Heartland Payment Systems, believes in sharing company wealth with employees. He gave a third of the company to employees when acquiring it, creating over 60 millionaires after the IPO. While some left, over 100 still work there. Carr pays salespeople 90% of an account's first year profits and residual commissions. He aims to increase starting wages and lower the CEO to lowest-paid employee compensation ratio. Carr's goal is treating employees well to boost retention and the company's long-term success.
The Ayllu Initiative aims to provide a comprehensive database and analysis of social enterprises operating in bottom-of-the-pyramid markets through collecting self-reported data from the enterprises and ecosystem actors every 6 months. It analyzes the data to produce reports, maps of challenges and solutions, and a platform called iuMAP for customers to access customized information. Ayllu's goal is to scale its database coverage from the current 370 enterprises in 57 countries to track 6000 enterprises globally by providing free basic services while charging for premium products and services through a tiered pricing model subsidized across customer groups.
Most inspiring business leaders making difference 2020CIO Look Magazine
Most Inspiring Business Leaders Making a Difference, 2020’, CIO Look tries to portray some of best business leaders in order create a glimpse of inspiration
Most inspiring business leaders making difference, 2020 Merry D'souza
This document provides an overview of the ARIIX company and profiles 10 of their top performing representatives. It begins by explaining that ARIIX was founded with the goal of creating an environment where people can succeed through a representative-first approach. It then profiles each of the 10 representatives, describing their backgrounds, how they got involved with ARIIX, and their successes. The representatives showcase a variety of strengths and approaches, but all credit ARIIX's culture and opportunities with helping them achieve their goals and become leaders in the industry.
Download a copy of the Las Vegas Chamber of Commerce Business Voice. This monthly news magazine is distributed to nearly 10,000 local business professionals every month.
The document discusses two longtime employees at The Buntin Group who are retiring after decades of service - art director Bill Holley after 47 years and media director Peggy Owen after 18 years. It notes their significant contributions to the agency and impact on others, with Bill Holley mentoring many young creatives and Peggy Owen guiding media planning, buying, and stewardship of client dollars. The document also mentions the Buntin Group kickball team that has raised money for charity through an annual game for the past six years.
This document discusses the importance of corporate purpose and how companies are reexamining and defining their purpose. It provides perspectives from speakers at an event on corporate purpose. Some key points:
- Corporate purpose can guide a company's actions, culture, and impact. Successful companies like Disney were built around a strong sense of purpose.
- Modern companies are recognizing the importance of purpose in engaging employees and contributing to social good. However, purpose must be embedded throughout the organization, not just with leadership.
- Defining and living your purpose can help a company compete for talent, rebuild trust after crises, and achieve long-term sustainable success for all stakeholders. Leading through purpose-driven change allows companies to manage
The Obama Stimulus and WMBEs, Diverse Suppliers Feeling Good as Delta Aims High with Northwest Merger, Darden, a Food Service Company that’s the Benchmark for Success, Managing the Multicultural Workforce, 10 Best Practices for Supplier Diversity Initiatives
Robert Carr, CEO and co-founder of Heartland Payment Systems, believes in sharing company wealth with employees. He gave a third of the company to employees when acquiring it, creating over 60 millionaires after the IPO. While some left, over 100 still work there. Carr pays salespeople 90% of an account's first year profits and residual commissions. He aims to increase starting wages and lower the CEO to lowest-paid employee compensation ratio. Carr's goal is treating employees well to boost retention and the company's long-term success.
The Ayllu Initiative aims to provide a comprehensive database and analysis of social enterprises operating in bottom-of-the-pyramid markets through collecting self-reported data from the enterprises and ecosystem actors every 6 months. It analyzes the data to produce reports, maps of challenges and solutions, and a platform called iuMAP for customers to access customized information. Ayllu's goal is to scale its database coverage from the current 370 enterprises in 57 countries to track 6000 enterprises globally by providing free basic services while charging for premium products and services through a tiered pricing model subsidized across customer groups.
Most inspiring business leaders making difference 2020CIO Look Magazine
Most Inspiring Business Leaders Making a Difference, 2020’, CIO Look tries to portray some of best business leaders in order create a glimpse of inspiration
Most inspiring business leaders making difference, 2020 Merry D'souza
This document provides an overview of the ARIIX company and profiles 10 of their top performing representatives. It begins by explaining that ARIIX was founded with the goal of creating an environment where people can succeed through a representative-first approach. It then profiles each of the 10 representatives, describing their backgrounds, how they got involved with ARIIX, and their successes. The representatives showcase a variety of strengths and approaches, but all credit ARIIX's culture and opportunities with helping them achieve their goals and become leaders in the industry.
