Know What Matters: Lessons from a Lifetime of Transformations

by Ron Shaich

A Wall Street Journal and USA Today bestseller

Ron Shaich, founder and former CEO of Panera Bread, shares the lessons he learned from a lifetime of asking what really matters and then making the transformations necessary to bring what really matters to life.

Shaich is a business visionary who has been part of building three iconic restaurant Au Bon Pain, Panera Bread, and now Cava. Along the way, he developed "fast casual," a $100 billion–plus segment of the industry. Now he reveals what he learned about entrepreneurship, running large enterprises, business transformation, and life itself. He illustrates these lessons with his experiences turning a 400-square-foot cookie store into 2,400 restaurants with $5 billion in revenue, delivering annual investor returns of 25 percent over two decades, and outperforming both Starbucks and Chipotle. How did Shaich succeed repeatedly in such a notoriously tough industry? By discovering today what will matter tomorrow and never hesitating to undertake sweeping transformations in order to get the job done.

Shaich offers clear-headed lessons for the entire life cycle of an enterprise, from bootstrapping a startup to going public to managing large companies to selling a business. And the relevance of his message doesn't end in the boardroom. He challenges readers to grapple with how the business impacts life, sharing his own struggles and setbacks with as much candor as he describes his successes.

Telling yourself the truth, knowing what really matters, and getting it done is the path to creating and sustaining a meaningful life, a market-leading business, and even a healthier society. Shaich's reflections are sometimes practical ("Make smart bets"), sometimes philosophical ("Conduct an annual pre-mortem"), often challenging ("You don't own the business, the business owns you"), and always incisive ("You take the money, I'll take control."). Know What Matters is a powerful guide to building transformative businesses while leading a life you respect and leaving a positive impact on the world.

Genres: Business, Self Help, Biography, Leadership, Nonfiction, Philosophy, Audiobook

233 pages, Kindle Edition

Published October 24, 2023

About the author

Ron Shaich is the founder and former Chairman & CEO of Panera Bread and Au Bon Pain and is today the Chairman and lead investor in Cava, Tatte, Life Alive and Level99. Shaich makes his investments through Act III Holdings, a $1 billion+ evergreen investment vehicle.

In Shaich’s last two decades as CEO, Panera generated annualized shareholder returns of 25% and was the best performing stock in the restaurant industry. Shaich is often credited with defining the $80 billion fast casual segment and is known for continually disrupting industry paradigms to find new ways to build companies of value and with values.

Shaich has twice been recognized as an Ernst & Young Entrepreneur of the Year, was selected as the 2018 Restaurant Leader of the Year and was presented the prestigious NRN Pioneer award as one of the most significant contributors in the history of the restaurant industry, joining the ranks of Col. Harland Sanders, Ray Kroc, Norman Brinker and J. Willard Marriott.

Connect with Ron Shaich at ronshaich.com

Reviews

[Louise Foerster · Rating 5 out of 5]

I had no idea what to expect from KNOW WHAT MATTERS from Ron Shaich. I knew the name, but not the man who has built and run huge enterprises in food service, including some of my favorite places. I was impressed with his passion, candor, and clear-sighted approach to a complicated enterprise and his emphasis on making the world a better place through your work and life. The insight he provides through his triumphs and missteps made this a gripping, fascinating read, especially as he emphasizes meaning and good over simply making a fast buck. I received a copy of this book and these opinions are my own, unbiased thoughts.

[Tim · Rating 5 out of 5]

I wasn't sure what to expect in this book from Ron Shaich. I'm like most Americans in that I believe we've all heard about Panera and have visited one of their fast casual locations on occasion. What drew me to this title was honestly the subtitle, "lessons from a lifetime of transformations." Most large-scale restaurant chains aren't known for their speed and adoption of new concepts or technologies. In this book Ron takes the reader though a brief history of Panera's founding, but also how he builds his business around a core concept and documents the meaning behind that concept to keep the vision and the direction of the company in check.

I'll be honest, about halfway through the book I asked myself, "where is this going?" Thankfully I stuck with it, because Ron gave me insights into how he ran Panera that only he could give. Ron would classify himself as a contrarian though would say he doesn't try to contradict the common thinking on purpose, it's just how he thinks. One thing that really stuck in my brain was the comparison with common value investing, "be greedy when others are scared, and scared when others are greedy." In this he suggested to save on an upturn and build on the downturn a concept that really makes a lot of sense for me.

