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A Whole New Ballgame: Jim Crane on Business Transformation
Whether it’s because of new leadership, exogenous shock, or a plain old rut, all companies eventually need to change. While there’s no single template for how to transform your business, you can learn a lot from those who have done it successfully; and there’s probably no better example than Jim Crane and the Houston Astros baseball franchise. When Jim bought the team in 2011, they were one of the worst teams in baseball. Over the course of the next decade, they became one of the most successful. Under Jim, the Astros have won two championships and become perennial contenders. They’ve also tripled their revenue. So how did he do it? On this episode, we’ll explore Jim’s approach to transformation: how he identifies problems, manages his teams, and creates partnerships with multiple stakeholders, all with an eye toward a winning culture. Find out the reason Jim took a hands-off approach to baseball operations and why he invested heavily in the Astros’ charitable foundation. Plus, how Jim applied the same formula to the PGA Tour’s Houston Open. When you transform your business, you have to cover your bases. So join us and get strategies that will help you right off the bat. Highlights: How Jim turned a $10,000 loan into $4B in revenue (1:56)Jim’s passion for sports (4:34)What Jim saw in the struggling Astros (6:02)Diagnosing the team’s biggest problem (7:04)The benefits of a hands-off approach (8:25)Creating a winning culture (11:23)The Community Leaders program and creating external partnerships (12:59)The Astros become world champions (16:32)The Houston Open: A microcosm of Jim’s approach (17:49)To maintain your edge, you’ve got to keep working (21:02)How to apply these lessons to your business (22:21)Links: Cadence Bank WebsiteCadence Bank TwitterCadence Bank LinkedInJim Crane - Crane WorldwideCrane Worldwide Logistics WebsiteHouston Astros WebsiteAstros Foundation WebsiteHouston Open WebsiteMcKinsey - What is business transformation?Harvard Business Review - Four types of business transformationDeloitte - Six keys to business transformationFeedback: If you have questions about the show or topics you'd like discussed in future episodes, email our producers, sheena.cochran@cadencebank.com or danielle.kernell@cadencebank.com.
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