Life After Business
#156: The Great Game of Business – The Only Sensible Way to Run a Company
If you need to change the game of your business, increase its value, and create a culture where everyone is moving in the same direction, take a listen to this episode. Today, I talked with Jack Stack (author of “The Great Game of Business”).
Jack did hard time. And by that he means, he dealt with hard decisions back in 1983 when he and 12 other managers were desperately trying to save the jobs of 112 people at International Harvester. Together, they were able to scrape together $100,000 and used it as a launch pad, in order to transform International Harvester into SRC Holdings Corporation, which is a thriving company with 100x the employees that International Harvester once had. With 1,600 engaged employees working to operate 14 business units across the country, they’re now managing over $600 million in sales. Listen to Jack’s story about how he helped save the jobs of hundreds of people, and created one of the most successful companies in remanufacturing.
What you will learn:
- The story of SRC Holdings and its origin story
- How transparency can build a strong business
- What happens when you teach people the fundamentals of business
- How to convert a tremendous amount of debt into equity
- The importance of teaching employees instead of juggling cash
- Business is no different than a game of Monopoly
- There isn’t anyone teaching people how business works, when that’s really what they need.
- How the great game of business works
- The importance of building the confidence of your employees
- You can’t have values without performance
- The importance of teaching people debt
- With information comes responsibility
- The power of delegation
- Retention will be the key to succeeding in the future
- Why it is important to talk to other entrepreneurs
- The importance of vulnerability in a company
Why not play the right game? Are you struggling with the same things that other entrepreneurs are struggling with? Why not get everyone on board? Why is transparency so important?
Links and Resources:
Jack Stack and “The Great Game of Business”: https://www.greatgame.com/jack-stack
Jack is the President, Founder, and CEO of a remanufacturing company based out of Springfield, Missouri called SRC Holdings. It is a 100% employee-owned corporation with over 1,200 people employed under their name. He is also the pioneer of a leadership technique known as “open book management”, and is the author of two books: “A Stake in the Outcome” and it’s predecessor, “The Great Game of Business”. Both books are about his unique and eye-opening vision for leadership, which some business owners had deemed “unconventional”.
He has been a contributor for The New York Times and Inc Magazine. He has also served as the world judge for the Ernest and Young Entrepreneur of the Year awards and designed the initial United Way Entrepreneurial Fund for the non-profit community. Fortune Magazine has called him one of the “top 10 minds in small business.” He’s also managed to balance his busy professional life with his family life, being the father of five children and the grandfather of six grandkids.
Jack operates over 30 business units, some of which include joint ventures with Navistar, John Deere, and Case New Holland. Under Jack Stack, SRC Holdings Corporation has received international recognition. It was deemed one of the “Top 100 Companies to Work for in America.” It has also won the Business Enterprise Trust Award and the National Business Ethics Award.
Brought to you by Ryan Tansom of Life After Business