What is the main message of Built with Purpose?

The main message of Built with Purpose is about aligning business success with social impact.

How long does it take to read Built with Purpose?

The estimated reading time for Built with Purpose is insightful. The Blinkist summary can be read in a short time.

Who is the author of Built with Purpose?

The author of Built with Purpose is Bill Roark.

Management & Leadership

Built with Purpose Book Summary - Built with Purpose Book explained in key points

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Built with Purpose summary

Name: Built with Purpose
Rating: 3.6 (11 reviews)
Author: Bill Roark

Bill Roark

How Our Employee-Owned Business Changed What it Means to Work and Why

3.6 (11 ratings)

16 mins

Brief summary

Built with Purpose by Bill Roark delves into how aligning a company's values with purposeful leadership can drive sustainable success. It offers insights into cultivating a mission-driven culture for long-term organizational growth.

Topics

Entrepreneurship Leadership Career Progress Teamwork Success Work Culture

Table of Contents

Built with Purpose
Summary of 5 key ideas

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Key idea 1 of 5

What’s in it for me? Learn about a revolutionary new approach to business.

In an era where job security feels like a relic and corporate greed headlines are frequent, you might find yourself daydreaming about an alternative business world – a utopia where the wealth gap is bridged because all employees benefit directly from company success, where everyone is equally invested in outcomes, and where communities are positively impacted by local businesses.

Bill Roark had such a vision. After losing his job, he dared to disrupt the traditional business model. With the help of a team of engineers, Bill cofounded Torch Technologies – a company where every employee not only works for a paycheck, but has a stake in the company’s future too. The outcome? A company where success radiates through every layer of the organization, not just the executive level.

In this Blink, we’ll explore several aspects of Torch’s innovative business model. These characteristics are the cornerstones not only of the company’s values but of its astonishing performance. Get ready to rethink the very essence of what a business can achieve when its employees are as invested in its success as its founders.

Shared ownership practices can make companies thrive

Bill Roark and Don Holder, two individuals who had navigated successful careers at a top-performing company, found themselves at a crossroads when their previous company was sold. Driven by a mutual resolve to uphold commitments to valued employees, they plotted a new course that would allow workers greater control over their professional destinies. Their solution? Establishing an employee-owned business.

Following months of breakfast meetings, Don joined Bill in early September 2002, and together they launched their startup from a modest office in Huntsville, Alabama. Initially lacking even the basic furnishings, the office space was quickly equipped with desks and necessary items to commence operations. This marked the humble beginnings of Torch Technologies, a company that would soon redefine success in the federal defense contracting sphere.

From its inception, Torch Technologies’ trajectory has been nothing short of remarkable. Set against an initial goal of generating $1 million in revenue during its first year, the company exceeded expectations by achieving nearly $3 million. This explosive start was a precursor to successive years of substantial growth, quickly reaching a revenue of $15 million. This consistent performance secured Torch a place in the prestigious Inc. 5000 list for fifteen consecutive years, a rare feat achieved by only a handful of companies.

The foundational principle behind Torch’s success was straightforward yet powerful: trust your employees to think and behave like owners. By actively involving them in the company’s growth plans and decision-making processes, Torch cultivated a culture of ownership that not only motivated its workforce but also accelerated the company’s development and innovation.

The tangible benefits of this employee-centric approach were soon evident. The first issuance of stock options valued shares at a mere $0.07. However, with the establishment of an employee stock ownership plan in 2004, the value of these shares began to climb significantly, demonstrating an impressive growth of over 32,000 percent. To put this into perspective, an initial investment of $1,000 by an employee in 2004 would be worth in excess of $325,000 today, far outstripping typical stock market returns.

Torch’s financial success mirrored that of industry giants such as Apple and Netflix, outperforming even well-known companies like Amazon and Nike when comparing long-term compound annual growth rates. This extraordinary performance underscores the potential of a business model that deeply integrates employee welfare and ownership into the fabric of its strategy.

Ownership for all motivates everyone to invest in a company’s success

Employee ownership within a company fundamentally transforms its culture and operational dynamics by aligning individual interests with the overall success of the business. Everyone becomes a stakeholder, directly sharing in the rewards of increasing the company’s value. This collective benefit ensures that no one is left behind as the company progresses.

