Podcast episode
Episode 353 – This CEO Built a $1B Company In 5 Years Without Compromising His Faith | Bill Yeargin
Join host Justin Forman for a milestone conversation with Bill Yeargin, CEO of Correct Craft, as they celebrate the company’s 100th anniversary. From refusing bribes that led to bankruptcy, to refusing to work Sundays during WWII, to growing from a $39 million company facing the Great Recession to surpassing $1 billion—this is a masterclass in values-driven leadership that stands the test of time.
EPISODE NOTES
For 100 years, one boat company has proven that standing firm on values—even when it costs everything—creates enduring success. Bill Yeargin, CEO of Correct Craft, shares the remarkable stories that form the foundation of this century-old business, from refusing to work Sundays during WWII to spending 20 years of profits repaying debts they didn’t legally owe.
When Bill arrived as the fifth CEO in five years, everything was broken. The Great Recession was about to hit. But through culture-rebuilding, strategic planning, and controversial decisions like company-funded global service trips, Correct Craft grew from $39 million to over $1 billion. Bill reveals the two undeniable “God moments” that convinced him to take the role, why the Mexico trip everyone opposed became the turning point, and how they navigate the tension between faith values and stewardship excellence.
This conversation offers practical wisdom for any entrepreneur building for generations, not just quarters—including why they don’t have an exit strategy for acquisitions, how they expand to 70 countries without compromising values, and what it means to make decisions for the next 25 years.
Chapters:
00:00 Introduction: Celebrating 100 years of Correct Craft
01:10 Filming with Right Now Media a decade ago
01:45 The Malone family origin story in 1925 Florida
02:46 World War II: 420 boats in 23 days without working Sundays
05:00 The bankruptcy story: Refusing a bribe, paying back discharged debts
06:57 Five CEOs in five years: The challenging era
07:43 From $39M to over $1 billion through recession and growth
09:14 What made Bill consider the fifth CEO position
10:13 Walking away the first time, reconsidering the second
11:28 God moment #1: The dream house sells to the penny
13:16 God moment #2: The tutor asks to be released
14:50 What values tested by government teach us
16:52 The Mexico service trip that saved the company
17:40 Why almost everyone thought it was a bad idea
18:25 “Best few days of my life”: The turning point moment
19:41 Why pay for trips instead of writing checks
20:34 Ripple effects: Inspiring the next generation
21:48 How service trips connect the “why” for teams and families
22:33 Global growth and acquisition strategy
24:33 How values translate across products and countries
25:27 The Culture Pyramid: Building Boats to the Glory of God
26:02 Navigating difficult decisions as stewards
28:32 When stewardship looks inconsistent with faith values
29:37 Surprise geography: Nautique boats in Namibia
30:40 Horizontal and vertical integration strategy
31:37 Like-minded capital and protecting seller legacies
32:57 Celebrating a 100th birthday as a company
34:17 Making investments for the next hundred years
35:20 Innovation in wake technology and industry recognition
36:39 Proverbs 3:5-10: Staying on your side of the equation
38:05 Legacy of standing for values through every challenge
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