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Foldcraft Co.: Transformational Journey

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Foldcraft Co.: Transformational Journey. Steve Sheppard Chair and CEO, Foldcraft Co. (Retired) CEO, Winds of Peace Foundation (Current). Introduction. Incorporated 1948 100% Employee-Owned S Corp 350 Members 4 Wholly-Owned Subsidiaries

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slide1

Foldcraft Co.: Transformational Journey

Steve Sheppard

Chair and CEO, Foldcraft Co. (Retired)

CEO, Winds of Peace Foundation (Current)

slide2

Introduction

  • Incorporated 1948
  • 100% Employee-Owned S Corp
    • 350 Members
    • 4 Wholly-Owned Subsidiaries
  • 2006: $50MM Consolidated Sales
  • Companies, Products, Services
  • Transformational
  • Values-Based
foldcraft business objectives
Foldcraft Business Objectives
  • Grow Equity By 12% Per Year
  • Diversify Our Business
  • Manifest Employee Ownership
  • Improve Competitively and Globally

Simple….But How?

what if
What if…?
  • We could substantially increase the involvement and satisfaction of our employees, and in the process afford better benefits, twice the retirement income of comparable companies and higher wages?
  • We could increase productivity at our company by an average of 5.3% annually?
  • There is a “magic pill” that could boost our investment rate of return by 2.7% every year?
  • There is an initiative that can increase sales, employment and sales/employee by 2.4%?
  • We could increase the likelihood of the longevity of our firm by 15.2%?
  • There could be a strategy that would better assure our firm would continue operating independently?
  • We could eliminate corporate income taxes?
what if6
What if…?
  • We were working for the benefit of ourselves and our co-workers, not some absentee owners?
  • We had the opportunity to create real wealth through owning equity?
  • We could buy into owning a company without investing any of our own money?
  • We woke up one day and realized that we really will become old and retire some day?
  • We had the opportunity to create twice as many retirement bucks as the average worker?
what s different in an esop
What’s Different in an ESOP?
  • Expectations
  • Opportunity for Wealth-Building
  • Covenant With Each Other
  • Corporate Culture Introspection
  • Wider Focus on Employees
  • Engaging, Teaching, Communicating, Understanding the ESOP
slide8

Ownership “Magic”

  • Opportunity for Culture Shift
  • Holistic Development
  • Participation
  • Ownership
stewardship
Stewardship
  • Membership in an organization means that we have chosen and accepted this playing field. This choice and acceptance becomes our contract. Our desires for compensation, self-expression, participation…whatever we want from a place…are viable only so long as we can commit to the mission, results, constraints, principles, difficulties of the larger institution. If we cannot support these requirements and boundaries, then we should leave. Stewardship offers more choice and control in exchange for a promise….
slide10

What I Promise to You:

*Open Book Management

*Member Involvement

*Stewardship

*Servant Leadership

*Listening

*Vision

*100 Best Companies

*Change

*Opportunity

slide11

What You Promise to Me:

*Partnership

*Commitment

*Participation

*Attitude (Courtesy, Respect)

*Body, Head, Heart

*Change

*Self-Management

*Peer Pressure

*Desire to Be All That You Can Be

esop noteworthy
ESOP Noteworthy
  • Outstanding Employee-Owner in America, 1993
  • Outstanding Employee-Owner in Minnesota, 1993, 1994,1996
  • Outstanding Employee-Owned Company in Minnesota, 1996, 1998
  • Outstanding Employee-Owned Company in America, 1998
foldcraft statistics
Foldcraft Statistics
  • 47/200 Participants Own 6-Figure Accounts
  • The Average of Those 6-Figure Accounts Is More Than $160,000
  • 30/47 Accounts Are Owned By Non-Managers
  • 19 Accounts Are Owned By Factory Participants, 11 By Office
  • Average of ALL 200 Accounts Is More Than $75,000
slide14

CORPORATE WELLNESS:

I NTELLECTUAL

S OCIAL

E MOTIONAL

S PIRITUAL

O CCUPATIONAL

P HYSICAL

ii open book management chapter and verse
II. Open Book Management: Chapter and Verse
  • Chocolate Chip Cookies
  • The Great Game of Business
  • The School Desk Company
  • The ESOP Huddle
  • Weekly Closes
  • Individual Profit/Loss Statements
  • White Boards, Hour-by-Hour Charts
slide16

Industry Week

publishes

“Kaizen Blitz”

9/97

1st Foldcraft Shopfloor Event

8/98

Participate

in Pella Event

6/98

Pella

Visit

5/98

III. Foldcraft’s Lean Journey

slide17

Unleashing Ownership Potential

  • Kaizen Teams
  • Inside and Outside, All Members
  • Intense, Focused, Accountable (25%-50%-40%)
  • Educate, Facilitate, Elucidate, Celebrate
  • Cara’s Story
slide18

Foldcraft’s Lean Journey

1st Foldcraft Kaizen Event Results:

  • The Vent!
  • 25% Productivity Increase
  • 66% WIP Reduction
  • 50% Floorspace Reduction
  • Proved to ourselves that it could be done
slide19

Tool

& Die

Becomes

Process

Build

Foldcraft

Acquires

Baker

Furniture

Kaizen

Comes

To

Baker

4/02

4/02

5/02

Foldcraft’s Lean Journey

slide20

Process Lead-Time 66%

  • Floorspace 42,000 sq. ft.
  • Productivity 240%
  • Claims 48%
  • On-Time Ship 95.2% 99.3%

Results Achieved ‘98-Present:

  • Significant product expansion
  • Insourcing previously purchased items
slide21

Foldcraft’s Lean Journey

Kaizen Continues Every Day, Every Hour!

  • Monthly Events
  • Point Kaizens
  • HOT Lab Work
  • Public Events
  • Hour-by-Hour Charts
  • White Boards
  • Etc.
slide22

Does It Make A Difference?

  • Competition (Falcon)
  • Customers (YUM!)
  • Acquisitions (Millwork)
  • Share Appreciation
  • Distributions
slide23

Cross Boundaries

  • Transformational
  • Educational Travel
  • Third-World Realities
  • Broadening Member Thinking
  • Educating Re: Diversities
  • Global/Cultural Sensitivities
slide24

Foldcraft Foundation

  • Established 1997
  • Funded by Foldcraft
  • 10% Pre-Tax Profit
  • Separate Member Board
  • Global Focus
iv the global context
IV. The Global Context
  • Winds of Peace Foundation
  • Martha Valle Valle
  • Honduras ESOP
  • Organizational Workshops
why it s important
Why It’s Important
  • Wellness IS ESOP
  • The Have’s and the Have-Not’s
  • Equity Ownership
  • Life Is Short
ad