Here are 10 things we learned from our discussion with Jeff Smith, CEO of Smith-Root, during our October 1 Boardroom Breakfast. The event was held at the Fort Vancouver Artillery Barracks.
1. Smith-Root, a Vancouver-based fisheries technology company, was founded in Seattle by Dave Smith (Jeff’s brother) and Lee Root in 1964.
2. Prior to joining Smith-Root, Jeff owned and operated a variety of businesses including a construction company, a Montgomery Ward Catalogue store and a RadioShack.
3. When asked about the growth of Smith-Root, Jeff said the company discovered a need that no one else was filling. He described it as “being pulled into a vacuum.”
4. One of the first things Jeff did as CEO of the company was to “build it so that it could stand on its own two feet.” Smith-Root is now fully employee-owned and reinvests 100 percent of its profits back into the company.
5. “Good science, good business management and good philosophies do not always win the day,” said Smith, adding that it’s also important to form relationships in the political world – on both sides of the aisle.
6. Smith on market competition: “Never be afraid of your competitors. Always reach out to them and get to know them.”
7. Smith-Root pays for employees that want to go back to school. “Investing in our employees has paid off for us, big time,” he said.
8. Smith on hiring practices: “I do not hire people for their education. It is nice if they have one, but I pay attention to their personality, sense of humor and ability to grow.”
9. Smith-Root will continue to manufacture its products in Salmon Creek instead of moving that work overseas because “quality control is critical.”
10. On creating products that clients don’t know they have a need for yet: “It starts with having empathy for your clients – understanding who they are and understanding your marketplace.”
