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Team 3

Team 3. Cal Wallace Isabel Castaneda Pat McGregor. Good to Great Jim Collins. Ch 3 First Who… Then What. The Bus. First get the right people on. Then figure out where to drive it. Ex. Wells Fargo- 70’s CEO Dick Cooley built the most talented management team in the industry

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Team 3

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  1. Team 3 Cal Wallace Isabel Castaneda Pat McGregor

  2. Good to Great Jim Collins Ch 3 First Who… Then What

  3. The Bus • First get the right people on. • Then figure out where to drive it. • Ex. Wells Fargo- 70’s CEO Dick Cooley built the most talented management team in the industry • Ex. Bank of America- “weak generals, strong lieutenants”

  4. Main Point • Right people on, wrong people off and where to “drive” to • Thoroughness needed of people decisions in order to take the company from good to great.

  5. Not a “Genius with a Thousand Helpers” • “Company is a platform for the talents of an extraordinary individual” • The “genius” does not want a team, only good followers to implement great ideas. • Ex. Eckerd Corporation- drugstore empire and the fall of the empire

  6. It’s Who You Pay, Not How You Pay Them • Most would think compensation is key in going from good to great. • “People don’t do what you tell them to do, people do what you pay them to do” – FALSE • Collins found no systematic pattern in the process of good to great.

  7. It’s Who You Pay, Not How You Pay Them • No systematic differences on the use of stock, high salaries, bonus incentives, or long-term compensation. • If you have the right executives on the bus, they will do anything to build a great company. • i.e. Nucor, and most recently AIG

  8. Rigorous, Not Ruthless • Good-to-great companies are rigorous not ruthless. • Ruthless – hacking and cutting people without thoughtful consideration. • Rigorous – consistently applying exact standards at all times and at all levels. • I.e. Wells Fargo – Crocker consolidation

  9. Rigorous, Not Ruthless • How to be rigorous (3 principle disciplines) • When in doubt, don’t hire – keep looking. • When you know you need to make a people change, act. • Put your best people on your biggest opportunities, not your biggest problems.

  10. First Who, Great Companies, and a Great Life • Balance Your Life • (Colman Mockler CEO Gillette) • with the right people around you can do the things you enjoy. • Stay active • Love Your Job • George Weissman (Phillip Morris) • Another passionate marriage of his life. • “the hall of wizards was”

  11. “I never had anyone in Kimberly-Clark in all of my forty-one years say anything unkind to me. I thank God the day I was hired because I’ve Been associated with wonderful people. Good, Good people who respected and admired one another.” Dick Appert (Kimberly-Clark) p62

  12. Review Introduction Practical Disciplines for Rigorous Decision Making • “Get the right people on the bus and the wrong ones off.” • “First Who, then What”, as a discipline • “Genius with a thousand helpers,” usually deteriorates. • “Rigorous not Ruthless,” with difficult decisions. • “When in doubt, don’t hire- keep looking.” • “Act on people changes,” or change seat placement. • “Put your best people on the biggest opportunities,”

  13. Summary Good to Great Companies • “Debate for the best answers, yet also unify” • “Executive compensation is not a motivational tool it keeps them there.” • “The right people are your most important asset” • “The right person is those with good character, background, knowledge, and skills.”

  14. Work Cited • Collins, Jim (2001). Good to Great. New York, NY: HarperCollins.

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