Bill Farley FAQ
Michael Puhala writes a wonderful Zrii blog. I always appreciate his thoughts and his thorough research. We recently met in person at the Zrii Launch Convention in Salt Lake City in late May. Though we are in different down-lines, the Zrii Prosperity Plan encourages people in separate organizations (or cross-line from each other) to share ideas, help each other, and work together to grow the Zrii business. This is just another well thought out idea from this cutting-edge company. Whether you are already involved with Zrii, join my team or work with Michael, you know that are part of something very unique and special.
Michael wrote the following post last week. It answers a question that often arises when new prospects start "googling" Bill Farley. The complete URL can be found at the end of this post.
Bill Farley FAQ’s - Controversy Debunked!
June 27, 2008 in business | Tags: business, debunked!, Zrii | by mpuhala
The business mogul that started Zrii is Bill Farley who is also Zrii’s CEO. The reason for this blog post is that I’ve run into all kinds of information and questions about Bill Farley, however a vast majority of it seems to be based on rumor or false information (or at best, partial information). To clear the air, here is the information that I have been able to gather on Bill Farley in the format of ‘Frequently Asked Questions’:
Q: I’ve heard that Bill Farley was responsible for Fruit of the Loom going bankrupt, is that true?
A: Bill Farley’s company, Farley Industries bought the company Northwest Industries in 1985 which was the holding company for many conglomerates including Fruit of the Loom. At the time, Northwest Industries was a public company. This was a $1.4 billion dollar leveraged buyout with Bill Farley putting in $70 million of his own money at risk. With the acquisition, the company became private as Farley Industries was not a public company that was traded on the New York Stock Exchange. As President & CEO, Bill Farley grew the Fruit of the Loom brand from $500 million in 1985, to over $2.5 billion fifteen years later in 1999. With $2.29 billion in assets (according to its annual report), Fruit of the Loom was the eighth largest company to file for bankruptcy in 1999, according to BankruptcyData.com’s annual rankings. It followed in the footsteps of several other textile and apparel companies that had entered Chapter 11 in 1999, including Tultex, Pluma, Forstmann, Brazos Sportswear and Starter Corp. The textile and apparel industry has been suffering for some time due to foreign competition. As a result of this bankruptcy and in an effort to sway public opinion about the direction of Fruit of the Loom, the board forced Bill Farley out of the organization. See 1985 Fortune article here.
Q: I’ve heard that Bill Farley was a partial owner of the Chicago White Sox, is that true?
A: Yes, in 1976, Bill Farley became a minority partial owner in the Chicago White Sox.
Q: It seems odd that Bill Farley would start a network marketing company in nutrition, does he have experience in either of these industries?
A: Bill Farley is not new to the business of nutrition & health nor to the network marketing industry. He has a long-standing reputation of being passionate about living and promoting a healthy lifestyle. Taken from an article in Fortune Magazine in 1985:
“A three-sport man in high school and college — football, swimming, and baseball — Farley is still a relentless jogger and splendid tennis player. His passion for fitness permeates his company. Soon after acquiring a new ) plant, he usually polls the workers to find out what kind of athletic facility they would like. Virtually every Farley plant has a baseball field, track, tennis courts, or other such amenity. Farley is particularly offended by cigarettes; addicted visitors are quickly informed that smoking is banned in his office. Herbal tea is the beverage offered.”
As well, one of Bill Farley’s first attempt in the health and nutrition industry was his attempt to purchase Herbalife. After he was outbid to purchase Herbalife, he continued to look for a company that he could be involved with in this industry. He was pointed to a troubled company in the vitamin supplement business Body Wise International. He acquired this company in 2004 and this was his first foray into the network marketing industry. Through most of his career, Bill Farley has been involved with leveraged buyouts, acquisitions and has been considered a turn-around business expert. Bill Farley was still committed to start his own company from the ground up in the health and wellness industry and he considers Zrii will be his best and largest legacy.
Editor Commentary: Any business person who has succeeded in business at the level that Bill Farley has, is going to have both hits and misses on their resume. Most everyone can relate to managing a career where the most successful learnings have come from the biggest challenges and mistakes. To use a baseball analogy, look at the records of those who hit an astounding amount of home-runs. Chances are the number of strike-outs far out number those that played it more safe and hit far fewer home-runs. For me, I am glad that Bill Farley is leading this company. He has a fantastic track record, a great reputation among his peers, and he is not afraid to take risks.
Link to mpuhala's Blog Post
I so agree with the Editorial Comment above. To continue with the baseball analogy, if you have a batting average of .300 you are said to be a really good ball player. The reality is that you strike out 7/10 times. 3/10 success rate and you are considered a really good player. We should all keep that in mind as we move through life. As you grow your network marketing business and you talk to 10 people, 7 of whom say "not interested", you're doing pretty well!
In our team we train and work with our down-line on a daily basis. Teaching you to take those 3/10 "tell me more about it" people and bring them into your business. Our upline has 41 years of experience in this industry and can often be found on the phone helping those in his organization, 12-15 hours per day. That is support and that is dedication.
