WEBVTT X-TIMESTAMP-MAP=LOCAL:00:00:00.000,MPEGTS:0 00:00.744 --> 00:02.139 STUART: I WILL ASK OUR NEXT 00:02.150 --> 00:05.292 GUEST ABOUT THE USE OF THE WORD 00:05.293 --> 00:07.166 CHEAP BECAUSE OUR NEXT GUEST IS, 00:07.177 --> 00:09.647 I’M GIVING A QUOTE FIRST OF ALL. 00:09.658 --> 00:11.671 MY DECISION TO GIVE AWAY 00:11.673 --> 00:13.169 OWNERSHIP OF HOBBY LOBBY, I 00:13.180 --> 00:13.753 CHOSE GOD. 00:13.764 --> 00:15.364 DAVID GREEN WROTE THAT. 00:15.375 --> 00:16.948 HE IS THE FOUNDER AND CEO OF 00:16.959 --> 00:17.495 HOBBY LOBBY. 00:17.506 --> 00:18.592 HE JOINS ME NOW. 00:18.603 --> 00:19.649 WELCOME TO THE SHOW AGAIN. 00:19.660 --> 00:20.557 >> GOOD TO BE HERE. 00:20.568 --> 00:21.529 STUART: SECOND TIME YOU’VE BEEN 00:21.563 --> 00:22.316 WITH US. 00:22.327 --> 00:23.587 >> SECOND TIME, YES. 00:23.598 --> 00:25.251 WE APPRECIATED IT LAST TIME. 00:25.262 --> 00:27.969 BY THE WAY THIS IS OUR 50th 00:28.003 --> 00:29.694 YEAR AT HOBBY LOBBY, SO WE 00:29.705 --> 00:30.911 THOUGHT IT WAS TIME TO WRITE THE 00:30.912 --> 00:31.325 BOOK. 00:31.336 --> 00:33.770 IN THE BOOK WHAT WE DID WITH ALL 00:33.804 --> 00:36.059 THE VOTING STOCK, PUT IT IN A 00:36.060 --> 00:37.420 TRUST, A STEWARDSHIP TRUST. 00:37.422 --> 00:38.926 WE SEE OURSELVES AS STEWARDS, 00:38.937 --> 00:39.714 NOT OWNERS. 00:39.747 --> 00:41.634 WE WANT TO BE GOOD STEWARDS OF 00:41.636 --> 00:42.963 WHAT GOD HAS GIVEN US. 00:42.974 --> 00:44.578 STUART: YOU DO OWN IT BUT IT IS 00:44.612 --> 00:45.335 IN A TRUST? 00:45.346 --> 00:46.355 >> THAT’S RIGHT. 00:46.366 --> 00:47.870 STUART: OWNERSHIP HAS NOT REALLY 00:47.881 --> 00:48.382 CHANGED FUNDAMENTALLY. 00:48.393 --> 00:49.438 >> RIGHT. 00:49.472 --> 00:50.816 STUART: WHO CONTROLS THE 00:50.817 --> 00:51.312 COMPANY. 00:51.323 --> 00:53.597 >> THERE ARE SEVEN FAMILY 00:53.608 --> 00:54.686 MEMBERS CONTROL THE STEWARDSHIP 00:54.688 --> 00:55.021 TRUST. 00:55.022 --> 00:56.713 WE WANT TO BE GOOD STEWARDSHIP 00:56.724 --> 00:58.010 OF WHAT WE HAVE. 00:58.021 --> 00:59.216 WE DON’T PAY DIVIDENDS AS AN 00:59.227 --> 00:59.832 EXAMPLE. 00:59.843 --> 01:02.122 BUT WE ALL EARN, GET WHAT WE 01:02.133 --> 01:02.564 EARN. 01:02.575 --> 01:03.985 THAT IS THE NEW THING, THE 01:03.996 --> 01:05.348 FACT -- 01:05.359 --> 01:07.460 STUART: WHY DO YOU DO IT? 01:07.471 --> 01:09.348 WHY DID YOU YOU GIVE IT UP? 01:09.359 --> 01:11.852 >> WE GAVE IT UP WE WANTED TO DO 01:11.886 --> 01:12.885 SOMETHING THAT MATTERED 100 01:12.896 --> 01:14.293 YEARS FROM NOW. 01:14.304 --> 01:15.464 INSTEAD OF ABSORBING IT 01:15.498 --> 01:15.807 OURSELVES. 01:15.818 --> 01:17.374 WE WANTED TO DO THINGS WITH 01:17.385 --> 01:18.232 VARIOUS MINISTRIES. 01:18.265 --> 01:20.527 A LOT OF THEM, LIKE MUSEUM IN 01:20.538 --> 01:21.965 WASHINGTON, D.C., THINGS OF THAT 01:21.976 --> 01:23.399 NATURE, EDUCATION, THINGS OF 01:23.410 --> 01:24.846 THIS NATURE IT OUR FAMILY REALLY 01:24.880 --> 01:25.895 ENJOYS DOING. 