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Changing How the World Does Business: Fedex's Incredible Journey to Success - The Inside Story

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Books

Publisher: Berrett-Koehler Publishers
List Price: $27.95
Our Price: $16.90
You Save: $ 11.05 ( 40% )
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Customer Ratings:

For a long time, it looked like FedEx would never get off the ground. The company's early years were an unending series of legal, financial, and operational crises that continually threatened its ability to stay in business. Yet FedEx's leaders and employees were incredibly resourceful and resilient. Pilots used personal credit cards to gas up planes, paychecks weren't cashed, and in one of the most famous episodes, founder Fred Smith literally gambled the company's last remaining funds to keep the planes flying. Becuase Roger Frock was with the companies from the start, he is able to chronicle these real-life hardships and hard-fought triumphs as only an insider can. With humor and insight, he describes how FedEx overcame impossible odds to become one of the world's greatest success stories, a revolutionary company that truly changed the way the world does business.


DESCRIPTION:

Binding: Hardcover
Dewey Decimal Number: 388.044
EAN: 9781576754139
ISBN: 1576754138
Label: Berrett-Koehler Publishers
Manufacturer: Berrett-Koehler Publishers
Number Of Items: 1
Number Of Pages: 239
Publication Date: 2006-10-01
Publisher: Berrett-Koehler Publishers
Studio: Berrett-Koehler Publishers


SIMILAR ITEMS:

• FedEx Delivers: How the World's Leading Shipping Company Keeps Innovating and Outperforming the Competition
• Big Brown: The Untold Story of UPS
• Driving Change: The UPS Approach to Business
• Customer Culture: How FedEx and Other Great Companies Put the Customer First Every Day (Financial Times Prentice Hall Books)
• The World on Time: The 11 Management Principles That Made Fedex an Overnight Sensation


CUSTOMER REVIEWS:

Customer Rating:
Summary: Brilliant
Comment: Having worked in the air frieght industry as an operations manager for some time I always had a fascination with Fed-Ex and its systems. I now own my own business (no longer in transport) but the principles in this book still apply to it and any other business.

The Author is a no-nonsense straight talker and the chapters are short which makes the book easy to read when you only have moments to steal here and there. He drills down into specifics and anyone who runs their own business will certainly be able to appreciate the hard luck, the dumb moves, the good luck and the creative thought that went inot getting this company off the ground and running. It's nice to know that even a great company like Fed-Ex made its own fair share of stupid errors and was able to become a great success.

Any busines owner will feel much better about their lot in life after reading this.

I loved it.
Customer Rating:
Summary: Good Background About An Incredible Beginning!
Comment: FedEx's overnight service has revolutionized business. "Changing How the world Does business" chronicles the last-minute saves and turnarounds in FedEx's history. It is also an antibiotic to the negative press received by big businesses recently for greed and fraudulent practices.

The FedEx concept began with a sophomore paper written by Fred Smith at Yale - pointing out problems associated with moving air freight on passenger planes, concluding such service would become economical only with a system designed for that purpose.

Implementation originally involved transporting checks and documents from Federal Reserve banks to a central location for sorting and then back to target banks - using two French Falcon jets and financed with $3.6 million from Smith and his sisters' inheritance. It was called "Federal Express." However, individual Reserve bank directors were not willing to change operations to meet requirements.

Smith then acquired six more planes and did airmail. CAB approval was required for small package service - normally this required 3-4 years. Fortunately, Smith was able to join a group that successfully lobbied for exemptions. Smith also approached UPS to handle ground operations - fortunately (in the long run), UPS turned him down.

Early staffing drew from UPS, retired Air Force and Marines, consultants, etc. Assessing credibility of early sales estimates (way high) and operationalizing accordingly arose; another problem was that the air express industry generally had a credibility problem regarding service reliability.

March 12, 1973 was Launch Day. Anticipated 300-450 packages spread over 10 cities - got six. Smith switched temporarily to conventional airline transport to save funds, assigning freed-up staff to additional marketing efforts. Adding cities was seen as essential. Re-targeted for 4/17, adding 15 more cities. This time volume hit 185 packages, and 1,000 by the end of June - with even more cities and planes.

