How 15 major industrial corporations were able to pay dividends without interruption for more than a century each, and the lessons this holds for corporations today, as they struggle to survive in the turmoil of uncertainty and economic globalization. Grossman and Jennings examine 15 industrial companies, each with a century of uninterrupted dividends, and find in their values and management styles unique characteristics that other companies today would be well advised to understand and seek to emulate. Each of the 15 knew they were in business for one purpose: To make money-- and each knew what it had to do to make it. They also knew what they would not do. Dynamic, questioning, always in search of ways to march in step with a changing society, they constantly asked themselves one critical question: What business are we in? The answers they found, the principles of management they discovered and practiced, the values they recognized and adopted--all helped them prosper. Not only did they survive but they also paid dividends to their shareholders in all kinds of economic weather.
Now, in an era of gurus and buzzwords, fad theories, and du jour approaches to business success, the stories of these companies reaffirm the simple, timeless precepts. They remind managers of any growing company that there are indeed notions, principles, and management techniques that have proved themselves over time, and which still have the strength to guide organizations today toward a profitable, enduring corporate life. The authors assert that no one before them has examined companies with long-term success, as defined by their ability to pay dividends without interruption. In fact, in the history of U.S. industry there have only been 15. Through World War I, II and the Depression, they managed to have the earnings and the will to provide their shareholders with an annual return on their investments. For the same reason we study historical figures to learn who they are, what they did, and what their accomplishments mean for us today, so too do we study these uncommon 15. They offer straightforward insights into how businesses grow and survive.
The companies and their stories exhibit common links: Strong corporate values, the importance they placed upon employees, the strengths gained from the longevity of their corporate leaders, and the role played by diversification--all helped make their ongoing successes possible. Anecdotal but solidly research-based, engrossing and readable, with diagrams and other illustrations to help today's managers evaluate their own organizations and plans for growth, the book will be a major contribution to our understanding of the past, and a view of what might be the best in the future of today's organizations.