In an interview with CNBC, Polar Bear Coolers founder Strud Nash talks about the business advice Marcus Lemonis gave him on 'The Profit.'
When it comes to business, Marcus Lemonis lives by the three Ps of success: people, process and product. In other words – in order for a company to run smoothly, business owners should take care of their hard-working people; the process should be efficient; and the product should be desirable.," two of the core P's are clearly missing. Lemonis realizes this quickly when he heads to Georgia to meet with Strud Nash of Polar Bear Coolers.
In the episode, Lemonis will mentor Nash and his team as they work their way to getting revenue back on track. But first, they have to get the three P's in check. But if Nash can't stay focused and ensure a functioning inventory system, coupled with treating his employees with respect – Lemonis won't stick around.
"Now, I understand that businesses go through tough times and pay rates have to be adjusted," Lemonis says in the episode. "But it's the way in the context you communicate to that team member why it's happening and how it's going to happen. I don't know how I'm going to get Strud to see that unless I just put it right in front of his face."
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