An incredible business book that focuses on transformation and building the right thing to create value for a customer and not just increase the stock price of a company.

[Steve Brock · Rating 5 out of 5]

As Stevo’s Novel Ideas, I am a long-time book reviewer, member of the media, an Influencer, and a content provider. I received this book as a review copy from either the author, the publisher or a publicist. I have not been compensated for this recommendation. I have selected it as Stevo's Business Book of the Week for the week of 10/22, as it stands heads above other recently published books on this topic.

[Jac]

Dnf ~64 pgs too boring

[Kevin Wolcott · Rating 4 out of 5]

Founder of Panera. Great anyone growing a business.

[Michael Rubinstein · Rating 2 out of 5]

I’m an avid reader of business biographies and books written by successful entrepreneurs. I have to say this book underwhelmed. The premise of the book is powerful—don’t wait until you’re dead and gone to write your life story and live a life with purpose. Start writing it now by making decisions that will influence your destiny. I truly admire Ron’s business journey. That being said, the book was a boring read and just didn’t land the way you’d expect it to. Two stars.

[Amal · Rating 4 out of 5]

Heard

Changed my rating from 3 to 4 a couple days after because I find myself quoting ideas from here while talking to my uncle who is an entrepreneur... Good vibes

[Joseph Semus · Rating 3 out of 5]

2.5. 4/5 if business success is your number one priority in life. 2/5 for the other advice, how to structure/prioritize your life, etc..

[Scott · Rating 5 out of 5]

The best blueprint for running a business I have ever come across. Clearly and concisely spelled out with easy to understand prose. Don’t be miss lead. It’s not strictly about baking bread or the food industry.

Biggest takeaways.

Concept Essence
Means, Ends, By Products
Delivery and Discovery Balance
How you Spend Time, Talent and Treasury will determine success or failure
Conserve in a boom, build in a bust (receding economy)
Contrarian thinking, embrace it.

[Steve · Rating 4 out of 5]

A guide to founding and running a business from the man led Au Bon Pain, Panera Bread, and Cava fast-casual restaurants. Overall some good business advice that any business entrepreneur will benefit from.

[Sahas Mallela · Rating 5 out of 5]

If I could give Know What Matters more than 5 stars, I absolutely would. Ron Saich has crafted a masterpiece that goes beyond being just a book—it’s a guide to transformational thinking and leadership.

By synthesizing teachings from countless influential works and elevating them with his own insights, Saich delivers a profound and easy-to-understand resource. This book doesn’t just teach; it inspires. It simplifies complex concepts and provides actionable guidance for anyone striving to be a leader or innovator.

I learned an incredible amount from this book, and it has already reshaped how I think about growth and leadership. I’ve recommended it to so many people, and I’ll continue to do so because it truly is a game-changer. A must-read for anyone eager to lead and make an impact.

[Ryan Nordheimer · Rating 3 out of 5]

No harm no foul. Good story about the development of Panera. A good deal of repetitive business concepts. Not too much detail on paneras “transformation”. It felt a little abstract. He didn’t really dig into the Panera operations or design strategy.

[Ashleigh Roper · Rating 4 out of 5]

4.5/5

Who knew reading about Panera Bread and it’s founder, Ron Shaich, could be so captivating?

“To quote one of my favorite Bruce Springsteen songs, I'm "working on a dream." But in the end, it's not just the dream that contains the meaning; it is the work itself. I don't just sit around and hope for my dreams to come true; I work on them, every day, with discipline and focused intention. And what sustains me is not just my love of the dream; it's my love of the work- my love of the lifelong quest to tell the truth, know what matters, and get it done.”

-Ron Shaich, June 2023

[Brandon Weis · Rating 5 out of 5]

Second best business book behind Delivering Happiness

[Julian Dunn · Rating 4 out of 5]

It’s always refreshing to read business books from outside of the Silicon Valley bubble, and Ron Shaich’s Know What Matters is one of the better ones. Not only does the world not revolve around the tech, but many of the obvious principles for business success still hold true, regardless of the kind of innovation currently gripping the world (hello, AI). Ron Shaich’s many twists and turns building Panera Bread and then sustaining its market dominance for the better part of three decades is no small feat, and I challenge any tech entrepreneur to go toe-to-toe with Schaich on their work ethic. What sets Schaich’s approach apart from that of most flash-in-the-pan VC-funded startups is two-fold: he plans for the long-term, and in so doing, he carefully crafts a long-term vision and strategy. Panera’s original one, which he called its Concept Essence, lasted over a decade, and he and his leadership team went through hundreds of drafts while developing it. Compare that to the typical tech company CEO in 2025 that simply wants to flit from tactic to tactic without any north star governing the company’s path, which guarantees a lot of random motion but very little forward momentum.

