On Sept. 15, 1983, Nike closed at $16.13. ", So that's the story of our piggy bank logo. Really? Save my name, email, and website in this browser for the next time I comment. ROBERT WOODELL OBITUARY WOODELL, Robert E. 1929-2009 Robert Edwin Woodell died Jan. 5, 2009, in Sutherlin, following a battle with cancer. I didn't even know the segment happened until I saw an email the next morning from Nick: "I saw the segment on Tosh.0 about Celebrity Networth!!! Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions. After a few months, the idea did seem to have some potential, so I decided it was time to pay for a higher quality design. Wed each been forged by early failure. Yes! During this period, Johnson moved to the Bay Area and ran the day-to-day practices. Johnson explained the story about iconic brand names, and that the word was also for the Greek winged goddess of victory. "I never get tired of looking at it," she says of The Swoosh. of trade are ever changing? "I wasn't very good at the new job and I hated it," he says. Maybe it was his recovery from his stroke that really hammered it home. When I had the idea for the site (which is a much longer story that I will tell another time) I paid an Elance.com designer in India $200 to come up with something simple that I could play with. Since banks were and are in the business of lending money, small businesses eager to grow large were bad bets simply because most failed. The lunch had turned into a party. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Bob Woodell and Nike: The Critical Employee. pic.twitter.com/oI9sSU1mJy. Multiply that by 500, add $35 and that equals $643,035. To Knight, Nikes early history, one defined by near constant fear of bankruptcy, was the story to tell. The first place a runner usually visits in Eugene is the looping wood-chip trail system named after Steve Prefontaine. He and his new passenger will travel according to the rhythm of the road and end up in Eugene in three days, completing Johnson's 18th cross-country road trip. Implicit in antitrust is that the present foretells the future, but it doesnt. But Phil gets through it with his ragtag team of Bob Woodell, Johnson, Strasser, and Hayes. The portions quoted from the book are in italics. Interesting about Shoe Dog is that it pretty much ends in 1980 when Nike was taken public. Though he was tapped out at the time, Johnson fondly reflects on his 18-year career at Nike. He understands this is what happens to an aging body--muscles tighten like rubber bands, ligaments. Why did Knight succeed? I found Nick because he was profiled on a wordpress design blog that I visited a few times. When he lived in Portland, Johnson had the privilege of watching Pre compete often at Hayward Field. A healthy life savings. Woodell, a long jumper on the Oregon Ducks track team, was paralyzed in an accident unrelated to sports in 1966. Their short time together--one season of track--was enough for Johnson to reach out to Vin Lananna, the former University of Oregon coach, and tell him about Wheating's potential. TikTokers have flocked to the clip to applaud Knight for further recognising Davidson's contribution to the corporation. Shortform has the world's best summaries of books you should be reading. No one thought so at the time of that meeting, particularly Davidson. YouTubes privacy policy is available here and YouTubes terms of service is available here. Johnson recommended that Wheating keep track of his weekly miles and run every day. "The door was open," he says. They aren't directly about running, but their messages apply to running. I didn't say anything about a logo because I had never even thought about it. Slam dunk. And along the way, Carolyn's $35 freelance job would become one of the most famous symbols in the world. The day he was finally approved to drive, the first place he went was to his favorite riverside trail. ", Nike went public in 1980 and the stock market pressure shifted the culture from jeans and T-shirts to coats and ties. Davidson submitted her bill for $35 but doesn't know how many hours she actually put into the project. Woodell and Knight debate the merits of Nike, the Greek goddess of victory, among other choices. Bob Woodell was one of Phil Knight's early hires at Nike, just a few years after starting the company. He loves to talk about running, but when the conversation turns toward his own routine, he all but apologizes for his current state of fitness. The joke is, in how many successful companies can you yell, Hey, buttface, and the team turns around? The elite runners loved those shoes.". "Apparently, they shared