01:25.906 --> 01:27.494 STUART: YOUR FAMILY MEMBERS WHO 01:27.528 --> 01:28.539 ARE RUNNING THE SHOW -- 01:28.550 --> 01:29.817 >> THAT’S RIGHT. 01:29.828 --> 01:31.243 STUART: THEY DON’T TAKE THE 01:31.277 --> 01:33.523 MONEY, THEY DON’T GET THE MONEY. 01:33.534 --> 01:35.686 >> WE DO SOMETHING REAL NOVEL. 01:35.697 --> 01:38.066 YOU GET SOMETHING YOU EARN. 01:38.077 --> 01:39.737 YOU DON’T EARN ANYTHING, YOU 01:39.770 --> 01:41.237 DON’T GET ANYTHING. 01:41.248 --> 01:44.109 IT WORKS WELL TO HASHED IT DOWN 01:44.120 --> 01:45.538 TO FAMILY THAT EARNS. 01:45.549 --> 01:47.918 EVERYBODY GETS WHAT THEY EARN. 01:47.919 --> 01:49.892 I’M CEO I EARN X, AND SOMEONE 01:49.903 --> 01:51.114 ELSE MAY EARN SOMETHING ELSE. 01:51.125 --> 01:53.554 NO ONE CREATES A LOT OF WEALTH. 01:53.588 --> 01:54.918 STUART: THAT IS INTERESTING 01:54.919 --> 01:57.363 COLLECTIVE IDEA OF OWNERSHIP AND 01:57.364 --> 01:59.058 RUNNING THE SHOW, ISN’T IT? 01:59.069 --> 02:00.679 IT SOUNDS ALMOST SOCIALIST, I 02:00.712 --> 02:02.001 HATE TO SAY THIS. 02:02.012 --> 02:03.457 >> WEALTH CAN BE REALLY 02:03.491 --> 02:05.587 CHALLENGING AND CAN BE A CURSE. 02:05.588 --> 02:07.249 SO WE DON’T CREATE WEALTH. 02:07.260 --> 02:09.364 WE ALL DO WELL, WORKING IN THE 02:09.397 --> 02:10.465 COMPANY, GET PAID FOR WHAT WE 02:10.476 --> 02:11.158 DO. 02:11.159 --> 02:14.156 THEN THEREFORE WE SEE OURSELVES 02:14.167 --> 02:15.993 AS REALLY STEWARDSHIPS OF THE 02:16.004 --> 02:17.595 PROFITS THAT WE EARN. 02:17.606 --> 02:19.197 STUART: YOU WOULDN’T USE THE 02:19.208 --> 02:20.876 WORD CHEAP TO DESCRIBE -- 02:20.909 --> 02:22.635 >> NO, I WOULDN’T USE CHEAP. 02:22.636 --> 02:23.469 I DON’T THINK SO. 02:23.470 --> 02:24.124 STUART: FRUGAL. 02:24.125 --> 02:26.090 >> HOW ABOUT INEXPENSIVE. 02:26.101 --> 02:27.790 I WOULD GO THERE WE’RE NOT 02:27.801 --> 02:28.268 NECESSARILY CHEAP. 02:28.279 --> 02:29.052 LAUREN: FINE. 02:29.063 --> 02:30.439 TWO VERSUS ONE. 02:30.473 --> 02:32.428 I’M STILL GOING WITH CHEAP. 02:32.439 --> 02:34.085 STUART: YOUR BOOK IS TITLED 02:34.096 --> 02:35.594 LEADERSHIP, NOT BY THE BOOK. 02:35.605 --> 02:36.804 >> THAT’S RIGHT. 02:36.815 --> 02:38.803 WE FIND THAT WITHIN THE LAST 50 02:38.814 --> 02:40.312 YEARS WE’VE BEEN OPERATING FOR 02:40.323 --> 02:41.982 50 YEARS, THAT WE DO A LOT OF 02:42.016 --> 02:43.205 THINGS A LOT DIFFERENT. 02:43.216 --> 02:44.867 WE REALLY PUT A LOT OF EMPHASIS 02:44.878 --> 02:46.847 ON THE FAMILY. 02:46.858 --> 02:49.085 OUR MINIMUM WAGE IS $18.50 AN 02:49.119 --> 02:49.437 HOUR. 02:49.448 --> 02:50.800 WE CLOSE ON SUNDAY. 02:50.811 --> 02:52.408 WE DO A LOT OF THINGS THAT IS 02:52.441 --> 02:52.833 DIFFERENT. 02:52.835 --> 02:54.805 WE THINK IT SHOULD BE BY THE 02:54.807 --> 02:56.031 BOOK, NOT NECESSARILY WHAT YOU 02:56.033 --> 02:56.973 WOULD NORMALLY SEE IN A 02:56.984 --> 02:57.525 BUSINESS. 