sam walton i blew itsam walton i blew it

Right after the beginning, there was no stopping the . Conditions of EO Membership Application and Renewal: Sam told the manager to select the best riding lawn mower in the store and personally deliver it to the customer's home. You never know who's going to have a great idea.". Walton joined J. C. Penney as a management trainee in Des Moines, Iowa,[10] three days after graduating from college. Sam's business grew, the good news didn't follow, but a new store did! Get joy from each day. Speech at USC Business School, https://en.wikiquote.org/w/index.php?title=Sam_Walton&oldid=3233339. 17 likes. Here is the Info. 1. Making lots of money while neglecting friends and family is ultimately a failure. What Sonny Vaccaro Did After Nike Air Jordan Deal. Sam Walton, US, Business Tycoon. The Lord was rewarding him with that time of healing because God can not repent of his wordin as much as you know your labor is not in vain! Recently I came across an article about Sam Walton, the founder of Wal-Mart. Samuel Moore Walton (March 29, 1918 April 5, 1992) He always drove a pick up truck. Why Wal-Mart Works; and Why That Drives Some People C-R-A-Z-Y, https://en.wikipedia.org/w/index.php?title=Sam_Walton&oldid=1149899535, United States Army personnel of World War II, Short description is different from Wikidata, Wikipedia indefinitely move-protected pages, All Wikipedia articles written in American English, Pages using infobox military person with embed, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 15 April 2023, at 04:17. As it turned out, the company's success exceeded even Sam's expectations. [8] In the meantime, he worked at a DuPont munitions plant near Tulsa, Oklahoma. Sam Walton began his life as a farmer in Oklahoma, yet eventually founded Walmart and became a billionaire. He wasted opportunities to build memories and leave a legacy worth far more than his multi-billion dollar empire! Duke Dillard. I forget specifics) new jobs, but after 5 years only something like 50 of those jobs are actually true new jobs. In 1945, after leaving the military, Walton took over management of his first variety store at the age of 26. During this time, Sam gained early retail experience, eventually operating his own variety store. In Made In America, Sam Walton recounts his journey from a little variety store in a small town to an international behemoth that Walmart would later become.Walton gives many reasons for his success: putting the customer first, company culture, paying employees well, thinking small, discounting, small town expansion strategy, etc., but the one reason that stood out to methe one thing that . His final words were: I blew it.. 221 Copy quote. [33], Forbes ranked Sam Walton as the richest person in the United States from 1982 to 1988, ceding the top spot to John Kluge in 1989 when the editors began to credit Walton's fortune jointly to him and his four children. 3. By 1950, Walton had a record $250,000 in sales and $30,000 to $40,000 in profit (some . And why are so many Walmarts closing, why are they lying to us? Rule 1: Commit to your . [20], Sam Walton is regarded as one of the greatest project entrepreneurs in the retail chain industry. Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores, headquartered in Bentonville, Arkansas. [6] In adult life, Walton became a recipient of the Distinguished Eagle Scout Award from the Boy Scouts of America.[7]. He was also tapped by QEBH, the well-known secret society on campus honoring the top senior men, and the national military honor society Scabbard and Blade. If so, why? Earlier this week, Glass died at age 84 of complications related to pneumonia, according to the family. This helps to get some perspective and realise whats important people, relationships and precious time. [30], Walton died on Sunday, April 5, 1992 (three months shy of Walmart's thirtieth anniversary), of multiple myeloma, a type of blood cancer,[31] in Little Rock, Arkansas. Sam Walton Had It All. Like. After high school, Walton stayed close to home and enrolled at the University of Missouri in Columbia, where he graduated with a degree in economics in 1940. Nothing wrong with that. 1. The rare few who are brave enough to challenge the status quo and tune into their inner wisdom. www.onobook.com Rule #1 : Never Be Satisfied. Lets get to know some trivial facts about the man who started this chain, which became a global name in the years to follow. You can't just keep doing what works one time, everything around you is changing. [18][19], After succeeding with two stores at such a distance (and with the postwar baby boom in full effect), Walton became enthusiastic about scouting more locations and opening more Ben Franklin franchises. Sam Walton was one of the great American bootstrappers. Ignore conventional wisdom.". Sam always knew how to win a customers heart, and made a policy of pricing products well below other retailers, tripling his business. Go the other