Turnaround, by Mitt Romney: on Principles & Values
Has “over-developed community service gene”
Within two weeks, I would make a complete about-face. I would leave friends and family behind and move to Utah. I would walk away from my leadership at Bain Capital at the height of its profitability and take a position without compensation.
I later joked with the press that it was due to an overdeveloped community service gene. And that was not far from the truth. Ann’s arguments had resonance, but they had resonance because she knows my core beliefs and life aspirations.
She knows that somewhere deep inside, I hoped to commit myself to things greater than making a living or building a fortune.
It was the spirit of service in one form or another--a family poltergeist that has haunted my ancestors for generations. It was the legacy of my heritage.
Source: Turnaround, by Mitt Romney, p. 7
Aug 25, 2004
Ran against Kennedy in 1993 to offer a different vision
In 1993, something almost irrational happened. I began thinking about making a run against Sen. Ted Kennedy. My wife and I believed that there needed to be a different course offered to the people of Massachusetts. It seemed clear to us the policies of
the liberal Democrats of the 1950s and 1960s, though well intentioned, were wrong. We felt that someone needed to stand up, to offer a different vision from the one Kennedy and his colleagues had been pitching for decades. I wondered if that someone
ought not to be me. I began to think “If not me, who?”We recognized that there was no way I was going to beat him. After I won the primary, and was ahead in the polls, Kennedy launched a particularly effective attack campaign, portraying me as a
money-grubbing businessman. He beat me soundly.
We wanted to raise new ideas for government, and help rebuild a disappearing second party. But after it was over, we did not feel like we had accomplished what we set out to do.
Source: Turnaround, by Mitt Romney, p. 13-15
Aug 25, 2004
Did not consider political value of Olympics
My appointment was not the culmination of a career in sports administration. I was not being promoted from within. I had no aspirations for further appointments with the International Olympic Committee (IOC). And despite suspicions to the contrary, I had
no plans to parlay the experience into political advantage.I gave very little thought at all to what I would do afterwards. Many people cannot believe that. They think that I had calculated the political benefits. I saw no political connection at all.
The idea of going to Utah as a way of helping me run in Massachusetts was nuts. If I wanted to run, I would have stayed in Massachusetts. And I had no appetite for staying in Utah for a political career. There were plenty of people who had lived there
all their lives, who were prepared and qualified. I was going to Utah to run the Olympics. Ann and I felt it was the right thing to do. We felt it brought greater meaning to what we had already done. I wanted to serve the community, not run for office.
Source: Turnaround, by Mitt Romney, p. 19-20
Aug 25, 2004
Pronounced dead at age 20 from car accident in Paris
The principle of triage is not lost on me. I was involved in a car accident when I was 20, serving a volunteer assignment in France. I was at the wheel on my way from Bordeaux. I came over the top of a hill to find a Mercedes coming directly at me,
passing a truck. I later learned the driver had been drinking. We did not see each other until we were about 30 feet apart.Tragically, there was a fatality; one of my passengers was pronounced dead at the scene. I was also pronounced dead. One of the
gendarmes found me unconscious and wrote, “il est mort” on my passport.
My parents and Ann, my then-girlfriend, learned I had expired. They did not believe it. My father called Sargent Shriver, who was then the US ambassador at the American embassy in
Paris. Shriver assured them I was very much alive.
At the hospital where we were taken, the doctor’s triage led him to focus on another colleague. Broken ribs, facial lacerations, & bleeding were more threatening then my broken arm & swollen forehead.
Source: Turnaround, by Mitt Romney, p. 39-40
Aug 25, 2004
Worked for Olympics with no salary and no expense account
I announced that I would not seek a severance package at the end of my term, as the prior Olympic CEO Tom Welch had required for himself. I would also work without compensation until the Games were over and proven financially successful. It is a luxury
to be able to work for an extended period without salary. But my personal finances were such that I could afford it, and I wanted to make it clear that I was at the Games to serve, not to make a bundle.