More important than any tactics or approaches for business success, however, is Schaich’s exhortation that each of us find our own reasons for living and spending our limited time on this planet. Schaich’s knowing what matters is not merely about knowing what you want to do in business (you might not want to go into business at all). Schaich says:

Take the time now, while you still have a runway into the future, to determine whether you are living a life you will respect. Don’t wait until the end. A judgment day is coming for all of us, but it’s up to us to decide when it comes, and whether it comes too late, as it did for my father.

For him, he determined the following things were important:

What I will truly value can be categorized into four areas: my relationships with my family and friends; my relationship with my own body and its health and vitality; my relationship with my work and what gives it meaning; and my relationship with my God, my spirituality. Have I lived my life with a sense of integrity in each of these four areas? Have I done everything in my power to be a good father to my children, a good husband to my wife, a good steward of my businesses and assets, and a person who has left a positive impact on the world? Have I honored my body and soul?

These existential questions are rarely asked by business leaders, and although Schaich is certainly a demanding and ambitious corporate executive, he also shows that he is a caring human, which is shockingly a rare thing for public company CEOs to reveal. He goes on later to state that company building and company transformation is fundamentally orchestration of people, and you get the best results from people when you are empathetic towards them. That goes not only for customers (where it is obvious) but also for your employees. At one point he even suggests that executive teams should really have a therapist on staff. These should not be particularly mind-blowing viewpoints but I’m sure in 2025 where we’ve either reached or are nearing end-stage capitalism, they will be seen as heretical by many teams.

There are many other similar nuggets in this book that also shouldn’t need to be called out, as obvious and logical as they are. (Example: The public markets’ pursuit of growth at any cost is absurd; growth is a by-product of excellent products and differentiation, not a means on its own.) But the fact that Shaich is even perceived as a contrarian on this and other matters shows how messed up the so-called “efficient market” and capitalism today actually is. Go and watch a few videos of Shaich on CNBC or other channels talking about how short-term thinking kills innovation and companies.

Overall, Shaich seems like a decent human and beloved by his teams. I wish more business leaders were as plainspoken and logical as he is. I’ll just come back to a rule that I live by: if a leader says things that sound complicated and they don’t make sense to you, there’s a good chance that they are nonsense. That’s true even if you’re a low-level IC and that leader is the CEO. Bear that in mind as we navigate the AI bubble because I guarantee you that the majority of these companies trying to carve out their own little niche of this frothy red ocean – and throwing around lofty, complicated marketing claims to justify their existences – aren’t going to make it.

[Jung · Rating 5 out of 5]

"Know What Matters: Lessons from a Lifetime of Transformations," authored by Ron Shaich, presents a collection of insights and principles drawn from the author's extensive experiences and transformations throughout his lifetime. Shaich, the founder and former CEO of Panera Bread, shares personal anecdotes, lessons learned, and practical advice aimed at helping readers navigate life's challenges and find fulfillment in their personal and professional lives. The book is organized into four key sections:

1. "Dream Big, Make Mistakes, Learn Fast": In this section, Shaich emphasizes the importance of setting audacious goals, embracing failure as a learning opportunity, and adapting quickly to change. He shares stories from his own career, including the founding of Panera Bread and the challenges he faced along the way.

2. "Connect: With Yourself, with Others, and with the World": In this section, Shaich explores the power of connections and relationships in both personal and professional life. He discusses the importance of empathy, vulnerability, and authenticity in building meaningful connections with others.

3. "Value and Values: Finding Your Path, Making a Difference": In this section, Shaich delves into the concept of values and their role in guiding decision-making and shaping one's life. He shares stories of how his own values shaped his leadership style and business decisions at Panera Bread.

4. "Know What Matters: The Big Picture": In this final section, Shaich encourages readers to reflect on what truly matters to them and to define success on their own terms. He shares personal reflections on happiness, fulfillment, and the importance of living a purpose-driven life.

