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Tony Hsieh

gave the 'meet your parents' guest filter

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#101with Ryan Begelman - How to Succeed Applying Private Equity Structure to Startups1×#65Q&A with Andrew Wilkinson, Co-founder of Tiny1×

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In the moments

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Story

Tony Hsieh's 'meet your parents' guest filter for Summit

At a White House event, Tony Hsieh told the Summit founders to ban anyone they wouldn't invite into their home to meet their parents, no matter how impressive. That 'kind-hearted, participatory people' test became Summit's second guest criterion.

“is there anyone here who like you wouldn't invite over to your house, like meet your parents. And we were like, yeah, of course, like there's some really incredible venture capitalists and people here that we think are kind of dicks, but you know, they're here because everyone wants to meet them. And he was like, nope, they can't come back. He's like, if you want to build serious culture and you want to have people that, you know, like hold the values of this, then you need to only have, you know, a certain kind, like you need to have kind-hearted participatory people.”
EP 101 · 8:19 · RYAN BEGELMAN
Read at 8:19
mfmindex.com№ 0101-499
Fact

Incentive-caused bias: share buybacks line the CEO's own jeans

Wilkinson explains incentive-caused bias using buybacks: CEOs paid in stock options benefit when share price rises, and buybacks shrink the share count to lift price — so a 'return capital to shareholders' move can really be self-enrichment.

“a lot of CEOs are compensated based on share price because they get stock options. So their stock options become more valuable when the share price goes up. And what makes the share price go up but share buybacks? So when you buy back shares, there's fewer shares and each individual share is worth more. So it's actually a way for the CEO to put money in his or her own jeans.”
EP 65 · 0:00 · ANDREW WILKINSON
Read at 0:00
mfmindex.com№ 0065-0