Download a copy of the Las Vegas Chamber of Commerce Business Voice. This monthly news magazine is distributed to nearly 10,000 local business professionals every month.
The document discusses two longtime employees at The Buntin Group who are retiring after decades of service - art director Bill Holley after 47 years and media director Peggy Owen after 18 years. It notes their significant contributions to the agency and impact on others, with Bill Holley mentoring many young creatives and Peggy Owen guiding media planning, buying, and stewardship of client dollars. The document also mentions the Buntin Group kickball team that has raised money for charity through an annual game for the past six years.
This document discusses the importance of corporate purpose and how companies are reexamining and defining their purpose. It provides perspectives from speakers at an event on corporate purpose. Some key points:
- Corporate purpose can guide a company's actions, culture, and impact. Successful companies like Disney were built around a strong sense of purpose.
- Modern companies are recognizing the importance of purpose in engaging employees and contributing to social good. However, purpose must be embedded throughout the organization, not just with leadership.
- Defining and living your purpose can help a company compete for talent, rebuild trust after crises, and achieve long-term sustainable success for all stakeholders. Leading through purpose-driven change allows companies to manage
The Obama Stimulus and WMBEs, Diverse Suppliers Feeling Good as Delta Aims High with Northwest Merger, Darden, a Food Service Company that’s the Benchmark for Success, Managing the Multicultural Workforce, 10 Best Practices for Supplier Diversity Initiatives
Hong Kong es una región administrativa especial de China conocida por sus impresionantes paisajes naturales que incluyen montañas, islas y playas paradisíacas. Algunos de los principales sitios turísticos son Victoria Peak, que ofrece vistas panorámicas de la ciudad, el Gran Buda de Lantau y Ocean Park, un parque temático. Hong Kong también es famosa por su rica gastronomía china y monumentos históricos como el Monasterio Po Lin y la Bahía de Aberdeen.
This document summarizes many of the top tourist attractions in Hong Kong, including those on Hong Kong Island, Kowloon, the New Territories, and outlying islands. Some of the key attractions mentioned are The Peak and Stanley on Hong Kong Island, Temple Street Night Market and Avenue of Stars in Kowloon, Wetland Park and Mai Po Natural Reserve in the New Territories, and Hong Kong Disneyland and Big Buddha on Lantau Island. The document provides brief descriptions of the attractions and popular activities available at each one.
This document provides information about tourism destinations in Mexico, including Mexico City, Acapulco, Cancun, Merida, and Puerto Vallarta. It summarizes the key attractions and accommodations available in each location, such as museums, beaches, hotels, and recreational activities. Transportation options are also briefly mentioned.
Niagara Falls straddles the border between Canada and the United States. It is made up of two sections, the American Falls and the larger Horseshoe Falls on the Canadian side. The falls were formed by the massive flow of water in the Niagara River and are a popular tourist attraction, drawing visitors to view their power and beauty. A variety of attractions located near the falls allow tourists to experience the falls from different perspectives, including boat tours that take visitors into the mist of the falls and aerial trams that offer panoramic views from high above.
The document discusses Hong Kong's MICE (meetings, incentives, conventions and exhibitions) tourism industry. It notes that the Tourism Commission and Hong Kong Tourism Board work to promote Hong Kong as an MICE destination globally. In 2009, Hong Kong saw over 1.16 million overnight MICE arrivals who spent on average $6,932. To further grow the important MICE sector, the government has increased funding and Hong Kong Tourism Board is implementing strategies like providing support for events, overseas promotions, and improving facilities and training.
Mexico has a rich cultural heritage with influences from both indigenous civilizations like the Aztecs and Mayans as well as Spanish colonizers. It is known for its well-preserved archaeological sites dating back thousands of years, vibrant music and artisanal traditions, and diverse cuisine featuring ingredients native to the country. Tourism is a major industry, with top destinations including Mexico City, Guadalajara, Cancun, and Acapulco, offering visitors opportunities to experience Mexico's history, culture, and natural beauty.
This was a PowerPoint presentation for my summative project in my International Business class. It was based on a country of our choice, which happened to be Hong Kong. We were given a list of information that we had to find out about our country that was related to international business relations and customs.
