Impact Today™
Monday, January 5, 2009
GMAC shows leadership in government loan
Finally we are seeing some leadership in the government funds being doled out by Mr. Paulsen.
GMAC was granted a multi-billion dollar loan after meeting the requirements to form a bank holding company. Within hours GMAC announced they would lower the minimum credit rating restriction and offer zero interest loans.
Unlike other banks that used the money to buy down debt or gobble up smaller banks, GMAC actually used the money in a way to stimulate the economy.
This should quiet critics of the automotive industry claiming the industry lacked the leadership needed to survive in today’s marketplace. It should, but we know it will not.
Leaders gain respect when they follow-through on the intent of the blessings they receive. Perhaps GMAC Bank was more in tune with the intent due to the exhaustive work they had to do in order to qualify for the loan. Regardless of the reason, leaders that are true to the intent are viewed with a higher degree of integrity than those that do not follow-through on intent.
Now how about seeing the same type of leadership from the traditional banks?
Finally we are seeing some leadership in the government funds being doled out by Mr. Paulsen.GMAC was granted a multi-billion dollar loan after meeting the requirements to form a bank holding company. Within hours GMAC announced they would lower the minimum credit rating restriction and offer zero interest loans.
Unlike other banks that used the money to buy down debt or gobble up smaller banks, GMAC actually used the money in a way to stimulate the economy.
This should quiet critics of the automotive industry claiming the industry lacked the leadership needed to survive in today’s marketplace. It should, but we know it will not.
Leaders gain respect when they follow-through on the intent of the blessings they receive. Perhaps GMAC Bank was more in tune with the intent due to the exhaustive work they had to do in order to qualify for the loan. Regardless of the reason, leaders that are true to the intent are viewed with a higher degree of integrity than those that do not follow-through on intent.
Now how about seeing the same type of leadership from the traditional banks?
Labels: Reputation
¶ 1/05/2009 1 Comments Links to this post
Monday, October 27, 2008
The lawyer and his expensive cigars
After purchasing a box of very rare and expensive cigars the lawyer immediately insured them, fearful a client might steal them.
After each client left his office, the attorney checked to ensure the box was still there. Unfortunately eyeing the cigars so frequently caused his self-control to disappear and he began smoking them. Although initially he thought he could smoke just one, before long the entire box was gone.
After seeing what he had done he filed a claim with the insurance company. The agent taking the claim asked if they were stolen. Knowing the punishment for perjury, the attorney confided the cigars had been destroyed in a series of small fires.
Recognizing what had happened, the insurer refused his claim.
The attorney sued – and won his case to the tune of $10,000!
He was arrested within days of cashing his settlement check.
Click here to find out why he was arrested and what happened to the attorney.
After purchasing a box of very rare and expensive cigars the lawyer immediately insured them, fearful a client might steal them.After each client left his office, the attorney checked to ensure the box was still there. Unfortunately eyeing the cigars so frequently caused his self-control to disappear and he began smoking them. Although initially he thought he could smoke just one, before long the entire box was gone.
After seeing what he had done he filed a claim with the insurance company. The agent taking the claim asked if they were stolen. Knowing the punishment for perjury, the attorney confided the cigars had been destroyed in a series of small fires.
Recognizing what had happened, the insurer refused his claim.
The attorney sued – and won his case to the tune of $10,000!
He was arrested within days of cashing his settlement check.
Click here to find out why he was arrested and what happened to the attorney.
Labels: Anecdote, Reputation, Strategy
¶ 10/27/2008 0 Comments Links to this post
Monday, October 13, 2008
The tricky patient
When his employer changed insurance plans, John was going to forced to go to Dr. Reddy, the only physician taking the new insurance plan. But John loved his present doctor so contrived a plan to discredit Dr. Reddy. John thought that once Dr. Reddy was unable to solve his illness the insurance company would have to let him go back to his old doctor.
One day John went to Dr. Reddy to report he had completely lost his sense of taste.
“Oh, that’s too bad,” said Dr. Reddy, surmising John was not on the level.
Dr. Reddy called out to Nurse Smith who was standing in the hallway.
“Could you bring me one of those samples of Tastitol (pronounced taste it all) the salesman left this morning?”
Soon Nurse Smith handed John the bottle. Taking off the top John took one bug swig of the liquid.