Join our Zrii Team if you are a leader looking to join with other like-minded, strong, caring and supportive entrepreneurs.
Michael wrote the following post last week. It answers a question that often arises when new prospects start "googling" Bill Farley. The complete URL can be found at the end of this post.
Bill Farley FAQ’s - Controversy Debunked!
June 27, 2008 in business | Tags: business, debunked!, Zrii | by mpuhala
The business mogul that started Zrii is Bill Farley who is also Zrii’s CEO. The reason for this blog post is that I’ve run into all kinds of information and questions about Bill Farley, however a vast majority of it seems to be based on rumor or false information (or at best, partial information). To clear the air, here is the information that I have been able to gather on Bill Farley in the format of ‘Frequently Asked Questions’:
Q: I’ve heard that Bill Farley was responsible for Fruit of the Loom going bankrupt, is that true?
A: Bill Farley’s company, Farley Industries bought the company Northwest Industries in 1985 which was the holding company for many conglomerates including Fruit of the Loom. At the time, Northwest Industries was a public company. This was a $1.4 billion dollar leveraged buyout with Bill Farley putting in $70 million of his own money at risk. With the acquisition, the company became private as Farley Industries was not a public company that was traded on the New York Stock Exchange. As President & CEO, Bill Farley grew the Fruit of the Loom brand from $500 million in 1985, to over $2.5 billion fifteen years later in 1999. With $2.29 billion in assets (according to its annual report), Fruit of the Loom was the eighth largest company to file for bankruptcy in 1999, according to BankruptcyData.com’s annual rankings. It followed in the footsteps of several other textile and apparel companies that had entered Chapter 11 in 1999, including Tultex, Pluma, Forstmann, Brazos Sportswear and Starter Corp. The textile and apparel industry has been suffering for some time due to foreign competition. As a result of this bankruptcy and in an effort to sway public opinion about the direction of Fruit of the Loom, the board forced Bill Farley out of the organization. See 1985 Fortune article here.
Q: I’ve heard that Bill Farley was a partial owner of the Chicago White Sox, is that true?
A: Yes, in 1976, Bill Farley became a minority partial owner in the Chicago White Sox.
Q: It seems odd that Bill Farley would start a network marketing company in nutrition, does he have experience in either of these industries?
A: Bill Farley is not new to the business of nutrition & health nor to the network marketing industry. He has a long-standing reputation of being passionate about living and promoting a healthy lifestyle. Taken from an article in Fortune Magazine in 1985:
“A three-sport man in high school and college — football, swimming, and baseball — Farley is still a relentless jogger and splendid tennis player. His passion for fitness permeates his company. Soon after acquiring a new ) plant, he usually polls the workers to find out what kind of athletic facility they would like. Virtually every Farley plant has a baseball field, track, tennis courts, or other such amenity. Farley is particularly offended by cigarettes; addicted visitors are quickly informed that smoking is banned in his office. Herbal tea is the beverage offered.”
As well, one of Bill Farley’s first attempt in the health and nutrition industry was his attempt to purchase Herbalife. After he was outbid to purchase Herbalife, he continued to look for a company that he could be involved with in this industry. He was pointed to a troubled company in the vitamin supplement business Body Wise International. He acquired this company in 2004 and this was his first foray into the network marketing industry. Through most of his career, Bill Farley has been involved with leveraged buyouts, acquisitions and has been considered a turn-around business expert. Bill Farley was still committed to start his own company from the ground up in the health and wellness industry and he considers Zrii will be his best and largest legacy.
Editor Commentary: Any business person who has succeeded in business at the level that Bill Farley has, is going to have both hits and misses on their resume. Most everyone can relate to managing a career where the most successful learnings have come from the biggest challenges and mistakes. To use a baseball analogy, look at the records of those who hit an astounding amount of home-runs. Chances are the number of strike-outs far out number those that played it more safe and hit far fewer home-runs. For me, I am glad that Bill Farley is leading this company. He has a fantastic track record, a great reputation among his peers, and he is not afraid to take risks.
Link to mpuhala's Blog Post
I so agree with the Editorial Comment above. To continue with the baseball analogy, if you have a batting average of .300 you are said to be a really good ball player. The reality is that you strike out 7/10 times. 3/10 success rate and you are considered a really good player. We should all keep that in mind as we move through life. As you grow your network marketing business and you talk to 10 people, 7 of whom say "not interested", you're doing pretty well!
In our team we train and work with our down-line on a daily basis. Teaching you to take those 3/10 "tell me more about it" people and bring them into your business. Our upline has 41 years of experience in this industry and can often be found on the phone helping those in his organization, 12-15 hours per day. That is support and that is dedication.
Join our Zrii Team if you are a leader looking to join with other like-minded, strong, caring and supportive entrepreneurs.
Labels: bill farley bankruptcy, bill farley controversy, fruit of the loom, zrii controversy
posted by Deborah Tutnauer, LCSW @ 9:28 PM
1 Comments
Links to this post
