waite phillips’s rules for business

This summer, I went on a 12-day backpacking trip with my 15-year-old son at Philmont Scout Ranch in New Mexico. Even people not involved with Boy Scouts of America have heard of this famous camp. Philmont is legendary in the Scouting world with both boys and adults who consider it the “holy grail” of high-adventure camping.

While we were out there, I decided to learn more about Waite Phillips, the man who donated more than 127,000 acres of his favorite ranch to the Boy Scouts in the late 1930s to create this camp. I discovered that Waite was a renowned businessperson and celebrated philanthropist. I found out that he came from a modest family in Iowa and made it big in the oil business. (He wasn’t the only member of his family to make his money in oil. In 1917, his older brothers, Frank and L.E. Phillips, founded Phillips Petroleum Company.)

I was so intrigued by Waite’s story that I decided to buy and read, Beyond the Hills: The Journey of Waite Phillips. This book, written by Michael Wallis, was interesting enough that I read it in one day on my trip back to Birmingham from Albuquerque.

According to the book, Waite wrote a letter to his son in 1936 sharing his philosophy on business. He called his principles “Rules for Conducting Business.” Clearly, they worked for Waite. I think they will work for you, too, so I’ll share them today.

1. Carefully examine every detail of your business.
2. Be prompt in everything.
3. Take time to consider, then decide quickly.
4. Bear your troubles patiently.
5. Maintain your integrity as a sacred thing.
6. Never tell business lies.
7. Make no useless acquaintances.
8. Never try to appear something more than you are.
9. Pay your debts promptly.
10. Learn how to risk your money at the right time.
11. Shun strong liquor.
12. Employ your time well.
13. Do not reckon upon chance.
14. Be courteous to everybody.
15. Never be discouraged.
16. Practice orderliness, thoroughness, concentration and patience.
17. Then work hard and you will succeed.

By the way, our backpacking trip was great. We walked about 100 miles in 12 days and took one shower! I absolutely loved the time I spent at Philmont with three other dads and our eight boys. It really was a trip of a lifetime.