“Yuck!” John yelled, spitting it out. “This is horrible.”
“It may be,” said Dr. Reddy, “but it seems we’ve restored your taste.”
Several weeks later, John decided to make another attempt to trick Dr. Reddy.
"Doctor," he started, "I think I have amnesia. I can't remember anything other than my name. Can you help me?"
“I’m not sure,” Dr. Reddy announced. “I do not have much experience with memory loss and it is pretty serious. I may need to give you a referral.”
As Dr. Reddy reached for a writing pad John rejoiced inwardly anticipating he was getting a referral to see his old doctor.
When Dr. Reddy handed the paper to John, John let out a yell, threw the paper on the floor, and ran from the examining room.
To find out why, click here.
When his employer changed insurance plans, John was going to forced to go to Dr. Reddy, the only physician taking the new insurance plan. But John loved his present doctor so contrived a plan to discredit Dr. Reddy. John thought that once Dr. Reddy was unable to solve his illness the insurance company would have to let him go back to his old doctor.One day John went to Dr. Reddy to report he had completely lost his sense of taste.
“Oh, that’s too bad,” said Dr. Reddy, surmising John was not on the level.
Dr. Reddy called out to Nurse Smith who was standing in the hallway.
“Could you bring me one of those samples of Tastitol (pronounced taste it all) the salesman left this morning?”
Soon Nurse Smith handed John the bottle. Taking off the top John took one bug swig of the liquid.
“Yuck!” John yelled, spitting it out. “This is horrible.”
“It may be,” said Dr. Reddy, “but it seems we’ve restored your taste.”
Several weeks later, John decided to make another attempt to trick Dr. Reddy.
"Doctor," he started, "I think I have amnesia. I can't remember anything other than my name. Can you help me?"
“I’m not sure,” Dr. Reddy announced. “I do not have much experience with memory loss and it is pretty serious. I may need to give you a referral.”
As Dr. Reddy reached for a writing pad John rejoiced inwardly anticipating he was getting a referral to see his old doctor.
When Dr. Reddy handed the paper to John, John let out a yell, threw the paper on the floor, and ran from the examining room.
To find out why, click here.
Labels: Anecdote, Ethics, Reputation
¶ 10/13/2008 0 Comments Links to this post
Monday, September 8, 2008
Negotiating benefits - oops!
Who says some new employees have unreasonably high expectations? Perhaps the hiring manager interviewing a management trainee in this story:
“So what starting salary level are you looking for?” asked the interviewer.
“It should be around $100,000 per year,” said the recent college graduate. “Of course that depend on benefits.”
“We have a very generous benefit package,” replied the HR professional. “We will grant you a $25,000 signing bonus, full medical and dental at no charge, fifty percent match on your 401K contributions, stock options matching your annual salary, five weeks vacation starting the first year, an a complimentary company car.”
The candidate was increasingly ecstatic with each new benefit. He could hardly contain himself.
Unfortunately he didn’t get the job because of the next dialog exchange.
What happened next? Click here.
Who says some new employees have unreasonably high expectations? Perhaps the hiring manager interviewing a management trainee in this story:“So what starting salary level are you looking for?” asked the interviewer.
“It should be around $100,000 per year,” said the recent college graduate. “Of course that depend on benefits.”
“We have a very generous benefit package,” replied the HR professional. “We will grant you a $25,000 signing bonus, full medical and dental at no charge, fifty percent match on your 401K contributions, stock options matching your annual salary, five weeks vacation starting the first year, an a complimentary company car.”
The candidate was increasingly ecstatic with each new benefit. He could hardly contain himself.
Unfortunately he didn’t get the job because of the next dialog exchange.
What happened next? Click here.
Labels: Anecdote, Hiring, Reputation
¶ 9/08/2008 0 Comments Links to this post
Saturday, June 14, 2008
Hammered by his brother
One brother was tremendously jealousy of his younger brother. Their father was grooming both to take over his small store once he retired. However the father was constantly giving more responsibility to the younger brother and the older brother could stand it no longer. He went to his dad and asked him why it was that his younger sibling was given more responsibility.
“We can talk about it later this afternoon,” said the father. “Right now we are low on hammers in the store. Could you call ABC Supply and see if they have any in stock?”
