It’s Time to Get Hardcore About Your Core Values
The following article was written by Michael Curry, co-CEO and co-chairman of Lullwater, a Baltimore-based operations-focused investment company, and an adjunct assistant professor of entrepreneurship at the University of Chicago Booth School of Business, and originally published in Crain’s Chicago Business on March 17, 2025. Read the original article.
I recently attended a conference hosted by an investor. It was a gathering of individuals seeking to acquire and operate small businesses and the investors supporting them. The highlight was when newly minted CEOs introduced themselves and their businesses onstage — just as my partner, Keith, and I had done 11 years ago.
As the conference went on, my investors introduced me to several new CEOs as a seasoned operator (read: old) who might impart some wisdom. If they were anything like I was back then, they likely thought my advice was quaint, clichéd or unhelpful.
Despite this, I told them one of my most important lessons: Before diving into tactics, spend time on mission, vision and values — especially core values. If you launch into a 100-day plan focused on finance, IT, sales and marketing without understanding the soul of your business, you’ll regret it.
Eleven years ago, I wouldn’t have given this advice. Keith and I learned the hard way what happens when you run a business without core values guiding your decisions.
When people think of core values, they picture generic platitudes on corporate walls. That’s what Keith and I thought when we acquired Krueger-Gilbert Health Physics in 2014. Coming from investment banking and corporate law, we jumped into problem-solving and tactics, playing business whack-a-mole.
We didn’t have codified core values. He followed up: “How do customers know what you stand for? How does your team? How do you decide if something is right or wrong for the company?” I had no good answers.
He recommended I read “Traction” by Gino Wickman. One sentence really hit me: “Do NOT skip past vision, mission and values. Those are some of the most important pieces of the system.”
Keith and I got to work. We first aligned on a rough draft of personal and company values. Then, we spoke with every team member, asking what it meant to be part of KGHP and what the company stood for. While founders don’t have to gather input, I highly recommend it — especially when acquiring an existing business with an established culture.
From that feedback, we developed our five core values: passion for excellence, building partnerships, ownership, agility and positive energy.
Great. Now what?
We had to make them stick. We focused on three areas:
- Decision-making: Senior leadership made all planning decisions through the lens of our core values, tying plans back to them.
- Hiring and performance reviews: We integrated core values into our recruiting and evaluation processes, ensuring we brought in and rewarded people who embodied them.
- Recognition: At each quarterly all-hands meeting, we honored “core value champions.” To make it fun, I had a custom wrestling belt inscribed with our values. The winner — chosen for exemplifying one or more values — received the belt and a gift card for a family dinner on the company.
After a few quarters, something magical happened. In hiring discussions, I overheard, “This candidate ranked low on three-fifths of our values — not a fit for us.” We even fired clients who violated our values. That cheesy belt became the highest honor in our company; some winners cried upon receiving it. Spouses even sent thank-you notes for recognizing their loved ones.
Our values became so embedded that industry peers heard about them at trade conferences and wanted to work with us. Nineteen partnerships later, we’re still connected by the five values we codified in 2016.
It’s easy to jump into tactics. But I challenge you: Are your company’s values a true north for how you and your team operate? Do they guide hiring and compensation? Do they determine who you do business with?
If not, get to work. Otherwise, enjoy rowing that aircraft carrier with canoe paddles.