Continued from page 1
The internal affairs at Chrysler were a mess. This was a company that was going to dogs, and going there fast.
Rolling up his shirt sleeves, Lee went to work trying to bring some manner of cohesion to upper level management. Then he hired a top notch public relations firm to get back customer confidence.
Things still didn't get any better. To make matters worse, world economy in 1979 was falling apart. Gas prices were doubling and fuel efficient import cars were taking over domestic sales.
Chrysler got hit hard.
Iaccoca's company was going under and he knew it. There was only 1 course for him to take. He went to US Government seeking loans for a bail out. Congress was not impressed, but Lee had done his homework. He argued that if Chrysler collapsed it would cost country $2.75 billion dollars alone in unemployment benefits.
His speech before US Congress was so convincing, that Iacocca and Chrysler got their loans.
In his fight for survival, Lee cut his own salary to $1 a year. Everybody in management got a salary cut except for secretaries, who Iaccoca believed deserved every cent they made.
Next he took on union and said: "Look boys, I've got a shotgun to your head. I've got thousands of jobs at seventeen bucks an hour. I've got no jobs open at twenty."
The company began an all-American ad campaign to promote their new fuel efficient K-car. The car soon began to sell like hot cakes.
His persistence and "never give up" attitude and his willingness to do whatever measures it took to ensure viability of company worked. Chrysler paid back loans a full seven years ahead of their due date.
Lee Iacocca had become a roaring success.
His thoughts are:
"Apply yourself. Get all education you can, but then, by God, do something! Don't just stand there, make something happen. It isn't easy, but if you keep your nose to grindstone and work at it, it's amazing how in a free society you can become as great as you want to be. And, of course, also be grateful for whatever blessings God bestows on you."
Dave Cole Editor/Publisher Prosperity: The Choice Is Yours http://choosetoprosper.com