Business
Episode 282: Phil Mattison Innovated His Way Out of the Pandemic Phil Mattison, founder and President of CORE Products International, Inc., is back to talk about how he and his staff innovated their way through the coronavirus pandemic. His life is different from our last podcast conversations in 2018. What hasn’t changed is Phil’s sprightliness. He has an uncanny way of landing on his feet.We start with his move from Wisconsin to Florida and end with new therapeutic products soon to be available this year and an announcement from me.Before I go on, I want to share an essential aspect in healthy relating that surfaced in my conversation with Phil. We are more than our individual beliefs and the systems we were born into. To find safety in our connections, we do not need to agree. Instead, we need to be heard, show respect, and strive to understand what each person tells us to meet their needs.I may disagree with someone’s hobby because I find it harmful. However, my opinion does not mean I can’t appreciate the joy Phil finds in being an outdoorsman and fisherman. I am not here to judge or force my beliefs onto Phil. We all grew up in a meat-eaters world full of traditions supporting the industry. I understand how Phil developed his hobby.I am here to connect with Phil and understand the intensity of his journey over the past few years sharing what he has learned with you and offering insights where it makes sense. I have tremendous respect for Phil and appreciate his leadership, innovativeness, savvy business acumen, the therapeutic comforts he manufactures for others, and how he has implemented an employee stock option plan (ESOP) for employees. A win/win for his employees, leadership team, and himself. Are you ready for his fishtail?Moving from Wisconsin to Florida and re-engaging Phil’s love of fishing. I find Phil sitting in his car in Crystal River, Florida, hoping the rain won’t start during our conversation, which it doesn’t. The house he purchased is not what it seems. A few touches turned into an extensive remodeling project. Phil developed a love of flying from his Dad, who was a professional pilot in the military. The fishtail begins here. You will learn about specialized trout and redfish in the Gulf and Charles from Trinidad and Peacock bass, Galy, arctic char, fish in the Amazon, and swimming in rivers with piranha. This fishtail sounds true.Phil uses a cow analogy to calm COVID’s pandemic fears. Now we’re cows? This is how an innovative mind works. Coming up with analogies that fit the population you work with, something about Manhatten’s population of 1.63M people in 23 square miles and 70,869 people/square mile compared to Polk County, where two of Phil’s manufacturing companies are located in Chetek and Osceola, WI. Polk County is 956 square miles and has 44,000 people or 46 people/square mile. They are already physically distanced by proximity, Phil emphasizes. That analogy might have calmed the fear of some employees but didn’t keep Phil and other employees from getting COVID. Phil discusses what happened when COVID arrived at CORE Products International, Inc. and how their sales volume percentages changed between healthcare providers and consumers. It is worth hearing how they scaled up and down their manufacturing production of masks and hand sanitizer finishing with a surplus of products when product demand changed.Divorce and Divvying Up Ownership Assets.Initially, Phil was concerned that his divorce would destroy his $20M business. Find out how he worked out ownership and saved CORE Products.Education and Employee Profit Sharing Plans (ESOPs).At CORE Products International, Inc., Phil implemented an employee stock ownership plan (ESOP) that can reduce wealth and wage inequality, economists say by educating employees on the business’s financial structure and seeing their monies potentially grow from year to year. However, the Toronto subsidiary of CORE Products is set up differently.