The business practices and management decisions that led to the meteoric rise and catastrophic fall of Circuit City may be analyzed for years to come. But perhaps Circuit City’s greatest legacy lies with the numerous former associates who are taking the best of the company’s consumer offer, the best of its cultural values, and using Sam Wurtzel’s entrepreneurial spirit to build great new businesses.
‘Zigmo’ is a Richmond based start-up composed of the ex-CC ‘Firedog’ team … who are out trying to replicate the successes of the Firedog service business in an “open to all” model serving 3rd party retailers and manufacturers. …the team (is) a great counter-point on how many of the core cultural values continued despite the strategic mis-steps, and how these inspired a team to re-start a good business element despite all the odds.
I do think there is a positive spin that one common element in both Alan W’s and Rick’s tenure was a more entrepreneurial spirit than is typical in a large company…”
- note from Austin Ligon, CarMax co-founder and former CEO, May 14,2010
Dr. Richard Coughlan is senior associate dean for graduate and executive programs at the University of Richmond’s Robins School of Business. Click on his photo to hear him discuss ways that other top-performing companies, like Whole Foods, can avoid Circuit City’s missteps.