R. C. Willey - the principles that built the business and attracted Warren Buffett

Bill Child took a 600 sq ft store with annual revenue of $250,000 to a dominant position in Utah furniture retailing with $256m turnover. For him to succeed he had to follow sound principles to gain the trust of customers and the admiration and loyalty of employees. These are useful pointers for investors: if you see this sort of combination being implemented at a company it is likely to be one with a bright future. Fortunately for us he has written about his rules for success:

1. Be motivated by excellence, not money. If you are better than your competitors, the profits will come.
2. Offer customers true value on quality products. A low price on a cheap piece of furniture is not value.
3. Think like a customer and treat them as you would like to be treated. They can take their business elsewhere at any time. (Associates witnessed daily the commitment of Bill and Sheldon to customer service. They too went out of their way for people).
4. Enjoy your business and know the industry and its future.
5. Avoid unnecessary debt. When the economy takes a downturn, excessive debt will sink you.
6. Be efficient. Nothing drains………………To read more subscribe to my premium newsletter Deep Value Shares – click here http://newsletters.advfn.com/deepvalueshares/subscribe-1

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