Today I am very excited to have Stephen M. R. Covey with us on the show today. In case his name sounds familiar, it’s because his father Dr. Stephen Covey wrote The 7 Habits of Highly Effective People—one of the best known and most highly acclaimed business books of all time.
And his son (our guest) has done some very amazing things in his career as well, living on that family legacy of greatness. As president and CEO of Covey Leadership Center, Stephen nearly doubled revenues while increasing profits by 12 times. During that period, the company expanded throughout the world into over 40 countries, greatly increasing the value of the brand and enterprise. The company was valued at $2.4 million when Stephen was named CEO, and, within three years, he had grown shareholder value to $160 million in a merger he orchestrated with Franklin Quest to form FranklinCovey.
His book The Speed of Trust: The One Thing That Changes Everything, has sold more than 2 million copies and is a fantastic read. While it isn’t specifically naming concepts of behavioral economics, as you’ll hear in the episode it is very well rooted in that space. Today Stephen will share his “economics of trust” equation plus a bonus qualitative measure of trust that didn’t make it into the book. (Stick around until the end to hear that.) He also touches on some of the 13 behaviors that lead to great trust, so it is all about the behavior and economics of trust.
