Warren Buffett calls in to CNBC’s “Squawk Box” to ask Jack Welch about how to sell purple shoes. “Just up the commission,” Welch replies.
Video and computer transcript below:
has a surprise guest. we have jack welch with us as our guest host and when jack welch is on set interesting things happen.we got a phone call with warren buffett. good morning to you. hi, becky. i’ve got an important question for jack, enough of this beating around the bush with these minutia questions. jack, our shoe companies, sales have been aittle slow and you know, i remember very well that you were a star salesperson forthom mcann. many people feel their career peaked in selling shoes. you’ve got ideas about how to sell purple shoes. just up the commission, increase the commission on the people. tell me how you really did it when the women came in and you were getting a nickel for black shoes and 25 cents for purple shoes. i was able to have more drive and incentive and incentives drive all kinds of behavior, warren, as you know well. tell me what you told those women. i don’t recall. well, i think you told me that when they were in purple shoes, men would look at them from miles away, but if they kept wearing the black shoes they were going to have real trouble. i didn’t remember that, but that could have been true. you were well-known for that at thom mcann and it was the beginning of a fantastic career, jack. i love you, warren. okay, good to talk to you. thanks, warren, for calling in.we appreciate it. okay. jack’s on tv and people call in. he called in at the last minute because he saw you and had seen what you were talking about.