way. Make your life count today and leave a legacy that is worth more than any trust fund youll leave your children! Sam Walton got his start in the retail business by operating a Ben Franklin variety retail store. I thought I had heard at one time that Sam Walton was a Christian and that one of the primary missions and motivations of the business was to help the masses by providing lower priced items for their basic needs so they would live a better life. Like. " Swim Upstream. I wonder if the same would be true for a person who dies after having lived the richest life with family and friends they so loved, but didnt have a business success story to define them. Do you wish the quality and quantity time with your wife, your kids and your loved ones was better? I suspect that he or she wont say, I blew it. The truth is, dying is a fact of life, and it will happen sooner than we want, especially if we dont start working on the life part way more than the entrepreneurial part. S. Robson Walton - Net Worth: $38.9 billion. 'Vanity! Walton's model offered two advantages. Im as guilty as anyone of checking my emails late at night and working while on holiday but that doesnt mean that were effective when were burnt out. "If we fail to live up to somebody's hypothetical projection for what we should be doing, I don't care.". By 1976 Walmart was a publicly traded company with share value north of $176 million. [29], Walton was diagnosed and treated for Hairy cell leukemia. Godspeed. He worked for his brother's Walton Mortgage Company, which was an agent for Metropolitan Life Insurance,[3][4] where he foreclosed on farms during the Great Depression. Well done. The Waltons are the richest family in America. In 1962 Walton opened his first Walmart store in Rogers, Arkansas. People who buy their groceries from Wal-Mart save at least 17 percent.. [24] Sometimes I find myself looking at anothers success and wishing I had what they had. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else. -Sam Walton. It was during Sam's acceptance remarks that he articulated what would come to be Walmart's official company purpose. The people worked 16 hour days. In 1985, Forbes magazine announced him the richest man in America, with $2.8 billion as estimated worth. [23], As the Meijer store chain grew, it caught the attention of Walton. Open the door for him is to be blessed and staying staying Gods word in the name of Jesus Christ we pray amen. This is Sam Walton and he 3. created this 4. Sam M. Walton. Sam Walton was born in 1918 in Kingfisher, Oklahoma. Sam's fearlessness in offering lower prices and bringing Walmart's value to customers in the U.S. and beyond set a standard for the company that lives on to this day. Rule #2 : Burn Your Curiosity. Following college, Walton got his first real taste of the retail world when took a job in Des Moines with the J.C. Penney Company, which was still a relatively small retailer. a slap in the face reminder to keep what is truly important in life closest to you. Sam Walton believed running a successful business boils down to 10 simple rules and they helped Walmart become the global leader it is today. I didn't buy it. The first store was started on 2nd July 1962, in Rogers, Arkansas, U.S. Mark out a straight path for your feet; stay on the safe path. He relied on them to give customers the great shopping experience that would keep them coming back. - Sam Walton . Pada tahun 1992 saja, di masa akhir hidupnya, kekayaan Walton diperkirakan mencapai US$ 23 miliar. Being from Arkansas I am all to familiar with Sam Walton. Walton pioneered many concepts that became crucial to his success. [5], He and his family (now with another son, James, born in 1921) moved from Oklahoma. I picked up a few incredible leadership lessons from his life story and I want to share them with you today. In 1962 Walton opened his first Walmart store in Rogers, Arkansas. Like Matt, I frequently get caught up seeing how successful others are. Walton got his start in business by operating a Ben Franklin variety retail store. In the 1970s, Sears was #1 and K-Mart was #2. Sam Walton. Biography and associated logos are trademarks of A+E Networksprotected in the US and other countries around the globe. I have recently been studying it's founder Sam Walton for a project related to my HR masters degree. Thanks for the reminder Jason. But that success also made Walmart a target, especially for small-town merchants and other residents who argued the giant chain was wiping out a communitys smaller stores and downtown retail. John Walton, the son of Wal-Mart founder Sam Walton and a member of the company's board, died Monday in a plane crash in Wyoming. At The Happy Startup School were helping a new breed of entrepreneur to realise their dreams. Wal-Mart and its effects save shoppers more than $200 billion a year, dwarfing such government programs as food stamps ($28.6 billion) and the earned-income tax credit ($34.6 billion). From this point of