The Hong Kong protests in 2014 were sparked by Chinese interference in Hong Kong's elections. Over 150,000 protesters gathered in Hong Kong over several months to protest China's involvement and assert Hong Kong's independence. The protests aimed to protect Hong Kong's democratic system and separate governance from mainland China. While the protests ended without achieving electoral reform, they highlighted Hong Kong's desire to maintain its autonomy.
Turkey is located in both Eastern Europe and Western Asia, bordering 8 countries. It has a population of over 75 million and Istanbul is the largest city. Turkey has a long history dating back to ancient civilizations and was formerly part of the Ottoman Empire. Tourism is a major industry focused on historical sites, beaches, and culture. Popular tourist destinations include Istanbul, Ephesus, Cappadocia, and Pamukkale. Turkey received over 31 million foreign tourists in 2011, ranking as the 6th most visited country.
Turkey is a country located on two continents with a long history spanning many civilizations. It has diverse regions and landscapes. Ankara is the capital located in central Turkey, with many museums, parks, and historic sites. Ataturk was Turkey's founder and first president who established the republic and modernized the nation. The Bosphorus Bridge connects Europe and Asia across the strait in Istanbul, overlooking the scenic city. Hagia Sophia was originally a church but is now a mosque, maintaining its historic significance. Cappadocia has unique rock formations that people once lived in, and was an important stop on the Silk Road.
Robert Carr, CEO of Heartland Payment Systems, believes in sharing company wealth with employees. When the company went public, 63 employees became millionaires due to stock options. However, some employees left after cashing in their options, as maintaining motivation can be difficult for multimillionaire employees. Carr provides various benefits like free lunches and fitness programs to encourage employee health and retention. He pays salespeople purely on commission with high payouts, hoping it will encourage ethical sales practices.
Robert Carr, CEO and co-founder of Heartland Payment Systems, believes in sharing company wealth with employees. He gave a third of the company to employees when acquiring it, creating over 60 millionaires after the IPO. While some left, over 100 still work there. Carr pays salespeople 90% of an account's first year profits and residual commissions. He aims to increase starting wages and lower the CEO to lowest-paid employee compensation ratio. Carr's goal is treating employees well to boost retention and growth.
The document discusses strategies for market-driving organizations versus market-driven organizations. It defines market-driving firms as those that shape or change markets by eliminating, adding, or modifying players and their functions. They rewrite industry rules and compete in new arenas. Their core values inspire radical business concepts and they often teach potential customers to consume their value propositions.
This document discusses strategies of market-driven organizations and market drivers. It provides examples of market driver attributes and values-driven organizations. It also discusses concepts like vision, mission, core values and ideology. Key points include that market drivers focus on emerging customer needs, create new markets that render competitors obsolete, and their core values inspire radical business concepts. Visionary companies have a fixed core ideology and purpose while continuously adapting strategies, and discover their core values and purpose by looking inside themselves.
Capital One Financial Corporation's 1999 Annual Report highlights the company's explosive growth over the past 5 years since its IPO, including doubling its customer base to 24 million and increasing revenues 512% between 1994 and 1999. The report discusses Capital One's continued focus on its information-based strategy of testing new ideas, customizing products for customers, and driving innovation to build one of the world's truly great companies with sustained financial performance and customer satisfaction. Key metrics show earnings per share and return on equity growth above 20% for the fifth consecutive year.
The document discusses the changing job market in Canada and the need to explore alternative career options. It notes rising unemployment, job precarity, and declining benefits of traditional employment. It argues that small business ownership and franchising can provide more stable, fulfilling careers and greater control over one's future. The document advocates working with a coach to help define goals and find the right business opportunity.
The document discusses how the traditional career economy has changed and more job uncertainty exists. It suggests exploring alternative career options like self-employment and franchising. Statistics are given showing recessions often spur new businesses and the risks of small businesses. The key messages are that corporate jobs no longer ensure financial security, individuals must take control of their own futures, and franchising can manage business risks while pursuing financial freedom.
How do you make decisions using the Business Model Canvas? By understanding WHY you are starting a company. Your values, motivations, and the Founder's Dilemma.
This document summarizes Farmers Insurance Group as a business opportunity for agents in Ohio. It describes Farmers as the 3rd largest property and casualty insurer in America, with a small market share and opportunity for growth in Ohio. The compensation plan offers subsidies, commissions, and bonuses to help agents start their own independent insurance business through Farmers.
