Championing Free Enterprise

“I wish all my friends could have been able to hear Mr. Wanek’s speech. If they had, they would understand how much good comes from free enterprise.”

Such were the words of the college student seated at my table for the induction of Ashley Furniture Industries Founder and Chairman Ron Wanek to the Wisconsin Manufacturing Hall of Fame recently.

Wanek founded the company that became Ashley Furniture Industries in 1970 and he and his team grew it into what has become the world’s largest manufacturer of home furnishings and the number one furniture store brand in North America. He joined me on the TechEd Podcast in 2021 (https://techedpodcast.com/from-farm-to-forbes-400/) to share the story of his journey that began on a small dairy farm in Minnesota and led to a spot on the Forbes 400 list of wealthiest Americans.

Though you would never know it from his humble nature, Wanek is one of America’s greatest success stories. He’s a true gentleman, an industrial icon, an entrepreneur, a benevolent philanthropist and, knowing him through our shared advocacy and support of numerous STEM and advanced manufacturing education initiatives, I’m proud to call him a friend.

Now added to his long list of accolades is a spot in the Wisconsin Manufacturing Hall of Fame. The first inductee in more than 50 years, Wanek’s name sits alongside pioneering manufacturers with household names like Case, Kohler, Trane, Oscar Mayer and beer barons Miller and Pabst. His acceptance speech was rich with gratitude, history, humility and — most of all — a resounding affirmation of the power and boundless benefits of America’s free enterprise system.

Let’s be honest, what some might call capitalism or free-market economics, our free enterprise system often gets a bad rap. Detractors point to wealth and income inequality, environmental concerns and excessive commercialism and wrongly indict free enterprise as their root cause. As evidenced by the words of the college student in the opening, these sentiments are perhaps no more alive anywhere than they are on America’s college campuses.

Most in the surface finishing industry know better, and like Wanek, we owe it to ourselves and our communities to stand up and say so.

While imperfect, America’s system of free enterprise creates much, much more benefit than harm, and as an executive and owner of surface finishing companies, I have seen these benefits firsthand. I’ve seen them in the eyes of young team members on the shop floor upon receiving their first promotion or increase in pay as a reward for their hard work and commitment; promotions and raises that often lead to more promotions and raises, enabling employees to support not just themselves but also create wonderful opportunities and lives for their families.

I’ve seen these benefits in the creative ways finishing companies find to improve throughput, reduce rejects, lower energy consumption and automate their processes to improve efficiency, offset the shortage of skilled talent and provide affordable products to customers.

I’ve seen these benefits in surface finishing’s spirit of innovation — as Wanek put it, “embracing competition and continuously pushing the boundaries of what is possible” — toward better product performance and more responsible materials and processes.

Do we do all this partly in pursuit of profit? Of course. But along the way, we create myriad benefits for our employees, our customers and humanity at large.

As Wanek noted in his speech, “None of [our success] would have been possible without the hard work and dedication of our talented team of employees who are committed to excellence every single day. But what fueled our success, above all else, is the power of free enterprise. Free enterprise provides the foundation for innovation, competition, and growth. It empowers individuals to take risks, follow their dreams, and create opportunities that benefit not only businesses but also the communities around them. The spirit of free enterprise fuels the economic engine of our nation and allows for the creation of wealth and prosperity.”

And like Wanek, many in the finishing industry generously share the wealth and prosperity that rewards their risk and effort. They do so by supporting our trade associations, scholarship programs and countless non-profit organizations and institutions that, in turn, support their communities.

In Wanek’s words, “With great wealth comes great responsibility. It is through the wealth created by free enterprise that we have the means to support philanthropic efforts and make a positive impact on society. At Ashley Furniture, we have made it a priority to give back to our communities through charitable initiatives, supporting STEM education, advancing medical research, supporting our armed forces, and other essential causes. By sharing our success, we aim to create a ripple effect of positive change that reaches far beyond our company's walls.”

And create a ripple effect they have! I know because, as just one example, I’ve seen it in the lives of students and employers who benefit from Wanek’s philanthropy in the world of STEM and advanced manufacturing education, benefits that ripple from school to teacher to student to employer to community and beyond. None of this would happen if not for the power of free enterprise.

Indeed, our companies, investors, employees, suppliers, customers and communities are all better off for America’s free enterprise system.

I conclude this month’s edition of Never Finished with the same words Wanek used to conclude his acceptance speech.

"Let us continue to champion the power of free enterprise, fostering innovation, wealth creation, and philanthropy. Together, we can build a brighter future for all.”