the same whim because they accepted me," he says. It was crazy. Traveling north over the dry flatlands of western Idaho and into Oregon, Johnson decides to pack it in for the night in Ontario, a speck-of-dust town right off the interstate. Really? So you design the logo and earn your $1000. They came from Oregon, and they all had their personal chips on their shoulders to validate themselves to the world (Bob Woodell lost his athletic dreams in an accident and was now confined to a wheelchair; Hayes couldnt become partner at his accounting firm because he was too fat; Phil was cut from the baseball team and had his heart broken). In 1982, Phil Knight and Bob Woodell, Nike's founder and first chief operating officer, respectively, traveled to Stanford University to share their start-up story with a class of business . It did, however, present a tradeoff: Despite Johnson's dislike of the business environment, the influx of investment dollars would eventually allow him to retire at 41. Product Description Publication Date: May 06, 1992 Source: Harvard Business School Explores Bob Woodell's tenure as Nike's first COO. The price we agreed on was $900. Armed with a lifetime's worth of running memories and 700 miles left to get to Eugene, Ore., he picks up a reporter in his gray Subaru at the Salt Lake City Airport. The right side of his body felt numb. Regarding taxes and spending, Knight addressed both; albeit in oblique fashion. On Dec. 2, 1980, Nike went public, trading on the New York Stock Exchange. Governments often fear companies that grow too large and "powerful." ", Knight then went on to explain how his side business, Blue Ribbon Sports, had been looking for a part-time graphic designer to help create charts and graphs for an upcoming meeting with a group of Japanese business executives. At recess they had 15 minutes to pummel me to death and they never caught me.". (It was originally called Blue Ribbon Sports before being renamed Nike in 1971.) It sat on the top floor of an old shoe factory, and a water tower directly overhead was caked with a century's worth of pigeon poop. He'd approached her in a hallway at the school's graphic design department after overhearing her talking about why she wasn't taking a particular class. He had read an in-flight magazine article about the great brand names that become household terms, such as Kleenex and Xerox. The U.S. Patent Office recorded the curvy checkmark on June 18, 1971. 2 . Knight, who founded the company alongside Bill Bowerman, has since revealed just how cheap the company bought its iconic trademark, but that the story does have a 'happy ending'. These days she volunteers at the Ronald McDonald House next to Legacy Emanuel Medical Center in Portland. Greatest track and field promo man. A huge order of new sample shoes was about to be shipped from Japan the following week and they were in danger of going out without any sort of branding. This is what he came up with, and what CNW looked like for the first six months it existed: Yes it was hideous, but it was also very functional and allowed me to see if this idea had legs without investing my life savings ($3000 at the time). Cookie Settings/Do Not Sell My Personal Information. Though he carries a cell phone in the car, he insists that he never uses it. That means Carolyn's original 500 shares are now 8000 shares. When I showed up, all these employees were there. "I have no idea what you're going to write about," he repeats over and over again as he veers on the highway. After 50 years of working out, his body was familiar breaking down tissue, resting and recovering, and doing it all over again the next day. "What the hell is that?" Johnson's co-worker, Walt Chadwick, remembers Johnson testing out materials that had never been used before in the sports shoe industry. Almost no one bites they raise just $300. After one of his surgeries, he had to return to Emanuel Hospital in Portland because of a staph infection where he was hospitalized for days. I was watching TV, and then they showed a logo I did! Your email address will not be published. How much would you charge? From there he pushes on to Bend, where he finds the town's Dairy Queen by relying on his instincts rather than his phone's GPS or the AAA map he keeps between the front seats. Keenly aware of the difficulty of making something static appear fluid, she went to work. But Woodell was no ordinary guy. 1. The price both parties agreed upon for the logo job? Describes development of Woodell's management style, his attempts to develop the organization, and his responses to unforeseen business problems. The company