1 00:00:02,520 --> 00:00:06,520 Speaker 1: This is Bloomberg Business Week from Bloomberg Radio. I'm Jason 2 00:00:06,600 --> 00:00:09,040 Speaker 1: Kelley and I'm Carol Master. Welcome to the Bloomberg Business 3 00:00:09,039 --> 00:00:11,880 Speaker 1: Week Extra. It's our weekly podcast bringing you an in 4 00:00:11,920 --> 00:00:14,920 Speaker 1: depth interview you will not hear anywhere else. And this 5 00:00:14,960 --> 00:00:17,520 Speaker 1: is someone we both found fascinating plays into the fitness world. 6 00:00:17,560 --> 00:00:21,720 Speaker 1: We're talking about John Burke. His father started the company 7 00:00:21,760 --> 00:00:24,479 Speaker 1: Trek Bicycles, and so we talked about the history of 8 00:00:24,480 --> 00:00:27,080 Speaker 1: the company, where they started and where they've come well, 9 00:00:27,120 --> 00:00:29,240 Speaker 1: and it's a wide ranging conversation. What I liked about 10 00:00:29,280 --> 00:00:32,320 Speaker 1: it is certainly on brand for both of us, as 11 00:00:32,360 --> 00:00:35,240 Speaker 1: you say, we love this company. I think we both 12 00:00:35,240 --> 00:00:38,840 Speaker 1: have Trek Bicycles and we followed the company to some extent. 13 00:00:38,920 --> 00:00:41,520 Speaker 1: But it was an emotional interview and in some ways 14 00:00:41,560 --> 00:00:44,320 Speaker 1: talking about his father, but also talking about how you 15 00:00:44,400 --> 00:00:46,960 Speaker 1: run a company in this day and age, how you 16 00:00:46,960 --> 00:00:49,199 Speaker 1: hold onto your employees, how you treat your employees, and 17 00:00:49,240 --> 00:00:51,960 Speaker 1: even how you treat your customers. Check it out. Started 18 00:00:51,960 --> 00:00:54,600 Speaker 1: by his dad, Dick Burke and a partner some forty 19 00:00:54,720 --> 00:00:58,319 Speaker 1: years ago created their own brand of bikes. They did 20 00:00:58,320 --> 00:01:00,400 Speaker 1: it building them in a barn. The barn is still around, 21 00:01:00,680 --> 00:01:03,520 Speaker 1: so is the brand, so we want to bring in 22 00:01:03,760 --> 00:01:06,160 Speaker 1: um John Burke. He's president of the family owned in 23 00:01:06,160 --> 00:01:09,080 Speaker 1: Wisconsin based Trek Bicycles. UM, so nice to have you here. 24 00:01:09,640 --> 00:01:11,440 Speaker 1: Thank you so much for having me. It's great to 25 00:01:11,480 --> 00:01:15,480 Speaker 1: be here. All right. So take us back to the beginning, 26 00:01:15,720 --> 00:01:20,039 Speaker 1: because this is, as Carol said, this is a family business. Candidly, 27 00:01:20,240 --> 00:01:23,039 Speaker 1: there aren't a lot of those around anymore, certainly that 28 00:01:23,160 --> 00:01:26,760 Speaker 1: have stayed in this way. But it's also employee owned. 29 00:01:26,880 --> 00:01:29,840 Speaker 1: There's something special about this company. Tell us what it is. 30 00:01:30,640 --> 00:01:33,360 Speaker 1: You know for sure, it's a family company. Um, the 31 00:01:33,440 --> 00:01:36,280 Speaker 1: family owns the business. There's an esop, the SAP owns 32 00:01:36,760 --> 00:01:39,080 Speaker 1: percent of it. But I think it's more than the ownership. 33 00:01:39,400 --> 00:01:41,800 Speaker 1: It's the feeling. It's the feeling when you come to 34 00:01:41,840 --> 00:01:44,200 Speaker 1: Trek that it's a family and we make sure we 35 00:01:44,240 --> 00:01:47,400 Speaker 1: take care of everybody in the family and it's just 36 00:01:47,480 --> 00:01:50,520 Speaker 1: an amazing place. But how do you do that, Johnny? 37 00:01:50,520 --> 00:01:52,520 Speaker 1: In a day where I feel like so many companies 38 00:01:52,560 --> 00:01:54,440 Speaker 1: are focused on the bottom line and I know, I'm 39 00:01:54,480 --> 00:01:57,160 Speaker 1: guessing being family owned, it gives you some some leeway 40 00:01:57,240 --> 00:02:00,520 Speaker 1: to do that. You got to be profitable. I think 41 00:02:00,520 --> 00:02:03,400 Speaker 1: it starts with values. Um, you know it's my mother 42 00:02:03,640 --> 00:02:07,200 Speaker 1: and my father. Um, we're are My mother is still alive. 43 00:02:07,880 --> 00:02:10,919 Speaker 1: They're amazing people and they really started out with to 44 00:02:11,000 --> 00:02:13,720 Speaker 1: who much has given, much is required, and you know, 45 00:02:14,240 --> 00:02:17,080 Speaker 1: our family has been so fortunate. But you take a 46 00:02:17,080 --> 00:02:19,680 Speaker 1: look at everybody a track, and I always view all 47 00:02:19,720 --> 00:02:22,880 Speaker 1: those people as they're part of the family, and being 48 00:02:22,919 --> 00:02:25,919 Speaker 1: part of the family their high expectations. But it also 49 00:02:26,040 --> 00:02:29,400 Speaker 1: means that we're there to support everybody, that everybody gets 50 00:02:29,400 --> 00:02:31,320 Speaker 1: taken care of, and that we try and do some 51 00:02:31,360 --> 00:02:35,720 Speaker 1: amazing things together. And luckily, over forty forty plus years 52 00:02:35,720 --> 00:02:38,360 Speaker 1: we've done some pretty incredible things. And you've been there 53 00:02:38,440 --> 00:02:41,560 Speaker 1: for thirty plus years. He joined the nineteen eighty four. 54 00:02:42,280 --> 00:02:45,040 Speaker 1: Was that a foregone conclusion that you were going to 55 00:02:45,120 --> 00:02:46,919 Speaker 1: go into the business or were you one of those 56 00:02:46,960 --> 00:02:48,840 Speaker 1: kids like, I'm not sure I'm gonna go work for 57 00:02:48,880 --> 00:02:50,960 Speaker 1: the old man. You know, I wasn't sure I was 58 00:02:51,000 --> 00:02:54,000 Speaker 1: going to do that. And then I worked a summer. 59 00:02:54,080 --> 00:02:56,400 Speaker 1: I was working in the warehouse, and when I got 60 00:02:56,440 --> 00:02:58,240 Speaker 1: done working in the warehouse, when I got all the 61 00:02:58,280 --> 00:03:01,239 Speaker 1: packages out, when the ups I came. It was Frank, 62 00:03:01,320 --> 00:03:04,359 Speaker 1: the UPS guy. He came at three thirty UM after 63 00:03:04,440 --> 00:03:07,120 Speaker 1: I got all the box, I'd run into the sales office. 