Love… gratitude… purpose… these are qualities exhibited by superstar grocer Whole Foods.
And as Alexander Green notes in today’s article, the first and foremost job of every conscious leader is connecting people to purpose.
Businesses that do this have satisfied employees, dependable suppliers, repeat customers, better reputations, fewer regulatory and legal hassles, greater market share, and – not least of all – bigger profits.
A recipe for success like this is exactly what Alex had in mind when he located this undercover stock that could be the cornerstone of your retirement.
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– Madeline St.Clair, Assistant Managing Editor
There’s an unfortunate narrative making the rounds today that can be summed up in two words: Business sucks.
Academia, the mainstream and social media, and Hollywood regularly promote the idea that business is an unsavory enterprise all about greed, selfishness and exploitation.
We hear it every day…
Those sharks will eat you alive… You have to look out for No. 1… It’s every man for himself… Nice guys finish last.
Remarks like these lead some folks to believe that business success is all about ruthless, backstabbing competition.
Not only between organizations but within them.
Sadly, at some companies this is true. But not at the most successful ones.
Great businesses understand “stakeholder theory,” that to maximize profits you must look out for the interests of everyone who has a stake in the business.
This includes investors, managers, workers, suppliers, customers and communities.
For example, my friend John Mackey is the founder and CEO of Whole Foods.
He took a single small shop in Austin, Texas, and turned it into a chain of more than 500 stores – and what Fortune consistently deems one of “the world’s most admired companies.”
The company was bought by Amazon in 2017, although John has remained at the helm. He will retire September 1.
Aside from building a Fortune 500 company from scratch, John has made it his mission to help rebrand the free enterprise system to reveal its heroic nature.
He made his case in two excellent books, Conscious Capitalism: Liberating the Heroic Spirit of Business and Conscious Leadership: Elevating Humanity Through Business.
John reminds readers that business is good because it creates value, meeting most of our wants and needs.
It is ethical because it is based on voluntary exchange.
It is noble because it elevates our existence.
And it is heroic because it lifts people out of poverty and creates prosperity.
Visit any Whole Foods outlet and you’ll find something you rarely see outside of an Apple store: rabid customer loyalty.
Whole Foods obsessively seeks out the finest natural and organic foods available and maintains the strictest quality standards in the industry.
And customers know it.
Moreover, employees there regularly tell me they are working the best jobs of their lives.
Whole Foods is about a lot more than selling groceries and making money.
Purpose: More Than Just the Bottom Line
Its Whole Planet Foundation alleviates global poverty for people living in communities in the U.S. and around the world.
Whole Kids Foundation supports schools and inspires families to improve children’s nutrition and wellness.
Whole Cities Foundation expands healthy food access and nutrition education by partnering with community-led organizations to build thriving local food systems.
And Sourced for Good promotes ethical working conditions and a higher-quality natural environment.
Whole Foods is extraordinary in many respects.
How do you build a business like this – or find one like it to invest in?
John insists that the key is to put the company’s purpose first.
Great companies are driven not just by the desire for profit – which every business needs to survive and grow – but also by a vision of how they can make a positive contribution to the world.
Conscious leaders act with integrity, holding themselves and the organization to the highest standards to earn the trust of those they lead and those they serve.
It means committing to learning and growth, not only professionally but personally.
It means showing genuine appreciation to the people who make success possible.
(Not just with compensation and benefits but in a multitude of tiny, everyday ways.)
It means finding win-win-win solutions to competing interests, whenever possible.
But the first and foremost job of every conscious leader is connecting people to purpose.
Businesses that do this have satisfied employees, dependable suppliers, repeat customers, better reputations, fewer regulatory and legal hassles, greater market share, and – not least of all – bigger profits.
Yet in recent years, some have taken stakeholder theory and perverted it, making it something entirely different – often referred to as “woke capitalism.”
What’s happening here? Why are some companies embracing it? And what does it mean for investors?
These are the subjects we’ll cover in my next column.
P.S. I wanted to let you know that one of the highlights of 2022 is fast approaching: our Wealth, Wine & Wander Retreat in northern Italy.
This June 11-22, join me and European travel expert Fritz Satran on an epic yet luxurious journey to Milan, Lake Como, Verona and Venice.
We’ll explore this extraordinary region – long recognized as Italy's capital of finance, fashion and fine living – together, and I’ll share exclusive financial insights along the way.
You don’t want to miss this Italian adventure. You can find more details here.
Click here to watch Alex’s latest video update.