What is the main message of Built with Purpose?

The main message of Built with Purpose is about aligning business success with social impact.

How long does it take to read Built with Purpose?

The estimated reading time for Built with Purpose is insightful. The Blinkist summary can be read in a short time.

Who is the author of Built with Purpose?

The author of Built with Purpose is Bill Roark.

Management & Leadership

Built with Purpose Book Summary - Built with Purpose Book explained in key points

Listen to the Intro

00:00

Built with Purpose summary

Name: Built with Purpose
Author: Bill Roark

Bill Roark

How Our Employee-Owned Business Changed What it Means to Work and Why

16 mins

Topics

Entrepreneurship Leadership Career Progress Teamwork Success Work Culture

Table of Contents

Built with Purpose
Summary of 5 key ideas

Audio & text in the Blinkist app

Key idea 1 of 5

What’s in it for me? Learn about a revolutionary new approach to business.

In an era where job security feels like a relic and corporate greed headlines are frequent, you might find yourself daydreaming about an alternative business world – a utopia where the wealth gap is bridged because all employees benefit directly from company success, where everyone is equally invested in outcomes, and where communities are positively impacted by local businesses.

Bill Roark had such a vision. After losing his job, he dared to disrupt the traditional business model. With the help of a team of engineers, Bill cofounded Torch Technologies – a company where every employee not only works for a paycheck, but has a stake in the company’s future too. The outcome? A company where success radiates through every layer of the organization, not just the executive level.

In this Blink, we’ll explore several aspects of Torch’s innovative business model. These characteristics are the cornerstones not only of the company’s values but of its astonishing performance. Get ready to rethink the very essence of what a business can achieve when its employees are as invested in its success as its founders.

Shared ownership practices can make companies thrive

Bill Roark and Don Holder, two individuals who had navigated successful careers at a top-performing company, found themselves at a crossroads when their previous company was sold. Driven by a mutual resolve to uphold commitments to valued employees, they plotted a new course that would allow workers greater control over their professional destinies. Their solution? Establishing an employee-owned business.

Following months of breakfast meetings, Don joined Bill in early September 2002, and together they launched their startup from a modest office in Huntsville, Alabama. Initially lacking even the basic furnishings, the office space was quickly equipped with desks and necessary items to commence operations. This marked the humble beginnings of Torch Technologies, a company that would soon redefine success in the federal defense contracting sphere.

From its inception, Torch Technologies’ trajectory has been nothing short of remarkable. Set against an initial goal of generating $1 million in revenue during its first year, the company exceeded expectations by achieving nearly $3 million. This explosive start was a precursor to successive years of substantial growth, quickly reaching a revenue of $15 million. This consistent performance secured Torch a place in the prestigious Inc. 5000 list for fifteen consecutive years, a rare feat achieved by only a handful of companies.

The foundational principle behind Torch’s success was straightforward yet powerful: trust your employees to think and behave like owners. By actively involving them in the company’s growth plans and decision-making processes, Torch cultivated a culture of ownership that not only motivated its workforce but also accelerated the company’s development and innovation.

The tangible benefits of this employee-centric approach were soon evident. The first issuance of stock options valued shares at a mere $0.07. However, with the establishment of an employee stock ownership plan in 2004, the value of these shares began to climb significantly, demonstrating an impressive growth of over 32,000 percent. To put this into perspective, an initial investment of $1,000 by an employee in 2004 would be worth in excess of $325,000 today, far outstripping typical stock market returns.

Torch’s financial success mirrored that of industry giants such as Apple and Netflix, outperforming even well-known companies like Amazon and Nike when comparing long-term compound annual growth rates. This extraordinary performance underscores the potential of a business model that deeply integrates employee welfare and ownership into the fabric of its strategy.

Ownership for all motivates everyone to invest in a company’s success

Employee ownership within a company fundamentally transforms its culture and operational dynamics by aligning individual interests with the overall success of the business. Everyone becomes a stakeholder, directly sharing in the rewards of increasing the company’s value. This collective benefit ensures that no one is left behind as the company progresses.

At Torch Technologies, the concept of employee ownership was more than a business model – it was a crucial strategy for both growth and recruitment. During its initial cash-poor phase, Torch couldn’t compete with larger corporations on salary alone. Instead, it offered potential employees a stake in the company. This proposition was compelling enough that many of Torch’s early management team members accepted pay cuts of 20 to 30 percent, drawn by the opportunity to be part of building a business from the ground up as owners.

Stock appreciation rights are a great way to reward top performers

At Torch Technologies, the innovative concept of aligning individual rewards with organizational success has been pivotal in fostering a culture of ownership and commitment. By implementing shared ownership, the company ensures that everyone is united in the mission to enhance the business’s value, creating a win-win situation for both the employees and the organization.