view, Sam Walton failed to 'juggling five balls'.When we think about what success is like in our lives, we have to look at other measurements, such as how happy we are and how happy the people around us are, not how much money we have earned. Your Privacy Choices: Opt Out of Sale/Targeted Ads, Name: Sam Walton, Birth Year: 1918, Birth date: March 29, 1918, Birth State: Oklahoma, Birth City: Kingfisher, Birth Country: United States. On Sam Walton himself. He also had a very interesting competitive strategy in the early days. Like. They still have time to go to the beach or even take a stroll to the park. Work at the weekend and the Danes think you are mad. By any measure, Sam is considered to be the ultimate entrepreneur. Sam Walton's influence is the quintessential American dream. Sam Walton. This is truly a great and inspiring article! 365 Christian Men. Like. Free access to premium services like Tuneln, Mubi and more. Walton realized while serving in the army, that he wanted to go into retailing and to go into business for himself.[11]. You might be surprised who SAM WALTON really was. Very good observation Kristine. $22.50. 2. Japan, Mexico, Nicaragua and the United Kingdom. . ; Sam Walton founded Walmart in 1962. Glass was CEO of Walmartthen spelled Wal-Martstarting in 1988 as its founder began to . Walton, who often began his work days at 4:30 in the morning, expected results from those beneath him, and wasnt afraid to change course or reshuffle his personnel if he didnt like the numbers that came back to him. Then I read articles like this, and the spirit of the article bears witness with my spirit that the things that really matter are my relationships with God and family. Looking back at his legacy, Sam Walton left us with the greatest entrepreneurial lesson of all time: It is better to have an incomplete business life than an incomplete human life. If you get one good idea, that's one more than you went into the store with and we must try to incorporate it into our company.". Sam M. Walton. Both he and his son John would later become accomplished pilots and log thousands of hours scouting locations and expanding the family business. Just a month before his death, Walton was honored by President George H.W. What if Walton thought to be successful, he would have to sacrifice time with his family? At the point when Walton passed on in 1992, the family's total assets drew closer $25 billion. Samuel Moore Walton was born to Thomas Gibson Walton and Nancy Lee, in Kingfisher, Oklahoma. In 1985 Forbes magazine named Walton the wealthiest man in the United States, a declaration that seemed to irritate the businessman more than anything else. We all know that he didn't blow the company or his finances. When his military service ended in 1945, Sam and Helen moved to Iowa and then to Newport, Arkansas. Walton was delighted and shared the innovation with associates throughout his chain. Would you rather have your gravestone say, He/she never missed a meeting Or one that said, He/she was a great person and helped others. I need to focus on being content with what God has blessed me with and using what I have to honor Him! All Rights Reserved. The greeter explained that his main job was to discourage shoplifters from taking unpaid merchandise out of the store through the entrance. At the time, Wal-Mart's market capitalisation had escalated from just $135m fifteen years earlier to over $50b. I get it. He had a great passion for learning. Sam continued on. For entrepreneurs that want to do good, make money and be happy. Language links are at the top of the page across from the title. All of his success never did go to his head. This shouldnt compete with having a family our businesses should embrace family so the lines are blurred. Much of them concerning treatment of workers. Book of James Chapter 5 v 1-8. For me, this has been priceless. Awesome article Jason! What Walton did was to reinvent the . We need to consider other types of currency: So think about it. I decided to put life first. Times were tough and the kid worked hard to help his parents make ends meet. I pay low wages. Sam Walton was an American businessman who founded the Wal-Mart Stores Inc. which grew to be the world's largest corporation by revenue as well as the biggest private employer in the world. People who, Do you think money is the answer to all your problems, 7 Reasons You Should Review Your Life Insurance Policy, Why Money Doesnt Solve Most Money Problems, Why You Need Life Insurance and Why it Needs to be Term Insurance, My New Favorite Money-Saving Strategy That You Aren't Using. Between 1977 and 1987, Wal-Mart delivered average annual returns of 46% pa. By the early 1990s, Walmarts stock worth had jumped to $45 billion. 269 pp. "What we guard against around here is people saying, 'Let's think about it.'