Heartland Payment Systems is ranked as the #1 service company to sell for in the nation by Selling Power due to its strong compensation, training, and career mobility opportunities. Over the past 12 years, Heartland has experienced tremendous growth, increasing its staff from 25 to 3,000 employees and expanding its client locations from 2,500 to 250,000 while multiplying its portfolio from $40 million to $80 billion. For individuals with high values, an entrepreneurial spirit, and determination, a career with Heartland could provide the products, tools, training, and support needed to succeed and have a rewarding career.
Hong Kong es una región administrativa especial de China conocida por sus impresionantes paisajes naturales que incluyen montañas, islas y playas paradisíacas. Algunos de los principales sitios turísticos son Victoria Peak, que ofrece vistas panorámicas de la ciudad, el Gran Buda de Lantau y Ocean Park, un parque temático. Hong Kong también es famosa por su rica gastronomía china y monumentos históricos como el Monasterio Po Lin y la Bahía de Aberdeen.
This document summarizes many of the top tourist attractions in Hong Kong, including those on Hong Kong Island, Kowloon, the New Territories, and outlying islands. Some of the key attractions mentioned are The Peak and Stanley on Hong Kong Island, Temple Street Night Market and Avenue of Stars in Kowloon, Wetland Park and Mai Po Natural Reserve in the New Territories, and Hong Kong Disneyland and Big Buddha on Lantau Island. The document provides brief descriptions of the attractions and popular activities available at each one.
This document provides information about tourism destinations in Mexico, including Mexico City, Acapulco, Cancun, Merida, and Puerto Vallarta. It summarizes the key attractions and accommodations available in each location, such as museums, beaches, hotels, and recreational activities. Transportation options are also briefly mentioned.
Niagara Falls straddles the border between Canada and the United States. It is made up of two sections, the American Falls and the larger Horseshoe Falls on the Canadian side. The falls were formed by the massive flow of water in the Niagara River and are a popular tourist attraction, drawing visitors to view their power and beauty. A variety of attractions located near the falls allow tourists to experience the falls from different perspectives, including boat tours that take visitors into the mist of the falls and aerial trams that offer panoramic views from high above.
The document discusses Hong Kong's MICE (meetings, incentives, conventions and exhibitions) tourism industry. It notes that the Tourism Commission and Hong Kong Tourism Board work to promote Hong Kong as an MICE destination globally. In 2009, Hong Kong saw over 1.16 million overnight MICE arrivals who spent on average $6,932. To further grow the important MICE sector, the government has increased funding and Hong Kong Tourism Board is implementing strategies like providing support for events, overseas promotions, and improving facilities and training.
Mexico has a rich cultural heritage with influences from both indigenous civilizations like the Aztecs and Mayans as well as Spanish colonizers. It is known for its well-preserved archaeological sites dating back thousands of years, vibrant music and artisanal traditions, and diverse cuisine featuring ingredients native to the country. Tourism is a major industry, with top destinations including Mexico City, Guadalajara, Cancun, and Acapulco, offering visitors opportunities to experience Mexico's history, culture, and natural beauty.
This was a PowerPoint presentation for my summative project in my International Business class. It was based on a country of our choice, which happened to be Hong Kong. We were given a list of information that we had to find out about our country that was related to international business relations and customs.
The Hong Kong protests in 2014 were sparked by Chinese interference in Hong Kong's elections. Over 150,000 protesters gathered in Hong Kong over several months to protest China's involvement and assert Hong Kong's independence. The protests aimed to protect Hong Kong's democratic system and separate governance from mainland China. While the protests ended without achieving electoral reform, they highlighted Hong Kong's desire to maintain its autonomy.
Turkey is located in both Eastern Europe and Western Asia, bordering 8 countries. It has a population of over 75 million and Istanbul is the largest city. Turkey has a long history dating back to ancient civilizations and was formerly part of the Ottoman Empire. Tourism is a major industry focused on historical sites, beaches, and culture. Popular tourist destinations include Istanbul, Ephesus, Cappadocia, and Pamukkale. Turkey received over 31 million foreign tourists in 2011, ranking as the 6th most visited country.
Turkey is a country located on two continents with a long history spanning many civilizations. It has diverse regions and landscapes. Ankara is the capital located in central Turkey, with many museums, parks, and historic sites. Ataturk was Turkey's founder and first president who established the republic and modernized the nation. The Bosphorus Bridge connects Europe and Asia across the strait in Istanbul, overlooking the scenic city. Hagia Sophia was originally a church but is now a mosque, maintaining its historic significance. Cappadocia has unique rock formations that people once lived in, and was an important stop on the Silk Road.
