Briggs & Stratton is the world's largest manufacturer of air-cooled gasoline engines for primarily outdoor power equipment. Current production averages 11 million engines per year.
The company was founded in Milwaukee, Wisconsin in 1908 and today is based in Wauwatosa, Wisconsin. Briggs and Stratton engines are most commonly used on lawnmowers, as well as pressure washers, electrical generators, and a wide variety of other applications. Their original cast-iron engines were known for their durability but the company's success was established following the development of lightweight aluminum engines in 1953. The aluminum engine was the perfect solution for the recently invented rotary lawnmower due to its lighter weight and lower cost. The company developed a good reputation during the sixties and seventies due to its independent central services distributors (CSDs), low cost replacement parts and well designed service literature.
The company started in 1908 as an informal partnership between Stephen Foster Briggs and Harold M. Stratton. The original intent of the founders was to produce automobiles. In 1922 the company set a record in the automotive industry, selling the lowest-priced car ever, the Briggs & Stratton Flyer (also called the "Red Bug"), at only US$125-US$150.
Eventually the company settled on automotive components and small gasoline engines. Briggs purchased an engine patent from A.O. Smith Company and began powering early washing machines and refrigerators. The company went public on the New York Stock Exchange in 1928.
During World War II, Briggs and Stratton produced generators for the war effort. Some components in these generators and engines were made with aluminum, which helped the company develop its expertise in using this material. This development, along with the post-war growth of 1950s suburbs (and lawns), helped secure Briggs and Stratton's successful growth in the 1950s and 1960s.
Stephen Briggs went on to purchase Evinrude and Johnson Outboards and start the Outboard Marine Corporation.
Fredrick P. Stratton, Sr. (the son of Harold Stratton) served as Chairman of Briggs & Stratton until his death in 1962. Fredrick P. Stratton, Jr. served as Chairman until his retirement in 2001.
In 1995, Briggs & Stratton spun out the automotive component business. The resulting company is Strattec Security Corporation.
In 2003, the company acquired its consumer generator business from the Beacon Group and formed Briggs & Stratton Power Products. The Beacon Group had previously purchased the Consumer Products Division of Generac Corporation (now Generac Power Systems) in 1998. In 2005, the company added Simplicity Manufacturing Inc, Snapper, Inc, to the Briggs & Stratton Power Products line. Murray, Inc, one of its largest customers, collapsed owing the company $40 million, and to minimize the loss B&S decided to purchase the name, marketing rights & product designs of that company.
On 4 June 2008 Briggs & Stratton announced it would be acquiring the Victa Lawn Care business from GUD Holdings Limited Australia for A$23 million.
1. Stay Bonus . The Company will pay Mr. Hazeltine $150,000 on the date of his retirement from the Company and $100,000 on the first anniversary of the date of his retirement in the event that Mr. Hazeltine continues to be employed full-time by the Company until he reaches the retirement age of 65. If prior to his retirement Mr. Hazeltine dies or becomes disabled as defined in the Company’s benefit plans or the Company terminates his employment without cause, the foregoing payments will be made to Mr. Hazeltine or his estate on January 1, 2008 and January 1, 2009.
2. Health Benefits . The Company will pay the cost of providing health care coverage for Mr. Hazeltine’s spouse under the Company’s current or successor health care plans until she reaches the age of 65 in the event that Mr. Hazeltine continues to be employed full-time by the Company until he reaches the retirement age of 65, or in the event that prior to retirement Mr. Hazeltine dies or becomes disabled as defined in the Company’s benefit plans or the Company terminates his employment without cause.
3. Post-Retirement Consulting Services . Mr. Hazeltine will provide consulting services to the Company for up to 24 months after his retirement from the Company for a fee of $16,667 per month. Such services shall be provided in connection with the following activities, when and as requested by the Company’s Vice President – Sales & Marketing:
(a) Provide advice to management relating to the Company’s current and future business relationships with original equipment manufacturers and retailers of outdoor power equipment worldwide.
