Panera Bread Founder Wrote His Own Obituary Then Sold Company For $7.5B

Ron Shaich co-founded Panera Bread and ultimately sold the company for $7.5 billion. He credits his success to starting at the end and planning backwards.

What To Know: At the end of every year, Shaich writes his own obituary, a practice he credits much of his success to, according to a CNBC report. 

Between Christmas and his birthday on Dec. 30, Shaich dedicates time to visualize himself at the end of his life. He begins writing a "pre-mortem," which often includes an obituary, news story or journal entry based on the future he imagines. 

Shaich includes his greatest accomplishments in the piece and then starts planning how to get from where he is that day to where he envisions himself being at the end of his life. He ends up with a list of action items he can pursue over the next year. 

"I don’t want to worry about a heart attack on the way to the hospital, when it’s too late to. If I want to build a business, I’d better understand what is going to matter [down the line] and make sure that I get it done now. Same thing applies to your own life," Shaich said. 

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Shaich came up with the idea after studying the work of psychologist Gary Klein. Klein teaches others to visualize a future where you failed to accomplish the things you dreamed of one day accomplishing.

At the end of Shaich's father's life, he observed his dad voicing regrets, which led him to start the process of premeditating one's own obituary. 

The tactic is also used by legendary investor Warren Buffett. At an annual meeting of shareholders earlier this year, Buffett noted that it's good practice to write your own obituary "and then try to figure out how to live up to it."

Shaich believes that people get too caught up in the successes of others and lose focus on their own goals and aspirations. Writing your obituary can help you to focus on the things that matter most to your own success, he said.

"Planning backwards can help you create a more specific, intentional approach. If life is a road trip, picking a destination helps you figure out which way to drive," Shaich said.

Shaich founded Panera Bread in 1981. He took the company public in 1999 before selling it to German conglomerate JAB for $7.5 billion in 2017.

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This story is part of a new series of features on the subject of success, Benzinga Inspire.

Photo: Rob van der Meijden from Pixabay.