Robert Carr, CEO of Heartland Payment Systems, believes in sharing company wealth with employees. When the company went public, 63 employees became millionaires due to stock options. However, some employees left after cashing in their options, as maintaining motivation can be difficult for multimillionaire employees. Carr provides various benefits like free lunches and fitness programs to encourage employee health and retention. He pays salespeople purely on commission with high payouts, hoping it will encourage ethical sales practices.
Robert Carr, CEO and co-founder of Heartland Payment Systems, believes in sharing company wealth with employees. He gave a third of the company to employees when acquiring it, creating over 60 millionaires after the IPO. While some left, over 100 still work there. Carr pays salespeople 90% of an account's first year profits and residual commissions. He aims to increase starting wages and lower the CEO to lowest-paid employee compensation ratio. Carr's goal is treating employees well to boost retention and growth.
The document discusses strategies for market-driving organizations versus market-driven organizations. It defines market-driving firms as those that shape or change markets by eliminating, adding, or modifying players and their functions. They rewrite industry rules and compete in new arenas. Their core values inspire radical business concepts and they often teach potential customers to consume their value propositions.
This document discusses strategies of market-driven organizations and market drivers. It provides examples of market driver attributes and values-driven organizations. It also discusses concepts like vision, mission, core values and ideology. Key points include that market drivers focus on emerging customer needs, create new markets that render competitors obsolete, and their core values inspire radical business concepts. Visionary companies have a fixed core ideology and purpose while continuously adapting strategies, and discover their core values and purpose by looking inside themselves.
Capital One Financial Corporation's 1999 Annual Report highlights the company's explosive growth over the past 5 years since its IPO, including doubling its customer base to 24 million and increasing revenues 512% between 1994 and 1999. The report discusses Capital One's continued focus on its information-based strategy of testing new ideas, customizing products for customers, and driving innovation to build one of the world's truly great companies with sustained financial performance and customer satisfaction. Key metrics show earnings per share and return on equity growth above 20% for the fifth consecutive year.
The document discusses the changing job market in Canada and the need to explore alternative career options. It notes rising unemployment, job precarity, and declining benefits of traditional employment. It argues that small business ownership and franchising can provide more stable, fulfilling careers and greater control over one's future. The document advocates working with a coach to help define goals and find the right business opportunity.
The document discusses how the traditional career economy has changed and more job uncertainty exists. It suggests exploring alternative career options like self-employment and franchising. Statistics are given showing recessions often spur new businesses and the risks of small businesses. The key messages are that corporate jobs no longer ensure financial security, individuals must take control of their own futures, and franchising can manage business risks while pursuing financial freedom.
How do you make decisions using the Business Model Canvas? By understanding WHY you are starting a company. Your values, motivations, and the Founder's Dilemma.
This document summarizes Farmers Insurance Group as a business opportunity for agents in Ohio. It describes Farmers as the 3rd largest property and casualty insurer in America, with a small market share and opportunity for growth in Ohio. The compensation plan offers subsidies, commissions, and bonuses to help agents start their own independent insurance business through Farmers.
Heartland Payment Systems is ranked as the #1 service company to sell for in the nation by Selling Power due to its strong compensation, training, and career mobility opportunities. Over the past 12 years, Heartland has experienced tremendous growth, increasing its staff from 25 to 3,000 employees and expanding its client locations from 2,500 to 250,000 while multiplying its portfolio from $40 million to $80 billion. For individuals with high values, an entrepreneurial spirit, and determination, a career with Heartland could provide the products, tools, training, and support needed to succeed and have a rewarding career.
This document summarizes why Heartland is a rewarding company to work for and sell products for. It highlights that Heartland was ranked the #1 service company to sell for based on compensation, training, and career mobility. It also discusses how Heartland has experienced significant growth over 12 years in terms of staff size, number of client locations, and portfolio size. The document suggests that Heartland provides the products, tools, training, and support needed for those with entrepreneurial spirit and determination to succeed in their career.
The passage discusses how moral behavior can be inhibited by heuristics, which are mental shortcuts that simplify cognitive tasks but do not always lead to optimal outcomes. It provides the example of the bystander effect as a heuristic that can inhibit helping behavior. To address this, the passage recommends establishing eye contact with potential victims, using a confident voice to take charge of the situation, and delegating tasks to others to ensure someone helps. Overall, the passage examines how heuristics can undermine moral behavior and offers strategies to overcome their negative effects in emergency situations.