desperately needed one. He evolved into a distance runner, the kind described as having a lot of "heart. Phil likes that Bob therefore has a chip on his shoulder and is eager to prove himself. The company said that Mr. Woodell, a former long jumper and sprinter at the University of Oregon, would remain at Nike, concentrating on the development of one or more small entrepreneurial units in ''new and innovative business areas.'' If so, our understanding of everything will grow. Three years after going public, Carolyn was invited back to the company's headquarters to have lunch with Phil Knight and company President Bob Woodell. Just the other day a rather large woman in her 20s tackling the first run of her life easily swept past him on the riverside trail near his house, he laments. To the idea of Nike and its well-healed employees, the truly small and bereft of knowledge will respond that this global behemoth has overseen sweatshops around the world that exploited poorly paid employees. This is important because Knight plainly spent a lot of the companys limited funds traveling on the other side of the world in search of factories capable of making his shoes. Fast forward three decades and Nike's stock has had four 2-1 splits. pic.twitter.com/MraVM539WT. O n a stifling hot Saturday in the summer of 1984, three men met in the Washington, DC, office of sports agent David Falk. He was notorious for bringing a book to important meetings, pretending like he wasn't paying attention, then saying something brilliant, Chadwick says. It was them against the world. 7 : 1968 : Curly: Leclerc: Price Waterhouse's boss. Crazy ideas change the world. Nike launches an apparel business, since this is where Adidas gets most of their sales, and its a way to offer more attractive endorsement deals to athletes. He reads broadly, covering a wide range of subjects including finance, management, health, and society. $200? The always silly notion of antitrust is further exposed in this essential autobiography. The American multinational corporation - first founded on 25 January, 1964 - is best known for its range of sports clothing, shoes and, of course, iconic 'Swoosh' tick logo. A short time later, Knight called Davidson's husband. "We've decided to call it Nike," his co-worker told Johnson over the phone. When Carolyn showed up, she discovered that the lunch was actually a big party in her honor. Explores Bob Woodell's tenure as Nike's first COO. Woodell became rich. As Knight describes the scenario wrought by floating money, now the yen-to-dollar rate was like the weather. Picture this: The year is 1971. Last year, the company, which now includes subsidiaries Cole Haan, Converse, Hurley International and Umbro Ltd., recorded more than $19 billion in sales. Johnson swears he doesn't have a personal story worthwhile enough to warrant a magazine feature. I didn't," Johnson says. Nike has gone on to become worth a whopping $152.18 billion (140.84 billion). On Sept. 15, 1983, Nike closed at $16.13. Besides sharing the nuts and bolts of training, Johnson transformed the budding talent into a middle-distance specialist and filled out his regimen with plyometrics. In 1971 Johnson gave the company its most distinguishable asset: its name. Knight offered to pay Carolyn $2 an hour to create the charts and graphs. Bowerman's most famous early-innovation was using his wife's waffle-iron to create light-weight rubber soles that gripped the track better than any other shoe at the time. If were trading with individuals around the world, wars that kill those trading partners become rather expensive. The following year he transferred to Stanford University on a whim. It's been about four years since I've heard from Nick, hope he's doing well! Jeff Johnson is on his way to the 2012 U.S. Olympic trials, but instead of taking a first-class flight--which, as .css-1hr08dr{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.125rem;text-decoration-color:#59E7ED;text-underline-offset:0.25rem;color:inherit;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;}.css-1hr08dr:hover{color:#595959;text-decoration-color:border-link-body-hover;}Nike's first-ever employee 48 years ago, he most likely could afford--he prefers to drive there from his Lebanon, N.H., home. For no reason in particular, this ended up being the only project Nick ever worked on for CNW. Sometime in early 1971 -- no one is exactly sure when -- Knight told Davidson this shoe would need a "stripe" the industry term for a shoe logo. The founder explained how when Nike went public, they gave Davidson '500 shares of stock'. Eventually, he'll compile his