I also zeroed out over $1.5 million that had been budgeted to the CEO for outside consulting and support services.When you take a job to perform a service, not to earn a paycheck or win a jackpot, you do not really care a lot about how people think
of you. You have the absolute luxury to do exactly what you think is right. Ann kept reminding me that this was about serving. It was a great relief and it freed my anxious mind to really do what I thought was right.
Source: Turnaround, by Mitt Romney, p. 55-56
Aug 25, 2004
SLOC’s guiding principles: teamwork, pride, integrity, fun
[Focusing on Olympic organizational culture], we formed Guiding Principles that would form the backbone of the culture, to be printed & placed on every SLOC desk.SLOC’S GUIDING PRINCIPLES- Teamwork
- Involve stakeholders
-
Think horizontally, not vertically
- Consider other viewpoints; find win-win solutions
- Emphasize team success
- Passion and Pride
- Seek Gold Medal performances in your job
- Love what you do
- Relish small achievements
-
Realize your impact
- Communication
- Be honest and direct
- Accept feedback, avoid defensiveness
- Seek prompt resolution to issues
- Listen more; talk a little less
- Integrity
- Be loyal to those not present
-
Do what you say you’ll do
- No hidden agendas
- Value diversity
- Fun and Celebration
- Take your work seriously, not yourself
- Encourage laughter
- Don’t sweat the small stuff
- Look for opportunities to include others
Source: Turnaround, by Mitt Romney, p. 86-87
Aug 25, 2004
$100M in SLOC donations criticized as special deals for rich
To reach a $100 million goal, we would do something that had never been done before: we put together a donor program to raise big bucks. The donor program was high-octane money for us because we did not have to share any of the proceeds with the USOC or
IOC.We designed a donor package of benefits. Our bronze level cost $100,000 and entitled the donor to 4 tickets each to even of several prime events over the 17 days of the Games. Silver was $500,000 and brought 8 ticket packages & other benefits.
A cool million included 12 ticketing packages.
Because no good deed goes uncriticized, the donor program attracted its fair share of naysayers. Rich people were going to get special deals. Yes, and we would get an even more special deal because
these rich people would be helping us pay for Games that were in financial crisis.
Dollar by dollar, million by million, we climbed toward the $100 million dollar goal. We enlisted 105 donors. We secured the $100 million.
Source: Turnaround, by Mitt Romney, p. 89-91
Aug 25, 2004
$99M in deferred payments from State of Utah paid for SLOC
Over 10 years, $59 million of sales tax revenues that otherwise would have gone to cities and towns went to build sport venues that were promised if Salt Lake were successful in winning the Games. When the Games were awarded, a contract was signed making
SLOC responsible for paying $1 million back to cities and towns upon the completion of the venues and the other $58 million a month before the Games were to begin, plus an additional $40 endowment for future operating expenses.
But, there was nothing to do but approach Utah to ask for forbearance. I knew it would not be easy. The whole point of the state payment schedule was to guarantee that Utah taxpayers would get their money out first. But if we did not keep the bank line
of credit, we would not have Games and if we did not have Games, the cities and towns would get zero. Give the forbearance and the cities and towns had a shot at the whole $99 million. The legislature eventually approved the deferral.
Source: Turnaround, by Mitt Romney, p.142-143
Aug 25, 2004
Success in DC: Tell truth, find right fit, never give up
Officials working on the Olympic Games became so intertwined with our staff, & our purposes became so united, that it was hard sometimes to remember who worked for SLOC and who worked for the government. [My principles for] being successful in Washington
- Tell the Truth--the Whole Truth
The perception in Washington was that the folks from Utah didn’t tell the truth--partly because of the bid scandal & partly because of the state’s request for billions in “Olympic projects,” some located
100s of miles away. Truth became the most convincing argument. - Find the Right Fit
The federal government is not like a large corporation with centralized decision-making. It is more like hundreds of independent entities, each pursuing their
own agendas. Getting help from Washington depended on matching our need with a specific agency’s mission. - Never, Never, Never Give Up
If you work at it long enough, there is always another way to get the help you need in Washington.
