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It's no secret that independent drug stores across the country are closing every day. But in Beaver Dam, Kentucky, Rice's Pharmacy is not just prospering—it's attracting team members from thousands of miles away to this small town of just 3,000.
So what's the secret to its success? For David Figg, COO, the turnaround began when he attended EntreLeadership Master Series (EMS) in Orlando in 2011. Already a fan of Dave and a graduate of Financial Peace University, when he heard about the seven-day conference for small-business owners, he knew it was for him.
At EMS, David learned from Dave and his team how to grow his business, from sales and marketing to goal-setting to leadership and employee compensation. But by far, his biggest takeaway was the lesson on company culture.
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"I knew changing our culture was just something we had to do, and we needed to start soon," David said.
And start he did. When David returned home, he slowly began implementing some of the principles he learned. One of his first steps was creating a new position—Director of Team Relations—whose sole purpose was to take care of the team and ensure they had the tools they needed to complete their jobs. Within six months, there was a noticeable difference at the company.
"We started holding regular events, there was more fellowship, and it just started to be fun at work again," David said.
Change is not something new to David. After completing college, he vowed that he would never work in Beaver Dam again. Small towns were not for him. And for more than a decade, he did just that. But then God came calling. And the engineer, who traveled the world and made a very good living, quit his job and joined the family business started by his parents nearly 50 years earlier.
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"I was sitting in O'Hare [Airport] and God just said, 'You need to go home,'" he said. "So I did."
Like nearly all transitions in a family business, it took a little time for everyone to adjust, especially since David's parents still work every day. But the pair was receptive to his return, and everyone made a concerted effort to talk about any conflicts that arose from changes in the business.
Today, everyone is on board with David's plan based on the EntreLeadership principles he learned. The impact continues to amaze him.
"Since EntreLeadership, we've grown our team by almost 40% and our profits have gone through the roof," he said. "Our business has transformed, and we have finally created a culture that is attracting the best of the best. In fact, I'm flying to New York next week to interview a potential new go-getter. It's very cool that we are now attracting this caliber of applicant. God is doing amazing things in our business and, in turn, in our community. And our thanks goes to Dave and his team for assisting with His plan."
To learn more about business, team building and leadership, download our newest EntreLeadership Podcast.