"Know What Matters: Lessons from a Lifetime of Transformations" by Ron Shaich offers a fresh perspective on customer satisfaction, focusing on the balance between desire and friction when obtaining a product. The author introduces the concept of the "desire-friction ratio," emphasizing that a customer's passion for a product can be dampened by the difficulty in acquiring it. Drawing on personal experiences, Shaich illustrates how this concept applies to everyday situations. For instance, he considers the process of ordering a sandwich from a favorite café. Despite the initial excitement, the experience often becomes stressful due to factors like traffic, parking, and waiting in line. This diminishes the customer's enthusiasm for the product, leading them to question whether it's worth the hassle. Shaich contrasts this scenario with the seamless experience provided by companies like Amazon. By offering a diverse range of products and minimizing friction with features like one-click orders and free delivery for Prime members, Amazon ensures a hassle-free experience for customers, turning them into loyal buyers. The author also shares his experiences with Panera Bread, a company he founded and later stepped down as CEO. Upon returning as co-CEO, Shaich observed the friction points in the ordering process, such as long lines and crowded parking lots. He saw an opportunity to reduce friction by embracing technology, making Panera more tech-adept and improving the customer experience. Overall, Shaich's book emphasizes the importance of understanding and addressing friction to create a better customer experience. By reducing the obstacles customers face in obtaining a product, businesses can increase customer satisfaction and loyalty. The author's insights can be valuable for companies looking to enhance their offerings and build long-term success.

Throughout the book, Shaich provides practical advice, actionable strategies, and thought-provoking questions to help readers apply the lessons to their own lives. "Know What Matters" is a compelling read for anyone seeking inspiration, guidance, and wisdom on their own journey of personal and professional growth.

[Jusan · Rating 3 out of 5]

This book offers an insightful exploration into how personal values intertwine with entrepreneurial success. It begins with the concept that true achievements, like happiness, are often by-products of pursuing meaningful goals rather than direct objectives. Emphasizing the importance of the entrepreneurial mindset, it discusses the joy of building a business and the critical nature of recognizing and seizing opportunities.

Key themes include the caution against rapid expansion and the loss of vision with external funding, the significance of innovation, and the need to adapt in a competitive landscape. The narrative highlights the essential human elements of empathy, leadership, and the cultivation of community within business practices.

The latter chapters focus on strategic decision-making, the importance of maintaining a clear vision, and the balance between personal and business growth. Concluding on a forward-looking note, the book encourages entrepreneurs to focus on creating lasting value and impact.

In essence, this work is a compelling guide for entrepreneurs, offering a blend of philosophical insights and practical advice on building a business that remains true to its core values while navigating the challenges of growth and change.

By the time I reached the 20th chapter, the narrative had begun to feel repetitive and lackluster. Nevertheless, I made the decision to persevere and finish it.

[Scott Wozniak · Rating 3 out of 5]

What's the big idea and/or unique approach of this book?
The founding CEO of Panera Bread Company tells his story and shared the business principles he learned along the way.

How am I smarter, better, or wiser because of it?
Well, I didn't learn much. So, not really any smarter, better or wiser. But that's not because what he said was wrong. It's more that I have been a leader in not just great businesses, but in a restaurant chain that many would say is even better than Panera (and there aren't many who are)--Chick-fil-A. So all the stuff he's talking about was known to me.

I would add that it was a little sad to me to hear him justify how he couldn't be there for his family because, as he said, "you don't own a business, the business owns you." He said this cost him a marriage, kept him from engaging with his kids when on vacations with them and he also said he was "bad at retirement" because he couldn't untangle his identity from his job (so he went back within a few months of leaving).

That's not how it has to be. I've seen other leaders manage that tension much better and rather than own that, he defended it as necessary. :(

Was I entertained/did it keep my attention?
The storytelling was good, probably the best part of the book.

Would I recommend it to others?
If you're a fan of Panera, sure. Otherwise, there are better business books that share more and better insights.

[Deniz · Rating 5 out of 5]

Reading the biographical book “Know What Matters” by Ron Shaich gave me another perspective of Panera Bread Company.

During his college years, Ron demonstrated his entrepreneurial talent and established a food shop in the campus to provide low cost grocery for students.

Ron’s ideas have taken him to a start a cookie shop to owning Au Bon Pain French Bakery and later St Louis Bread Company which became Panera Bread.

The name of the Company changed from St Louis Bread Company to Panera Bread when it became a nation wide food establishment, meaning “Time of Bread”.

The Missouri Bread Dough factory which was part of St Louis Bread Company was the major dough supplier in greater Midwest.

Ron explains how business have evolved over the years and what their concept essence were.

Another important motto Ron relied in business world was “underpromise and over deliver”. This concept would capture customers’ attention thus the positive experience would make them come back.

