Discover the remarkable journey of Sharon Price-John, CEO of Build-A-Bear Workshop, as she guides us through the company's transformation during some of the most challenging times in retail history. What does it take to steer a beloved brand through the "mall apocalypse" and a global pandemic while staying true to its core mission? Sharon shares her insights, revealing how Build-A-Bear evolved into a globally recognized brand with nearly 600 locations and a diversified intellectual property portfolio, making it more resilient than ever. Get an exclusive look at the upcoming 30th-anniversary celebration and find out how the company plans to continue spreading joy across the globe.
Join us as we unpack Sharon's essential leadership lessons, offering a masterclass in authenticity and trust. Her career is a testament to the power of decisive action, even when faced with uncertainty. Discover how her leadership style fosters emotional connections and maintains the timeless appeal of teddy bears, ensuring Build-A-Bear remains relevant across generations. Whether you're a business enthusiast or simply a fan of the cuddly companions that have captured hearts worldwide, this episode promises a wealth of inspiration and actionable insights.
#Build-A-Bear #ideagen #GLS2025
View Sharon's LinkedIn here: https://www.linkedin.com/in/sharon-price-john-26239820/
View more from Build-A-Bear here: https://www.buildabear.com/ https://www.ideagenglobal.com/2025globalleadershipsummit
Watch the entire 2025 Global Leadership Summit here: https://www.ideagenglobal.com/2025globalleadershipsummit
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:13):
Welcome to IdeaGen TV today.
Always an honor, always anincredible privilege to be with
my good friend, sharonPrice-John, ceo of Build-A-Bear.
Sharon welcome.
Speaker 2 (00:27):
Thank you, so nice to be here, george.
Speaker 1 (00:30):
You know, it's always a great day when you're able to
speak to Sharon Price-John,because you're the embodiment of
what we talk about when werefer to leadership and I like
to say leadership defined as if,when you're flipping through
the dictionary and you look upleadership, there you are.
You're the embodiment of that.
(00:51):
So I'm just ecstatic to haveyou on IdeaGen TV today with us,
Sharon.
Speaker 2 (00:59):
Thank you, George.
That's a very generouscompliment, but we do like
making teddy bears.
Speaker 1 (01:08):
I love it.
I love it, I love it.
So for our global audience thatperhaps so many know you, but
for those that maybe aren't asquite familiar with what you're
doing, would you kindly describewhat you're doing and what
you're currently working on?
Speaker 2 (01:26):
Yeah.
So Build-A-Bear Workshop isover 25 years old now.
We're actually starting to workon our 30th anniversary plans.
So we were founded in 1997 byan amazing entrepreneur, maxine
Clark, and over the course ofthose 30 years, you know, a lot
has changed in retail.
(01:47):
It was an early, experientialretail company but it had to
evolve.
We had to evolve to be broaderfrom a consumer perspective to
you know, think through what wasgoing on from a retail
perspective as the malls shiftedand consumer shopping habits
changed.
As we became multi-generational,we explored and extended the
(02:09):
brand into new addressablemarkets.
And we went through a prettyrough road is when I was brought
in to be a turnaround person.
But after that we had tonavigate through COVID, like so
many others, and ultimatelywe're now a very, very strong
brand on a global basis.
We've returned a strongprofitability, very clean
(02:31):
balance sheet.
Our stock price hassignificantly improved Down.
At COVID we were in the dollarrange and now we're in the high
30s or low 40s and we havealmost 600 locations in more
than 20 countries and around ahalf a billion dollars at
(02:52):
revenue.
Speaker 1 (02:55):
You know, sharon, I'm just, you know, awestruck at
what you've accomplished and youknow, collectively, and you're
planning the 30th anniversary.
Speaker 2 (03:05):
you've accomplished and you know collectively and
you're planning the 30thanniversary.
I mean a little early, but wehave a lot of really fun ideas
and we want a good runway to beable to do that.
So that'll be in 2027, but youknow it's be here before you
know it.
Speaker 1 (03:19):
It sure will, and it's just so.
I mean, I just think you bringso much happiness to the world
with Build-A-Bear and I can seehow much fun you're having which
it's contagious, right.
And so you've successfully ledBuild-A-Bear Build-A-Bear
Workshop through majordisruptions like the mall
(03:41):
apocalypse and COVID, and on andon, like the mall apocalypse
and COVID, and on and on.
How did you stay rooted in thecompany's mission of adding a
little bit more heart to lifeand how did that influence your
decision making through thosechallenging times?
Speaker 2 (03:55):
That's a really great question, and I think what's so
interesting is when companiesface challenges and all
companies do A lot of them areinternal.
Sometimes they'reself-inflicted, but oftentimes
they're driven by things thatare happening outside of your
control.
But in either of those cases,it's important to understand
(04:16):
what your core competencies are,your core value and your core
values, because that will oftenlead you to the answer.
Because that will often leadyou to the answer At the end of
the day, when we were strugglingback in 2013, and then again
during the retail apocalypse andthen finally during COVID, it
was that mission statement thatto understand that it was
(04:45):
ultimately the brand, was whereall our value was.
