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The Roots of Open-Book Management with Jack Stack and Jim Canfield

Mar 15, 2019 by Lauren Haley 1 Comment

Jack with Jim C (2)

Let's take it back a few years....14 years before the famous story of SRC's establishment in 1983. Jack Stack is learning the ins-and-outs of manufacturing, the detailed metrics involved in the industry, and receiving training and education provided by his company, International Harvester. But what he doesn't realize is that he's being cheated out of some of the most important metrics in any company: the financials and reporting system.

In 1983, everyone is struggling for business, but this company is on the verge of failure. International Harvester owes $6 billion, interest rates are at 20%, and the company lays off  1000 workers weekly for two years straight. Jack and the other managers of the Springfield plant are fully focused on saving the jobs of their 119 employees and keeping the business from shutting down. This critical position allows Jack to take on the company financials himself and understand what it takes to make a great company:  teaching everyone in the company the metrics of a successful and sustainable business through financial literacy and reporting.

In this interview with Jim Canfield, see how Jack and his team applied these metrics to turn the business around, and the lessons learned in the critical beginning years of Springfield Remanufacturing Corporation that established what we know as open-book management today.

See additional videos from Jim Canfield's interview with Jack Stack below.

cn    Copy of JC Minigames (2)   Copy of Copy of JC Minigames


 Learn more about the establishment of open-book management and the Great Game in Jack Stack and Bo Burlingham's book, The Great Game of Business. 

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Topics: Open-Book Management

Written by Lauren Haley

About The Great Game of Business

Our approach to running a company was developed to help close one of the biggest gaps in business: the gap between managers and employees. We call our open-book approach The Great Game of Business. What lies at the heart of The Game is a very simple proposition: The best, most efficient, most profitable way to operate a business is to give everybody in the company a voice in saying how the company is run and a stake in the outcome. Let us teach you how to develop a culture of ownership, where employees think, act and feel like owners.