In the bustling world of business, corporate culture often takes a backseat to profit margins and market share. A study by Harvard Business School found that companies with strong corporate cultures saw a 756% net income growth over 11 years, compared to just 1% for those without. Bill Yeargin, CEO of Correct Craft, believes that corporate culture is the cornerstone of success, and he has the receipts to prove it. Under his leadership, Correct Craft has gone from making $40 million in revenue in 2009 to over $1 billion annual revenue in 2023.
A Journey of Faith and Fortune
Bill Yeargin’s career path is anything but conventional. “I was a CPA in my early 20s when one of my clients in the marine industry offered me a job,” he recalls. Growing up in South Florida, where boating is a major pastime, the opportunity seemed like a perfect fit. However, Yeargin soon realized that accounting wasn’t his passion. He returned to school for an MBA, which led to a speaking opportunity at an industry conference. This event connected him with a magazine publisher, propelling him into the marine industry’s spotlight. Today, Yeargin serves as the chair of the primary association representing 36,000 organizations in the industry.
The Unexpected Path to Leadership
One of the most intriguing stories from Yeargin’s career is how he became the CEO of Correct Craft. “I was the fifth CEO in five years and had actually walked away from the opportunity when they were hiring their fourth,” he admits. Yeargin had no interest in moving to Orlando or becoming a CEO, he wanted to become a consultant. However, a series of unexpected events, which he describes as “God things,” led him to accept the role. His faith played a significant part in this decision, guiding him through the challenges that lay ahead.
Character Traits that Define Success
Yeargin attributes his success to three key character traits: ownership, impact, and care for people. “When I oversee something, I take ownership and will do whatever is necessary to ensure it does not fail,” he says. This dedication was evident when he took over as CEO of Correct Craft, working long hours to turn the company around. His focus on impact rather than rewards has also been instrumental. “Interestingly, when a leader chases impact, the rewards take care of themselves,” he notes.
For Yeargin, corporate culture is defined by the values that drive a company. At Correct Craft, these values are encapsulated in their culture pyramid. “When people ask me how Correct Craft has grown so fast, I always attribute it to our amazing team,” he explains. He says the company’s strategic planning process and strong culture are tools the team has used that have been pivotal in this growth.
The American Psychological Association reports that a positive workplace culture can reduce stress and improve mental health, leading to a 41% reduction in absenteeism. One of the most significant examples of corporate culture impacting employee morale at Correct Craft was a service trip to Mexico shortly after Yeargin became CEO.
“We scheduled a service trip to build a house for a homeless family in Mexico,” Yeargin shares. Despite the company’s numerous issues at the time, he took 25 employees on the trip. The experience was transformative, not just for those who went but for the entire team. “Our team now had something bigger than just boats to build and our organizational mess to clean up,” he says. This trip marked a turning point, reinforcing the company’s commitment to using its platform for good.
Yeargin emphasizes the importance of clear communication and modeling values. “We make sure everyone is clear on our values. We communicate those values over and over until we are tired of talking about it and the team is tired of hearing it,” he explains. This relentless focus ensures that the culture permeates every level of the organization.
Five Reasons Why Corporate Culture Boosts the Bottom Line
Yeargin breaks down five important reasons why he believes creating a solid corporate culture is the key to business growth. First, he believes in fostering employee engagement. “Our employees are inspired knowing they are part of a team that has high values and is trying to have a positive impact on people’s lives,” Yeargin says. This engagement translates into higher productivity and job satisfaction.
Yeargin says that building brand equity is also important. Yeargin’s book, “Making Life Better: The Correct Craft Story,” has significantly boosted the company’s brand. “People both inside and outside our industry still share stories from the book, which creates a very favorable view of our company,” he notes.
Customer loyalty is also an emphasis at Correct Craft. Customers appreciate the company’s focus on community impact. “I have had many people tell me that they would not buy a boat from anyone else just for that reason alone,” Yeargin shares.
Yeargin says supplier relationships cultivate win-win scenarios which ultimately benefit customers. “The people in our supply chain often provide us with a first look at many opportunities before any of our competitors,” he explains.
And finally, Yeargin has seen his company’s emphasis on creating a positive culture contribute to their ability to expand through acquisitions. “Almost every seller has stated that they sold to us because of our values,” Yeargin says.
Focusing on corporate culture has given Correct Craft a significant competitive edge. “It energizes our employees and customers because they know we are not just a ‘bottom line’ company,” Yeargin explains.
Yeargin says if he could start a societal movement beyond business, it would be one that inspires people to put their hope and faith in God. “Recent research has validated the benefits of faith and prayer in a person’s life,” he says. His book, “Faith Leap,” delves into his personal faith journey and its impact on his life and business decisions. “If I could inspire people to put their hope and faith in God, I believe it would make an enormous difference in their lives,” he concludes.
In a world where corporate culture is often overlooked, Bill Yeargin’s story is a testament to its profound impact on business success. His journey, insights, and unwavering commitment to values offer valuable lessons for leaders and organizations striving to make a positive impact.