The Wisdom of Profit Wise with Jeff Morrill

I always jump at the opportunity to visit with CEOs as I come away from those discussions energized and a bit wiser. When I learned that I had the opportunity to interview the author of Profit Wise by Jeff Morrill, I jumped at the chance. Jeff and his brother co-founded Planet Subaru based in Boston. They call their business an undealership.

Interview Questions for Jeff Morrill

You write about defining your reality early in the book, a concept you learned from Max Dupree. Why is that important to you?
You read a lot. Is that how you do your learning, or do you learn best by doing or from learning from others?
Why do too many business owners hire too fast only to repeat this same mistake over and over again?
Many CEOs have a hard time grasping marketing and marketing strategy. Did that come easy for you?
I cannot believe I did not know what BATNA was. What is it?
What is the difference between a Type I and a Type II decision?
Has there been a time when you did not follow the data to make a decision?
What is the difference between a maximizer and a satisficer?
How do you groom your successors to groom their successors?
What do you include in your annual planning meetings?

The first responsibility of a leader is to define reality.
Max Dupree

Five Meaningful Quotes in Profit Wise

We have a moral obligation to run our businesses in a way that minimizes negative externalities and increases benefits to society.
Morrill, Jeff. Profit Wise, page 11

Too many business owners overestimate the benefits of previous work experience and underestimate the power of character, training, and culture.
Morrill, Jeff. Profit Wise, page 20

Think in shades of grey rather than black and white.
Morrill, Jeff. Profit Wise, page 64

Even though we live in a business culture that fetishizes metrics, be careful about relying too much on numerical data when making decisions. As the saying goes, you can drown in data but starve for wisdom.
Morrill, Jeff. Profit Wise, page 72

… so put short-term events in context. Philosopher Soren Kierkegaard said, “Life can only be understood backwards; but it must be lived forwards.”
Morrill, Jeff. Profit Wise, page 76