It wasn't in the fact that wecould, where we sourced product
or how we made this, or that itwas a teddy bear, or that we
were more efficient thansomebody else, or that we came
up with experiential retail.
It was the fact that we were abrand that was grounded in
(05:06):
making memories and that, overthe 250 million little heart
ceremonies that we've had which,if unfamiliar, is a process
that you go through, wish on inour bear bailsers take you
through this concept of goingthrough different, the sort of a
(05:28):
very physical, as I say,memorable, indelible part of who
we are.
That moment is so important tokids that we're literally woven
into the fabric of family's lore, and it's that equity that gave
us permission to think aboutBuild-A-Bear Workshop as a place
(05:51):
.
But Build-A-Bear is a brand.
Build-a-bear is bigger than theplace, and so that insight of
taking the idea of we were aretailer that almost
accidentally built the brand andpivoting it to become a branded
intellectual property companythat is in the business of
(06:13):
monetizing that equity in notjust vertical retail, but also
in franchising and third partyretail and online with
collectibles, with giftables,with outbound licensing and
categories outside of our corecompetency, and even
entertainment, has been theNorth Star for us, and so the
(06:35):
process of diversifying ourrevenue stream and thinking
about a broader consumer baseThinking about a broader
consumer base now 40% of ourconsumers are adults and teens.
As an example, we ended up beingmuch more resilient when the
tough times came, and a specificexample of that would be if we
(07:04):
had not built out a robust e-combusiness during COVID, although
we did shut down 85, 90% of ourrevenue generating arm, which
is our retail arm, in a 48 hourbusiness, 48 hour time period,
rather, we wouldn't have had anyrevenue coming in if we hadn't
built out that e-commerce with adifferent kind of mindset.
So it was the fundamentals ofone returning to profitability,
(07:27):
obviously, and creatingefficient processes.
But the recognition that theBuild-A-Bear workshop was not
just a place, that it was afeeling, and the concept of then
building out a business modelthat allowed you to monetize
that equity in multiple waysagainst multiple consumers in
(07:48):
multiple places, was whatultimately gave us a route to
survive some of these moredifficult times.
Speaker 1 (07:58):
Such an incredible insight and perspective into the
company and it's justremarkable and that goes back to
my intro of you, sharon interms of the leadership.
I mean your leadership ishelping to shape that vision and
as you prepare for that 30thanniversary, it's just, you know
(08:18):
, again I'm awestruck by thedirection of the company and
where everything is going, it'sjust so exciting.
The direction of the companyand where everything is going,
it's just so exciting.
And so, on that note, how doyou foster this sense of shared
purpose among your employees,from corporate headquarters to
retail stores, and then ensurethat every team member feels
connected to the company'smission?
Speaker 2 (08:41):
One of the things that is so beneficial to having
a brand like this is the.
The consumer vision that wehold of making sure that this
that the teddy bear, the, thefurry friend and that moment and
memory is is forever, issomething that we also think
(09:02):
about when we think about ourbear builders and our associates
.
So this mission statement thatyou mentioned of adding a little
more heart to life, we take itvery seriously and, again, it's
not just consumer facing.
We think about that with ourpartners, with our vendors and,
of course, again with the peoplethat work for Build-A-Bear
(09:24):
every day.
That particular relationshipwith both this brand and with
each other is very important.
You create, you build trustover the course of time, with
that as a mantra.
But that is also a criticalpart of when we faced a few
moments that were incrediblytenuous on whether we would
(09:50):
exist or not in the near future.
Right, so when I first came, Icame in as a change agent for
the company because we needed toreturn to profitability.
We'd been contracting for eightyears and we'd lost almost $50
million in the prior year beforeI started in 2012.
So I started in 2013 and Ineeded to find a way to
(10:14):
communicate effectively to thebroader Build-A-Bear family that
we did need to change, but Ididn't want to lose the heart of
the company.
A lot of times with founder-ledcompanies there's a very strong
corporate culture and there werea lot of things that were good
about that culture but clearlysome things on the business side
(10:36):
that were challenged about thatculture.
I needed to be a little moreprecise in how I pulled that
apart, but in a very poignantspeech.
I remember when I needed tobring people along with me on a
future strategic tent poles andapproach to the change that I
(11:00):
felt that we could make.
It really was a question to thebroader Build-A-Bear community
of is the world a better placewith Build-A-Bear or without
Build-A-Bear?
Because if we continue to actand operate exactly the way
we're operating, that is aviable outcome, that there won't
(11:23):
be a Build-A-Bear.
So if you believe that theworld is a better place with
Build-A-Bear, I'm asking you totry to make some of these
business centric changes with me.
I'm open to ideas but we mustevolve and it was that emotional
tie to the brand that I thinkgave people the impetus and, I
(11:48):
think, the bravery to take thatstep forward.
Speaker 1 (11:54):
That's incredible, yeah, and that bravery is
evident in your preparations nowagain for the 30th anniversary
of Build-A-Bear.
