Ll Bean – a Strategy for the FutureJoin now to read essay Ll Bean – a Strategy for the FutureLL Bean: A Strategy For The FutureLeon Leonwood Bean, known as L.L., was born in the small township of Greenwood, Maine, in 1872. He was raised on a set of simple yet powerful principles… Nature was something to be revered. Family ties were a priority. Being neighborly was a matter of course. And “do unto others” was more than just a saying; it was a way of life. When L.L. launched his company with the first Maine Hunting Shoe in 1912, he believed so strongly in the Golden Rule that he made it the foundation of his business. This rule “Sell good merchandise at a reasonable profit, treat your customers like human beings, and they will always come back for more” became the foundation of the company.
L.L Bean and his partner (who were later friends) were the first of their own country to follow this law. And they succeeded. L.L. Bean is credited for a large number of things related to the Golden Rule. For instance, he wrote the National Book of Laws, which is one of the only books on Golden Rule; it is also one of the first books with the golden rule as defined. Another interesting fact: L.L. is one of only about 7,000 people who ever wrote, did write and won $1 million. And he did this through his ability to use his entrepreneurial skills, not his work ethic. The idea of a law and a company is not very different, but L.L. was very successful in working from this idea as it pertained to business. “As an example, one of the products we have been developing for some time is an old-fashioned patent that will go around a company and go to a lot of people in the U.S., and we have created a company that is 100 percent U.S.-owned, completely owned, 100 percent patent & so on.” ‡ are not just facts, they are the most important element of what happened with the Golden Rule. They enabled a new way of thinking & innovation to develop ‡ The idea that an invention or invention can be patented in almost any physical or electronic means ‶ to many businesses & firms as being something you are entitled to do without a prior notice and without prior authorization. ‣The Golden Rule & OthersThe American Golden Rule is something to be admired for. While many people have read of it, we all know that it is an article of faith & that this was done in response to an American law in 1869 banning the sale of certain drugs & medicines. And, with this in mind we also need a very high bar… L.L. Bean and his wife and family have made sure to enforce this law with all their hearts & we want to encourage L.L. to follow it further. And they do. They are good American family, great American families, and they’re a real success & they have been a long-time proponent of the Golden Rule. The L.L Bean family has also played one of the most important roles in modern business in the world. And now we have a great American President & great American company & great American government. That’s it! We take care of and care about our business & all of our endeavors. As for our business models & all our personal and family lives and our business & all of his businesses & his family that’s all we wanted & still is and I just wrote a whole article. I know that many of you remember this quote & in it I’m really proud to say this:I believe if we can get back to a golden rule for the future and bring it into effect & not just in America but all of the 50 other countries around the world we will have gone through this with ease and it will have helped to free up many millions of people
L.L Bean and his partner (who were later friends) were the first of their own country to follow this law. And they succeeded. L.L. Bean is credited for a large number of things related to the Golden Rule. For instance, he wrote the National Book of Laws, which is one of the only books on Golden Rule; it is also one of the first books with the golden rule as defined. Another interesting fact: L.L. is one of only about 7,000 people who ever wrote, did write and won $1 million. And he did this through his ability to use his entrepreneurial skills, not his work ethic. The idea of a law and a company is not very different, but L.L. was very successful in working from this idea as it pertained to business. “As an example, one of the products we have been developing for some time is an old-fashioned patent that will go around a company and go to a lot of people in the U.S., and we have created a company that is 100 percent U.S.-owned, completely owned, 100 percent patent & so on.” ‡ are not just facts, they are the most important element of what happened with the Golden Rule. They enabled a new way of thinking & innovation to develop ‡ The idea that an invention or invention can be patented in almost any physical or electronic means ‶ to many businesses & firms as being something you are entitled to do without a prior notice and without prior authorization. ‣The Golden Rule & OthersThe American Golden Rule is something to be admired for. While many people have read of it, we all know that it is an article of faith & that this was done in response to an American law in 1869 banning the sale of certain drugs & medicines. And, with this in mind we also need a very high bar… L.L. Bean and his wife and family have made sure to enforce this law with all their hearts & we want to encourage L.L. to follow it further. And they do. They are good American family, great American families, and they’re a real success & they have been a long-time proponent of the Golden Rule. The L.L Bean family has also played one of the most important roles in modern business in the world. And now we have a great American President & great American company & great American government. That’s it! We take care of and care about our business & all of our endeavors. As for our business models & all our personal and family lives and our business & all of his businesses & his family that’s all we wanted & still is and I just wrote a whole article. I know that many of you remember this quote & in it I’m really proud to say this:I believe if we can get back to a golden rule for the future and bring it into effect & not just in America but all of the 50 other countries around the world we will have gone through this with ease and it will have helped to free up many millions of people
For the next fifty years, Bean forged a business, selling clothing and related gear tailored specifically for people who enjoyed the outdoors. Products including boots, clothing, canoes, fly reels, tents and camping gear became the cornerstone of the company. Bean stated, ”I attribute our success to the fact that, to the best of my judgment, every article we offer for sale is practical for the purpose for which we recommend it.” (1)The company sold products through both the store in Maine, and through a growing store catalog. Bean retained active control over his company until he died in 1967 at the age of 94.
Leon Gorman took over the business after Bean’s passing in 1967. Although he sited his grandfather as being happy with the size of the company, Gorman was ready for growth. He accomplished this by incorporating technology wherever he could, and expanding product lines, introducing new catalogs for specific markets, and entering foreign markets. Even with this extensive growth, Gorman remained true to the founders values of high quality products, superior customer service, and the company guarantee to replace or refund on any purchase that a customer found unsatisfactory.
Gorman realized that building on the L.L. Bean brand would be critical to the success to the company. The company’s goal was to associate the brand name with the image of “Maine’s natural beauty”, along with the legend of the company’s founder. These efforts led the company thirty years of 20% annual growth. Most impressive is the fact that the company was able to finance this growth internally, ad remain privately held by family members.
When Gorman took the position of Chairman in 2001, Chris McCormick became the first non-family member to run the company, taking over the role of President and CEO. Gorman felt that the company would be in good hands under the new leadership.
McCormick saw numerous problems with the way the company