Commercial lenders in Massachusetts endured salary slumps in 2009, with two in five not receiving raises. According to a survey, most commercial lenders earned between $80,000 to $200,000 in base salary, excluding bonuses. While compensation was down industry-wide due to tight budgets, commercial lenders are seen as underpaid given the valuable role they play in facilitating capital flows. The highest paid lenders produced over $50 million in loans and earned a total compensation of $200,000 or more.
This document provides a review and overview of the Crowdfunder crowdfunding platform. Some key points:
- Crowdfunder is meant for "high impact ventures" and caters specifically to accredited investors, who must have a minimum annual income of $200,000 or net worth over $1 million.
- It has funded over $160 million for 36,000 companies through 12,000 individual and institutional investors.
- Users must pay $300/month for the basic plan, while more premium plans cost $499 or $999/month.
- Compared to other platforms like Kickstarter, Crowdfunder has much higher barriers to entry and is best suited for experienced entrepreneurs with projects poised for high
The document discusses lessons from Rich Dad Poor Dad by Robert Kiyosaki about what the rich teach their children about money that the poor and middle class do not. It notes that the rich have money work for them, while the poor and middle class work for money. It contrasts the perspectives of a "Poor Dad" versus a "Rich Dad," and discusses strategies for developing financial intelligence and independence, such as paying yourself first, choosing friends carefully, and learning to manage risk rather than avoid it.
50 | FORBES junE 21, 2016
J
e
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f
S
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io
r
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in
o
f
o
r
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e
S
scratch. Today she is cofounder and co-owner
of That’s Caring, which sells gift baskets tied
to a social purpose, and nuphoriq, a marketing
company that specializes in helping other cater-
ing companies. Both ventures were started with
the financial support and advice of Tom, Larry
and Kevin Walter, the three brothers who own
Tasty Catering. At last count some 11 employees
have started a dozen ventures while working
for Tasty. The spinoff companies generate a
combined $19 million in annual revenue—nearly
double the parent company’s revenue.
“Turning our employees into entrepreneurs
has provided many advantages for our busi-
ness,” Tom Walter says. “We have created more
employment for more people, we don’t lose our
W
hen Jamie Pritscher
joined Tasty Catering as
a logistics manager in
2006, she was happy to
land a job. The business,
which at the time had just under $5 million
in annual revenue, had recently moved into a
23,000-square-foot building in Elk Grove Vil-
lage, Ill., and Pritscher was one of several people
brought on to keep up with the growth. “It was
scary,” she says, “because I was essentially creat-
ing my position. I had to figure out how to pay
for myself.”
Pritscher succeeded so well that she has
gone on to take advantage of the unusual culture
at Tasty to create two new businesses from
By Darren Dahl
tasty catering has won accolades for its food and its workplace culture. but its most
impressive product may be the business owners it’s grooming.
small giantsENTREPRENEURS
Jamie Pritscher told Tom
Walter (both above) she
would quit if he didn’t
change the way he ran the
company.
Serving Up Entrepreneurs
F0621p050 ENT TastyCatering LO.indd 50 5/19/16 7:41 PM
52 | FORBES junE 21, 2016
neurs. The goal was to see if the employees of
even a small, blue-collar business could find the
kind of fulfillment that would get them excited
about coming to work—and sticking around.
Soon after, Tim started exploring how Tasty
could generate more revenue from its kitchen,
which sat unused 16 hours a day. Online, he
found an open request from several school
systems for 800,000 muffins that would meet
certain dietary restrictions. He submitted a bid
and won, but Tasty’s ovens weren’t big enough
to handle the job. So he suggested buying new
ones that would cost $85,000.
Instead, his father and uncles decided to
invest the money in a company, T.F. Processors,
that is owned jointly by the four Walters with
Tim serving as CEO. Today it bakes muffins,
breakfast breads and cookies for private labels as
well as for Tasty, has 18 employees and generates
some $2 million in annual revenue.
Pritscher started That’s Caring in 2008.
Three years later she teamed up with Erin
Walter, Tim’s sister, to launch nuphoriq, a
marketing agen.
1. April 9, 2007
Sharing the Wealth
At Heartland Payment Systems, CEO Robert O. Carr's goal is to keep
his employees from taking the money and running
By JOANN S. LUBLIN
April 9, 2007; Page R5
Princeton, N.J. -- Most chief executives would gloat about a 20% annual
spurt in new business. But at Heartland Payment Systems Inc., Robert O.
Carr grumbled.
