Issue link: https://nebusinessmedia.uberflip.com/i/1515234
Dexter-Russell 5 I s it sheer luck, or is there a secret sauce in achieving 200 years in business? Why is it so rare and noteworthy, and are there lessons from the Dexter story? For the record, longevity and success are not synonymous. Success is measured by: product quality and satisfaction of customers, well-treated and enthusiastic employees, community engagement and brand strength in the market place. As the tenth President of Dexter-Russell, I am one in a line of leaders and associates that have contributed to our longevity and success. As has been stated in our Annual Wall of Fame induction ceremony, we stand on the shoulders of those who came before us, and we are better off because of their contributions, efforts and wisdom. Yet, it is said that the more successful a company has been, the more likely it is to fail in the future. Our actions are shaped and reinforced by what has successfully worked before, but markets, technology, buying habits, uses and products all change over time, and a company must be nimble and respond or it will perish. So, if there is a secret sauce, this is my 10-ingredient recipe for Dexter's success: 1. Create a product or service of lasting and beneficial quality that can make a difference. We manufacture professional-quality knives, turners, spatulas and cutting tools. We are all about e Edge, and I believe we yearn to successfully make things of value that allow people to work and live better. What we do requires skill, teamwork, capital and repeatability. We know when we are doing it right, and when we are not. 2. Respect the value and the contributions of all. We all wish to perform well and have our contribution matter, be loved by our families, and respected at home and at work. A company should only wish to build upon such a great foundation. 3. ink for the long run, not an immediate return, win or reward. As a privately-owned business with long-tenured employees, we care about how a decision may affect us and the precedent it establishes, not just the next earnings call; and continue to invest in the business. 4. Difficult decisions do not get easier or go away with time. A moment to reflect is frequently prudent, yet delaying what must be done, is not. 5. Reward all employees fairly. Transparent, company-based incentives, like a cash bonus and a profit-sharing program, all motivate us to work as a team, watch our pennies, get better and stick around. 6. ere is a difference in being proud of one's company, co-workers and legacy, and arrogance. Pride comes from meeting challenges and winning results in good morale. To this, add modesty, striving for constant improvement, and a restlessness to improve. 7. Listen to the customer, respect their needs and be responsive. It can take anybody far. 8. ink differently and innovate. 9. We are a part of our community and we have a responsibility to be engaged and to care. 10. Be humble, play with your knees bent, and have some laughter along the way. e stories and images that follow relate the two centuries of our business; in most of which I was not involved. e prior history, however, built our foundation and provided us the personality and the character that we take forward. I hope and pray that Dexter-Russell can continue to be successful, so the legacy of Henry Harrington and John Russell can live on in the town of Southbridge and in the hearts of those who wish to make a difference. - Alan Peppel Message from the CEO