Friday, October 17, 2008

Business Lessons from the Great Depression

A very interesting and timely article was posted this afternoon on Business Week Magazine's website.

I was called by writer Stacy Perman earlier this week, asking if Crane could provide guidance to other companies experiencing serious financial downturns for perhaps the first time. Because Crane has been around since 1770, it has seen more than its share of historic downturns. So why is Crane still here, and how does it continue to be as relevant in the 21st century as it was before the American Revolution?

As Crane's historian, I was happy to help with some historical perspective, but most notable is how the Crane family continues to view its business, as told by Crane CEO Charlie Kittredge, a seventh-generation descendent of the family's first papermaker:

"Our company has the luxury to think and plan for the long term, so that when the hard times come, we don't feel required to slash the workforce or make all sorts of cuts [that] diminish the value of our company over time. We feel we can keep our people employed. We care about our community and employees and think about how a downturn impacts them."

You can read the entire article here. Enjoy!

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