(b) Provide advice to management relating to implementation and optimization of the Company’s strategic plan and pricing strategy as they affect original equipment manufacturers and retailers of outdoor power equipment worldwide.
(c) Assist management in training employees of the Company who are engaged in the sales and marketing functions.
(d) At management’s request, communicate with designated customers of the Company and provide other services as assigned.
The parties anticipate Mr. Hazeltine will spend approximately 20-30 hours per week providing the foregoing consulting services and agree the Company will reimburse Mr. Hazeltine for reasonable travel and living expenses related to performing such services. Mr. Hazeltine will submit invoices to the Company monthly stating the specific dates on which he incurred such expenses with appropriate documentation of the amount of such expenses.
The foregoing consulting services and monthly fee shall terminate after the first 12 months of the consulting relationship between Mr. Hazeltine and the Company, unless they mutually agree by the end of the 9 th month of the first year of the relationship to continue it for the second 12-month period.
Standard of Performance . Mr. Hazeltine shall perform his consulting services hereunder in compliance with applicable law and with the same degree of skill and care he observed in working as an employee of the Company.
Employee satisfaction is essential to any effective employee retention strategy – any good HR manager knows that. However few managers think of the impact that employee satisfaction has on their customers and ultimately company profits. One can assume that happier, more productive employees will make more sales, treat customers better, and ultimately make more money for the company, but few companies have analyzed this assumption to the extent that Sears, Roebuck and Company has. Sears has put this common assumption to the numbers test and the results are intriguing to say the very least.
1992 was the worst year on record for Sears, losing almost 4 billion dollars on over 52 billion dollars in retail sales. The early and mid 1990s were truly trying times for the retail giant and tested the will and resolve of managers and employees alike. During this time the company was in near shambles, morale was low, revenues were suffering, and the bottom line was hemorrhaging red ink. This was in stark contrast to nearly a century of stellar results that Sears had comfortably enjoyed. For Sears, something needed to be done, and fast!
Sears began their turnaround by identifying three key objectives: Creating a compelling place to work, a compelling place to shop, and lastly creating a compelling place to invest. One of the tools used to establish these objectives was the employee-customer-profit chain. The employee-customer-profit chain is essentially a flow chart that diagrams revenue creation starting with employee attitudes and satisfaction, followed by its effect on customer satisfaction, and ultimately the effect on revenue and bottom line profit generation.
One thing Sears realized it needed to do was exert a greater effort focusing on the customer. This is often times easier said than done for many organizations. However Sears took an innovative approach to increasing customer focus. Based on the employee-customer-profit chain, it realized that it could not better focus on the customer without first focusing on its employees.
Undoubtedly Sears expected to see some positive correlation between employee and customer satisfaction and ultimately revenue and profit generation; however they were amazed to see just how great an impact employee satisfaction levels had on the bottom line. The data revealed that for each five point improvement on the employee attitude scale, there was a subsequent 1.3% improvement in customer satisfaction, and a 0.5% increase in revenue growth.
A 0.5% increase in revenue might sound miniscule, however when it is based on revenues of over 50 billion dollars it adds up quickly and significantly. For Sears this would equate to a 250 million dollar increase in revenues a year! This revenue increase does not require investments into advertising, new facilities, or improved operations, only an investment into the satisfaction and happiness of employees.
There are also cost savings that can be attributed to improved levels of employee satisfaction. It should come as no surprise that happy employees stay in their jobs longer than unhappy employees. By focusing on increasing employee satisfaction Sears was able to concurrently increase revenues and reduce the costs associated with employee turnover. Sears was also able to determine that employees with greater levels of satisfaction and a favorable attitude towards the company were more likely to speak positively about the company and recommend shopping there to friends and family members. By increasing employee satisfaction Sears was able to generate free word of mouth advertising spread by its employees, thus in a way reducing the reliance on paid advertising to generate revenue. Sears realized the importance of its employees and their levels of satisfaction and made it a corporate goal to increase levels of employee satisfaction throughout the company.