64 00:03:07,160 --> 00:03:09,520 Speaker 1: I can get on the phone and I'd sell. And 65 00:03:09,720 --> 00:03:12,640 Speaker 1: I was pretty good at selling. And that summer the 66 00:03:12,760 --> 00:03:15,760 Speaker 1: bug bit me and I knew i'd go into the business. 67 00:03:15,880 --> 00:03:18,120 Speaker 1: There were no conversations Mom, Dad, I think I want 68 00:03:18,120 --> 00:03:20,760 Speaker 1: to go paint or be a lawyer or something like that. 69 00:03:22,160 --> 00:03:24,839 Speaker 1: You know, my father, My father had one simple really, 70 00:03:24,919 --> 00:03:26,520 Speaker 1: so your your last name will get you in the 71 00:03:26,520 --> 00:03:28,680 Speaker 1: door and the rest is up to you. And my 72 00:03:28,760 --> 00:03:31,480 Speaker 1: last name got me in the door. And um, I 73 00:03:31,480 --> 00:03:33,440 Speaker 1: did pretty well. But it was also at a time. 74 00:03:33,720 --> 00:03:36,240 Speaker 1: You know, I started Trek in Ur and Trek was 75 00:03:36,280 --> 00:03:39,840 Speaker 1: doing great seventies six to eighty four, and almost the 76 00:03:39,920 --> 00:03:43,640 Speaker 1: minute I start, it just crashed. What happened? Oh, you know, 77 00:03:44,160 --> 00:03:47,040 Speaker 1: my father owned the company, but he didn't run the company, 78 00:03:47,040 --> 00:03:50,160 Speaker 1: and and the customers didn't really like the company, and 79 00:03:50,280 --> 00:03:53,280 Speaker 1: the company didn't really like the customers. And so I 80 00:03:53,360 --> 00:03:55,920 Speaker 1: was a sales rep. I was. I had like twelve 81 00:03:56,000 --> 00:03:59,000 Speaker 1: states and I drive around in my little Chevrolet Cavalier 82 00:03:59,560 --> 00:04:02,920 Speaker 1: and uh, it was the greatest education you could ever have. 83 00:04:03,040 --> 00:04:05,080 Speaker 1: And you know, I saw every all the wrong things 84 00:04:05,080 --> 00:04:07,280 Speaker 1: that we were doing. And I said, you know, if 85 00:04:07,320 --> 00:04:10,360 Speaker 1: I ever got in a position of power, I'd be 86 00:04:10,400 --> 00:04:13,360 Speaker 1: able to change those things. And you know, because the 87 00:04:13,400 --> 00:04:16,440 Speaker 1: company was small at that time, my father ended up 88 00:04:16,480 --> 00:04:20,880 Speaker 1: coming out. He replaced the management and I was twenty 89 00:04:20,920 --> 00:04:22,800 Speaker 1: four and all of sudden I was in charge of 90 00:04:22,800 --> 00:04:27,200 Speaker 1: sales and customer service and we can make changes and 91 00:04:27,320 --> 00:04:31,080 Speaker 1: we did really, really fast. My father loved customers. We 92 00:04:31,200 --> 00:04:34,240 Speaker 1: changed the culture of the company, and uh, it was 93 00:04:34,240 --> 00:04:36,400 Speaker 1: a good thing. What's the dynamic I always think about 94 00:04:36,400 --> 00:04:38,359 Speaker 1: with the family owned business and you bring in, you know, 95 00:04:39,080 --> 00:04:41,720 Speaker 1: the kids into the business, how are they perceive, especially 96 00:04:41,720 --> 00:04:43,760 Speaker 1: when you're younger and even though you grew up in it, 97 00:04:44,000 --> 00:04:45,920 Speaker 1: and you've got employees who've been at the company for 98 00:04:45,960 --> 00:04:48,520 Speaker 1: a long time, what's that interaction like? Well, you know, 99 00:04:48,560 --> 00:04:50,240 Speaker 1: my one of one of my nicknames, and I have 100 00:04:50,279 --> 00:04:53,279 Speaker 1: a number of them, was kid Burke, and uh, you 101 00:04:53,320 --> 00:04:55,359 Speaker 1: know I was. I was always just so proud of 102 00:04:55,360 --> 00:04:58,920 Speaker 1: my father, so really it never bothered me. I didn't 103 00:04:58,920 --> 00:05:01,120 Speaker 1: see the expectation as even though I'm sure they were 104 00:05:01,160 --> 00:05:04,960 Speaker 1: there there there was work to be done, and uh, 105 00:05:05,120 --> 00:05:07,080 Speaker 1: I always looked at it as as an honor that 106 00:05:07,160 --> 00:05:08,920 Speaker 1: I was, that I was his son. I never looked 107 00:05:08,960 --> 00:05:10,320 Speaker 1: at it as a burden. Did you feel like you 108 00:05:10,360 --> 00:05:14,560 Speaker 1: had to work harder though, Yeah, because you were his son. No, Well, 109 00:05:14,600 --> 00:05:16,680 Speaker 1: because I was his son and because the family owned 110 00:05:16,680 --> 00:05:18,480 Speaker 1: the business, I had to you know, you had to 111 00:05:18,600 --> 00:05:20,600 Speaker 1: lead from the front. You had you had to get 112 00:05:20,600 --> 00:05:22,719 Speaker 1: the job done. And tell us about your relationship with 113 00:05:22,720 --> 00:05:24,880 Speaker 1: your father, because you wrote a book about it. I mean, 114 00:05:25,360 --> 00:05:28,600 Speaker 1: this was I mean it's something I actually looked at 115 00:05:28,600 --> 00:05:31,039 Speaker 1: the book a little bit. I'm definitely buying it. Sorry, dad, 116 00:05:31,040 --> 00:05:34,200 Speaker 1: I'm giving you the like a preview of your Christmas rest, 117 00:05:34,279 --> 00:05:36,720 Speaker 1: like I'm gonna buy this book from my dad. Uh, 118 00:05:36,920 --> 00:05:38,880 Speaker 1: tell us about why you wrote the book, what it 119 00:05:39,040 --> 00:05:43,480 Speaker 1: was that inspired this relationship. You know, he was he 120 00:05:43,520 --> 00:05:46,919 Speaker 1: was an amazing person and uh, you know I spent 121 00:05:47,360 --> 00:05:49,760 Speaker 1: my you know, I spent my life with him. But 122 00:05:49,839 --> 00:05:52,599 Speaker 1: you know, he and I also built trek and it 123 00:05:52,680 --> 00:05:54,840 Speaker 1: was you know, he and I were really close and 124 00:05:55,040 --> 00:05:57,400 Speaker 1: uh we were the last two people in the room, 125 00:05:57,480 --> 00:05:59,880 Speaker 1: and you know it was, you know, a great highlight 126 00:05:59,920 --> 00:06:02,919 Speaker 1: of my life. But he was super fit. You know, 127 00:06:02,960 --> 00:06:05,800 Speaker 1: he ran five New York City marathons. He and I 128 00:06:05,880 --> 00:06:09,720 Speaker 1: ran Boston