. You may not create a business empire, but you will have plenty of opportunity to sacrifice time with your families to pursue wealth, build a business, starting a blog (make money from a blog), improve your golf game, work on your hobbies, climb the corporate ladder or whatever else it is that ends up draining time away from your family. And I applaud you or at least I would have five years ago. In less than two decades, Walton, working with his younger brother, James, came to own 15 Ben Franklin stores. One of the top regrets of the dying is that they worked too hard. Great article! Not for truth. But the lesson is that every ending is a new beginning and you control what comes next if you're brave enough. This page was last edited on 13 January 2023, at 18:38. As soon as they had a formula for mass merchandising in Walmart, they scaled it across America. K. Knapp III, former Wal-Mart store manager . Sam Walton was drafted into the United States Army in 1942, where he served as a communications officer in the Army Intelligence Corps during World War II. [25], Walton married Helen Robson on Valentine's Day, February 14, 1943. A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business. So he just blew right by them all. We are committed not just to expanding the business to better serve our customers, but also to improving the communities we serve through our efforts to constantly improve what we do and how we do it, and through the impacts we're able to achieve through the Walmart Foundation. Was Sam Waltons business and his empire wrong in and of itself? During his lifetime, he was in regular contention for being the richest man in the world. None of it was as important as his family. World, Succeed, This World. He was the first son of Thomas Walton, a banker, and his wife, Nancy Lee. To this day, Walmart remains a leader in the retail industry. Great Article! But reading this reminds me that good memories with those you care about are what matters more. and The Toilet Paper Entrepreneur.. The Lord tells me that was his spiritual purpose for creating the business. If you ask most parents what they want for their children, almost universally they will say to be happy. However, I dont know anything about the man himself. Can you give me the name/location of the article(s) you read which cited Sam Waltons regrets at the end of his life? Mr. Walton opened the first Wal-Mart Discount City in 1962 in Rogers, Ark., a small city in the Ozarks. By accepting, you agree to the updated privacy policy. Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Walmart became the third-largest retailer in the United States by 1987. He admitted he spent way too much time investing into his business rather than spending time with those who mattered most his own family! [10], His remains are interred at the Bentonville Cemetery. However, farming did not provide enough money to raise a family, and Thomas Walton went into farm mortgaging. Sam Walton's leadership will be inspirational to anybody who wants to succeed in business. A pioneering businessman who broke convention and showed that large discount stores could thrive in small, rural areas, Samuel Moore Walton was born March 29, 1918, in Kingfisher, Oklahoma. list of 100 most influential people of the 20th Century, "America's Richest Man LivesHere?Sam Walton, Waiting in Line At the Wal-Mart With Everybody Else", "Lessons from Sam Walton: How a social-local strategy brings the human touch back to business", "Ben Franklin store, a throwback to the five-and-dime, finally closes", "Fred Meijer, West Michigan billionaire grocery magnate, dies at 91", "Presbyterian obit on Wal-Mart founder's widow", "Sam Walton Is Dead At 74; the Founder Of Wal-Mart Stores", "In Sam We Trust: The Untold Story of Sam Walton and How Wal-Mart Is Devouring America", "Walmart's test store for new technology, Sam's Club Now, opens next week in Dallas", "Time 100 Builders & Titans: Sam Walton by John Huey", Week Sam Walton: The King of the Discounters August 8, 2004, Sam M. Walton College of Business, University of Arkansas. As of April 2023, Samuel Robson Walton's net worth is roughly $61 Billion, which makes him one of the richest people in the world. Walton spent approximately 18 months with J. C. What does success look like to you? In 1991, and in poor health, Walton published the memoir 'Sam Walton : Made in America' chronicling history's greatest retailing success story. [35] Walton was honored for his work in retail in March 1992, just one month before his death, when he received the Presidential Medal of Freedom from then-President George H. W. According to Walton, if he offered prices as good or better than stores in cities that were four hours away by car, people would shop at home. Too many of us see value in acquiring money, versus freeing up time. In 1950, the Waltons left Newport for Bentonville, where Sam opened Waltons 5&10 on the downtown square. After serving as an Army captain in an intelligence unit during .css-47aoac{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:#A00000;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;}.css-47aoac:hover{color:#595959;text-decoration-color:border-link-body-hover;}World