There are few clubs as elite as the Century Club, and today’s guest is going to share what it takes to get there. Vicki TenHaken focused her career on the factors that make companies long-lived and boiled them down to five key things Century Club companies do consistently:
Today’s episode will overview the most common things companies with longevity do, how you can establish these best practices in your own business and practical advice for encouraging a long-term company. If you’re serious about legacy, this isn’t an episode you want to miss!
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Vicki TenHaken is a seasoned corporate executive who left the business world after 25 years to enter academia. She is presently professor of management at Hope College and has previously worked with companies like GE and Herman Miller. Research on corporate longevity has become her passion as the Century Club companies she studies set the example of doing business for the good of all. Vicki is also author of Lessons from Century Club Companies: Managing for Long-Term Success.
4:36 - “Every company I’ve ever worked for was over 100 years old.” – Vicki TenHaken
09:31 - “Talk about learning something! Try teaching an executive MBA class on change management to people who are trying to manage their company from communism to capitalism!” – Vicki TenHaken
14:35 - “Obviously you wouldn’t be in a business that’s around 100 years old if you hadn’t done something right.” – Vicki TenHaken
21:25 - “They tended to look at profit as the result of doing what they do and doing it well. One CEO said, ‘We see profit as the fuel for our organizational engine, not our destination.’” – Vicki TenHaken
23:17 - “The difference was how the old companies managed them over time and they were very clear about investing in those competencies over time.” – Vicki TenHaken
24:23 - “They wouldn’t still be here if they hadn’t found a way to change appropriately.” – Vicki TenHaken
30:10 - “It was because of that trust built that was built and that true partnership that they’re willing to exchange strategies and information and technologies, and then all of them are successful over time.” – Vicki TenHaken
34:25 - “There are so many benefits that come with having long-term employees, especially if you invest in their continued growth and development.” – Vicki TenHaken
40:40 - “One thing they all have in common is that they tend to be financially conservative and they are slow to take on debt.” – Vicki TenHaken
48:00 - “It comes back to the culture. It’s built into the culture that curiosity, openness to new ideas, and not being afraid to try new things, and even to fail.” – Vicki TenHaken
Lessons From Century Club Companies: Managing for Long-Term Success, by Vicki TenHaken
Vicki’s blog, “How 100-Year-Old-Companies Survive”
Email: [email protected]
Email: [email protected]
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