The older brother did so immediately and returned to his dad. “They have a dozen available,” he said.
“That’s good,” the dad replied. “How much are they?”
“Let me call them back and find out.”
A few moments later the son returned to report the price was $100 for the dozen.
“How quickly they could be ordered if we take them,” asked the dad.
“It’ll only take a moment to call them and find out,” said the older son pleased that things seemed to be progressing so well.
In about ten minutes the son returned to explain they could deliver them the next day.
The father asked him to wait in the office for a minute as he called in the younger brother.
“We are low on hammers in the store. Could you call XYZ Supply and see if they have any in stock?”
The son waited as his dad did some paperwork and in about 5 minutes the younger brother returned.
“Yes, they do have hammers in stock at $100 for a dozen. I also found out that two dozen only costs $150, which means the second dozen would be half price.” I saw our cost for these same hammers is normally $10 each, so I went ahead and ordered them for tomorrow morning. If you would like to get the second dozen they gave me until this afternoon to call them back to modify the order.”
The older brother was really impressed.
“Thank you, dad, I understand.”
Life Lesson: Keep track of your competition – and co-workers are competition.
One brother was tremendously jealousy of his younger brother. Their father was grooming both to take over his small store once he retired. However the father was constantly giving more responsibility to the younger brother and the older brother could stand it no longer. He went to his dad and asked him why it was that his younger sibling was given more responsibility.“We can talk about it later this afternoon,” said the father. “Right now we are low on hammers in the store. Could you call ABC Supply and see if they have any in stock?”
The older brother did so immediately and returned to his dad. “They have a dozen available,” he said.
“That’s good,” the dad replied. “How much are they?”
“Let me call them back and find out.”
A few moments later the son returned to report the price was $100 for the dozen.
“How quickly they could be ordered if we take them,” asked the dad.
“It’ll only take a moment to call them and find out,” said the older son pleased that things seemed to be progressing so well.
In about ten minutes the son returned to explain they could deliver them the next day.
The father asked him to wait in the office for a minute as he called in the younger brother.
“We are low on hammers in the store. Could you call XYZ Supply and see if they have any in stock?”
The son waited as his dad did some paperwork and in about 5 minutes the younger brother returned.
“Yes, they do have hammers in stock at $100 for a dozen. I also found out that two dozen only costs $150, which means the second dozen would be half price.” I saw our cost for these same hammers is normally $10 each, so I went ahead and ordered them for tomorrow morning. If you would like to get the second dozen they gave me until this afternoon to call them back to modify the order.”
The older brother was really impressed.
“Thank you, dad, I understand.”
Life Lesson: Keep track of your competition – and co-workers are competition.
Labels: Anecdote, Reputation
¶ 6/14/2008 0 Comments Links to this post
Sunday, January 6, 2008
Oil at $100: entrepreneurial lesson
Richard Arens, an entrepreneur who runs a one-man oil brokerage, is solely responsible for pushing the price for a barrel of oil over $100 for the first time. As reported by The London Financial Times, he contracted for the record price despite the fact that oil was trading at 60 cents less per barrel.
Although Arens reasoning remains a mystery, a look at the characteristics of the entrepreneurial culture could shed some insight:
Richard Arens, an entrepreneur who runs a one-man oil brokerage, is solely responsible for pushing the price for a barrel of oil over $100 for the first time. As reported by The London Financial Times, he contracted for the record price despite the fact that oil was trading at 60 cents less per barrel.Although Arens reasoning remains a mystery, a look at the characteristics of the entrepreneurial culture could shed some insight:
- Entrepreneurs want other to know their name. Certainly Arens’s name is now well known in the oil brokering business, but Richard, is this what you want to be know as?
- Entrepreneurs look for publicity for their company. Arens’s company, ABS, has made the papers. Someone needs to tell him that the saying “there’s no such thing as bad publicity” is only a myth.
- Entrepreneurs want to maximize their prices. Investors love revenues so entrepreneurs need to find ways to maximize income. The day after the hundred dollar price ceiling was prices at the pump went up 3-5%. If Arens also had interests in the retail price of gasoline/petrol, the $600 he overpaid on his contract could quickly have been recouped.
Labels: Entrepreneur, Reputation
¶ 1/06/2008 0 Comments Links to this post