The provider of credit-card processing services had seen new-business volume soar about 30% a year
between 2002 and 2005. So when the rate slowed to 20% in 2006, "I wanted to throw up," says Mr. Carr,
Heartland's 61-year-old co-founder, chairman and CEO. "We only have 3% of the market. It's
frustrating."
Hoping to revive that tempo, Mr. Carr persuaded fellow
directors to cancel 2007 salaries and bonuses for the six
highest sales executives. The officials' sole reward: a chance
to earn $1 million apiece from commissions. It's the latest in
his series of innovative compensation tactics, partly created to
retain millionaires like them. Many staffers became affluent
because Mr. Carr gave them part of his stake long before
Heartland went public in 2005. And some of those Heartland
millionaires took their money after the IPO and ran.
He expects the company will repeat last year's double-digit gains in net income and revenue this year by
processing $50 billion of transactions for more than 140,000 merchants.
Mr. Carr offered insights into the benefits and drawbacks of sharing wealth with workers during a chat at
corporate headquarters here, where a large mural depicts a skyscraper under construction. The unfinished
tower symbolizes Heartland "because we have a long way to go," says Mr. Carr, an unassuming man who
once aspired to be a math teacher. Here are some excerpts from that conversation:
Sharing the Wealth
THE WALL STREET JOURNAL: Why did you abandon academia to launch a computer consultancy
after discovering libertarian philosopher Ayn Rand?
MR. CARR: I was in a mathematics Ph.D. program when somebody told me about "Atlas Shrugged." I
read all of her books. I had been brought up to think businesspeople took advantage of workers. Ayn
Rand showed me it was possible to craft a business where you treat everybody with respect and give
them the opportunity to live up to their potential.
WSJ: Why didn't you finish your doctorate?
2. MR. CARR: I was going to get drafted. I took a teaching job at Parkland College, a community college.
I stayed until I was no longer draft-eligible.
I started a consulting firm that morphed over the years from providing services to small-business people.
Some customers wanted to take credit cards at fuel pumps, and that's when my Credit Card Software
Systems Inc. got started. Heartland Payment Systems is basically the same business. [Credit Card
Software Systems was acquired by Heartland Payment Systems, a business created in 1997 that was
50%-owned by Heartland Bank and 50% by Mr. Carr and his Credit Card Software partners.]
WSJ: How did you devise the notion of sharing the fruits of your labor?
MR. CARR: I felt that if I asked somebody to work for me who is going to help me get rich, they ought
to get rich, too. That happened at Heartland.
In 2000, when we bought out [Heartland Bank's half of Heartland Payment Systems], we had revenue of
about $203 million. I owned 100%. Our survival was highly at risk. I gave about one-third of the
company to top-level people and hourly workers with more than two years' seniority.
Everyone was quite appreciative. I figured owning 30% less
wasn't really a big sacrifice. These people deserved to share in
the wealth if we were able to make this into what I thought we
could.
WSJ: How many stock recipients from 2000 still work here?
MR. CARR: Of those 221, 58 left the next year because of the
company's financial problems. Today, 109 still work for
Heartland.
WORK IN PROGRESS Robert Carr has to
motivate multimillionaires
WSJ: You presently own about 10.6 million shares, equal to
27% of Heartland's stock outstanding. What's your net worth?
MR. CARR: My stake is worth north of $200 million [at last week's closing price of $24.55 a share].
I was a guy who struggled to pay bills 10 years ago. This wealth has given me a new job -- custodian of
funds that I want to disseminate in my lifetime in the most useful way possible to the most people. We
have trusts for our six kids. Everything else we are going to give away. We are focused on helping
disadvantaged kids get a great education.
WSJ: Speaking of shared wealth, when Heartland went public in August 2005, staffers held such a
significant stake that dozens quickly became millionaires. How did that happen?
MR. CARR: From 2000 until we became a public company, we [gave] stock options to employees.
Every full-time hourly and salaried employee gets options when they have been with the company for
two years.
Prior to the IPO, our salespeople had a separate program called Pep Shares -- an amazing way to
distribute wealth. Pep Shares allowed all the salespeople to earn options from accumulated commissions.
When we went public, 63 of our 1,510 employees became millionaires. That includes people who got
stock in 2000 [or] options along the way. We now [have] 75 employee millionaires out of 2,026 people.
WSJ: How soon could staffers exercise their options and collect their $1 million?
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MR. CARR: In January 2006. Of the 63, we lost 14. One died. Seven left after cashing in their options.
Six were terminated.
WSJ: Were they no longer interested in working?
