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.
Written by Garrett Parker
Read more posts by Garrett Parker