Arthur M. Blank, co-founder of The Home Depot, was introduced to the startup life as a kid. His father launched a mail-order pharmacy business out of the one-bedroom apartment the family of four shared in the Sunnyside section of Queens, New York. Four years later, darkness set in when Blank’s father died suddenly. His mother picked up the pieces of both the family and the family business. She plowed ahead and became a successful entrepreneur, ultimately selling the company.
“My mother used to say, ‘make decisions for the right reason and live with the consequences,'” Blank tells Inc. That’s why, for instance, he decided to delay the reopening of the Mountain Sky Guest Ranch, a dude ranch he owns in Montana, even though it typically runs at more than 90 percent occupancy and guests were yearning to return. “We knew that if we opened we would bring disease into the
Billionaire businessman Arthur Blank told CNBC on Monday that businesses must care about more than just profitability, suggesting social responsibility should also be an area of emphasis.
“If you don’t care about people, profit and the planet at the same time, profitability by itself isn’t really enough,” Blank said on “Power Lunch.” “And the truth of the matter is, you can have them both, and I think we should have them both.”
Blank, who co-founded The Home Depot in 1978, is now owner of the NFL’s Atlanta Falcons and Atlanta United of Major League Soccer. His comments Monday came one day before the release of his book, “Good Company,” which details his business career and his views on corporate strategy.
The remarks also come shortly after the 50th anniversary of the publication of economist Milton Friedman’s seminal essay, “The Social Responsibility of Business is to Increase its Profits.” In recent
- In 1978, Arthur Blank and his cofounders launched what would become the world’s largest home improvement retailer: Home Depot.
- In his recent book “Good Company,” Blank outlines his approach and strategies for running Home Depot, the Atlanta Falcons, and his other current business ventures.
- Blank spoke to Business Insider about the coronavirus pandemic and the importance of values in business.
- Visit Business Insider’s homepage for more stories.
Forty-two years after he set off to found a bigger and better hardware store with Bernie Marcus, Arthur Blank still thinks of the world’s largest home improvement retailer, Home Depot, as his “baby.”
Blank recently spoke with Business Insider about his new book “Good Company,” in which he strives to make the case for values-driven capitalism. Today, the Home Depot cofounder is best known for owning the National Football League’s Atlanta Falcons. He also owns Major League Soccer’s Atlanta United, a number of