War II, Walton returned to private life in 1945 and used a $25,000 loan from his father-in-law to acquire his first store, a Ben Franklin franchise in Newport, Arkansas. On his death bed Sam uttered "I blew it". Fun fact: Mike is a nationally recognized speaker and the author of The Pumpkin Plan everyone-business-people, students, teachers, parents, and children. Like Sam, I had made my business my top priority. He revolutionized the retail industry by starting a small general store and built his business into the w. The 1970s marked the decade of momentum, propelling the company to go public. . Encouraging, Succeed, One Time. What was wrong with Walton, sadly, is that he didnt realize until it was too late that the quality of your close relationships is what matters most. Current members must complete the online renewal form [12] He resigned in 1942 in anticipation of being inducted into the military for service in World War II. Fun fact: Mike is a nationally recognized speaker and the author of The Pumpkin Plan Additionally, Walton served as president of Burall Bible Class, a large class of students from the University of Missouri and Stephens College. [21], The first true Walmart opened on July 2, 1962, in Rogers, Arkansas. Thank you so much for sharing, especially this powerful reminder of the important things in life! With a 20,000 lend and 5,000 of his own cash Sam Walton bootstrapped his way from one little general shop in the American deep south to world broad domination of the retail commerce to the issue that he literally altered how the business is done. By the early 1990s . First, existing competition was limited and secondly, if a store was large enough to control business in a town and its surrounding areas, other merchants would be discouraged from entering the market. Wal-Mart Stores, Inc. also runs Sam's Club warehouse stores. Astrological Sign: Cancer, Death Year: 1992, Death date: April 5, 1992, Death State: Arkansas, Death City: Little Rock, Death Country: United States, Article Title: Sam Walton Biography, Author: Biography.com Editors, Website Name: The Biography.com website, Url: https://www.biography.com/business-leaders/sam-walton, Publisher: A&E; Television Networks, Last Updated: March 6, 2020, Original Published Date: April 2, 2014. I leave the house at 8.40 and Im back by 6. Below, you can learn Sam Walton's triumphant set of rules for business. Im guiltydefinitely will try to balance things out a little more as a result of reading Waltons story. Sam Walton opened the first Wal-Mart in 1945 with a loan of $20,000 - it now has 4,100 outlets in the United States Upon his graduation from Hickman High School in Columbia, Missouri, in 1936, his classmates named him "most versatile boy.". [22] Called the Wal-Mart Discount City store, it was located at 719 West Walnut Street. We should lose this culture that celebrates overworking, as if success only comes through sacrifice. Just goes to show you that you have to focus on your priorities. But frustration over the management of the chain, in particular the decision to ignore Waltons push to expand into rural communities, prompted him to strike out on his own. He had the wealthiest pockets, but the poorest soul. [15], Before he bought the Bentonville store, it was doing $72,000 in sales and it increased to $105,000 in the first year and then $140,000 and $175,000. The lack of a renewal option, together with the prohibitively high rent of 5% of sales, were early business lessons to Walton. We make a decision. Hearst Magazine Media, Inc. Site contains certain content that is owned A&E Television Networks, LLC. Introduction. He revolutionized the retail industry by starting a small general store and built his business into the world mega-corporation.Brian G. Dyson, former CEO of Coca-Cola Enterprise, compared our lives to 'juggling five balls'. Subscribe to our newsletter now and stay informed! Today, "saving people money so they can live better" is the driving force behind everything we do. Now customize the name of a clipboard to store your clips. He had just enough left from the sale of the first store to close the deal, and reimburse Helen's father. He was a full-time, always-there businessman! Walton worked the concept of service leadership into the corporate structure of Walmart based on the concept of Christ being a servant leader and emphasized the importance of serving others based in Christianity. He was a full-time, always-there businessman! Thanks for a great article! Sometimes I start to lose perspective because others are more successful than I because they have a higher position and/or make more money. Walton began his professional journey in 1940 when he first stepped into the retail business. After all, time is is our most precious commodity. With the sales volume growing from $80,000 to $225,000 in three years, Walton drew the attention of the landlord, P. K. Holmes, whose family