Overstock Chairman Says Government Needs to Run Like a Business

Government leaders need to take a page out of the businessman's playbook when it comes to making decisions and managing budgets, according to Overstock's chairman, who is making a run for public office. Jonathan Johnson, who also served as the former president and acting CEO of Overstock, is attempting to unseat Utah Governor Gary Herbert in the state's Republican primary. 'There's a host of principles that we apply in business successfully that can apply to government,' said Johnson. 'At Overstock we get some of our best decisions and ideas from our call center agents and from those that are working in the warehouse. They're the ones that know how to get things done.' One of Johnson’s key issues is fiscal responsibility and self-reliance. That includes having state governments come up with financial contingency plans. ‘At Overstock we have a budget every year, but we also plan ahead of time if we don't meet budget, what steps we'll take,’ he explained. ‘I think governments need to do that more often, particularly at the state level, where so many states are reliant on the federal government to fund anywhere from 15% to 40% of their budget.' Johnson spoke with TheStreet's Rhonda Schaffler in New York.