Any company that makes it to 30years and beyond is obviously
doing something right andobviously has tremendous
(12:15):
leadership.
So you're the exemplificationof that.
And so, speaking of that,build-a-bear Workshop has
undergone a financial turnaroundunder your leadership, while
you've been able to maintainthis laser focus on purpose.
Focus on purpose.
(12:43):
Sharon, how do you strike thisbalance between driving that
critical profitable growth andstaying true to the values of
the Build-A-Bear Workshop brand?
Speaker 2 (12:53):
So, first of all, we have a fabulous team of leaders
that reported to me and byreporting to me I mean that's
not even the right way toexplain it.
It's very much an iterativerelationship, that you know.
We forge the future together onwhere we're heading
(13:15):
strategically and tactically, onwhere we're heading
strategically and tactically,and we've built a lot of trust
over the course of time.
But one of the core tenets thatholds us together is the belief
that you don't really have totrade off between building the
business side as building andutilizing the value side.
(13:37):
There is a path where we do ourvery best to do both and we
have a filter that we use.
That's called it's a heart andthen a circle and a square.
It is like we think of thingsfirst as everything through a
(13:59):
consumer centric brand, building, data driven matrix.
And if it's, even if it passesall of those goals, then it's
going to be a good thing to dofor the company and the data
piece is the outside edge to dofor the company and the data
(14:22):
piece is the outside edge.
You'll lose a concept if itdoesn't ultimately have a viable
ROI or it doesn't deliver onthe objectives that were set up
for this idea or this concept orthis promotion or whatever it
is, but you never get to thatpoint of doing the math until or
unless it is both consumercentric and brand building, so
(14:43):
that that all we don't go fromthe data and we go from the
heart out, and so you're almostautomatically filtering out
things that would be in in in anargument with the values of the
company before you get to thedata calculation.
Does that make sense?
Speaker 1 (15:05):
It makes absolute sense, absolute sense, and so I
want to shift a bit over to yourcandid leadership style, which
has been highlighted in yourbook Stories in Heart and on
Undercover Boss, which isawesome.
How does Sharon, how doesauthenticity and leadership
(15:30):
contribute to building criticaltrust and engagement within an
organization like Build-A-BearWorkshop?
Speaker 2 (15:40):
Now that's a hard question because I know there's
a tremendous amount ofinformation and data and
research that sort of provesthat this authentic you know, an
authentic approach toleadership is more impactful
than not.
But I think the key is that youreally have to be authentic.
(16:04):
I don't know how you plan andcoach yourself into being
authentic, but along with thatcomes just working on, I believe
, a little bit of comfort andcandidness and you don't know
all the answers, you don't haveto be right all the time and the
(16:28):
willingness to engage and talkto people and utilize other
people's ideas.
And that is a good start If youyou know there's a humanness
that doesn't have to be completevulnerability.
(16:49):
I'm not sure that that's theanswer.
I think there's a lot ofdiscussions about that today,
but I don't know that that's theright word, because I think it
is important for people to lookat leaders as strong and
resilient, so I think there'ssome aspects of that that makes
sense.
But just that willingness to becandid and ask questions and be
(17:15):
wrong and admit it goes a long,long way.
And there have been multipletimes when the trust that I
built with that strongleadership team that I mentioned
, or with the store leadershipand the leadership up and down
(17:35):
the chain here in theorganization have been an
absolute, critical part of usmoving the business forward in
both the smallest and thelargest ways.
Speaker 1 (17:49):
And even though that was a tough question, your
answer was actually very simpleit goes back to the leadership.
It all goes back to theleadership and, in this case,
your leadership, sharon.
And so, as we look at yourdiverse career across
advertising, toy brands and nowBuild-A-Bear Workshop, what are
(18:13):
the most important lessons,sharon?
What are those most importantlessons that you've learned
about leading, as you like tosay, with purpose, and how have
those lessons shaped yourincredible leadership philosophy
?
Speaker 2 (18:32):
I think I'll just riff on that last question a
little bit, George, in that whenwe shut down for COVID and
everything went virtual and, asI mentioned, literally in a
48-hour period, you have to in acrisis, you have to shift your
(18:57):
management style and we'retypically a lot more
collaborative.
We have long horizon, we try toget really good information and
make that decision on that samefilter that I was sharing with
you.
Is it consumer-centric?
I mean, does it have databehind it?
Does this fit the consumer?
Is this brand building?
(19:17):
Is it data-driven?
But in a crisis, you have toshift to a management style
that's typically known ascommand and control.
It takes a lot of trust in acommand and control crisis
situation where no one's workingwith perfect information.
(19:38):
Things are changing on a daily,hourly basis at a regional,
municipality level on how tooperate, where lives are
literally at stake and thefuture of the company is at
stake and in our case, our stockprice had gone to a dollar and
(20:00):
you are trying to make thesedecisions and get the
organization to move with bothspeed and alacrity into an area
that no one's ever ever steppedinto.