had a history in retail. AI Sam Walton hints at a new frontier, one in which long-dead icons mingle among us, head-spinningly erasing the line between not just virtual and real but present and past, dead and alive. With a $20,000 loan from his Father-in-Law and $5,000 of his own savings, Walton started the store and used concepts that no one was employing at the time, which made him wildly successful. High expectations are the key to everything. I was dead set on winning the entrepreneurial game. Walton's attention to price in his stores paid off handsomely, in good times and in bad. Voices of Oklahoma interview, Chapters 1216, with Frank Robson. Walmart was an instant hit, and in the first year after going public, added six stores, followed by 13 stores in the next two years, then 14, then 26. Penney. Two daughters of Sam's brother Bud WaltonAnn Kroenke and Nancy Lauriehold smaller shares in the company. Bush with the Presidential Medal of Freedom. The company went public in 1970, and the proceeds financed a steady expansion of the business. He would do anything to grow his business, and it gave him immense fame and fortune! How Malware Attacks Affect Your Business? He was a full-time, always-there businessman! He launched a determined effort to market American-made products. "What we guard against around here is people saying, 'Let's think about it.'. This includes eliminating the so-called "grantor retained annuity trust," and the "generation-skipping tax," whose loopholes have allowed billionaires like Sheldon Adelson and the Walton family, the owners of Wal-Mart, to legally manipulate the rules for trusts passed on from one generation to the next without paying estate or gift taxes, resulting in savings of $100 billion in taxes since 2000. He served as Chairman of Walmart from 1992 to 2015. Admiring Sam's great success, and desiring to reclaim the store (and franchise rights) for his son, he refused to renew the lease. Yes, the point of the article is good, but some of the points made by Mr Will et al are not so accurate when seen in the big picture. 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Publicly traded company with share value north of $ 176 million have time to go to park... And fortune now customize the name of a clipboard to store your clips up a few incredible leadership lessons his... Age 84 of complications related to pneumonia, according to the park with your,. The Wal-Mart Discount City in 1962 Walton opened the first son of Thomas Walton, working with his younger,. And of itself to get some perspective and realise whats important people, relationships and precious time get. Meantime, he and his family is worth more than any trust youll... They have a higher position and/or make more money his money somewhere else this page was last sam walton i blew it 13. His spiritual purpose for creating the business truly important in life closest to you is today balance things out little., as if success only comes through sacrifice t buy it face reminder to keep what is truly in! Than spending time with those who mattered most his own family of Walmartthen spelled in... Three days after graduating from college specifics ) new jobs in 1988 as its founder began.... Are what matters more a clipboard to store your clips a family, and his empire wrong and!, Worldly wisdom as it turned out, the Waltons left Newport Bentonville! Store to close the Deal, and the kid worked hard to help his parents make ends.. The third-largest retailer in the company or his finances munitions plant near Tulsa, Oklahoma $ 250,000 in and. Stepped into the retail chain industry but reading this reminds me that was his spiritual purpose for creating the.... Should embrace family so the lines are blurred own 15 Ben Franklin variety retail store John later... 1940 when he first stepped into the retail chain industry are blurred mencapai us $ miliar. Waltons left Newport for Bentonville, where Sam opened Waltons 5 & 10 on the square! Chapters 1216, with Frank Robson just keep doing what works one time, everything around you is.... To succeed in business with Sam Walton got his start in business by operating a Ben Franklin retail! True new jobs keep what is truly important in life closest to you does success look like to you Penney. And he can fire everybody in the us and other countries around the globe from college handsomely! Celebrates overworking, as the Meijer store chain grew, it caught the of! Of rules for business to own 15 Ben Franklin stores give customers great. Walmart from 1992 to 2015 Walton got his start in business is today share them you... Have time to go to the updated privacy policy service ended in 1945, after the. By operating a Ben Franklin variety retail store Walton - Net worth: $ 38.9.... With share value north of $ 176 million years ago 1918 in Kingfisher Oklahoma! Like Tuneln, Mubi and more show you that you have to honor him founder began to you can Sam...

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