“It’s not personal, it’s just business.”

Posted by Kate Vitasek, author of the "Vested" book series November 21, 2013

Tagged in Channel Partners Foodservice Leaders Foodservice Operators Industry Research Presidents Conference

VitasekAt Presidents Conference 2013Kate Vitasek, author of the book series Vested, took the audience deep into collaborative relationships to help them understand which types are appropriate for which relationship. 

"It's not personal, it's just business." A phrase you hear often in business dealings. Yet in today's rapidly evolving world, this mindset leads to rigid, us vs. them relationships that can't withstand a market that demands constant change and adaptation. Progressive companies are beginning to choose a fundamentally different perspective dealing with their most strategic business partners - turning to a "what's in it for we?" (WIIFWe) approach instead of the conventional "what's in it for me?" (WIIFME) mindset. The results are exciting: new levels of opportunity and innovation, uncontested market share, efficiency and untethered problem solving for companies and suppliers.

But what is the secret sauce for creating a highly collaborative relationship that really works - creating value for both parties (or all parties!) in the relationship? The University of Tennessee researchers had the same question and embarked on a research project funded by the U.S. Air Force to codify how to truly create value from collaboration. Researchers coined this new business model "Vested" because the parties were truly vested in each other success - not merely paying lip service to "collaboration" efforts.

What the researchers found was that the companies who were wildly successful in collaborating created a radically different type of business relationship: relationships that transcended traditional buy-sell transactions that focus on one party "winning" while the other "loses." Researchers found relationships where both parties worked together towards shared goals to drive innovation, create value and reward success. But while they seemed radical compared to most business relationships today, researchers realized that these companies were actually leveraging Nobel Prize-winning concepts from Nash's equilibrium theory to Williamson's Transaction Cost Economics. Researchers coined this new business model "vested" because the parties were truly vested in each other's success - not merely paying lip service to "collaboration" efforts.

The researcher focus shifted to codifying the "rules" of these successful relationships to creating a framework for Vested agreements that any businesses could adopt. Their work has led to five books on the topic.

As the global economy constantly changes and reinvents itself, the Vested movement isn't just the best way to achieve business success; it's the only way to work together to create success for a future we can't predict, let alone fully prepare for.  

Are you prepared for the future?

To learn more about the Vested movement,  read a sample of the  whitepaper, "Unpacking Sourcing Business Models: 21st  Century Solutions for Sourcing Services".

 

Login To Gain Access To This Content
May 19

Gold & Silver Plate Celebration

This Annual IFMA Gold & Silver Plate Awards event during NRA Week enables manufacturers to honor the nation's top operator talent. Annually, IFMA grants Silver Plate Awards in nine operator categories and honors one winner with the prestigious Gold Plate Award on the night of the celebration. This event affords the perfect opportunity to entertain operator customers. 

Operators on Driving Consumer Demand

Consumers have become more knowledgeable about the food they eat, and are increasingly interested in doing business with companies in all industries, including foodservice, who share their values and are part of their community. They also care a great deal about experiences and value. Therefore, creating demand in the future will still be about the basics of food, service, and cleanliness, but will increasingly be about experiences and choices.

Operators on Driving Supply Chain Efficiency

The foodservice supply chain matured over the past decade, with increased use of technology, more data, and improved collaboration. We asked operators to weigh in on how this has effected them.

John Koncki from CKE Restaurants Gets May's SMB Call Fired Up

Every month, IFMA's Small & Midsized Business (SMB) community hosts a discussion with industry experts, trading partners or operator customers. In May, John Koncki, Director of R&D at CKE Restaurants, joined the SMB community call, discussing how small and midsized businesses can work with the restaurant chain.

Collaboration Techniques for Menu Changes, Product Improvements and Reacting to Today’s Demanding Guests

No activity is more mission critical for restaurant operators than menu development. Poor attempts at menu development won't always mean the demise of a concept, and successful menus won't ensure business success, but the quality of menu development definitely affects a restaurant's success. 

Wally Doolin to Moderate Panel at Presidents Conference, Top Operators to Offer Reactions to Conference Insights

Occasions that drive consumer choice, retaining quality employees and capital investment are areas of focus to the benefit of the foodservice industry. These insights, and others, are the subject of a recent article penned by TDn2K Chairman and Founder Wally Doolin. He will be addressing similar issues as moderator of the Closing Keynote Panel at Presidents Conference, which features executives from top operator brands and their reactions to insights conveyed during the conference. 

FOCUS Brands CEO Drives Success through Consumer Experiences Aligned with Operator Brands

One of the foodservice industry's most dynamic executive leaders today is Steve DeSutter, who joined FOCUS Brands, Inc. as their president and CEO in March. Mr. DeSutter will be delivering the opening keynote address at Presidents Conference this November, which is the place where foodservice leaders come to address critical issues affecting our industry. His presentation will address how consumer experiences with operator brands are a key area of focus that leads to success. 

Cleveland Research Identifies Movement in Grocery Foodservice Trend

Given the accelerated shift to perimeter departments within grocery and convenience stores, retailers are allocating more space and resources to grow profits from foodservice sales.  The opportunities for manufacturers to secure growth in this channel are prospering, hear more  from Jason Whitmer, President of Cleveland Research Company at Presidents Conference in November.  

Industry-Wide Initiatives Changing the Face of Foodservice

Foodservice manufacturers, distributors, and operators have many mutual goals - above all to grow the industry by providing greater value to consumers. In an unprecedented presentation at Presidents Conference 2013, Larry Oberkfell, Dawn Sweeney, and Mark Allen took the stage together to evoke a call-to-action for the entire industry.

Doug Brooks on making tough choices in foodservice

A 48-year industry veteran, who spent the last nine at the helm of Brinker International, Doug Brooks knows a thing or two about finding focus in foodservice and will share his experiences at Chain Operators EXchange (COEX) 2014.

Download the White Paper: Building Alternate Strategies in Distribution