PC-literate consumers had discovered online banking. Rather, they were no longer opening up Quicken to enter their expenses, track their spending and pay their bills.
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They were not going over to Money, the rival software produced by Intuit's nemesis and once-upon-a-time suitor, Microsoft. "It was almost laughable to have that goal," Mr. He intended to make the unit grow faster than the company average. Karpas made clear he did not want to manage a cash cow. In one of his first conversations with Mr. for dumping any business that could not keep up. Welch, who earned the nickname Neutron Jack at G.E. But growing slower than the company average is a very bad position to be in when the C.E.O. Indeed, it was quite profitable and still had 15 million active users. The unit was not a drag on company earnings. "It was a big stretch when I plucked him out of the organization," Mr. Bennett's eye by helping to develop various flavors of QuickBooks, the accounting software for small businesses, that extended the brand to industry-specific markets like contractors and nonprofit groups. One way he did that was by reaching into the ranks of Intuit to promote a young manager who came to the company by way of Procter & Gamble and Activision, the video game maker: Peter Karpas. "It turned out he was a spectacular success because he got the company out of a cultural logjam."
Sahlman, professor of entrepreneurialism at the Harvard Business School. Bennett was able to invigorate a company whose corporate culture had prevented it from making hard decisions about people and products, said William A.
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(The company's free cash flow of $550 million make its stock, now $53 a share, a buy, Mr. Intuit's operating margins, the highest in the industry after Microsoft, have grown to 27 percent from 14.6 percent in 2000, said Glenn Greene, a securities analyst with Think Equity partners.
Then, Intuit began pushing beyond personal finance, with new products for managing medical bills and investment properties. First, it stripped Quicken down and made it simple for users.
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How to explain the remarkable turnaround? Intuit did something that runs counter to what software companies typically do. Bennett's growing reputation as one of the smartest chief executives in Silicon Valley. The unit's revenue grew faster in the most recent quarter, up 24 percent, than the company average of 20 percent, a clip that has made the unit a model of innovation. Quicken's revenue was flat or declining while its other major products, TurboTax and QuickBooks, produced robust growth. Bennett, a former General Electric executive and acolyte of Jack Welch, ignored it after he arrived in 2000. What happens when a flagship product becomes an afterthought? At Intuit, that was happening with Quicken, the very brand that made it a software powerhouse in the 1980's and 1990's.Įven Stephen M.
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