There is no other answer thatis even potentially feasible
(20:22):
that they were able to do thatand we were able to come
together and able to operatequickly and effectively, for no
other reason than trust thatthey trusted that this
leadership team and I would doour very best to make the very
best decisions weighing athousand inputs, and that at
(20:44):
some juncture, in theseenvironments, it is more
important to move and make adecision versus freeze.
So, even if that decision couldbe moderately incorrect, just
getting us to take that nextstep and take advantage of the
situation where it was leaningin our direction or avoid
(21:05):
pitfalls when it was not to thebest of our ability, I think is
what caused us to set up apathway to not just survive but
thrive, and that is sheertrust-based.
You cannot get to that point ofcrisis and not have created
trust and expect your team to dowhat you're asking them to do
(21:27):
in the moment with no backup, noresearch, there's no planning,
there's no book to follow forthis.
There's not been a manualcreated for how to work a
company through COVID.
There is now, but there wasn'tthen.
So that that trust isabsolutely critical and it's a
different kind of you just havea different type of relationship
(21:48):
that they know that you're init for them in a multitude of
ways and I so value my team forthis and that trickled through
the system.
It wasn't just me to them thatwouldn't work.
It was that they had built thatsame relationship with the next
level and, to the degree that Ican, that I had tried to do
(22:10):
that as well.
So they were willing to takethose these steps again, that
that pushed us into a directionthat ultimately was a great
outcome for the company.
Speaker 1 (22:24):
You know, Sharon, that that is, that those
insights, that perspective is so, so incredible to hear,
especially as, as we've seen.
You know, leaders lead duringCOVID.
You're one of them, and so howyou made it through and what
lessons learned are absolutelyvital for the world to hear.
And so Build-A-Bear Workshop isa brand that evokes very strong
(22:50):
emotional connections.
We all know that it's one ofthe most iconic brands and, as
you said, approaching your 30thanniversary, I mean that's
incredible.
And so how do you ensure thatthe company stays relevant
across generations while youmaintain these critical core
(23:13):
values?
Speaker 2 (23:16):
maintain these critical core values.
One of the amazing things thatwe have is that a teddy bear is
universal and it's been around.
You know, teddy bears have beenaround for a long time and it's
, I think, that we're learningthat there's's no age, you know,
(23:36):
ending for a teddy bear.
Um, particularly in today'sworld, um, there's, and as we
have created, and a relationshipwith millions of consumers who
made their very specialbuild-a-bear early, early in
life.
As I noted, that's an indelible, lasting memory, and so that
(24:00):
halo effect stays with our brand, and what we've done is work in
a, I think, very specific,strategic way to carry those
consumers with us as they growolder too, not only to make sure
that they which consumers oftendo as they grow up and have
(24:22):
their own kids.
They want to introduce theirfavorite brands to their
children at the right time weare certainly one of those
brands but that we're alsofilling a purpose and a need as
they grow older for them, andwe've done that through really
fun co-branding with otherlegacy brands, whether it's
(24:44):
Harry Potter or Pokemon, or evenDeadpool Bear or Matrix Bear
and some of these things thatare a little more focused on the
mature consumer.
We created our own micrositecalled the Bear Cave, where you
have to be age gated to get in alittle bit cooler, a little bit
(25:06):
darker stuff, that just it'ssuch a fun place to kind of
celebrate what is the emergingtrend called kidulting, and
we're right in the in thecrosshairs of the adulting trend
with some of these licensedproducts that people love and
they now you know this is proventhat it's quite psychologically
(25:28):
comforting to still sleep withyour favorite stuffed animal.
So we love that and we wouldnever say anything bad about
that.
I think it's fabulous.
But we have so manyopportunities to continue to
evolve the brand again, like Isaid, in different categories,
but even in our core offering,over the course of time through
(25:53):
partnerships and purposes.
And so not only is it just ourseasons whether Valentine's is a
really big season for us, aholiday clearly is as well
Christmas holiday but we servepurposes, whether it's a third
(26:13):
of our sales being associatedwith a birthday or a birthday
party or a big portion ofourselves being in a celebration
of a graduation.
We're really about markingspecial moments in time, and you
can do that in the stuffedanimal that you choose what you
stuff it with, putting your ownsound in there, your own
(26:35):
personal message in there andit's just the most wonderful
gift.
Speaker 1 (26:40):
And so I think we've recognized that Build-A-Bear
plays many more roles in thelives of families and people
than just that plushie whenyou're a little kid people than
just that plushie when you're alittle kid I just love that
(27:00):
description Condulting and allof the rest of the perspectives
that you just shared, sharon,are profound and profound
because you've helped to shapeand build this company into what
it is today, and where it'sgoing is so incredibly exciting.
We've reached the end of ourinterview, but it's just the
beginning.
It's just the beginning becausewe will continue to highlight,
(27:24):
to share and to stay in closecontact with you because you are
indeed my friend leading theway, because you are leadership
defined.
Leading the way, because youare leadership defined.
Speaker 2 (27:38):
Sharon Price, john, ceo of Build-A-Bear what is your
call to action for our globalaudience?
I believe that if you keepredefining the problem as an
opportunity and go back to yourcore values and your core
competencies, a lot of times thesolution emerges.