Source: Turnaround, by Mitt Romney, p.237-240
Aug 25, 2004
World Trade Center flag shown at Olympic opening ceremony
As the Olympic torch made its way across the country, we realized that we would have to do something in the opening ceremony to recognize the wellspring of patriotism the torch generated. The idea for bringing the tattered World Trade Center flag into th
stadium came from the USOC.During the parade of nations, the host country’s delegation is always last. The last 8 American athletes in line would carry the 9/11 flag. The Olympic Charter stipulated that displays of nationalistic sentiment were not
permitted. Hitler’s efforts to use the Games in the 1930s to celebrate Aryan superiority had sent aftershocks that were still felt.
The IOC had decided that the WTC flag could not take a place in the ceremonies. I was sympathetic to the policy but
I felt it was wrong.
We finally agree about 1 AM the next morning. The flag would be brought into the stadium just before the anthem was played and held in front of the symphony and choir. A second American flag would be raised during the anthem.
Source: Turnaround, by Mitt Romney, p.349-352
Aug 25, 2004
Drafted to run for MA governor; incumbent was unelectable
[In 2002], I began to get calls from Massachusetts. Jim Rappaport, former GOP party head, had decided to run for lieutenant governor. The governor, Jane Swift, had selected a running mate not to Jim’s liking and he was going to try & beat him. He also
wanted me to come back to run for governor.A state rep endorsed me for governor. The attention stemmed from the weakness of the incumbent. She had taken over for the governor when he became Ambassador to Canada. A poll showed such poor ratings that
the pollster said she was unelectable. If I did not run, he concluded, the GOP would lose the office and probably disappear as a viable party in Massachusetts: the legislature had dropped to 15% Republican. Democracy needs two parties; If not, me, who?
Source: Turnaround, by Mitt Romney, p.379-380
Aug 25, 2004
Ran for MA governor to help people
The campaign for governor was a good deal like a [business turnaround or the Olympic] turnaround.- First rule, the vision: know why you’re running. Very simply, I was running to help people. Massachusetts had been burdened too long by waste, abuse,
inefficiency, and patronage. Government needed to be more about public service and less about self-service.
- Second rule: assemble the right people for the team.
- Third rule: carry out a strategic audit. With only 13% Republicans in Massachusetts, &
major paper with a decidedly liberal bias, our strategy would sell my vision straight to the electorate, unvarnished.
- Fourth rule: communicate the vision and challenge the team to stretch. Before the campaign was over, I had taken positions on scores
of issues. I believed they were all consistent with our vision: helping people.
And so, on Jan. 2, 2003, I was inaugurated governor of Massachusetts. The cycle began again: another turnaround, in worse shape than I had imagined.
Source: Turnaround, by Mitt Romney, p.381-382
Aug 25, 2004
Olympic slogan “Light the Fire Within”:it’s more than sports
When I was still just considering the CEO position at the Salt Lake Organizing Committee, my sons came up with the slogan “It’s all about sport.” I felt that the scandal had brought too much attention to the administrators. The Olympics is about athletic
competition. [But as I spoke with Olympic champions], it began to impress on me that the Olympics are really about something greater than sport, but seen through sport and the Olympians themselves. The Olympics are a showcase of some of the great
qualities of the human spirit: determination, persistence, hard work, sacrifice, dedication, faith, passion, teamwork, loyalty, honor, character. The Olympics celebrate the human spirit by revealing the athlete’s unrelenting drive to push the limits of
human capacity.
The phrase we eventually gave as the vision of our Games was “Light the Fire Within.” Those words, that vision would affect everything we did at the Salt Lake Organizing Committee.
Source: Turnaround, by Mitt Romney, p.xiii-xiv
Aug 25, 2004
Page last updated: Feb 26, 2019