The company was founded in Milwaukee, Wisconsin in 1908 and today is based in Wauwatosa, Wisconsin. Briggs and Stratton engines are most commonly used on lawnmowers, as well as pressure washers, electrical generators, and a wide variety of other applications. Their original cast-iron engines were known for their durability but the company's success was established following the development of lightweight aluminum engines in 1953. The aluminum engine was the perfect solution for the recently invented rotary lawnmower due to its lighter weight and lower cost. The company developed a good reputation during the sixties and seventies due to its independent central services distributors (CSDs), low cost replacement parts and well designed service literature.
The company started in 1908 as an informal partnership between Stephen Foster Briggs and Harold M. Stratton. The original intent of the founders was to produce automobiles. In 1922 the company set a record in the automotive industry, selling the lowest-priced car ever, the Briggs & Stratton Flyer (also called the "Red Bug"), at only US$125-US$150.
Eventually the company settled on automotive components and small gasoline engines. Briggs purchased an engine patent from A.O. Smith Company and began powering early washing machines and refrigerators. The company went public on the New York Stock Exchange in 1928.
During World War II, Briggs and Stratton produced generators for the war effort. Some components in these generators and engines were made with aluminum, which helped the company develop its expertise in using this material. This development, along with the post-war growth of 1950s suburbs (and lawns), helped secure Briggs and Stratton's successful growth in the 1950s and 1960s.
Stephen Briggs went on to purchase Evinrude and Johnson Outboards and start the Outboard Marine Corporation.
Fredrick P. Stratton, Sr. (the son of Harold Stratton) served as Chairman of Briggs & Stratton until his death in 1962. Fredrick P. Stratton, Jr. served as Chairman until his retirement in 2001.
In 1995, Briggs & Stratton spun out the automotive component business. The resulting company is Strattec Security Corporation.
In 2003, the company acquired its consumer generator business from the Beacon Group and formed Briggs & Stratton Power Products. The Beacon Group had previously purchased the Consumer Products Division of Generac Corporation (now Generac Power Systems) in 1998. In 2005, the company added Simplicity Manufacturing Inc, Snapper, Inc, to the Briggs & Stratton Power Products line. Murray, Inc, one of its largest customers, collapsed owing the company $40 million, and to minimize the loss B&S decided to purchase the name, marketing rights & product designs of that company.
On 4 June 2008 Briggs & Stratton announced it would be acquiring the Victa Lawn Care business from GUD Holdings Limited Australia for A$23 million.
1. Stay Bonus . The Company will pay Mr. Hazeltine $150,000 on the date of his retirement from the Company and $100,000 on the first anniversary of the date of his retirement in the event that Mr. Hazeltine continues to be employed full-time by the Company until he reaches the retirement age of 65. If prior to his retirement Mr. Hazeltine dies or becomes disabled as defined in the Company’s benefit plans or the Company terminates his employment without cause, the foregoing payments will be made to Mr. Hazeltine or his estate on January 1, 2008 and January 1, 2009.
2. Health Benefits . The Company will pay the cost of providing health care coverage for Mr. Hazeltine’s spouse under the Company’s current or successor health care plans until she reaches the age of 65 in the event that Mr. Hazeltine continues to be employed full-time by the Company until he reaches the retirement age of 65, or in the event that prior to retirement Mr. Hazeltine dies or becomes disabled as defined in the Company’s benefit plans or the Company terminates his employment without cause.
3. Post-Retirement Consulting Services . Mr. Hazeltine will provide consulting services to the Company for up to 24 months after his retirement from the Company for a fee of $16,667 per month. Such services shall be provided in connection with the following activities, when and as requested by the Company’s Vice President – Sales & Marketing:
(a) Provide advice to management relating to the Company’s current and future business relationships with original equipment manufacturers and retailers of outdoor power equipment worldwide.