favorites into a book for runners. Bob: Woodell : A former runner. Knights seeming purpose in bringing back the old-timers is to nourish Nikes culture, and also to hopefully remind the 5,000+ well-to-do employees in Beaverton that somewhere theres a shoe dog with drive and ambition similar to Knights. Nike has since eclipsed Adidas, but then history tells us some apparel and shoemaker will eventually eclipse Nike. Jim: Grelle: An American middle-distance runner. Forbes estimated the value of Nike to have a market cap of $86.2 billion. Coaches Tips for Tackling the Boston Marathon, Your Privacy Choices: Opt Out of Sale/Targeted Ads. Eventually, Blue Ribbon's deal with Onitsuka soured and then expired altogether. So is Carolyn Davidson bitter about not getting a better deal??? As he further explained it, Thats why, haunted as I was by the Vietnam War, I always vowed that someday Nike would have a factory in or near Saigon. Knights story is not just one of building one of the worlds greatest brands. Knights correct view is that the more the world is interconnected by trade, the more peaceful it is. Regret? Knight subscribes to the correct, Fredric Bastiat view of war. At the same time, its a good bet Knight would acknowledge that it wouldnt be Nike absent what was, and what is an increasingly integrated global economy. The following morning Johnson had to undergo an MRI. Ali: MacGraw: An American actress. Once again, sales are poised to double for Blue Ribbon, at $300,000 this year. When they met, Andrew Wheating told Johnson he wanted to be a top 5K runner. Woodell rang up Davidson. How much does Phil Knight own of Nike? This first freelance job led to a few more. As two big bruisers lifted him up from the bed to the gurney, Johnson tried to see if he could stand up--he hadn't done that since he'd arrived at the emergency room. Trump et al bemoan the hollowed out factories that allegedly dot the American economic landscape, but at least when Knight was on his way up, they plainly werent giving him the time of day. Thinking about Europe and Japan alone (Knights description of 1960s Tokyos bombed out existence in Shoe Dog is chilling and sad), imagine how much more prosperous both would be, and by extension imagine how much more prosperous the U.S. would be today, absent the waste of precious life that the war was. Wow. His once-bouncy gait has returned to earth after grinding out an estimated 60,000 lifetime miles. Phil strongly requests two employees, Bob Woodell and Johnson, to trade roles and locations, transferring between Boston and Oregon. At 6:30 a.m. on Friday morning, Johnson abruptly woke up from a sound sleep, shot up in bed and knew he had it. Construction began in June 1988 in Ashland along the Lithia Creek. War is about wealth destruction, its about the extermination of human capital that is the driver of all wealth creation. Describes development of Woodell's management style, his attempts to develop the organization, and his responses to unforeseen business problems. Year-old messages later retrieved on it confirm that to be true. and absurd," Wheating says. . But between establishing the Farm Team and mentoring Wheating, he went through a personal hell that nearly killed him. has become the living, vibrant symbol of the firm," said, professor and sports management expert. Knight said: "Excuse me, are you the one who can't afford to take oil painting? Mr. Woodell has been with the company since 1968. All rights reserved (About Us). Today, Nike closed at $72 dollars per share, which means Carolyn's stake today is worth $586,000! She's certain it was more than 17.5, a number that's often referenced. Interesting about trade is that money is solely a lubricant of it, or a way to push capital goods into the future as investment. I could accept it on an intellectual level, but I really didn't believe it," he says. "I really do. They are part of nearly 100,000 sports photographs Johnson has taken in his lifetime. Kitami From Onitsuka: The Snake Who Cheated Nike, Disruptive Innovation Model: 3 Options for Change, Jeff Bezos, PowerPoint, & the Beauty of Narrative in Presentations, Who Is David Goggins? . Submit a correction suggestion and help us fix it! One of Nike's first employees. When he appeared on "The Oprah Winfrey Show" in April, Nike co-founder Phil Knight told the talk show host that his company paid Carolyn Davidson $35 for her logo design in 1971. "Even when you are done with it, it is not done with you.". Especially for a college student. Joyce was 71. Let me repeat that. 1967 "That went on for a year and a half. Today Phil Knight is worth $19.2 billion dollars. That much is commonly known, as is the fact that the company rewarded her with Nike stock more than a decade later. Like this article? In Knights case, Nike, one of the most important and successful brands in the world, is a creation of Knights genius. Here are the 18 life lessons I got from the book. For her. This article is an excerpt from the Shortform summary of "Shoe Dog" by Phil Knight. The first reactions were not exactly positive, but time was of the essence so Phil settled on a black curvy logo that Carolyn dubbed the "Swoosh". The domain name back then was actually www.celebnetworth.com because www.celebritynetworth.com was taken. