Lee Iacocca, King Of Detroit
By Dave Cole, Thu Dec 8th

Lee Iacocca, the son of a poor immigrant, has become one ofAmerica's most respected business men. From lowly beginnings andthrough many adversities, he worked his way up to President ofthe Chrysler Corporation.

Just out of college, he began working for the Ford MotorCompany as a student engineer. On the assembly line, he learnedevery aspect of how automobiles were put together.

Although he was awkward and bashful, Lee was promoted to asalesman. It was there that he met a man who took him under hiswings and taught Iacocca how to be the best salesman he could.

In 1956 sales were slumping at Ford. Iacocca suggested offeringa new 1956 Ford for a modest down payment, followed by threeyears of $56 payments. The "56 for 56" idea took off like arocket.

After 10 long years of hard work, Lee had become an "overnightsuccess."

Soon he was promoted to work as manager for Ford's nationaltruck marketing, then another promotion to head the company'scar marketing.

Not stopping there, Iacocca set out to develop his own style ofcar. In 1964 Ford introduced the Mustang. Ford dealerships wereliterally mobbed with people wanting to buy the car and a newyearly sales record was established.

In 1970, Lee was promoted to the ultimate position, presidentof Ford Motor Company, second in command under Henry Ford II.

Never wanting to stop at success, he kept coming up withinnovative and cost cutting ideas.

But, trouble lay ahead.

Ford was in control, like it or not, and he liked to exercisethat control whatever the consequences might be. Ford began toworry about this "son of an immigrant" taking over the familybusiness.

It was salami slicing time at Ford. And Henry did it one sliceat a time. Finally, Lee learned through a friend that he too hadgotten the

axe.

Under the terms of resignation, Iaccoca was given an officeuntil he found a job. It turned out to be in an obscurewarehouse. A little cubicle with a small desk, one telephone,and cracked linoleum on the floor.

For Iaccoca it was like being sent to Siberia.

It wasn't long before he was offered the presidency of ChryslerCorporation. Not exactly a cushy position. Chrysler was introuble,

big trouble. The same day Chrysler announced the hiringof Lee Iaccoca, they also announced their worst deficit inhistory.

The internal affairs at Chrysler were a mess. This was acompany that was going to the dogs, and going there fast.

Rolling up his shirt sleeves, Lee went to work trying to bringsome manner of cohesion to the upper level management. Then hehired a top notch public relations firm to get back customerconfidence.

Things still didn't get any better. To make matters worse, theworld economy in 1979 was falling apart. Gas prices weredoubling and the fuel efficient import cars were taking overdomestic sales.

Chrysler got hit hard.

Iaccoca's company was going under and he knew it. There wasonly 1 course for him to take. He went to the US Governmentseeking loans for a bail out. Congress was not impressed, butLee had done his homework. He argued that if Chrysler collapsedit would cost the country $2.75 billion dollars alone inunemployment benefits.

His speech before the US Congress was so convincing, thatIacocca 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 thesecretaries, who Iaccoca believed deserved every cent they made.

Next he took on the union and said: "Look boys, I've got ashotgun to your head. I've got thousands of jobs at seventeenbucks an hour. I've got no jobs open at twenty."

The company began an all-American ad campaign to promote theirnew fuel efficient K-car. The car soon began to sell like hotcakes.

His persistence and "never give up" attitude and hiswillingness to do whatever measures it took to ensure theviability of the company worked. Chrysler paid back the loans afull seven years ahead of their due date.

Lee Iacocca had become a roaring success.

His thoughts are:

"Apply yourself. Get all the education you can, but then, byGod, do something! Don't just stand there, make somethinghappen. It isn't easy, but if you keep your nose to thegrindstone and work at it, it's amazing how in a free societyyou can become as great as you want to be. And, of course, alsobe grateful for whatever blessings God bestows on you."

About the author:Dave Cole Editor/Publisher Prosperity: The Choice Is Yourshttp://choosetoprosper.com