together three times. Um, he was super fit. 129 00:06:10,279 --> 00:06:12,680 Speaker 1: And when he was seventy three, he had a problem 130 00:06:12,680 --> 00:06:14,720 Speaker 1: with valven his heart, and he went in to get 131 00:06:14,760 --> 00:06:17,440 Speaker 1: it fixed, and he was one out of the hundred 132 00:06:17,640 --> 00:06:20,920 Speaker 1: who didn't come out. But at his seventieth birthday party, 133 00:06:21,000 --> 00:06:23,840 Speaker 1: he said, pulled out out of his suit, Jack, I'll 134 00:06:23,880 --> 00:06:26,560 Speaker 1: never forget. He pulls out these yellow legal pat He 135 00:06:26,640 --> 00:06:28,520 Speaker 1: had six pages. He wanted to give a speech to 136 00:06:28,600 --> 00:06:32,919 Speaker 1: his birthday party. Only the family was there, and you know, 137 00:06:33,000 --> 00:06:35,440 Speaker 1: he talked, and the one thing I always remember, he says, 138 00:06:36,160 --> 00:06:38,120 Speaker 1: I have one last great thing to do. He goes, 139 00:06:38,160 --> 00:06:40,279 Speaker 1: I'm not sure what it is, but I got one 140 00:06:40,360 --> 00:06:42,160 Speaker 1: last great thing in me. And he had done a 141 00:06:42,240 --> 00:06:44,800 Speaker 1: number in his life, but in the end, the last 142 00:06:44,800 --> 00:06:46,560 Speaker 1: great thing was the way he died. He was in 143 00:06:46,600 --> 00:06:49,760 Speaker 1: the hospital for eighty eight days. He taught amazing life 144 00:06:49,839 --> 00:06:52,880 Speaker 1: lessons throughout his life, but those last eighty eight days 145 00:06:53,480 --> 00:06:57,479 Speaker 1: were his best days. And so after he passed, I thought, 146 00:06:58,200 --> 00:06:59,640 Speaker 1: I'm just going to write a book for my two 147 00:06:59,720 --> 00:07:03,880 Speaker 1: kids because I really want them to understand their grandfather. 148 00:07:04,120 --> 00:07:06,880 Speaker 1: And I got it finished at and a couple of 149 00:07:06,880 --> 00:07:09,240 Speaker 1: people read the read the proof, and they say, you 150 00:07:09,240 --> 00:07:12,080 Speaker 1: should turn this into a book. So I did. What 151 00:07:12,080 --> 00:07:14,800 Speaker 1: what did your kids say? About that book. Well, you know, 152 00:07:15,120 --> 00:07:17,760 Speaker 1: it's interesting because I had both of them after I 153 00:07:17,760 --> 00:07:19,640 Speaker 1: decided to make it a book. I had both of them, 154 00:07:19,680 --> 00:07:22,120 Speaker 1: you know, proof the book, and they came back with 155 00:07:22,160 --> 00:07:25,640 Speaker 1: a couple of suggestions. But I think they're as proud 156 00:07:25,680 --> 00:07:28,920 Speaker 1: of him as I am. And so how does his 157 00:07:29,640 --> 00:07:34,480 Speaker 1: sort of legacy pervade the company at this point? Because 158 00:07:34,480 --> 00:07:37,800 Speaker 1: obviously he was larger than life for you and and 159 00:07:37,840 --> 00:07:42,000 Speaker 1: obviously for the for the company. There aren't that many. Again, 160 00:07:42,040 --> 00:07:45,080 Speaker 1: as we've been talking about family owned companies, especially where 161 00:07:45,720 --> 00:07:48,880 Speaker 1: it's imprinted. You know, someone said to me recently, there 162 00:07:48,920 --> 00:07:50,680 Speaker 1: are a lot of family companies out there, but there 163 00:07:50,720 --> 00:07:53,400 Speaker 1: aren't that many like Sam Walton's. I mean this is 164 00:07:53,480 --> 00:07:56,240 Speaker 1: a an example of that in many ways that the 165 00:07:56,320 --> 00:08:02,240 Speaker 1: personality of the place reflects the founder. Yeah, I think. Um, 166 00:08:02,280 --> 00:08:04,760 Speaker 1: you know, somebody told me before they before he died, 167 00:08:04,800 --> 00:08:08,000 Speaker 1: that his body would die, but his spirit would live on. 168 00:08:08,400 --> 00:08:12,520 Speaker 1: And uh that is so true. And so you know, 169 00:08:12,560 --> 00:08:15,400 Speaker 1: I have a conversation with him a couple of times 170 00:08:15,400 --> 00:08:20,200 Speaker 1: a week, but his legacy at Trek is um do 171 00:08:20,320 --> 00:08:23,360 Speaker 1: the right thing, and for sure his legacies take care 172 00:08:23,400 --> 00:08:26,480 Speaker 1: of the customer. I mean, he was just he was 173 00:08:26,520 --> 00:08:28,280 Speaker 1: all about the customer. If you do the right thing 174 00:08:28,320 --> 00:08:30,320 Speaker 1: for the customer, if you run a really good business, 175 00:08:30,320 --> 00:08:32,720 Speaker 1: the rest will take care of itself. And he was 176 00:08:32,840 --> 00:08:35,959 Speaker 1: really strong on that. Is the next generation of your 177 00:08:36,000 --> 00:08:41,359 Speaker 1: family involved or how involved are they? Well? My daughter, Um, 178 00:08:41,480 --> 00:08:44,160 Speaker 1: she works at Track, she works in the marketing department. 179 00:08:44,240 --> 00:08:46,920 Speaker 1: She's in charge of the women's advocates program right now. 180 00:08:47,480 --> 00:08:50,000 Speaker 1: Spent a year working at retail, so she's involved in 181 00:08:50,040 --> 00:08:54,439 Speaker 1: the business. Um, My mother is on the board at Trek, 182 00:08:54,559 --> 00:08:57,240 Speaker 1: and my son he runs a marketing company in Milwaukee. 