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. "He needed to get his own identity," Davidson said. I really do. With $600,000 in sales this year, Phil asks for a $1.2 million loan. Explores Bob Woodell's tenure as Nike's first COO. Interesting about Shoe Dog is that it pretty much ends in 1980 when Nike was taken public. Stretched to the limit, they give him an unsavory ultimatum his credit line is now maxed. The company faces a number of strategic issues, he said, adding, ''It is important for me to get back in closer touch with day-to-day operations in order to help us make the necessary decisions most effectively. She then left the company to become a full time homemaker and freelancer. Bob Woodell, the former runner in a wheelchair, is promoted to operations manager at Blue Ribbon. Lest we forget, Knight spent the first eighteen years of his time running Nike worrying on a daily basis that his company would soon go under thanks to a lack of cash. The area serves as a launching point for hikers scrambling up the nearby snow-capped peaks or a refueling station for said victorious climbers. "You didn't even have to understand track. "The athletes are knocking themselves out in the rehab room. ", "You know Frank Shorter's statement that everybody ran a 4:30 mile in high school? Nike is the Greek Goddess of victory. Required fields are marked *. "He came back from California once and had this rubber teddy bear in his hand," Chadwick says. Logically it did. The truly dynamic finance that powers the worlds most dynamic economy isnt of the bank variety. The envelope contained 500 shares of Nike stock. She recently retired and now volunteers at her local Ronald McDonald House in Portland. Knight writes about how some of his first employees, Jeff Johnson (employee #1) and Bob Woodell, still visit the companys stunning Beaverton, Oregon campus to tell stories of the early days. What about the iconic Celebrity Net Worth piggy bank logo??!! A beaming Woodell, with other Nike employees nearby, greets her at the door. Describes development of Woodell's management style,. Figure that trade is voluntary, it occurs among consenting individuals, and as such, individuals can only import insofar as they have something to export. His own father thought he was jackassing around. Now, standing in her living room, near her grandchildren's toys and her sons' childhood artwork and without a Swoosh in sight, the tears return. In 1965, Knight hired Johnson as the first full-time employee. Theyre not well off, but they give him their entire life savings $8,000. So if readers are interested in understanding the misunderstood better, and perhaps what powers their drive, they should buy Phil Knights spectacular memoir. Knights book is 383 endlessly interesting pages, but without a hint of hyperbole, he should expand his memoirs whereby he would apply his business experiences to taxes, regulation, trade and monetary policy. The head of Sony famously complained, Its like playing golf and your handicap changes on every hole.. Despite how well-loved the 'Swoosh' logo designed by Davidson is - with many of the developments of the logo having not strayed far from the original design - upon first seeing the drawing, Knight wasn't the biggest fan. You're flush with beer and pizza for at least a few months. Are you interested?". "He built up a sense of loyalty, which he does everywhere he goes. Or even $100. John Tamny is a Forbes contributor, editor of RealClearMarkets, a senior fellow in economics at Reason Foundation, and a senior economic adviser to Toreador Research & Trading. They dont have it. So that morning in 1962 I told myself: Let everyone else call your . (Two rooms of his five-bedroom house, where he lives by himself, are dedicated to his library.) As always, Phil is frustrated that the banks dont see the bigger picture a company doubling every year! "I drew a picture of a shoe and then I drew (logos) on tissue. Plus, the ceiling beams were