And if you can do it, even inlike a situation like COVID,
(28:01):
where we finally said we're notcalling these the COVID calls
anymore, we're calling them thesuccess calls.
What can we see in this momentof not having to operate stores
that can unlock value for us andfocusing on our e-commerce
business and that adult businessthat allowed us to emerge
successful?
It can be a really greatlearning lesson.
Speaker 1 (28:26):
Incredible.
Sharon Price-John, ceo, build aBear Workshop.
Thank you so very much for yourinspiration.
Thank you for sharing theseincredible insights and thank
you, most importantly, forleading the way.
Speaker 2 (28:39):
Thank you, George.
Speaker 1 (28:41):
Thank you.
Welcome to IdeaGen TV today.
Always an honor, always anincredible privilege to be with
my good friend, sharonPrice-John, ceo of Build-A-Bear.
Sharon welcome.
Speaker 2 (00:27):
Thank you, so nice to be here, george.
Speaker 1 (00:30):
You know, it's always a great day when you're able to
speak to Sharon Price-John,because you're the embodiment of
what we talk about when werefer to leadership and I like
to say leadership defined as if,when you're flipping through
the dictionary and you look upleadership, there you are.
You're the embodiment of that.
(00:51):
So I'm just ecstatic to haveyou on IdeaGen TV today with us,
Sharon.
Speaker 2 (00:59):
Thank you, George.
That's a very generouscompliment, but we do like
making teddy bears.
Speaker 1 (01:08):
I love it.
I love it, I love it.
So for our global audience thatperhaps so many know you, but
for those that maybe aren't asquite familiar with what you're
doing, would you kindly describewhat you're doing and what
you're currently working on?
Speaker 2 (01:26):
Yeah.
So Build-A-Bear Workshop isover 25 years old now.
We're actually starting to workon our 30th anniversary plans.
So we were founded in 1997 byan amazing entrepreneur, maxine
Clark, and over the course ofthose 30 years, you know, a lot
has changed in retail.
(01:47):
It was an early, experientialretail company but it had to
evolve.
We had to evolve to be broaderfrom a consumer perspective to
you know, think through what wasgoing on from a retail
perspective as the malls shiftedand consumer shopping habits
changed.
As we became multi-generational,we explored and extended the
(02:09):
brand into new addressablemarkets.
And we went through a prettyrough road is when I was brought
in to be a turnaround person.
But after that we had tonavigate through COVID, like so
many others, and ultimatelywe're now a very, very strong
brand on a global basis.
We've returned a strongprofitability, very clean
(02:31):
balance sheet.
Our stock price hassignificantly improved Down.
At COVID we were in the dollarrange and now we're in the high
30s or low 40s and we havealmost 600 locations in more
than 20 countries and around ahalf a billion dollars at
(02:52):
revenue.
Speaker 1 (02:55):
You know, sharon, I'm just, you know, awestruck at
what you've accomplished and youknow, collectively, and you're
planning the 30th anniversary.
Speaker 2 (03:05):
you've accomplished and you know collectively and
you're planning the 30thanniversary.
I mean a little early, but wehave a lot of really fun ideas
and we want a good runway to beable to do that.
So that'll be in 2027, but youknow it's be here before you
know it.
Speaker 1 (03:19):
It sure will, and it's just so.
I mean, I just think you bringso much happiness to the world
with Build-A-Bear and I can seehow much fun you're having which
it's contagious, right.
And so you've successfully ledBuild-A-Bear Build-A-Bear
Workshop through majordisruptions like the mall
(03:41):
apocalypse and COVID, and on andon, like the mall apocalypse
and COVID, and on and on.
How did you stay rooted in thecompany's mission of adding a
little bit more heart to lifeand how did that influence your
decision making through thosechallenging times?
Speaker 2 (03:55):
That's a really great question, and I think what's so
interesting is when companiesface challenges and all
companies do A lot of them areinternal.
Sometimes they'reself-inflicted, but oftentimes
they're driven by things thatare happening outside of your
control.
But in either of those cases,it's important to understand
(04:16):
what your core competencies are,your core value and your core
values, because that will oftenlead you to the answer.
Because that will often leadyou to the answer At the end of
the day, when we were strugglingback in 2013, and then again
during the retail apocalypse andthen finally during COVID, it
was that mission statement thatto understand that it was
(04:45):
ultimately the brand, was whereall our value was.
It wasn't in the fact that wecould, where we sourced product
or how we made this, or that itwas a teddy bear, or that we
were more efficient thansomebody else, or that we came
up with experiential retail.
It was the fact that we were abrand that was grounded in
(05:06):
making memories and that, overthe 250 million little heart
ceremonies that we've had which,if unfamiliar, is a process
that you go through, wish on inour bear bailsers take you
through this concept of goingthrough different, the sort of a
(05:28):
very physical, as I say,memorable, indelible part of who
we are.
That moment is so important tokids that we're literally woven
into the fabric of family's lore, and it's that equity that gave
us permission to think aboutBuild-A-Bear Workshop as a place
(05:51):
.