Ron shares his insights on building a successful business and leading a meaningful life.

What I like about Panera Bread!

Besides the cozy, modern and comforting atmosphere, the selections of coffees and hot water for self-serve attracts me. I usually ask for hot water when I enjoy my coffee.

The other most attractive item on the self serve bar is the microwave! When my drink gets cold, I could heat it up and make it fresh like it is right out of barista, even hotter.

[Yuni · Rating 3 out of 5]

It’s kind of hard to dislike a man who, despite being part of the guillotineable billionaire class, can’t sleep at night for four years because he is ruminating on how to truly make the sandwich ordering process of Panera Bread efficient. His understanding of systems design with the end user in mind as well as the sheer amount of input and testing it takes to nail is super insightful as well.

I wish there was more focus on that instead of the pontificating on how his terrible work-life balance is understandable actually and other corporate fluff - for example, he briefly mentions how logistically difficult it was to bake all of the bread in-house across a huge bakery chain. Tell us all the details! I need to know how exactly this fleet of bread trucks is delivering raw dough across America on a time-sensitive proofing mission!! I would read (and perhaps prefer) an entire book on that alone!!!

[David Garcia · Rating 5 out of 5]

This was a great business book. I felt like I would have enjoyed it even more if I was an executive at a company, which I’m the furthest thing from, but nonetheless, it’s a great glimpse into the mind of one of the most successful men in food and restaurant industry. It was a quick read and very informative and you will surely learn a thing or too about what makes not only successful businesses, but great leaders. Some of my take away quotes:
- “discover today what will matter tomorrow, and then bring what matters to life.” P. 7
- building a business or a life that we respect will be a byproduct of the ends we focus on in the means we choose over decades. P. 17

[Joe Martino]

I think my beef with this book is actually with Wall Street Journal. I was interested in the book because I thought it talked about how to live your life in such a way as to gear it towards desired outcomes.
It had some of that.
But.
It was a lot about how he made Panera into the greatest thing ever. Which is fine, I did learn a lot and it’s a quick read.
However,
It wasn’t what I was expecting.
I don’t think it’s fair for me to blame the author for that.
You are an entrepreneur or a business owner, this book does have some excellent material.
If you’re not, it still has some excellent material, especially the story of his dad in the beginning of the book.

[Cathy · Rating 4 out of 5]

Definitely an interesting read, especially if you’re a potential entrepreneur. The author gives the reader major insights into his thought processes as he builds his company at age 22, from a small local bakery chain, to the biggest restaurant company acquisition in history. Panera became his life’s work and he’s still in the game, in his 70’s, having fingers in the pies of new restaurant chain start-ups.
I think his strategies have applications and are thought-provoking for other businesses.
Like many other busy people who are not writers, he’s used help, but to his credit, he gives them credit. Big thumbs up on that count.

[Deep Frey · Rating 1 out of 5]

Typically I enjoy books and podcasts that tell the story of different businesses. However, I really didn't enjoy this. Perhaps it is because I've never eaten at Panera. Perhaps it's the fact that aside from the au bon pain transition, I did not find the story compelling. Perhaps it's because I did not connect with the author. I found his remarks about team members, investors, and work life balance off putting. It was probably all these things and more.

[Maxine Blackwood · Rating 5 out of 5]

To keep a business successful for the long haul, it's critical to make sure customers both really want your product and can get it easily. Using technology to make buying simpler can increase customer satisfaction. But it’s not just about making money – it’s about making people’s everyday lives better. Getting your favorite sandwich should be a joy, not a hassle.

[Mir Shahzad · Rating 4 out of 5]

Summary:

To keep a business successful for the long haul, it's critical to make sure customers both really want your product and can get it easily. Using technology to make buying simpler can increase customer satisfaction. But it’s not just about making money – it’s about making people’s everyday lives better. Getting your favorite sandwich should be a joy, not a hassle.

[Riley · Rating 4 out of 5]

Few good lessons in here and a business most are familiar with so an added benefit of learning how panera started and grew over the years. Main drawback is some of the content seems more food and beverage related.

[Ryan Lyonnais · Rating 5 out of 5]

Thank you, Ron.

[Mari Rios · Rating 5 out of 5]

Practical advice and pretty much stuff learned in MBA curriculum but often forgotten.

[Laura · Rating 5 out of 5]

A simple yet insightful look into an entrepreneur’s vision for success in business and in life. A very readable book.