One analyst, Margo Alexander of Mitchell Hutchins Inc., really worried about the exodus in her reporton Wal-Mart. She wondered if it wouldn't discourage other executives from coming on board. She saidthey might see an inevitable conflict with "the entrepreneur who will never be satisfied with another personrunning 'his' company," in other words, me. She also questioned whether I, having retired once, was ascommitted to running the business as I had been previously. when she wrote it, and had never been outside of Haworth churchyard. "Well, later on, when we had Wal-Marts and went public, I went out and borrowed what seemed likean awful lot of money at the time and bought stock with it. Bud and Sam came down to the store oneday, and Bud said: 'Willard, I sure hope you know what you're doing.' He told me I had more faith thanhe did. I always knew it was going to be successful. The philosophy made sense, and you couldn't helpbut believe in the man."In the years to come, that lure of partnership helped us attract a lot of good managers, but I don't believewe ever had one who bought more stock than Willard. And of course he feels pretty good about ittoday. The members all wear Wal-Mart smocks and push their carts through a routine of whirls, twirls, circles,and crossovers. We were big in Arkansas, Louisiana, Mississippi, and Texas, but had nothing in Tennessee, Alabama,Georgia, or the Carolinas. We weren't much of a competitor in the South at all. 富二代视频*国产富二代视频*富富二代在线91精品视频*富二代网视频 But before we got the stock issued, the market fell out on us, and we had to postpone the offering. Wewere already having unusual managers' meetings in those days. We would all go fishing together, withoutwives, for four or five days at a time and talk about the business. I remember we were on one of thosetrips to Table Rock Dam, and I had to tell everybody that we were pulling back on the deal. But themarket recovered some, and on October 1, 1970, Wal-Mart became a public company, traded over thecounter. Our prospectus offered 300,000 shares at a price of $15, but it sold for $16.50. It was wellreceived, though not widely held; we only had about 800 shareholders, most of them either institutions orfolks we knew. Those who bought in that offering, or who owned some of those early partnerships andhad them converted in that offering, made an absolute killing. Logistics. But there's no question about it: one of the main reasons we've been able to roll this company outnationally was all the pressure put on me by guys like David Glass and, earlier, Jack Shewmaker andRon Mayer, to invest so heavily in technology. Yes, I argued and resisted, but I eventually signed thechecks. And we have been able to move way out front of the industry in both communications anddistribution. During that period in the late seventies when Kmart's management had such a strongresistance to any kind of change, that resistance included investment in systems. At the same time, ourfellows were just absolutely convinced that computers were essential to managing growth and keepingdown our cost structure. Today, of course, they've been proven so right that they look like geniuses. Iwould go so far as to say, in fact, that the efficiencies and economies of scale we realize from ourdistribution system give us one of our greatest competitive advantages. Many people have contributed over the years, but David Glass has to get the lion's share of the creditfor where we are today in distribution. David had a vision for automated distribution centerslinked bycomputer both to our stores and to our suppliersand he set about building such a system, beginning in1978 at Searcy, Arkansas.