02:57.559 --> 02:59.364 STUART: YOU DON’T OPEN SUNDAYS? 02:59.375 --> 03:02.334 >> WE DON’T OPEN SUNDAYS. 03:02.368 --> 03:03.892 WE CLOSE AT 8:00. 03:03.903 --> 03:05.924 WE’RE OPEN 66 HOURS A WEEK. 03:05.935 --> 03:07.523 WE DO A LOT, BEST WE CAN FOR 03:07.557 --> 03:07.891 EMPLOYEES. 03:07.902 --> 03:10.107 STUART: YOU’RE OBVIOUSLY A 03:10.108 --> 03:12.325 CHRISTIAN ORGANIZATION. 03:12.336 --> 03:14.750 >> WE’RE A CHRISTIANS 03:14.761 --> 03:15.495 ORGANIZATION. 03:15.506 --> 03:17.445 STUART: YOU WILL BE -- 03:17.479 --> 03:18.456 >> FOREVER. 03:18.467 --> 03:20.325 THEY ARE MEMBERS ON THE 03:20.326 --> 03:21.820 STEWARDSHIP TRUST CAN TRUST 03:21.831 --> 03:23.970 STEWARDSHIP FOR WHAT WE EARNED. 03:24.004 --> 03:25.745 STUART: FROM HERE ON OUT 03:25.746 --> 03:27.289 HOBBY LOBBY FUNDS CHRISTIANITY 03:27.300 --> 03:28.277 AND MINISTRIES ACROSS THE 03:28.288 --> 03:28.522 COUNTRY? 03:28.533 --> 03:28.902 >> EXACTLY. 03:28.913 --> 03:30.560 STUART: THAT IS THE WAY IT IS 03:30.594 --> 03:31.821 GOING TO BE? 03:31.832 --> 03:33.822 >> THAT IS THE WAY IT WILL BE 03:33.833 --> 03:34.432 NOW ON. 03:34.443 --> 03:35.699 THAT IS THE SETUP. 03:35.710 --> 03:36.721 STUART: NO BUYOUT. 03:36.732 --> 03:38.595 >> WE’RE HERE TO DO SOMETHING. 03:38.606 --> 03:41.276 WE GET JOY IN DOING WHAT WE DO 03:41.287 --> 03:43.124 IN TERMS OF OUR GIVING. 03:43.158 --> 03:44.778 STUART: JOY IN GIVING. 03:44.779 --> 03:46.602 I ALWAYS THINK IT IS MORE 03:46.613 --> 03:47.999 DIFFICULT TO RECEIVE THAN IT IS 03:48.033 --> 03:48.742 TO GIVE. 03:48.743 --> 03:49.635 >> NO. 03:49.646 --> 03:51.539 AT SOME POINT THERE IS JUST 03:51.550 --> 03:53.099 NOTHING MORE THAT THIS WORLD HAS 03:53.110 --> 03:53.839 I WANT. 03:53.841 --> 03:55.038 ABSOLUTELY NOTHING I WANT. 03:55.049 --> 03:57.287 WHY WOULD I NOT HAVE JOY IN 03:57.298 --> 03:58.541 GIVING WHAT WE HAVE? 03:58.576 --> 04:00.086 WE ACTUALLY GIVE 50% OF OUR 04:00.097 --> 04:01.294 PROFITS EVERY YEAR. 04:01.305 --> 04:02.911 STUART: 50% OF YOUR PROFITS 04:02.922 --> 04:03.493 EVERY YEAR. 04:03.527 --> 04:03.966 LAUREN: TO? 04:03.977 --> 04:04.849 >> THAT’S CORRECT. 04:04.860 --> 04:05.675 WE HAVE NO DEBT. 04:05.709 --> 04:06.936 STUART: NO DEBT. 04:06.947 --> 04:08.829 >> WE STARTED WITH $600 AND 04:08.840 --> 04:10.340 WE’LL DO 8 BILLION THIS YEAR. 04:10.351 --> 04:11.419 GOD HAS BLESSED US. 04:11.453 --> 04:13.195 WE LIKE TO USE THAT BLESSING FOR 04:13.206 --> 04:14.178 HIS SAKE. 04:14.189 --> 04:15.453 STUART: EXTRAORDINARY STUFF. 04:15.464 --> 04:16.893 LAUREN: WHAT IS THE PROFIT, 04:16.927 --> 04:18.161 8 BILLION IN SALES, WHAT IS YOUR 04:18.172 --> 04:18.469 PROFIT? 04:18.503 --> 04:20.194 >> WE DON’T GIVE THAT OUT. 04:20.205 --> 04:21.780 LAUREN: I WANT TO KNOW YOU GIVE 04:21.781 --> 04:22.684 HALF OF IT AWAY. 04:22.695 --> 04:23.886 >> WE DO VERY WELL. 04:23.919 --> 04:25.371 STUART: WE’LL LEAVE IT AT THAT 04:25.382 --> 04:25.634 YOU’RE A GREAT GUY.