Torch took this alignment a step further with the introduction of Stock Appreciation Rights, or SARs for short, following the cashing out of initial stock options in 2011. Unlike traditional equity, SARs are a form of “synthetic” equity. They offer employees a chance to earn bonuses based on the increase in stock price over time. This setup motivates employees to contribute to the company’s growth, since their financial reward is directly tied to the company’s performance.

Employee-owners don’t just perform tasks – they own outcomes

When Bill Roark was recovering from heart problems in a hospital, he encountered an experience that profoundly influenced his perspective on employee responsibility and ownership. Tasked with walking two miles a day to qualify for discharge, Bill began his recuperation by making laps around the cardiac care unit. During his walks, he met Carlos, a hospital employee who cleaned the floors during the early hours.

Carlos played a pivotal role in ensuring Bill’s safety during these walks. Each time Bill approached, Carlos would stop his work, step off his machine, and diligently dry the floor to prevent any slips. Despite the interruption to his routine, Carlos consistently greeted Bill with a smile and encouragement, viewing his role as integral to the patients’ recovery process, not just maintaining a clean environment.

The time is always right to do what’s right

Torch Technologies has consistently embodied the principle that “the time is always right to do what is right,” a mantra inspired by Martin Luther King, Jr. This guiding philosophy has been central to the company’s operations and decisions, influencing how they treat subcontractors and maintain their commitment to employees, even in challenging times. This approach has proven to be not just morally sound but also beneficial for the company, reinforcing a cycle of positive actions and rewards.

Early in its journey, Torch recognized the importance of structured community involvement. Rather than making unilateral decisions about charitable contributions, founders Don and Bill engaged employees to develop a more democratic approach. This led to the creation of Torch Helps, a charitable program managed by employees, reflecting the company’s ethos of empowerment and collective decision-making.

Want to see all full key ideas from Built with Purpose?

Key ideas in Built with Purpose

More knowledge in less time

Read or listen

Get the key ideas from nonfiction bestsellers in minutes, not hours.

Find your next read

Get book lists curated by experts and personalized recommendations.

Shortcasts ^New

We’ve teamed up with podcast creators to bring you key insights from podcasts.

What is Built with Purpose about?

Built with Purpose (2024) chronicles the development of Torch Technologies from a defense company into a flourishing conglomerate under Starfish Holdings, illustrating a business model that enriches and empowers its employee-owners while making significant community contributions. Showcasing Torch’s sustainable business practices, it challenges outdated models focused solely on enriching a few founders.

Built with Purpose Review

Built with Purpose (2021) explores how companies can integrate purpose into their business strategies, showcasing the benefits of aligning profit with meaning. Here's why this book stands out:

Illustrates how businesses can drive impactful change by embracing a purpose-driven approach.
Offers insights on how purpose boosts employee engagement and customer loyalty, leading to sustainable success.
Features compelling case studies of companies that have successfully implemented purpose-driven practices, inspiring readers to rethink their business models.

Who should read Built with Purpose?

Entrepreneurs seeking sustainable, employee-focused business models
Business leaders interested in long-term company growth
Anyone curious about innovative corporate philanthropy practices

About the Author

Bill Roark is an entrepreneur and the cofounder of Torch Technologies, Inc. He also serves as the founder and CEO of Starfish Holdings, Inc., the parent company of Torch, and the founder of Freedom Real Estate & Capital, LLC. Beyond his business ventures, Roark has played a significant role as a business coach and investor in Yellowhammer Brewery, assisting in its expansion into distilling bourbon and other spirits.

Categories with Built with Purpose

Management & Leadership Corporate Culture Career & Success Entrepreneurship

Book summaries like Built with Purpose

Cleaning Up Your Mental Mess

Caroline Leaf

5 Simple, Scientifically Proven Steps to Reduce Anxiety, Stress, and Toxic Thinking

22 min

4.3

Work Smarter Not Harder

The Blinkist Team

Find more productivity by doing fewer things.