But Build-A-Bear is a brand.
Build-a-bear is bigger than theplace, and so that insight of
taking the idea of we were aretailer that almost
accidentally built the brand andpivoting it to become a branded
intellectual property companythat is in the business of
(06:13):
monetizing that equity in notjust vertical retail, but also
in franchising and third partyretail and online with
collectibles, with giftables,with outbound licensing and
categories outside of our corecompetency, and even
entertainment, has been theNorth Star for us, and so the
(06:35):
process of diversifying ourrevenue stream and thinking
about a broader consumer baseThinking about a broader
consumer base now 40% of ourconsumers are adults and teens.
As an example, we ended up beingmuch more resilient when the
tough times came, and a specificexample of that would be if we
(07:04):
had not built out a robust e-combusiness during COVID, although
we did shut down 85, 90% of ourrevenue generating arm, which
is our retail arm, in a 48 hourbusiness, 48 hour time period,
rather, we wouldn't have had anyrevenue coming in if we hadn't
built out that e-commerce with adifferent kind of mindset.
So it was the fundamentals ofone returning to profitability,
(07:27):
obviously, and creatingefficient processes.
But the recognition that theBuild-A-Bear workshop was not
just a place, that it was afeeling, and the concept of then
building out a business modelthat allowed you to monetize
that equity in multiple waysagainst multiple consumers in
(07:48):
multiple places, was whatultimately gave us a route to
survive some of these moredifficult times.
Speaker 1 (07:58):
Such an incredible insight and perspective into the
company and it's justremarkable and that goes back to
my intro of you, sharon interms of the leadership.
I mean your leadership ishelping to shape that vision and
as you prepare for that 30thanniversary, it's just, you know
(08:18):
, again I'm awestruck by thedirection of the company and
where everything is going, it'sjust so exciting.
The direction of the companyand where everything is going,
it's just so exciting.
And so, on that note, how doyou foster this sense of shared
purpose among your employees,from corporate headquarters to
retail stores, and then ensurethat every team member feels
connected to the company'smission?
Speaker 2 (08:41):
One of the things that is so beneficial to having
a brand like this is the.
The consumer vision that wehold of making sure that this
that the teddy bear, the, thefurry friend and that moment and
memory is is forever, issomething that we also think
(09:02):
about when we think about ourbear builders and our associates
.
So this mission statement thatyou mentioned of adding a little
more heart to life, we take itvery seriously and, again, it's
not just consumer facing.
We think about that with ourpartners, with our vendors and,
of course, again with the peoplethat work for Build-A-Bear
(09:24):
every day.
That particular relationshipwith both this brand and with
each other is very important.
You create, you build trustover the course of time, with
that as a mantra.
But that is also a criticalpart of when we faced a few
moments that were incrediblytenuous on whether we would
(09:50):
exist or not in the near future.
Right, so when I first came, Icame in as a change agent for
the company because we needed toreturn to profitability.
We'd been contracting for eightyears and we'd lost almost $50
million in the prior year beforeI started in 2012.
So I started in 2013 and Ineeded to find a way to
(10:14):
communicate effectively to thebroader Build-A-Bear family that
we did need to change, but Ididn't want to lose the heart of
the company.
A lot of times with founder-ledcompanies there's a very strong
corporate culture and there werea lot of things that were good
about that culture but clearlysome things on the business side
(10:36):
that were challenged about thatculture.
I needed to be a little moreprecise in how I pulled that
apart, but in a very poignantspeech.
I remember when I needed tobring people along with me on a
future strategic tent poles andapproach to the change that I
(11:00):
felt that we could make.
It really was a question to thebroader Build-A-Bear community
of is the world a better placewith Build-A-Bear or without
Build-A-Bear?
Because if we continue to actand operate exactly the way
we're operating, that is aviable outcome, that there won't
(11:23):
be a Build-A-Bear.
So if you believe that theworld is a better place with
Build-A-Bear, I'm asking you totry to make some of these
business centric changes with me.
I'm open to ideas but we mustevolve and it was that emotional
tie to the brand that I thinkgave people the impetus and, I
(11:48):
think, the bravery to take thatstep forward.
Speaker 1 (11:54):
That's incredible, yeah, and that bravery is
evident in your preparations nowagain for the 30th anniversary
of Build-A-Bear.
Any company that makes it to 30years and beyond is obviously
doing something right andobviously has tremendous
(12:15):
leadership.
So you're the exemplificationof that.
And so, speaking of that,build-a-bear Workshop has
undergone a financial turnaroundunder your leadership, while
you've been able to maintainthis laser focus on purpose.
Focus on purpose.
(12:43):
Sharon, how do you strike thisbalance between driving that
critical profitable growth andstaying true to the values of
the Build-A-Bear Workshop brand?
Speaker 2 (12:53):
So, first of all, we have a fabulous team of leaders
that reported to me and byreporting to me I mean that's
not even the right way toexplain it.
It's very much an iterativerelationship, that you know.
