This week, we speak with Jeff Poggi, co-CEO of McIntosh Group, manufacturer of audiophile components widely regarded as among the finest in the world. Despite the pandemic, the company notched their best sales year in their 70-year history.
He explains why the pandemic and lockdown has led to people spending 24/7 at home, they have spent less time and money on other discretionary entertainment purchases — concerts, vacations, shows, etc. — have led people to upgrade their homes, video and audio gear. The company’s manufacturing plants were all closed for 4-6 weeks in March and April, but from June forward, each month was new record for sales.
For the first time in decades, vinyl sales surpassed CD sales in 2020 – Poggi explains what this means and how the audiophile community has been expanding. Similarly, as movie theaters close and the industry changes, film and video consumption has also migrated to the home, which is another driver of McIntosh’s business.
You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here.
Be sure to check out our Masters in Business next week with Dave Welling, CEO of Mercer Advisors. The Denver-based RIA has over 400 employees and manages more than $21 billion.
Jeff Poggi’s Favorite Books
5 Levels of Leadership: Proven Steps to Maximize Your Potential by John C. Maxwell
The Infinite Game by Simon Sinek
Find Your Why by Simon Sinek
The 7 Habits of Highly Effective People by Stephen R. Covey
Execution: The Discipline of Getting Things Done by Larry Bossidy and Ram Charan
The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail by Clayton Christensen
Winning by Jack Welch and Suzy Welch