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President and CEO of Newman's Own Food Inc., Bob Forrester, says Paul believed quality should trump profits.
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I -- about with new wind alone salsa and -- -- salad dressing.
You are -- -- dear friend of -- contract that was the end.
About 1617 years before he passed away right so.
Tell me a little bit about his his mission plant it.
Well.
-- just naturally generous man is very humble many didn't think he's doing anything special.
Was he was indeed and when he started Newman's Own -- to.
-- two things one quality was -- trump profits that -- he made any money would give it away.
And -- thirty years ago this is thirty years ago and started you're celebrating an anniversary thirty year anniversary this year will be donating thirty million dollars this year and and the first it was 300 loans have now I was kind of symmetry there yes wow and where it is my going back.
We distributed to about 70800.
Charities a year around the world.
And any such thing we have the areas of interest.
We really interest in encouraging philanthropy -- its broadest sense.
Children with life limiting conditions.
Empowerment.
Particularly -- people who have disabilities and we do a lot with military.
Families and veterans and nutrition.
Right yeah that's how they -- credit you also at camp straight home camps yes that causes serious fund children's network founded by Paul Newman their fourteen of around the world the first one started in.
1988.
When.
The shares will be 30000 children.
Developing world Europe.
Middle East and -- in the United States wonderful program.
Yeah I've actually heard a lot about it talked about that after this sounds okay but -- I -- to make it very business -- but can you just explain how.
-- able to operate.
And be profitable in order -- give those profits to charity.
It has -- question.
The Apollo -- he got the company started somebody asked well.
What are the secrets to being successful business policy those three things you need to know and I don't know any of us that money was what.
But he was really a serial entrepreneur he he had all of the in -- and risk taking.
And courage and -- also pretty fiscally conservative soon.
He was a great food person food was something he really understood ingredients he made his own products -- -- and that's how we got started -- -- every.
Holiday Christmas time -- mix up of action salad dressing take it to the neighbors.
And somebody convinced him of putting in the business and begin -- -- and stories.
By can't sell it under his name well if it doesn't sound like something he would do it that's a great question he.
Somebody convinced them to gets anybody to -- -- the first time you have to put two person and it's and he went ahead and it -- But that's when he coined the phrase and so -- do that yet.
We're not gonna take -- -- seriously and in any coined the phrase shameless exploitation for the common good.
-- -- went from -- but in the food business.
Nobody's gonna buy food the second time in less taste good right so that was the other part of the story.
And then.
Yet the pace of gold -- citizens who have had annual hadn't become profitable.
We -- very focused on the quality of our products get.
The pace of our products we have our.
Way of thinking about these.
We're a small company.
We only have 32 employees and and -- Because there are products that are there are formulas -- -- -- recipes are proprietary.
-- we co pack everything.
So they're manufactured by others under our supervision.
And where are they manufacture -- various places throughout the United States all American.
Except in Australia are products -- -- and manufactured in Australia than in Australia.
With the exception of a -- stuff that comes from California that we -- it over.
In the UK we we have a manufacturing partner in the UK and otherwise it's all in the United States and is distributed throughout the United States when.
If it's -- it's -- companies that salad dressing it's another company and our co Packers have been with us from the beginning and once we -- -- product.
There's a great deal of loyalty -- and down what is your annual.
Profit.
This year after.
Various expenses -- the foundation in the we are intellectual property company which owns the -- Will get about thirty.
Board of 35 million dollars.
And all of that goes to Terry do you -- paid.
-- they pay me not not as well as I would like to.
Listen I've been in the nonprofit -- all my life and and what I'm getting really privilege magnitude to do and I can tell just -- -- -- feeling that.
It's NIC to hear from people who have such amazing stories.
There's a report out -- at a Bank of America early today that -- -- Ultra high net worth individuals those were worth ten million at least not including home so we're talking a lot of cash that a third of them say they don't think it is important to leave that money or any of that money to their kids.
Because -- think that kids should work right car and it but I know the value of a hard day at work so.
Well I didn't -- that problem my -- have any money yeah I know I did and in don't have that problem in fact I don't really know anybody who does the but it's it seems like it may -- mentality is shifting it.
I think it is I really think it is and that was -- feeling also that you know provide for education.
And -- -- was always considered part of the public trust not to -- Paul never took compensation or had a car in the payroll or anything like that.
But is now hi Norma -- -- -- -- Connecticut Connecticut -- -- we're urban operations are Westport Connecticut and what the neighbor in Connecticut.
-- -- start thinking so much for coming on the president and CEO of Newman's Own foundation.
And Newman's Own food we'll -- your website Newman's Own foundation.
Dot pork.
And thank you so much for coming on thank everybody for.