We forge the future together onwhere we're heading
(13:15):
strategically and tactically, onwhere we're heading
strategically and tactically,and we've built a lot of trust
over the course of time.
But one of the core tenets thatholds us together is the belief
that you don't really have totrade off between building the
business side as building andutilizing the value side.
(13:37):
There is a path where we do ourvery best to do both and we
have a filter that we use.
That's called it's a heart andthen a circle and a square.
It is like we think of thingsfirst as everything through a
(13:59):
consumer centric brand, building, data driven matrix.
And if it's, even if it passesall of those goals, then it's
going to be a good thing to dofor the company and the data
piece is the outside edge to dofor the company and the data
(14:22):
piece is the outside edge.
You'll lose a concept if itdoesn't ultimately have a viable
ROI or it doesn't deliver onthe objectives that were set up
for this idea or this concept orthis promotion or whatever it
is, but you never get to thatpoint of doing the math until or
unless it is both consumercentric and brand building, so
(14:43):
that that all we don't go fromthe data and we go from the
heart out, and so you're almostautomatically filtering out
things that would be in in in anargument with the values of the
company before you get to thedata calculation.
Does that make sense?
Speaker 1 (15:05):
It makes absolute sense, absolute sense, and so I
want to shift a bit over to yourcandid leadership style, which
has been highlighted in yourbook Stories in Heart and on
Undercover Boss, which isawesome.
How does Sharon, how doesauthenticity and leadership
(15:30):
contribute to building criticaltrust and engagement within an
organization like Build-A-BearWorkshop?
Speaker 2 (15:40):
Now that's a hard question because I know there's
a tremendous amount ofinformation and data and
research that sort of provesthat this authentic you know, an
authentic approach toleadership is more impactful
than not.
But I think the key is that youreally have to be authentic.
(16:04):
I don't know how you plan andcoach yourself into being
authentic, but along with thatcomes just working on, I believe
, a little bit of comfort andcandidness and you don't know
all the answers, you don't haveto be right all the time and the
(16:28):
willingness to engage and talkto people and utilize other
people's ideas.
And that is a good start If youyou know there's a humanness
that doesn't have to be completevulnerability.
(16:49):
I'm not sure that that's theanswer.
I think there's a lot ofdiscussions about that today,
but I don't know that that's theright word, because I think it
is important for people to lookat leaders as strong and
resilient, so I think there'ssome aspects of that that makes
sense.
But just that willingness to becandid and ask questions and be
(17:15):
wrong and admit it goes a long,long way.
And there have been multipletimes when the trust that I
built with that strongleadership team that I mentioned
, or with the store leadershipand the leadership up and down
(17:35):
the chain here in theorganization have been an
absolute, critical part of usmoving the business forward in
both the smallest and thelargest ways.
Speaker 1 (17:49):
And even though that was a tough question, your
answer was actually very simpleit goes back to the leadership.
It all goes back to theleadership and, in this case,
your leadership, sharon.
And so, as we look at yourdiverse career across
advertising, toy brands and nowBuild-A-Bear Workshop, what are
(18:13):
the most important lessons,sharon?
What are those most importantlessons that you've learned
about leading, as you like tosay, with purpose, and how have
those lessons shaped yourincredible leadership philosophy
?
Speaker 2 (18:32):
I think I'll just riff on that last question a
little bit, George, in that whenwe shut down for COVID and
everything went virtual and, asI mentioned, literally in a
48-hour period, you have to in acrisis, you have to shift your
(18:57):
management style and we'retypically a lot more
collaborative.
We have long horizon, we try toget really good information and
make that decision on that samefilter that I was sharing with
you.
Is it consumer-centric?
I mean, does it have databehind it?
Does this fit the consumer?
Is this brand building?
(19:17):
Is it data-driven?
But in a crisis, you have toshift to a management style
that's typically known ascommand and control.
It takes a lot of trust in acommand and control crisis
situation where no one's workingwith perfect information.
(19:38):
Things are changing on a daily,hourly basis at a regional,
municipality level on how tooperate, where lives are
literally at stake and thefuture of the company is at
stake and in our case, our stockprice had gone to a dollar and
(20:00):
you are trying to make thesedecisions and get the
organization to move with bothspeed and alacrity into an area
that no one's ever ever steppedinto.
There is no other answer thatis even potentially feasible
(20:22):
that they were able to do thatand we were able to come
together and able to operatequickly and effectively, for no
other reason than trust thatthey trusted that this
leadership team and I would doour very best to make the very
best decisions weighing athousand inputs, and that at
(20:44):
some juncture, in theseenvironments, it is more
important to move and make adecision versus freeze.
So, even if that decision couldbe moderately incorrect, just
getting us to take that nextstep and take advantage of the
situation where it was leaningin our direction or avoid
(21:05):
pitfalls when it was not to thebest of our ability, I think is
what caused us to set up apathway to not just survive but
thrive, and that is sheertrust-based.
You cannot get to that point ofcrisis and not have created
trust and expect your team to dowhat you're asking them to do
(21:27):
in the moment with no backup, noresearch, there's no planning,
there's no book to follow forthis.
