10 Things You Didn’t Know about Faithlife CEO Bob Pritchett

Bob Pritchett is the man in charge of the Faithlife Corporation. Based on its name, it should come as no surprise to learn that said corporation specializes in making electronic resources for those who are interested in studying the Bible, so much so that it was once named Logos Research Systems, which is a name packed for meaning.

Here are 10 things that you may or may not have known about Bob Pritchett?

Studied At Drexel University

Pritchett studied at Drexel University, which can be found in a part of Philadelphia called University City. Like a lot of universities, it is named for its founder, Anthony Joseph Drexel, an American banker who was a noted philanthropist as well.

Interned At Microsoft

While he was studying at Drexel University, Pritchett had the chance to intern at Microsoft. As a result, he was recruited by Microsoft to become one of its program managers, which is why he left Drexel University sooner than what he had been planning.

Co-Founded Faithlife Corporation

In time, Pritchett went on to co-found Faithlife Corporation, which is best-known for being the maker of Logos Bible Software. This is unsurprising because Logos Bible Software was the corporation’s one product of note for two decades, though it has taken some steps to introduce more products to ensure more revenue streams in recent times.

Co-Founded Faithlife Corporation with His Family

Speaking of which, it is interesting to note that Pritchett co-founded Faithlife Corporation with one of his co-workers from Microsoft as well as his family members. For example, his father Dale Pritchett left his previous job to work with them on their project. Likewise, his brother Dan Pritchett is involved in a marketing role as well.

Serves As Both President and CEO

Currently, Pritchett is the head of the corporation that he co-founded. For proof, look no further than the fact that he is not just the President but also the CEO of Faithlife Corporation, meaning that it is no exaggeration to say that he is the one who is responsible for the running of its revenue-earning operations from the top.

He Has Written a Book

Pritchett has compiled his experience with running a business into a book, which can be found under the title Fire Someone Today. In total, there are 22 chapters, with each chapter centered around a central statement that serves as one of Pritchett’s tenets for business success.

Stresses the Importance of Firing People

Perhaps unsurprisingly, the first chapter of Fire Someone Today is about firing people. As far as Pritchett is concerned, managers should fire people because there is no point to holding off what is inevitable for the sake of what he considers to be misplaced compassion.

Stresses the Importance of Cash

Less controversially, Pritchett stresses the importance of cash in his book, which is relatively common advice for running a business. For people who are unfamiliar with the issue, the nature of accrual accounting means that there can be a significant difference between a business’s income and a business’s cash flow. This is critical because a profitable business with a negative cash flow is headed for serious trouble because it won’t have the cash needed to pay its short-term obligations, meaning that cash flow can be just as important as income.

Stresses the Importance of a Pessimistic Accountant

Speaking of accounting, it is interesting to note that Pritchett stresses the importance of having a pessimistic accountant, which is in contrast to how he wants optimistic people to fill out other positions. This reflects something called the conservatism principle in accounting, which can be summed up as encouraging accountants to err on the side of cautiousness. After all, from the perspective of the person reading them, it tends to be better for financial statements to make a business to look worse than it is than the other way around.

Stresses the Importance of Replaceable Employees

Pritchett wants his employees to be replaceable. To be more exact, he doesn’t want his employees to be irreplaceable. This can sound odd, but the idea is that no employee can be expected to last forever. As a result, when an irreplaceable employee leaves for whatever reason, a business is bound to come to a grinding halt. From this perspective, having some redundancy is a good thing.

Add Comment

10 Things You Didn’t Know about Christine Crane
O.H.I.O. Your Email To Shrink Your Inbox
The Top 5 Tax-Saving Tips For Small Business Owners
The Five Most Important Phases of the Product Lifecycle
10 Things You Need to Know about Divorce and Credit
Pros and Cons of Paying Off Your Credit Card with a Personal Loan
How to Gain Extra Rewards Points by Buying Gift Cards
Here’s Why No One Can Escape Back Taxes
Gene Editing Might Change Those Susceptible to Heart Disease
Google is Cool But Do you Know what Baidu’s Doing?
The Top Five Advances in High Speed Flight Over the Last Decade
What Are Pop-Up Cameras and Are They The Future?
Must Pack Accessories When Traveling With Infant s & Toddlers
Four Important Money Saving Tips While Traveling
Five Private Jet Travel Excursions To Try Once In Your Lifetime
The Benefits of Taking a Ski Lesson Refresher Each Season
The Top Five Luxury Beach Hotels in Costa Rica
A Closer Look at the Rimac C Two Electric Supercar
What We Know about The Pininfarina H2 Speed Supercar
A Closer Look at the 2019 Jaguar I-Pace
20 Things You Didn’t Know About Bugatti
A Closer Look At The Audemars Piguet Royal Oak Offshore Tourbillon Chronograph 25th Anniversary
A Closer Look at The Breitling Navitimer 8 B01
A Closer Look at The Hamilton Khaki Pilot Auto Day Date
A Closer Look at the Frederique Constant Hybrid, Automatic Smartwatch