There’s a story about Lee Iacocca when he took over then struggling auto maker Chrysler way back in 1979.
Iacocca spent the first week calling people into his office – managers, VPs, Directors, you name it. Once they arrived, he would them a piece of chalk and then tell them to head over the chalkboard.
Once they made it to the board, he said to each one:
"You've got 7 minutes to show me a diagram of how whatever the heck you do around here ends up selling cars."
Anyone who couldn't draw that diagram, he fired.
His theory was, if it turned out they really were important, they’d figure it out and they’d go get them back. But he also figured it was a fairly safe bet that if they couldn't draw that diagram, Chrysler didn't really need them.
This “tough sell” approach was just one thing that Iacocca did to turn Chrysler’s fortunes around.
I relayed this story to make a very important point about financial planning.
Don’t let your portfolio grow stagnant – make the time to regularly review what’s contained inside. You may have stocks, bonds, or other investment vehicles that should be replaced or increased.
Call our office today at 610-695-8748 for your free portfolio review. We’ll make sure it’s doing the job for you that you expect and deserve.