183 00:08:57,720 --> 00:08:59,480 Speaker 1: All right, So let's talk about the scope of the 184 00:08:59,480 --> 00:09:03,360 Speaker 1: company a little bit, because you know, from four to now, 185 00:09:03,640 --> 00:09:08,079 Speaker 1: a lot of things have changed in the broader market clearly. Um, 186 00:09:08,160 --> 00:09:11,160 Speaker 1: when it comes to the broader fitness movement, you know 187 00:09:11,280 --> 00:09:14,400 Speaker 1: you were involved, I believe with Bush forty three to 188 00:09:14,520 --> 00:09:17,680 Speaker 1: President George W. Bush and in physical fitness. What have 189 00:09:17,880 --> 00:09:21,240 Speaker 1: you seen in the sort of mega trends that are 190 00:09:21,320 --> 00:09:25,360 Speaker 1: underneath all this that have helped propel Track forward. I 191 00:09:25,360 --> 00:09:27,080 Speaker 1: think there's I think there's a couple. If you just 192 00:09:27,120 --> 00:09:30,280 Speaker 1: take a look at cycling in general. Um, you've got 193 00:09:31,360 --> 00:09:34,760 Speaker 1: health issue, especially in this country. You've got an incredibly 194 00:09:34,840 --> 00:09:38,240 Speaker 1: high obesity rate, people not moving, you know, people looking 195 00:09:38,280 --> 00:09:41,480 Speaker 1: at screens. And that's one mega trend. The other mega 196 00:09:41,520 --> 00:09:43,880 Speaker 1: trend you have is congestion. And here we are in 197 00:09:43,920 --> 00:09:47,040 Speaker 1: New York and you know there's a lot of congestion 198 00:09:47,120 --> 00:09:49,319 Speaker 1: here in New York, but there's cities all around the 199 00:09:49,360 --> 00:09:52,040 Speaker 1: world who face this big issue of congestion. And the 200 00:09:52,160 --> 00:09:54,440 Speaker 1: third thing, which is going to end up being, you know, 201 00:09:54,520 --> 00:09:57,360 Speaker 1: the issue of the century here is just climate change. 202 00:09:58,120 --> 00:10:01,120 Speaker 1: And if you put all those three together, there there's one, 203 00:10:01,679 --> 00:10:04,560 Speaker 1: uh simple solution that doesn't solve all those things, but 204 00:10:04,640 --> 00:10:08,240 Speaker 1: there's a simple, cheap, partial solution all those issues, and 205 00:10:08,280 --> 00:10:11,199 Speaker 1: it's the bicycle. And you know the bicycle. You know, 206 00:10:11,240 --> 00:10:13,959 Speaker 1: if you go to a place like Copenhagen, UM, if 207 00:10:13,960 --> 00:10:18,120 Speaker 1: you measure a trip by going to work, going to school, um, 208 00:10:18,160 --> 00:10:21,720 Speaker 1: going to a friend's house, of trips are taken by bike. 209 00:10:22,200 --> 00:10:25,200 Speaker 1: In the United States, it's one point three. If you 210 00:10:25,280 --> 00:10:28,200 Speaker 1: go take a look at the health of those people, 211 00:10:28,920 --> 00:10:32,760 Speaker 1: it's significantly better than ours. So I think, you know, 212 00:10:33,840 --> 00:10:38,120 Speaker 1: those three trends make the future of the bicycle look 213 00:10:38,320 --> 00:10:40,720 Speaker 1: really good. Talk to us little about working with cities 214 00:10:40,720 --> 00:10:43,240 Speaker 1: and municipalities to make it much more bike friendly, because 215 00:10:43,280 --> 00:10:45,520 Speaker 1: I think that's a big problem. It's a big problem, 216 00:10:45,520 --> 00:10:47,800 Speaker 1: and it's also a big opportunity because you know, if 217 00:10:47,800 --> 00:10:49,959 Speaker 1: you take a look at New York today, new York's 218 00:10:49,960 --> 00:10:52,280 Speaker 1: got a long ways to go. But if you took 219 00:10:52,280 --> 00:10:56,320 Speaker 1: a look at New York twenty years ago, it didn't exist. Um, 220 00:10:56,440 --> 00:10:58,960 Speaker 1: New York has made a lot of progress. Um, there's 221 00:10:58,960 --> 00:11:02,160 Speaker 1: a long way to go. Every single city you go 222 00:11:02,320 --> 00:11:05,640 Speaker 1: to today, as opposed twenty years ago, most cities hadn't 223 00:11:05,679 --> 00:11:08,200 Speaker 1: done anything. If you take a look at them today, 224 00:11:08,240 --> 00:11:11,120 Speaker 1: a lot of cities have a decent foundation. There's a 225 00:11:11,120 --> 00:11:15,440 Speaker 1: lot of people who are looking to answers for congestion, 226 00:11:15,880 --> 00:11:19,680 Speaker 1: for climate change, for health issues. So more and more 227 00:11:19,720 --> 00:11:23,520 Speaker 1: cities are getting interested and we're seeing I think if 228 00:11:23,559 --> 00:11:25,680 Speaker 1: you take a look at the last twenty years, there's 229 00:11:25,760 --> 00:11:30,200 Speaker 1: over thirty thousand bicycle projects that have been completed around 230 00:11:30,200 --> 00:11:33,800 Speaker 1: the United States. It's a it's a lot. There's a 231 00:11:33,840 --> 00:11:37,160 Speaker 1: lot more to be done, but we're moving in the 232 00:11:37,240 --> 00:11:40,680 Speaker 1: right direction and the foundation has been laid. How much 233 00:11:40,960 --> 00:11:45,880 Speaker 1: electrification of bicycles is going to really help in that Momentum, Okay, 234 00:11:46,400 --> 00:11:50,160 Speaker 1: great question. Um. We own a bike sharing business and 235 00:11:50,200 --> 00:11:52,439 Speaker 1: one of the places that we have a bike sharing 236 00:11:52,520 --> 00:11:56,600 Speaker 1: installation is one of our hometowns, Madison, Wisconsin. So Madison, 237 00:11:56,600 --> 00:12:01,080 Speaker 1: Wisconsin has three fifty b cycles UM in play. We 238 00:12:01,280 --> 00:12:05,000 Speaker 1: just switched the entire system on June fifteenth from regular 239 00:12:05,040 --> 00:12:09,480 Speaker 1: bikes over to electric bikes. Ridership is up four x 240 00:12:10,360 --> 00:12:15,000 Speaker 1: four times if you ever go out to test ride 241 00:12:15,000 --> 00:12:16,640 Speaker 1: an electric bike, if you're at a bike shop and 242 00:12:16,640 --> 00:12:17,920 Speaker 1: you go in and you want to test ride an 243 00:12:17,920 --> 00:12:21,320 Speaker 1: electric bike, you will come back and out of a 244 00:12:21,360 --> 00:12:24,280 Speaker 1: hundred people, you will see a hundred smiles. I have 245 00:12:24,320 --> 00:12:26,520 Speaker 1: to tell you I've tried it and loved it on 246 00:12:26,559 --> 00:12:28,840 Speaker 1: the West Coast. It was so much fun. I was thinking, 247 00:12:28,880 --> 00:12:33,040 Speaker 1: I'm not gonna like this. It's amazing and it allows 248 00:12:33,280 --> 00:12:38,040 Speaker 1: ordinary people to do extraordinary things. You can ride in 249 00:12:38,200 --> 00:12:41,360 Speaker 1: e bike wherever you want. We were in the French 250 00:12:41,400 --> 00:12:43,360 Speaker 1: Alps this summer at Tour de France, and we were 251 00:12:43,400 --> 00:12:47,720 Speaker 1: with a couple of friends, um and you know, we 252 00:12:47,800 --> 00:12:50,400 Speaker 1: had one person wasn't a strong cyclist, and she rode 253 00:12:50,400 --> 00:12:52,720 Speaker 1: with us every day. She went up Alp Duez, she 