At Torch Technologies, the concept of employee ownership was more than a business model – it was a crucial strategy for both growth and recruitment. During its initial cash-poor phase, Torch couldn’t compete with larger corporations on salary alone. Instead, it offered potential employees a stake in the company. This proposition was compelling enough that many of Torch’s early management team members accepted pay cuts of 20 to 30 percent, drawn by the opportunity to be part of building a business from the ground up as owners.

Stock appreciation rights are a great way to reward top performers

At Torch Technologies, the innovative concept of aligning individual rewards with organizational success has been pivotal in fostering a culture of ownership and commitment. By implementing shared ownership, the company ensures that everyone is united in the mission to enhance the business’s value, creating a win-win situation for both the employees and the organization.

Torch took this alignment a step further with the introduction of Stock Appreciation Rights, or SARs for short, following the cashing out of initial stock options in 2011. Unlike traditional equity, SARs are a form of “synthetic” equity. They offer employees a chance to earn bonuses based on the increase in stock price over time. This setup motivates employees to contribute to the company’s growth, since their financial reward is directly tied to the company’s performance.

Employee-owners don’t just perform tasks – they own outcomes

When Bill Roark was recovering from heart problems in a hospital, he encountered an experience that profoundly influenced his perspective on employee responsibility and ownership. Tasked with walking two miles a day to qualify for discharge, Bill began his recuperation by making laps around the cardiac care unit. During his walks, he met Carlos, a hospital employee who cleaned the floors during the early hours.

Carlos played a pivotal role in ensuring Bill’s safety during these walks. Each time Bill approached, Carlos would stop his work, step off his machine, and diligently dry the floor to prevent any slips. Despite the interruption to his routine, Carlos consistently greeted Bill with a smile and encouragement, viewing his role as integral to the patients’ recovery process, not just maintaining a clean environment.

The time is always right to do what’s right

Torch Technologies has consistently embodied the principle that “the time is always right to do what is right,” a mantra inspired by Martin Luther King, Jr. This guiding philosophy has been central to the company’s operations and decisions, influencing how they treat subcontractors and maintain their commitment to employees, even in challenging times. This approach has proven to be not just morally sound but also beneficial for the company, reinforcing a cycle of positive actions and rewards.

Early in its journey, Torch recognized the importance of structured community involvement. Rather than making unilateral decisions about charitable contributions, founders Don and Bill engaged employees to develop a more democratic approach. This led to the creation of Torch Helps, a charitable program managed by employees, reflecting the company’s ethos of empowerment and collective decision-making.

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What is Built with Purpose about?

Built with Purpose (2024) chronicles the development of Torch Technologies from a defense company into a flourishing conglomerate under Starfish Holdings, illustrating a business model that enriches and empowers its employee-owners while making significant community contributions. Showcasing Torch’s sustainable business practices, it challenges outdated models focused solely on enriching a few founders.

Built with Purpose Review

Built with Purpose (2021) explores how companies can integrate purpose into their business strategies, showcasing the benefits of aligning profit with meaning. Here's why this book stands out:

Illustrates how businesses can drive impactful change by embracing a purpose-driven approach.
Offers insights on how purpose boosts employee engagement and customer loyalty, leading to sustainable success.
Features compelling case studies of companies that have successfully implemented purpose-driven practices, inspiring readers to rethink their business models.

Who should read Built with Purpose?

Entrepreneurs seeking sustainable, employee-focused business models
Business leaders interested in long-term company growth
Anyone curious about innovative corporate philanthropy practices

About the Author

Bill Roark is an entrepreneur and the cofounder of Torch Technologies, Inc. He also serves as the founder and CEO of Starfish Holdings, Inc., the parent company of Torch, and the founder of Freedom Real Estate & Capital, LLC. Beyond his business ventures, Roark has played a significant role as a business coach and investor in Yellowhammer Brewery, assisting in its expansion into distilling bourbon and other spirits.

Categories with Built with Purpose

Management & Leadership Corporate Culture Career & Success Entrepreneurship

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