Prosper Forum’s agenda was packed with some of the most influential decision makers in the industry, many of whom were willing to impart words of wisdom or advice. Here are some highlights.
Six Flags CEO Selim Bassoul opened up the event with a keynote, providing several personal anecdotes about his childhood in Beirut to his career path, which includes serving as President and CEO of The MIddleby Corporation to his current role leading a giant amusement park company. Bassoul’s story starts with his childhood, coming from a middle class family that lost everything during a civil war in the 1970s in his home country.
“We lost our home. My father lost his job. We became the new poor,” he said. “It had a tremendous impact on me. It was difficult for my parents for the rest of their lives, and it drove me to two things – accumulate wealth and stand up for those who need it.”
Aside from those two objectives, Bassoul also follows four principles shared with him during his first professional conference, and he keeps those written down on a Post-it note on his desk:
- Network. Go to every conference. Make yourself known.
- Have a great mentor. Work for the hardest boss who will teach you something, versus someone who doesn’t care.
- Be relevant in everything you do – marriage, friends, family, your job.
- Have good intent.
“That is how I got to where I am today because I followed those four principles,” he said.
Bassoul also gravitates toward disruption and prefers the idea of failing fast versus playing it safe riding the status quo.
“A bad action is better than no decision at all. Always be quick to course correct,” he said.
He has brought this playbook with him to Six Flags, where he’s been credited with the company’s turnaround by “premiumizing” the parks.
“You always have to think about the value created must be higher than the value delivered,” he said.
Bassoul ended his keynote by providing six reasons why Six Flags has since experienced a swift turnaround:
- He spends time with frontline employees, attending parks every weekend. “That’s where the action is and where the story is told.”
- He advocates for the employees.
- He has built a culture of “fail fast, correct fast.”
- He surrounds himself with positive people. “Be wary of naysayers; they come in four categories – whiners, snipers, passive-aggressive and contaminators. Be wary, they are toxic.”
- He has reduced the number of layers between the leadership team and the frontline employees.
- “Take big risks.”
“It’s through adversity and grit and the desire to win where you find your success,” he said.
Success through culture and talent
Shortly after Bassoul ended his keynote, three industry heavyweights took the stage to share their perspectives, including Yum Brands’ CEO David Gibbs, Fuddruckers’ CEO Nicholas Perkins, and Inspire Brands’ CEO Paul Brown. The three discussed the importance of finding success through building the right talent and culture within their respective areas. Gibbs said the key factor in doing so is by building trust.
“Right now, trust in government is trending down and trust in companies is higher. People in uncertain times are looking for a safe place and they want that to be where they work,” he said. “We spend a lot of time trying to build an environment that’s inclusive, where people can be their authentic selves.”
Brown said Inspire has tried to build that trust by creating a culture that integrates the cultures of all its brands as it brings them into a shared portfolio.
“All of our brands are many decades old, and they have great cultures and also their franchisees became franchisees because of those cultures. We want to continue to live those behaviors and values from the brands and also create a culture at Inspire that is complementary in nature,” he said. “It is critically important for companies to have a diverse set of backgrounds and perspectives. I feel good about the journey we’ve been on.”
For Perkins, the journey with Fuddruckers is a bit more personal. He came on board with the brand as its first African American franchisee, so part of his strategy is to diversify the franchise base to reflect its customer base. He introduced the brand to more minority communities and partnered with HBCUs to bring Fuddruckers onto their campuses, for example.
“It is a great responsibility. You need to demonstrate and get it right so that I won’t be the only one,” he said.
Gibbs said it’s important for the industry to be an inclusive place where everybody can have a career path but cautions against “getting the hierarchy wrong.”
“I know people that start the day worrying about themselves, then maybe their team, then maybe the company,” he said. “That’s a huge de-railer. If you’re going to be successful at Yum, you’re going to think about those things in reverse order. Think about others first because that’s how you’re going to be the most successful. Also, enjoy the journey. Don’t get so focused on your next job that you put so much pressure on yourself and you don’t enjoy what you’re doing. Put one foot in front of the other and you’ll end up where your talent will take you.”
Contact Alicia Kelso at [email protected]