There's not been a manualcreated for how to work a
company through COVID.
There is now, but there wasn'tthen.
So that that trust isabsolutely critical and it's a
different kind of you just havea different type of relationship
(21:48):
that they know that you're init for them in a multitude of
ways and I so value my team forthis and that trickled through
the system.
It wasn't just me to them thatwouldn't work.
It was that they had built thatsame relationship with the next
level and, to the degree that Ican, that I had tried to do
(22:10):
that as well.
So they were willing to takethose these steps again, that
that pushed us into a directionthat ultimately was a great
outcome for the company.
Speaker 1 (22:24):
You know, Sharon, that that is, that those
insights, that perspective is so, so incredible to hear,
especially as, as we've seen.
You know, leaders lead duringCOVID.
You're one of them, and so howyou made it through and what
lessons learned are absolutelyvital for the world to hear.
And so Build-A-Bear Workshop isa brand that evokes very strong
(22:50):
emotional connections.
We all know that it's one ofthe most iconic brands and, as
you said, approaching your 30thanniversary, I mean that's
incredible.
And so how do you ensure thatthe company stays relevant
across generations while youmaintain these critical core
(23:13):
values?
Speaker 2 (23:16):
maintain these critical core values.
One of the amazing things thatwe have is that a teddy bear is
universal and it's been around.
You know, teddy bears have beenaround for a long time and it's
, I think, that we're learningthat there's's no age, you know,
(23:36):
ending for a teddy bear.
Um, particularly in today'sworld, um, there's, and as we
have created, and a relationshipwith millions of consumers who
made their very specialbuild-a-bear early, early in
life.
As I noted, that's an indelible, lasting memory, and so that
(24:00):
halo effect stays with our brand, and what we've done is work in
a, I think, very specific,strategic way to carry those
consumers with us as they growolder too, not only to make sure
that they which consumers oftendo as they grow up and have
(24:22):
their own kids.
They want to introduce theirfavorite brands to their
children at the right time weare certainly one of those
brands but that we're alsofilling a purpose and a need as
they grow older for them, andwe've done that through really
fun co-branding with otherlegacy brands, whether it's
(24:44):
Harry Potter or Pokemon, or evenDeadpool Bear or Matrix Bear
and some of these things thatare a little more focused on the
mature consumer.
We created our own micrositecalled the Bear Cave, where you
have to be age gated to get in alittle bit cooler, a little bit
(25:06):
darker stuff, that just it'ssuch a fun place to kind of
celebrate what is the emergingtrend called kidulting, and
we're right in the in thecrosshairs of the adulting trend
with some of these licensedproducts that people love and
they now you know this is proventhat it's quite psychologically
(25:28):
comforting to still sleep withyour favorite stuffed animal.
So we love that and we wouldnever say anything bad about
that.
I think it's fabulous.
But we have so manyopportunities to continue to
evolve the brand again, like Isaid, in different categories,
but even in our core offering,over the course of time through
(25:53):
partnerships and purposes.
And so not only is it just ourseasons whether Valentine's is a
really big season for us, aholiday clearly is as well
Christmas holiday but we servepurposes, whether it's a third
(26:13):
of our sales being associatedwith a birthday or a birthday
party or a big portion ofourselves being in a celebration
of a graduation.
We're really about markingspecial moments in time, and you
can do that in the stuffedanimal that you choose what you
stuff it with, putting your ownsound in there, your own
(26:35):
personal message in there andit's just the most wonderful
gift.
Speaker 1 (26:40):
And so I think we've recognized that Build-A-Bear
plays many more roles in thelives of families and people
than just that plushie whenyou're a little kid people than
just that plushie when you're alittle kid I just love that
(27:00):
description Condulting and allof the rest of the perspectives
that you just shared, sharon,are profound and profound
because you've helped to shapeand build this company into what
it is today, and where it'sgoing is so incredibly exciting.
We've reached the end of ourinterview, but it's just the
beginning.
It's just the beginning becausewe will continue to highlight,
(27:24):
to share and to stay in closecontact with you because you are
indeed my friend leading theway, because you are leadership
defined.
Leading the way, because youare leadership defined.
Speaker 2 (27:38):
Sharon Price, john, ceo of Build-A-Bear what is your
call to action for our globalaudience?
I believe that if you keepredefining the problem as an
opportunity and go back to yourcore values and your core
competencies, a lot of times thesolution emerges.
And if you can do it, even inlike a situation like COVID,
(28:01):
where we finally said we're notcalling these the COVID calls
anymore, we're calling them thesuccess calls.
What can we see in this momentof not having to operate stores
that can unlock value for us andfocusing on our e-commerce
business and that adult businessthat allowed us to emerge
successful?
It can be a really greatlearning lesson.
Speaker 1 (28:26):
Incredible.
Sharon Price-John, ceo, build aBear Workshop.
Thank you so very much for yourinspiration.
Thank you for sharing theseincredible insights and thank
you, most importantly, forleading the way.
Speaker 2 (28:39):
Thank you, George.
Speaker 1 (28:41):
Thank you.
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