MR. CARR: You got it figured out.
WSJ: Because your share price has risen since the IPO, how many of those remaining became
multimillionaires?
MR. CARR: Probably half are now worth $2 million or more.
WSJ: How do you motivate multimillionaires?
MR. CARR: That's the $64 million question. You work really hard to maintain an environment where
people love getting up in the morning thinking they are doing important work. We think we are.
WSJ: You try to treat employees well in other ways. Tell me more, for instance, about your fresh lunch
salads for call-center workers in Jeffersonville, Ind.
MR. CARR: We started the Heartland Losers Club in July 2006 because health-insurance costs are
going up rapidly. We wanted to [encourage] people to stop smoking and lose excess weight. We formed a
fitness center. Then we started our free salad program and smoking-cessation program. We renamed it
the Heartland Fitness Club because people didn't like being called losers.
We lost 8,800 pounds in the first six months among 450 people. We had 23 of those people stop smoking.
We ended that free salad program in January. People were eating salads and going to Taco Bell, defeating
the purpose. People who weren't getting free salad said it was not fair for others to get salads because
they were fat.
Well-Paid Salespeople
WSJ: I understand you also offer your 1,400 salespeople an unusual compensation program. Paid
purely on commission, they earn more than 90% of an account's gross margin during the first year and
then collect residual commissions.
MR. CARR: That program has been in place since 1994. We invented that concept in our industry. We
pay out the first year of profit margin to our sales organization. We don't start making money on a new
account until the 14th month.
We want our salespeople to not rip off merchants by forcing them to buy equipment they don't need.
[Because most of Heartland's revenue comes from processing, equipment commissions are tiny by
comparison.] We pay our salespeople to sign up an account out of our money. They don't have to sell or
lease unnecessary equipment -- which is the model of our competitors. They build wealth by building up
a big portfolio of customers that do a lot of processing. This residual income stream is what they so
highly value.
WSJ: Seven other Heartland staffers earn more than you. Who are they?
MR. CARR: All salespeople. I wish every salesperson made more than me.
WSJ: If you didn't own a roughly 27% stake, would making less money than colleagues bother you?
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MR. CARR: Probably. My dividend income this year is going to be $2 million.
WSJ: So why do you take any cash compensation?
MR. CARR: I feel I should be the highest-paid noncommissioned person in the company. I work hard,
and I earn it.
WSJ: How does Heartland benefit when you share wealth, employ multimillionaires and get paid less
than certain associates?
MR. CARR: The company had the most successful IPO in the history of the financial-services industry.
We were 21 times oversubscribed. The company continues to be the fastest growing in our industry.
WSJ: But you recently missed earnings expectations.
MR. CARR: It is harder to grow from 140,000 merchants than from 2,000.
WSJ: Has your pay philosophy affected turnover?
MR. CARR: Historically, we have had very low turnover [among] people with us for over a year. But
last year, it was 19.9%! This was a result of 15 millionaires and 12 others with six figures of wealth who
were able to take their profits and move on.
Bringing Up the Rear
WSJ: How might you excite staffers again like you did when you handed out a third of your shares?
MR. CARR: I am now focused on bringing up the lowest-paid people to a better wage. I like the way
Ben & Jerry's used to cap executive pay at seven times the salary of the lowest-paid worker.
WSJ: How much higher is your base pay than Heartland's lowest-paid employee?
MR. CARR: My base is $350,000, 14 times hourly workers' starting pay. I think I will be successful in
getting that to 12 by the end of this year. I [raised] the starting wage for service-center hourly workers to
$12.50 last year from $9.50.
I am hoping it is going to $15 by the end of this year. I have given the service center an incentive to
continue to improve retention of customers. As our retention improves, the minimum wage gets raised.
WSJ: Why lower the multiple?
MR. CARR: It is my sense of fair play. The CEO is not more than 12 times more important than an
unskilled worker.
WSJ: How will this improve Heartland's ability to attract talent?
MR. CARR: Starting pay in Jeffersonville could be $31,000 a year. That catches everybody's attention.
They don't care what the CEO makes. They do care what they make.
WSJ: But a lower multiple doesn't hurt someone collecting $2 million in annual dividends.
MR. CARR: I am not saying it is a sacrifice. The company earns more if you hire people at $9.50 an
hour. But you should be able to afford people a living wage.
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If you are willing to work your butt off, we are going to do the best we can to treat you as well as we
possibly can afford to treat you.
Write to Joann S. Lublin at joann.lublin@wsj.com5
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