Sam Walton Quote

I made up my mind I was going to learn something about IBM computers. So I enrolled in an IBM school for retailers in Poughkeepsie, New York. One of the speakers was a guy from the National Mass Retailers’ Institute (NMRI), the discounters’ trade association, a guy named Abe Marks. ABE MARKS, HEAD OF HARTFIELD ZODY’S, AND FIRST PRESIDENT, NMRI: I was sitting there at the conference reading the paper, and I had a feeling somebody was standing over me, so I look up and there’s this grayish gentleman standing there in a black suit carrying an attaché case. And I said to myself, ‘Who is this guy? He looks like an undertaker.’ He asks me if I’m Abe Marks and I say, ‘Yes, I am.’  ‘Let me introduce myself, my name is Sam Walton,’ he says. ‘I’m only a little fellow from Bentonville, Arkansas, and I’m in the retail business.’ I say, ‘You’ll have to pardon me, Sam, I thought I knew everybody and every company in the retail business, but I never heard of Sam Walton. What did you say the name of your company is again?’  ‘Wal-Mart Stores,’ he says. So I say, ‘Well, welcome to the fraternity of discount merchants. I’m sure you’ll enjoy the conference and getting acquainted socially with everyone.’  ‘Well, to be perfectly honest with you, Mr. Marks, I didn’t come here to socialize, I came here to meet you. I know you’re a CPA and you’re able to keep confidences, and I really wanted your opinion on what I am doing now.’ So he opens up this attaché case, and, I swear, he had every article I had ever written and every speech I had ever given in there. I’m thinking, This is a very thorough man.’ Then he hands me an accountant’s working column sheet, showing all his operating categories all written out by hand. Then he says: ‘Tell me what’s wrong. What am I doing wrong?’ I look at these numbers—this was in 1966—and I don’t believe what I’m seeing. He’s got a handful of stores and he’s doing about $10 million a year with some incredible margin. An unbelievable performance! So I look at it, and I say, ‘What are you doing wrong? Sam—if I may call you Sam—I’ll tell you what you are doing wrong.’ I handed back his papers and I closed his attaché case, and I said to him, ‘Being here is wrong, Sam. Don’t unpack your bags. Go down, catch a cab, go back to the airport and go back to where you came from and keep doing exactly what you are doing. There is nothing that can possibly improve what you are doing. You are a genius.’ That’s how I met Sam Walton. Abe