254 00:12:52,760 --> 00:12:57,400 Speaker 1: went up the biggest climbs and she absolutely loved it. Yeah, 255 00:12:57,720 --> 00:13:00,400 Speaker 1: it's amazing. So let's talk about one of the other 256 00:13:00,440 --> 00:13:02,120 Speaker 1: mega trends. And Carol and I have spent a lot 257 00:13:02,160 --> 00:13:06,280 Speaker 1: of time on our shows and in our respective journalism 258 00:13:06,320 --> 00:13:09,040 Speaker 1: thinking about this, which is the wellness and the health 259 00:13:09,080 --> 00:13:12,720 Speaker 1: piece there that you talked about. We seem to amid 260 00:13:12,880 --> 00:13:15,920 Speaker 1: all of the talk of the OBC right and things 261 00:13:15,960 --> 00:13:18,880 Speaker 1: like that, there at least is a part of society, 262 00:13:18,920 --> 00:13:21,679 Speaker 1: a part of the culture that is really embracing this 263 00:13:21,800 --> 00:13:26,200 Speaker 1: idea of a much more holistically healthy lifestyle. How do 264 00:13:26,240 --> 00:13:30,480 Speaker 1: you take advantage of that as a company and be 265 00:13:31,400 --> 00:13:34,200 Speaker 1: a part of it? Okay, Well, I think we're not 266 00:13:34,240 --> 00:13:36,000 Speaker 1: only a part of it, I think we're a leader 267 00:13:36,120 --> 00:13:38,840 Speaker 1: in it. And it all happened at trek I think 268 00:13:38,880 --> 00:13:43,280 Speaker 1: it was maybe twelve years ago, and three things happened 269 00:13:43,400 --> 00:13:46,640 Speaker 1: in the space of two months. We had a truck 270 00:13:46,720 --> 00:13:50,559 Speaker 1: driver have a massive heart attack um driving across Iowa 271 00:13:50,760 --> 00:13:53,400 Speaker 1: and it ended his career. He survived, but it was 272 00:13:53,440 --> 00:13:55,360 Speaker 1: a huge bill and it ended his career, and he 273 00:13:55,520 --> 00:13:58,440 Speaker 1: loved working at trek Um. We had a woman in 274 00:13:58,480 --> 00:14:01,360 Speaker 1: our international department who had we had come out with 275 00:14:01,360 --> 00:14:04,520 Speaker 1: a health program. She lost twenty pounds, great shape. Her 276 00:14:04,600 --> 00:14:07,560 Speaker 1: husband not so much worked at a different company in 277 00:14:07,760 --> 00:14:11,240 Speaker 1: his late forties, he had a stroke totally shook up 278 00:14:11,240 --> 00:14:14,760 Speaker 1: her entire life. And then we had a warehouse manager, 279 00:14:14,800 --> 00:14:18,600 Speaker 1: Craig Omlin, one of our best UH workers. He managed 280 00:14:18,600 --> 00:14:21,880 Speaker 1: one of the warehouses. UM. He was a big guy. 281 00:14:22,120 --> 00:14:25,840 Speaker 1: He was really tall and really wide and UH. He 282 00:14:25,960 --> 00:14:29,360 Speaker 1: died in his forties and the death certificate was on 283 00:14:29,440 --> 00:14:33,240 Speaker 1: my desk and cause of death was obesity. I had 284 00:14:33,240 --> 00:14:35,520 Speaker 1: the HR guy come into my office and I said, 285 00:14:35,560 --> 00:14:38,440 Speaker 1: I've had it. We're done. I go, I want a 286 00:14:38,440 --> 00:14:41,280 Speaker 1: new health program. We're gonna put this thing together and 287 00:14:41,320 --> 00:14:43,720 Speaker 1: we're gonna introduce it in less than a month. And 288 00:14:43,720 --> 00:14:45,840 Speaker 1: in less than a month, I stood in the Ahri 289 00:14:46,000 --> 00:14:49,000 Speaker 1: m at Trek and I said to everybody, we're changing 290 00:14:49,040 --> 00:14:51,680 Speaker 1: the way we look at health. These are the four 291 00:14:51,840 --> 00:14:56,880 Speaker 1: things we're doing, and we're gonna make sure that you're healthy. 292 00:14:57,000 --> 00:15:02,000 Speaker 1: And that was it. Chang ange um It said everybody 293 00:15:02,000 --> 00:15:04,920 Speaker 1: at Trek has to get a health risk assessment every year. 294 00:15:05,640 --> 00:15:07,960 Speaker 1: We used to make it optional and we get the 295 00:15:08,040 --> 00:15:11,120 Speaker 1: people zero percent Body Fat Club at Trek would all 296 00:15:11,160 --> 00:15:14,280 Speaker 1: rush in there and get there get their health risk 297 00:15:14,320 --> 00:15:17,320 Speaker 1: assessment done. We said everybody has to do it, and 298 00:15:17,360 --> 00:15:19,440 Speaker 1: not only you, but your family because if you're on 299 00:15:19,480 --> 00:15:23,160 Speaker 1: our health insurance, your families on the insurance program. Um, 300 00:15:23,200 --> 00:15:26,440 Speaker 1: we did that. We turned the cafe into a healthy 301 00:15:26,520 --> 00:15:31,320 Speaker 1: cafe for people who were not healthy. We got them 302 00:15:31,720 --> 00:15:34,800 Speaker 1: UH coaches for a year. We said we're gonna help 303 00:15:34,880 --> 00:15:39,560 Speaker 1: you get healthy. Um. We eliminated smoking from anywhere near Trek. 304 00:15:39,880 --> 00:15:45,320 Speaker 1: We did everything we could and the impact of it unbelievable. So, well, 305 00:15:45,440 --> 00:15:48,760 Speaker 1: you're taking a look at health healthcare costs tracks. Healthcare 306 00:15:48,840 --> 00:15:52,720 Speaker 1: costs over the last five years have gone down. Wow, okay, 307 00:15:52,720 --> 00:15:56,600 Speaker 1: so okay, we keep we have a score for our 308 00:15:56,640 --> 00:15:59,480 Speaker 1: health because we have all the health risk assessments are 309 00:15:59,520 --> 00:16:02,680 Speaker 1: scores on up. Every year. Trek has become a healthier 310 00:16:02,680 --> 00:16:07,240 Speaker 1: workplace every single year. You take a look at this country. 