gapped, and the building shook every time the die cutters stamped out the uppers. Employee No. He understands this is what happens to an aging body--muscles tighten like rubber bands, ligaments start to snap and pull, and good runs occur about once every two weeks--and he's been trying to accept it for the past 25 years. Sales increased 6.1 percent, to $920 million, from $867 million the previous year, but earnings dropped 28.8 percent, to $40.6 million, or $1.07 share, from $57 million, or $1.53 a share. History is one long processional of crazy ideas. Johnson seemed to have it made. He loved the Adidas stripes, he loved them. Blue Ribbon tries a public offering, hoping to get some interest from investors by selling 30% at 300k. He doesn't yet know what he'll do with all of the pictures, but he has plans for the quotes. Outside of teaching accounting, this bearded young professor also runs a small business in his free time called Blue Ribbon Sports. This readers reaction to Knights experience with floating money was what did he leave out? and once again, would he or could he ever give a course on the horrors of money without definition? Unfortunately, many entrepreneurs think of asking for help as a sign of defeat. Nike went public on December 2, 1980 and instantly turned Phil Night and his senior executives into multi-multi-millionaires. Its hard to say exactly. Davidson recalls handing Knight her five or six finalists. If he were to add some wisdom of his own, he'd choose something that sums up his long perspective on running. Nike keeps growing. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated 4/4/2023), Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (each updated 1/26/2023). Nike sold $3.2 million worth of shoes in 1972, and its profits doubled each of the next 10 years. Maybe some of the layoff rounds wouldnt have been as substantial as they were. ", A third commented: "That is really amazing that they have her that many stocks! Here's what you'll find in our full Shoe Dog summary : Allen Cheng is the founder of Shortform. In Palo Alto, Johnson met Phil Knight, who of course went on to become the founder and CEO of Nike. Edging closer to Nike Country, it seems odd that for the man who named the company, Oregon never felt like home. They wrap themselves in antitrust laws to fight what they don't trust, and dont understand. As Davidson started to cry with happiness, Bob Woodell handed her an envelope. Fast forward a couple years How would you feel if that $1000 design ended up becoming the most famous corporate logo of all time and one of the most recognizable symbols on the planet??? The lunch turned into a surprise party for Davidson at Nike's offices in Washington County. He had a product -- cleated shoes for football or soccer -- and a factory in Guadalajara, Mexico, ready to make them. A stroke seized his body and cut off oxygen to his brain. Why does he love his team so? If readers are interested in learning about economics, and truly understanding economics, they need only purchase and read Knights book. Even in 2014, that would probably be an awesome payday for one simple freelance job. What these ankle-biters fail to understand is that when Nike arrived in Vietnam (this alone could be a book itself, and an interesting one at that), the workers in its factories were walking to work. Knights story is unputdownable as both autobiography and business book, and then as an economics book, it is endlessly great. "We needed it in a hurry," Woodell said, "and Knight didn't really want her to spend another week on cleaning it up.". A new title was not announced for Mr. Woodell. Unlike most people who take up running to accomplish a goal, lose weight or join a team, Johnson's initial inspiration was survival. Fortunately, by this point Phil's co-founder, University of Oregon track and field coach Bill Bowerman, had been designing shoes of their own that the company could sell direct to consumers. Appropriately, Nick ended his email with: "Heres to hoping CNW makes you a billionaire ", 2023 Celebrity Net Worth / All Rights Reserved. Johnson's encyclopedic knowledge of the sport, however, convinced Wheating to do it. But there was one tough component--the 1-mile warm-up. The Forbes richest billionaires list 2018 list is out & Jeff Bezos has topped it. It would be up to Knight, Jeff Johnson and Bob Woodell to make the call. The response from his top-of-the-heap MBA classmates was silence. Phil starts by appointing a totally unstylish accountant who produces unfashionable, abhorrent clothing. "She'll smoke me.". 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