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Lesson #2: Pursuing the Common Good is Good for Business
Article Overview: “I had such a string of good fortune in my life,” says Newman. “Those who are most lucky should hold their hands out to those who aren’t.”
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Free Download - Paul Newman Quotes By Paul Newman |
Lesson #2: Pursuing the Common Good is Good for Business
“I had such a string of good fortune in my life,” says Newman. “Those who are most lucky should hold their hands out to those who aren’t.”
On December 31st of every year, Newman gives away the company’s entire after tax profits to thousands of charities across the U.S. and abroad that he has personally selected. While the company itself actually makes no gifts to charity, Newman, as sole owner of the company, receives all the profits and royalties from Newman’s Own and personally gives away 100 percent of that money. “I respect generosity in people, and I respect it in companies too,” says Newman. “I don’t look at it as philanthropy; I see it as an investment in the community.”
To date, Newman’s Own has been responsible for the donation of over $200 million to various charities. The largest beneficiary by far has been the Hole in the Wall Camps, which Newman himself founded in 1988. Dedicated to providing a summer camp for children with cancer and other life-threatening illnesses, there are now eight camps in total. It is, in fact, the largest network of camps for children with serious illnesses in the world. Other organizations that have profited from Newman’s charity include the South Asia Earthquake Relief Fund, the Western Environmental Law Center, and Food for Families. Newman’s Own recently signed a deal with McDoanld’s in order to increase the amount of its donations.
The charitable contribution of Newman’s Own is a fact prominently noted on all of the company’s product packaging, right alongside a picture of Newman’s face. In fact, giving 100 percent of his profits was the only way Newman was going to agree to exploit his fame and popularity by putting his own face on his products. “When the idea came up, I said, ‘Are you crazy? Stick my face on the label of salad dressing?’” recalls Newman. “And then, of course, we got the whole idea of exploitation and how circular it is. Why not, really go to the fullest length, and the silliest length, in exploiting yourself and turn the proceeds back to the community?”
Despite being a self-proclaimed “whore” with his face all over supermarket shelves, Newman has no regrets about his marketing strategy. If it helps him sell more, in order to be able to give more back, Newman is willing to do it. And, it’s not just so he can feel good about himself. Since Newman’s Own was first founded, Newman claims that the company’s ethical stance has given it a 30 percent boost. “One in three customers buys my products because all the profits go to good causes,” he says, “and the rest buy the stuff because it is good.”
Before Newman and Hotchner tried their turn in the food industry, few other celebrities had been successful. Many had tried such a venture, but in the end, only Newman’s Own was left standing. Today, the pair has rewritten the book on corporate social responsibility.
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Article Tags: beneficiary, charitable contribution, charities, children with cancer, earthquake relief fund, environmental law center, generosity, good fortune, hole in the wall, hole in the wall camps, life threatening illnesses, mcdoanlds, product packaging, royalties, salad dressing, sole owner, south asia earthquake, summer camp, tax profits, western environmental law center
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