311 00:16:07,480 --> 00:16:12,240 Speaker 1: We pay almost of g d P as health and 312 00:16:12,320 --> 00:16:17,040 Speaker 1: we have the worst results in the industrialized world. The 313 00:16:17,080 --> 00:16:20,200 Speaker 1: most unhealthy people are in America. And we have a 314 00:16:20,240 --> 00:16:23,720 Speaker 1: government that spends all of its time talking about how 315 00:16:23,720 --> 00:16:26,560 Speaker 1: we can spend more money on health, and we never 316 00:16:26,640 --> 00:16:30,240 Speaker 1: talk about how our citizens can become more healthy. Well, 317 00:16:30,280 --> 00:16:32,880 Speaker 1: I think about how often we have that conversation. I mean, Jason, 318 00:16:32,920 --> 00:16:35,760 Speaker 1: I both embrace this world big time. You know, what 319 00:16:35,920 --> 00:16:37,920 Speaker 1: is it going to take to change kind of our 320 00:16:38,040 --> 00:16:39,920 Speaker 1: approach when it comes to taking care of ourself, this 321 00:16:39,920 --> 00:16:43,080 Speaker 1: whole idea of wellness and taking care of yourself so 322 00:16:43,120 --> 00:16:45,160 Speaker 1: that it doesn't become a problem. And I do wonder 323 00:16:45,440 --> 00:16:48,720 Speaker 1: incentives usually get people to where you need them to be. Yeah, well, 324 00:16:48,720 --> 00:16:50,800 Speaker 1: I think you know if you just one is we 325 00:16:50,840 --> 00:16:54,160 Speaker 1: have a twenty two trillion dollar death set um. Number 326 00:16:54,200 --> 00:16:57,080 Speaker 1: two is we're spending twice as much money as any 327 00:16:57,080 --> 00:17:00,360 Speaker 1: other country on health and something has to change in 328 00:17:00,360 --> 00:17:04,119 Speaker 1: that equation. To me, it needs to be leadership from 329 00:17:04,160 --> 00:17:07,440 Speaker 1: the government because this can't keep going on. But John, 330 00:17:07,440 --> 00:17:10,480 Speaker 1: do you penalize employees if they don't do well or 331 00:17:10,520 --> 00:17:12,840 Speaker 1: they don't sign up for How does it work? The 332 00:17:12,840 --> 00:17:15,560 Speaker 1: way it works is that we have a program and 333 00:17:16,240 --> 00:17:18,920 Speaker 1: based on your health risk assessment, if you score really 334 00:17:18,920 --> 00:17:21,399 Speaker 1: well on your health risk assessment, you pay less for 335 00:17:21,400 --> 00:17:23,600 Speaker 1: your health insurance. Okay, So that's what I wondered, because 336 00:17:23,600 --> 00:17:27,600 Speaker 1: you really need to incent but we also take a 337 00:17:27,680 --> 00:17:29,879 Speaker 1: leadership role and we say we're going to help you 338 00:17:29,880 --> 00:17:32,560 Speaker 1: get healthy. We don't leave people out on on an island. 339 00:17:32,600 --> 00:17:35,720 Speaker 1: We come a big hug and we say here we go, 340 00:17:36,520 --> 00:17:38,919 Speaker 1: and it's it's part of the culture at track and 341 00:17:38,960 --> 00:17:40,639 Speaker 1: people go, well, you're just a bunch of people who 342 00:17:40,720 --> 00:17:43,960 Speaker 1: ride bikes. Carrot and stick. We have a carrot and 343 00:17:44,000 --> 00:17:47,240 Speaker 1: a stick, but there's also a culture. And I think 344 00:17:47,240 --> 00:17:49,280 Speaker 1: that's what we need in this country, is we need 345 00:17:49,480 --> 00:17:52,119 Speaker 1: a culture of health. Well, speaking of cultures, and we 346 00:17:52,160 --> 00:17:54,119 Speaker 1: talk about this a lot too, about the importance of 347 00:17:54,160 --> 00:17:57,119 Speaker 1: diversity and equality and you are in town, you're getting 348 00:17:57,119 --> 00:17:59,880 Speaker 1: the inaugural Champion for Equality Award at this year's Women 349 00:18:00,640 --> 00:18:05,080 Speaker 1: Sports Foundation gala. Talked about equality at Trek. Yeah, yeah, 350 00:18:05,119 --> 00:18:08,960 Speaker 1: I think, UM, you know, equalities uh an important issue 351 00:18:09,119 --> 00:18:11,760 Speaker 1: at Trek and when you take a look at it, 352 00:18:11,800 --> 00:18:15,320 Speaker 1: we're involved in a sport UM. We're also just involved 353 00:18:15,320 --> 00:18:17,280 Speaker 1: in running a business, and we want to make sure 354 00:18:17,320 --> 00:18:21,080 Speaker 1: that we provide opportunities for everyone, regardless of color, regardless 355 00:18:21,080 --> 00:18:23,639 Speaker 1: of gender. We want to put the best team on 356 00:18:23,680 --> 00:18:27,760 Speaker 1: the field and we're really serious about that. When you 357 00:18:27,840 --> 00:18:31,720 Speaker 1: take a look at sport UM. We're sponsoring a women's 358 00:18:31,760 --> 00:18:36,959 Speaker 1: cycling team sponsor UM and somebody came back from one 359 00:18:37,000 --> 00:18:38,919 Speaker 1: of the races and they walk into my office and 360 00:18:39,280 --> 00:18:42,080 Speaker 1: we're having an executive meeting and they're like, do you 361 00:18:42,200 --> 00:18:45,639 Speaker 1: know what's going on with the women's team we're sponsoring. 362 00:18:45,920 --> 00:18:49,280 Speaker 1: And I'm like no, and he's like, well, they don't 363 00:18:49,320 --> 00:18:52,320 Speaker 1: get paid very much. They show up for the race 364 00:18:52,440 --> 00:18:55,360 Speaker 1: the day before because the team can't afford to get 365 00:18:55,400 --> 00:18:58,280 Speaker 1: him there earlier. They're only given one bike. They stay 366 00:18:58,280 --> 00:19:03,520 Speaker 1: in allows your place, and I'm just like, I was embarrassed. 367 00:19:04,480 --> 00:19:06,439 Speaker 1: I just sat in there and I was embarrassed. So 368 00:19:06,480 --> 00:19:08,639 Speaker 1: we took a different approach to men's cycling where we 369 00:19:08,680 --> 00:19:12,200 Speaker 1: actually bought a team, and I just said, we're gonna 370 00:19:12,240 --> 00:19:15,000 Speaker 1: buy a team, and so we went out there and 371 00:19:15,040 --> 00:19:18,080 Speaker 1: we you know, we totally changed the paradigm in that sport, 372 00:19:18,119 --> 00:19:19,840 Speaker 1: and we said we're going to buy a team, and 373 00:19:19,840 --> 00:19:22,480 Speaker 1: we're going to treat the men and the women the 374 00:19:22,520 --> 00:19:25,760 Speaker 1: same way. And so more broadly in sport, we spent 375 00:19:25,800 --> 00:19:27,679 Speaker 1: a lot of time Caroline I did over the summer, 376 00:19:27,720 --> 00:19:31,560 Speaker 1: obviously rooting for talking about the US women's national team 377 00:19:31,560 --> 00:19:36,399 Speaker 1: in soccer. It felt like a moment. Then there have 378 00:19:36,560 --> 00:19:39,119 Speaker 1: been a few sports that have started to figure out, 379 00:19:39,359 --> 00:19:43,640 Speaker 1: tennis being one. Are we at a moment where this 