Marcus Lemonis, CEO of Camping World, the $3.5 billion retailer of RV’s and outdoor gear, says three types of honesty are critical for productive business relationships.
As the star of “The Profit,” a CNBC series where Lemonis invests in struggling businesses to “save jobs and make money,” he’s become an expert at evaluating entrepreneurs and their suitability for partnership.
Before Lemonis invests in a company, he looks for three specific types of honesty in his entrepreneurial partners: vulnerability, transparency and authenticity. Here’s what he looks for and why:
Vulnerability
On the show, Lemonis likes to share his own setbacks and fears to create connection and relatability. He wants business owners to know they are not alone in their struggles. Vulnerability creates an emotional bond that can withstand the ups and downs of business ownership.
Transparency
Covering things up never works, which is why sharing key information in a business is usually the best policy. And when employees know more, they tend to care more. Problems are exposed and solved faster because everyone is operating with the same information.
Authenticity
“Authenticity” can be defined in several ways. It comes down to always:
- Being true to yourself and your values, no matter the circumstances.
- Aligning what you say with what you do.
- Making values-based choices – keeping the company true to its values and vision.
Honesty is always the best policy.
It saves time and energy. It sets the tone and foundation for really hard decisions. And it honors the human need for respect and recognition.
Have a great week.
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