A while back my MBA program’s quarterly published an interview with Richard Schulze, the founder of Best Buy, about general business advice he could share to the alumni and current students. The University of St. Thomas’s Business School is certainly fortunate to have Mr. Schultze generating content for their publication (oh, not to mention the large gifts to the school).
That was in February and obviously a lot has changed in the business community regarding Best Buy with the CEO scandal of Brian Dunn and later resignation of Mr. Schultze as the Chairman. It would be interesting to learn if he would modify his original list of business advice from what he’s learned since the scandal. One potential tip that may benefit from some specific tweaking after the Dunn scandal was the fourth.
#4 – Have a Mentor
This one could also include be sure that key people have good mentors themselves. Not that a mentor would have stopped Brian Dunn’s behavior as one would hope he knew it was inappropriate but perhaps they would have seen the warning signs.
The buzz continues around Mr. Schultze making a play to take Best Buy private and for him to be successful it looks that he’ll be pulling this list out again. I think Best Buy still can have a retail play outside of the growth of Geek Squad and private equity may be the right play for it.