(b) Provide advice to management relating to implementation and optimization of the Company’s strategic plan and pricing strategy as they affect original equipment manufacturers and retailers of outdoor power equipment worldwide.
(c) Assist management in training employees of the Company who are engaged in the sales and marketing functions.
(d) At management’s request, communicate with designated customers of the Company and provide other services as assigned.
The parties anticipate Mr. Hazeltine will spend approximately 20-30 hours per week providing the foregoing consulting services and agree the Company will reimburse Mr. Hazeltine for reasonable travel and living expenses related to performing such services. Mr. Hazeltine will submit invoices to the Company monthly stating the specific dates on which he incurred such expenses with appropriate documentation of the amount of such expenses.
The foregoing consulting services and monthly fee shall terminate after the first 12 months of the consulting relationship between Mr. Hazeltine and the Company, unless they mutually agree by the end of the 9 th month of the first year of the relationship to continue it for the second 12-month period.
Standard of Performance . Mr. Hazeltine shall perform his consulting services hereunder in compliance with applicable law and with the same degree of skill and care he observed in working as an employee of the Company.
Employee satisfaction is essential to any effective employee retention strategy – any good HR manager knows that. However few managers think of the impact that employee satisfaction has on their customers and ultimately company profits. One can assume that happier, more productive employees will make more sales, treat customers better, and ultimately make more money for the company, but few companies have analyzed this assumption to the extent that Sears, Roebuck and Company has. Sears has put this common assumption to the numbers test and the results are intriguing to say the very least.
1992 was the worst year on record for Sears, losing almost 4 billion dollars on over 52 billion dollars in retail sales. The early and mid 1990s were truly trying times for the retail giant and tested the will and resolve of managers and employees alike. During this time the company was in near shambles, morale was low, revenues were suffering, and the bottom line was hemorrhaging red ink. This was in stark contrast to nearly a century of stellar results that Sears had comfortably enjoyed. For Sears, something needed to be done, and fast!
Sears began their turnaround by identifying three key objectives: Creating a compelling place to work, a compelling place to shop, and lastly creating a compelling place to invest. One of the tools used to establish these objectives was the employee-customer-profit chain. The employee-customer-profit chain is essentially a flow chart that diagrams revenue creation starting with employee attitudes and satisfaction, followed by its effect on customer satisfaction, and ultimately the effect on revenue and bottom line profit generation.
One thing Sears realized it needed to do was exert a greater effort focusing on the customer. This is often times easier said than done for many organizations. However Sears took an innovative approach to increasing customer focus. Based on the employee-customer-profit chain, it realized that it could not better focus on the customer without first focusing on its employees.
Undoubtedly Sears expected to see some positive correlation between employee and customer satisfaction and ultimately revenue and profit generation; however they were amazed to see just how great an impact employee satisfaction levels had on the bottom line. The data revealed that for each five point improvement on the employee attitude scale, there was a subsequent 1.3% improvement in customer satisfaction, and a 0.5% increase in revenue growth.
A 0.5% increase in revenue might sound miniscule, however when it is based on revenues of over 50 billion dollars it adds up quickly and significantly. For Sears this would equate to a 250 million dollar increase in revenues a year! This revenue increase does not require investments into advertising, new facilities, or improved operations, only an investment into the satisfaction and happiness of employees.
There are also cost savings that can be attributed to improved levels of employee satisfaction. It should come as no surprise that happy employees stay in their jobs longer than unhappy employees. By focusing on increasing employee satisfaction Sears was able to concurrently increase revenues and reduce the costs associated with employee turnover. Sears was also able to determine that employees with greater levels of satisfaction and a favorable attitude towards the company were more likely to speak positively about the company and recommend shopping there to friends and family members. By increasing employee satisfaction Sears was able to generate free word of mouth advertising spread by its employees, thus in a way reducing the reliance on paid advertising to generate revenue. Sears realized the importance of its employees and their levels of satisfaction and made it a corporate goal to increase levels of employee satisfaction throughout the company.