The board hired GE's Robert Nardelli, who focused on metrics over culture. He optimized for profit but killed employee morale and customer service, causing the stock to flatline. This proved a company's unique, founder-instilled culture is a tangible asset that can be destroyed by purely data-driven management.

Sears' decline was epitomized by a CEO who felt like a "stranger" in his own stores and pursued abstract corporate strategies. In contrast, Home Depot mandated that every executive spend time on the floor, ensuring that strategic decisions were grounded in the reality of the customer experience.

When Bernie Marcus was fired, his friend Ken Langone called it being 'kicked in the ass with a golden horseshoe.' The devastating event was the catalyst that forced him to stop building someone else's company and start The Home Depot, the business he'd already envisioned.

In the early days, Bernie Marcus would run after customers who left empty-handed. He'd ask what they were looking for, then drive to a competitor, buy the item, and deliver it personally. This was not just customer service; it was a real-time method for product and market discovery.

Bernie Marcus rejected a $2M investment from Ross Perot because Perot's insistence on controlling the car he drove signaled an autocratic partnership. This decision highlights that accepting investment from the wrong partner, even when desperate, is worse than having no money at all.

After being rejected three times, Home Depot's banker Rip Fleming threatened to resign, telling his CEO he'd rather lose his job than fail to back good people like Marcus and Blank. This act of extreme partnership, unknown to the founders for years, saved the company.

Beyond financials or deal terms, the single most cited frustration for founders post-acquisition is the loss of control over the company culture they built. This emotional attachment often outweighs other challenges, highlighting what founders truly value.

Founder Peter Daring deliberately avoids outside investors to protect Peak Design's core mission: for employees to live "happy and meaningful lives." This employee-forward culture is prioritized over the growth-at-all-costs pressure that comes with external capital, shaping every business decision.

Home Depot's founder, Bernie Marcus, walked away from a crucial $2M investment from Ross Perot over minor control issues, like what car he drove. He prioritized partner alignment over immediate capital, believing a bad partner would inevitably doom the venture, regardless of the money.