Financing was a constant problem in the first 2-3 years. FedEx was required to pre-pay for fuel, needing $24,000/week. At one point the firm was down to $5,000 - Smith went to Las Vegas and returned with $32,000. The good news was that volume continued to build - 1,500 in August, 2,000 in September. Still it was necessary to ask employees to hold paychecks a week at one point.

The end of 1974 brought 10,000 packages/day, service to 59 cities, and losing $1 million/month. The 1974 UPS was a godsend - FedEx ended up with a sustained doubling of volume. However, funds were still extremely tight and Smith almost ended up in jail for forging documents allowing his family inheritance to be tapped for more funding. FedEx's board decided to replace Smith, only to be stopped by almost the entire management team threatening to resign in protest.

FedEx did become profitable within two years, went on to develop centralized customer service and package tracking. At that point (1982), the author resigned and Folger's account ends. My one criticism is that the book would have been much more valuable if the history continued to the present.

Customer Rating:
Summary: Jerry R.
Comment: This is a fun read... An instructive read....A great and understandable course in MBO, Team Building, and more, and a passinately written account of things in the early days of FedEx as Roger saw them.

Roger has presented his story of the birth of FedEx in a way that makes it difficult to put his book down, which is pretty unlikely for a book on the reading list of many Busines Admin classes. But I truly could not put the book down!

I loved the story of how Roger and his team worked for years to keep the company going. Once the Chairman took some company money, went to Vegas and brought back the winnings to keep FedEx in the air.

But there is so much more...there is a picture drawn of effective team building, management by objectives, and other business methods. The use of the business tools is not obvious as you read. However, upon examininating how Roger was able to build FedEx from zero, his techniques become obvious, also making it obvious why BusAd Profs are using his book. But ignoring the teaching aspect, you can simply sit back and enjoy a wonderful read, with some tense moments, even though we know the final outcome.

The other thing that comes through to me is the true goodness and honesty of Roger Frock. I saw it in him nearly 50 years ago, and I am pleased to see it reflected in his writings.
Customer Rating:
Summary: A fascinating story.
Comment: It is hard to imagine what our lives would be like without the reliable overnight delivery system pioneered by FedEx. It is equally difficult to imagine the obstacles that had to be overcome to make this a viable business.

Roger Frock possesses two valuable attributes in telling the FedEx story. First of all he is the ultimate insider who started working with Fred Smith, the founder, before the company was even formed. Secondly, he writes well. The result is a fascinating book that can keep you up late at night.

This is a story about people who were captured by a dream, who lived that dream. The made the dream come true despite times when the dream verged into a nightmare. Not only did the company have to face the problems of a then government regulated industry, but also the OPEC oil embargo, well-established competitors in the air transportation industry and the constant need for venture capital.

Mr. Frock clearly develops the main events through each phase of the company's growth, showing how a committed, talented group of people can work together to make the impossible happen. Along the way he also illustrates solid business principles that can help any company seeking to set and achieve its goals.

Michael Long,
President
Long Financial Services
Customer Rating:
Summary: FedEx story delivers
Comment: FedEx is more than a household word; it is a household verb replacing the word "delivery" as in, "No worries, we'll FedEx this so they'll have it tomorrow." The story of this colorful company's history and the personalities that brought it to fruition is captivating - filled as it is with cliffhangers, dodged disasters and near failure. In the early days of Federal Express, nothing was a sure thing. Founder Fred Smith and his management team had to elude financial ruin while inventing an entirely new industry. Author and former FedEx general manager Roger Frock fondly recounts the tumultuous early days of the company, although you may wish he had shared more of his insight into the personality of Smith, who remains an elusive unknown. We recommend this book to those who enjoy rags-to-riches corporate stories or to anyone who relies on FedEx to deliver goods that "absolutely, positively have to be there overnight."

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