The One Essential Combination That Will Get You More of What You Want from Your Business

14 min

Moore’s Law

Arnold Thackray

The Life of Gordon Moore, Silicon Valley’s Quiet Revolutionary

How to Make Smarter Bets and Achieve Extraordinary Growth

16 min

Brave New Words

Salman Khan

How AI Will Revolutionize Education (and Why That's a Good Thing)

18 min

Workstyle

Lizzie Penny and Alex Hirst

A revolution for wellbeing, productivity and society

Find Your Passion, Build Your Business, Learn Your Limits, Love Your Life

16 min

The Art of Reading Minds

Henrik Fexeus

Understand Others to Get What You Want

Tap Into the Hidden Wisdom of People Around You for Unexpected Breakthroughs in Leadership and Life

Ignite Your Confidence and Become a Force

18 min

The Mentally Strong Leader

Scott Mautz

Build the Habits to Productively Regulate Your Emotions, Thoughts, and Behaviors

20 min

Breaking the Cycle

George N. Collins with Andrew Adleman

Free Yourself from Sex Addiction, Porn Obsession, and Shame

19 min

Think Remarkable

Guy Kawasaki & Madisun Nuismer

9 Paths to Transform Your Life and Make a Difference

How to Get More Done in Less Time, Outsource Everything and Create Your Ideal Mobile Lifestyle

20 min

4.1

Thinking, Fast and Slow

Daniel Kahneman

Intuition or deliberation? Where you can (and can't) trust your brain

28 min

4.5

Difficult Conversations Don't Have to Be Difficult

Jon Gordon & Amy P. Kelly

A Simple, Smart Way to Make Your Relationships and Team Better

19 min

The Education of Millionaires

Michael Ellsberg

Everything You Won't Learn in College About How to Be Successful

16 min

4.2

The Program

Eric Kapitulik & Jake MacDonald

Lessons From Elite Military Units for Creating and Sustaining High Performance Leaders and Teams

16 min

Good to Great (new version)

Jim Collins

Why Some Companies Make the Leap...and Others Don't

17 min

4.5

The Open Society and Its Enemies

Karl R. Popper

Examine the Defense of Democracy and Freedom

18 min

Unstoppable Mindset

Alden Mills

How to Use What You Have to Get What You Want

18 min

4.4

Read People Like a Book

Patrick King

How to Analyze, Understand, and Predict People’s Emotions, Thoughts, Intentions, and Behaviors

21 min

3.9

The Situation Room

George Stephanopoulos

The Inside Story of Presidents in Crisis

20 min

4.1

Million Dollar Habits

Brian Tracy

Proven Power Practices to Double and Triple Your Income

The Essential Guide to Memorable Storytelling from The Moth

The Untold Inside Story of the Brian Cashman Era

17 min

The Problem with Change

Ashley Goodall

And the Essential Nature of Human Performance

14 min

4.2

101 Questions to Ask Before You Get Engaged

H. Norman Wright

Essential Inquiries for Lasting Love

7 Ways to Give of Yourself for Everyone's Gain

20 min

3.7

Learned Excellence

Eric Potterat & Alan Eagle

Mental Disciplines for Leading and Winning from the World's Top Performers

No-BS Stories and Strategies for Finding Your Power

How to Build a Profitable Career As a Small-Business Coach

The Neuroscience of Manifestation and How It Changes Everything

19 min

4.5

The 7 Habits of Highly Effective People

Stephen R. Covey

Powerful Lessons in Personal Change

The Art, Science, and Practice of Exceptional Well-Being

Bringing People Together in a World That Divides

How to Raise Your Standards, Find Your Person, and Live Happily (No Matter What)

Mastering the New Marketing Mindset for Tomorrow's Consumers

18 min

Emotional Intelligence

The Art of Clear Thinking

Hasard Lee

A Stealth Fighter Pilot's Timeless Rules for Making Tough Decisions

12 min

3.8

The ONE Thing

Gary Keller and Jay Papasan

The surprisingly simple truth behind extraordinary results

Navigating Your Path Through Hormonal Change with Purpose, Power, and Facts

19 min

The Job-Ready Guide

Anastasia de Waal

Employability Skills and Strategies for Career Success

24 min

4.0

The Virtue Proposition

Sig Berg

Five Virtues to Transform Leadership and Team Performance

16 min

The Algebra of Wealth

Scott Galloway

A Simple Formula for Financial Security

Get Out of Your Head and into Your Life

Own Your Morning. Elevate Your Life.

22 min

4.5

People ❤️ Blinkist

Sven O.

It's highly addictive to get core insights on personally relevant topics without repetition or triviality. Added to that the apps ability to suggest kindred interests opens up a foundation of knowledge.

Thi Viet Quynh N.

Great app. Good selection of book summaries you can read or listen to while commuting. Instead of scrolling through your social media news feed, this is a much better way to spend your spare time in my opinion.

Jonathan A.

Life changing. The concept of being able to grasp a book's main point in such a short time truly opens multiple opportunities to grow every area of your life at a faster rate.

Renee D.

Great app. Addicting. Perfect for wait times, morning coffee, evening before bed. Extremely well written, thorough, easy to use.