380 00:19:43,720 --> 00:19:46,240 Speaker 1: is starting to change or is this something where there's 381 00:19:46,280 --> 00:19:48,440 Speaker 1: a danger of sort of falling back when it comes 382 00:19:48,480 --> 00:19:52,840 Speaker 1: to equal compensation. You know, just the very basic sort 383 00:19:52,840 --> 00:19:56,480 Speaker 1: of equal pay and equal opportunity across sport, you know, 384 00:19:57,320 --> 00:19:59,399 Speaker 1: and I can only talk for the sport that that 385 00:19:59,720 --> 00:20:03,040 Speaker 1: we're in, and you know, the sport of cycling is 386 00:20:03,160 --> 00:20:07,760 Speaker 1: really an old man's sport. It's controlled that way, and 387 00:20:07,840 --> 00:20:10,240 Speaker 1: so um. You know, when you take a look at 388 00:20:10,240 --> 00:20:13,080 Speaker 1: the prize money men's compared to women's, when you take 389 00:20:13,119 --> 00:20:16,520 Speaker 1: a look at TV, men's compared to women, it's not 390 00:20:16,760 --> 00:20:20,400 Speaker 1: it's it's embarrassing. It still is embarrassing. We're taking our 391 00:20:21,359 --> 00:20:24,600 Speaker 1: the portion that we control and we're saying, hey, we're 392 00:20:24,640 --> 00:20:26,680 Speaker 1: going to make sure they're on an equal level here 393 00:20:26,720 --> 00:20:28,880 Speaker 1: and we're going to be an example for everybody else. 394 00:20:28,960 --> 00:20:32,359 Speaker 1: We host a World Cup in Waterloo, a World Club 395 00:20:32,560 --> 00:20:36,160 Speaker 1: Cup cycle cross race, and it's it's equal price money. 396 00:20:36,280 --> 00:20:38,760 Speaker 1: First cycling event ever to have equal price money. We 397 00:20:38,840 --> 00:20:40,840 Speaker 1: make a big deal out of it, and all of 398 00:20:40,840 --> 00:20:44,080 Speaker 1: a sudden, other races are changing. People are seeing what 399 00:20:44,119 --> 00:20:47,280 Speaker 1: we're doing in professional and people are making changes. Well, 400 00:20:47,320 --> 00:20:49,520 Speaker 1: I have to think this is got to be at 401 00:20:49,560 --> 00:20:52,520 Speaker 1: least partially an element of enlightened self interest, right, I mean, 402 00:20:52,560 --> 00:20:55,520 Speaker 1: because you want to sell bikes to women and say 403 00:20:55,600 --> 00:20:57,159 Speaker 1: like this is great that you're doing your job, but 404 00:20:57,240 --> 00:20:59,600 Speaker 1: you've got to be thinking about, like, what's your demographics 405 00:20:59,600 --> 00:21:01,640 Speaker 1: in terms of where your seal is it mostly men's, 406 00:21:02,200 --> 00:21:04,800 Speaker 1: you know, it's a lot, it's a lot of men um, 407 00:21:04,840 --> 00:21:08,600 Speaker 1: but there's a huge potential market with women. And you know, 408 00:21:08,680 --> 00:21:10,760 Speaker 1: women who are in the sport absolutely love being in 409 00:21:10,800 --> 00:21:13,840 Speaker 1: the sport um and there's there are more and more 410 00:21:13,880 --> 00:21:17,399 Speaker 1: women who should ride bikes and trek can there is 411 00:21:17,640 --> 00:21:20,560 Speaker 1: there's definitely some self interest too well, and especially when 412 00:21:20,720 --> 00:21:23,560 Speaker 1: guilty right well, I mean when you okay, but when 413 00:21:23,600 --> 00:21:26,240 Speaker 1: you start to synthesize this a little bit with again, 414 00:21:26,320 --> 00:21:29,640 Speaker 1: so sort of going back to the mega trends around fitness, 415 00:21:29,640 --> 00:21:32,880 Speaker 1: you think about boutique fitness, You think about everything that 416 00:21:32,920 --> 00:21:35,879 Speaker 1: we've seen the success of even like a Lulu Lemon. 417 00:21:35,960 --> 00:21:38,720 Speaker 1: You know, this is women driven in a lot of ways. 418 00:21:38,760 --> 00:21:41,199 Speaker 1: The market is massive. So I have to think and 419 00:21:41,240 --> 00:21:44,159 Speaker 1: I'm not this isn't a criticism. This is just smart business. 420 00:21:44,160 --> 00:21:45,919 Speaker 1: A lot of ways it is. And you know, one 421 00:21:45,960 --> 00:21:48,359 Speaker 1: of my favorite charts is the running business. And if 422 00:21:48,400 --> 00:21:49,960 Speaker 1: you if you take a look at running and you 423 00:21:50,000 --> 00:21:53,520 Speaker 1: go back to nineteen it was something like a marathon 424 00:21:53,640 --> 00:21:56,800 Speaker 1: ors it was something like men, five percent women, and 425 00:21:56,840 --> 00:21:58,080 Speaker 1: all of a sudden you take a look at the 426 00:21:58,160 --> 00:22:00,919 Speaker 1: running business just explode over the last twenty five years. 427 00:22:00,960 --> 00:22:03,880 Speaker 1: It's all women today. There are more women who finished 428 00:22:03,880 --> 00:22:06,480 Speaker 1: marathons and men. It went from five percent to fifty 429 00:22:07,600 --> 00:22:11,359 Speaker 1: And I really believe that that could happen in cycling. 430 00:22:11,640 --> 00:22:14,440 Speaker 1: And so there's there's a moral issue here. There is 431 00:22:14,520 --> 00:22:17,639 Speaker 1: also a business opportunity well, and in keeping with that, 432 00:22:17,680 --> 00:22:20,680 Speaker 1: were Bloomberg, we'd like to hear about opportunity. Where where 433 00:22:20,800 --> 00:22:23,399 Speaker 1: is your biggest growth market. I'm just curious because you 434 00:22:23,440 --> 00:22:25,440 Speaker 1: do sell around the world. You sell around the world, 435 00:22:25,480 --> 00:22:27,320 Speaker 1: you know. One of the things is, you know, I've 436 00:22:27,320 --> 00:22:29,440 Speaker 1: worked the Trek for over thirty five years. I've never 437 00:22:29,480 --> 00:22:33,000 Speaker 1: seen the amount of opportunities that Trek has today everywhere, 438 00:22:33,600 --> 00:22:36,080 Speaker 1: almost everywhere. I mean, we have so many great things 439 00:22:36,080 --> 00:22:38,000 Speaker 1: going on as a business. If you go to Europe, 440 00:22:38,000 --> 00:22:41,199 Speaker 1: the European business is almost three times bigger than the 441 00:22:41,280 --> 00:22:44,000 Speaker 1: US business. Our market share in the US for premium 442 00:22:44,040 --> 00:22:47,520 Speaker 1: bikes is is, you know, in the high twenties. Our 443 00:22:47,600 --> 00:22:51,200 Speaker 1: market share in in Europe is around six Our business 444 00:22:51,200 --> 00:22:53,159 Speaker 1: in Europe is growing like a weed. We have a 445 00:22:53,200 --> 00:22:57,440 Speaker 1: lot of opportunities in Europe. If you go to Asia, UM, 446 00:22:57,720 --> 00:23:01,120 Speaker 1: massive opportunities in Asia. If you take a look at 447 00:23:01,119 --> 00:23:04,879 Speaker 1: electric bikes, UM, that's booming all over the world. What 448 00:23:04,960 --> 00:23:07,159 Speaker 1: about you the trade ward that we're seeing because that 449 00:23:07,200 --> 00:23:10,120 Speaker 1: you do also manufacture around the world, right, So tell 450 00:23:10,119 --> 00:23:13,720 Speaker 1: me is that impacting you? You know we uh, we 451 00:23:13,800 --> 00:23:16,520 Speaker 1: manufacture really high on bikes in the US. We have 452 00:23:16,600 --> 00:23:21,440 Speaker 1: a large UM manufacturing facility in Germany which supplies uh 453 00:23:21,640 --> 00:23:25,399 Speaker 1: the European market, but we produce a bunch of bikes 454 00:23:25,440 --> 00:23:29,200 Speaker 1: in China, both for all over the world and also 455 00:23:29,280 --> 00:23:31,920 Speaker 1: the U S. We're a global company that has a 456 00:23:31,960 --> 00:23:37,040 Speaker 1: global supply chain chain. So yeah, the the tariff has 457 00:23:37,080 --> 00:23:39,040 Speaker 1: had a huge impact on Trek. The one thing I 458 00:23:39,040 --> 00:23:40,600 Speaker 1: want to ask you, because I think about your world 459 00:23:40,600 --> 00:23:44,080 Speaker 1: private equity, I mean they I do wonder family owned 460 00:23:44,080 --> 00:23:45,640 Speaker 1: for a long time. I know you want to keep 461 00:23:45,680 --> 00:23:48,840 Speaker 1: it that way, but I do. I'm curious if you've 462 00:23:48,880 --> 00:23:50,879 Speaker 1: got people who are knocking on your door looking at 463 00:23:50,880 --> 00:23:53,560 Speaker 1: this business, especially as we see the growth in fitness. 464 00:23:53,840 --> 00:23:56,359 Speaker 1: You know, my father, UH, people would ask him about 465 00:23:56,359 --> 00:23:58,480 Speaker 1: going public and he'd also have the same answer, and 466 00:23:58,520 --> 00:24:00,480 Speaker 1: the answer is I don't need them, and I don't 467 00:24:00,520 --> 00:24:05,400 Speaker 1: need the headaches, and I've inherited that few. What's your biggest, 468 00:24:05,560 --> 00:24:09,360 Speaker 1: single strategic initiative that you as the president set out 469 00:24:09,440 --> 00:24:13,320 Speaker 1: for this company today. You know, one thing that's become 470 00:24:13,359 --> 00:24:15,960 Speaker 1: really obvious to me over the last three months is 471 00:24:16,000 --> 00:24:19,600 Speaker 1: just sustainability. UM. One of the things we have UM 472 00:24:19,920 --> 00:24:22,960 Speaker 1: different objectives inside the company and I have my list 473 00:24:23,000 --> 00:24:25,560 Speaker 1: of ten and we changed those two months ago. We 474 00:24:25,640 --> 00:24:31,320 Speaker 1: added becoming a leading sustainability company fast and right now 475 00:24:31,760 --> 00:24:35,080 Speaker 1: we're moving. Trek is moving fast in a lot of 476 00:24:35,080 --> 00:24:37,600 Speaker 1: different areas, but the area we're moving fastest in and 477 00:24:37,760 --> 00:24:41,719 Speaker 1: sustainability because because I know it's the right thing now, 478 00:24:42,000 --> 00:24:44,720 Speaker 1: the earth needs it. I mean, if you there's a 479 00:24:44,720 --> 00:24:49,760 Speaker 1: great move the great documentary Above and Beyond, UM, it's amazing. 480 00:24:49,920 --> 00:24:52,639 Speaker 1: And I saw that documentary and I just that was 481 00:24:53,359 --> 00:24:56,600 Speaker 1: a moment for me. I had the you know, the 482 00:24:56,600 --> 00:25:00,840 Speaker 1: top hundred thirty leaders a Trek watch that. UM. We 483 00:25:00,960 --> 00:25:04,280 Speaker 1: had Sir Robert Swann, who's walked to both poles and 484 00:25:04,359 --> 00:25:08,480 Speaker 1: he's a big environmentalist. He was at Trek two weeks ago. UM. 485 00:25:09,320 --> 00:25:11,600 Speaker 1: We've put together a plan and I think there's about 486 00:25:12,280 --> 00:25:14,280 Speaker 1: I went through each item. I think there's about a 487 00:25:14,359 --> 00:25:17,119 Speaker 1: hundred and fifty seven ideas, and I think we narrowed 488 00:25:17,119 --> 00:25:19,080 Speaker 1: it down to about fifty. But we're going to make 489 00:25:19,119 --> 00:25:21,200 Speaker 1: a difference and we're gonna do it fast. So that 490 00:25:21,320 --> 00:25:24,879 Speaker 1: was John Burke. He's president of the family owned Wisconsin 491 00:25:25,000 --> 00:25:27,919 Speaker 1: based Trek Bicycle again, a company that was co founded 492 00:25:27,960 --> 00:25:30,520 Speaker 1: by his dad. And I just love it because he's 493 00:25:30,520 --> 00:25:33,399 Speaker 1: really thinking about first of all, his future consumer uh 494 00:25:33,480 --> 00:25:36,119 Speaker 1: and certainly thinking about diversity at the firm and the 495 00:25:36,240 --> 00:25:38,639 Speaker 1: company h and thinking about where this market is going. 496 00:25:38,680 --> 00:25:41,320 Speaker 1: We talked about diversity, we talked about electrification, we talked 497 00:25:41,320 --> 00:25:43,639 Speaker 1: about so much. Right, it's hard to run a company 498 00:25:43,880 --> 00:25:46,280 Speaker 1: these days. Twenty nine team keeps you on your toes, 499 00:25:46,440 --> 00:25:48,720 Speaker 1: but a good conversation with them, we really enjoyed it. 500 00:25:48,960 --> 00:25:51,800 Speaker 1: You've been listening to Bloomberg Business Week Extra. We showed it. 501 00:25:51,840 --> 00:25:54,440 Speaker 1: Tun into Bloomberg Business Week Radio. That's live Monday through 502 00:25:54,480 --> 00:25:57,200 Speaker 1: Fraunday at tpm Wall Street Time. I'm Bloomberg Radio. I'm 503 00:25:57,240 --> 00:25:59,520 Speaker 1: Carol Masser, and I'm Jason Kelly. This is Bloomberg