The Three Envelopes
A new CEO met privately with his predecessor on his first day in charge. The CEO who was stepping down presented him with three numbered envelopes.
‘Open these—one at a time—and only when you run up against a crisis that seems beyond your control,’ he said.Things went along pretty smoothly, but six months later, sales took a downturn and he was catching a lot of heat. He remembered the envelopes. He went to his drawer and took out the first envelope. The message read,
‘Blame the previous CEO!’The new CEO called a press conference and tactfully laid the blame at the feet of the previous CEO. Satisfied with his comments, the media and Wall Street responded positively, sales began to pick up, and the problem was soon behind him. A couple of years later, the company was hit again with a dip in sales combined with serious product problems. The CEO thought, ‘Aha! Time for envelope two!’ The CEO opened the second envelope. The message read,
‘Blame the economy!’Times were tough for everyone in the industry. This seemed to work fine. He was ready for another business cycle. After several consecutive profitable quarters, the company once again fell on difficult times. The CEO closed his office door and opened the third envelope. The message said,
‘Prepare three envelopes!’it’s a great reminder to all of us that we shouldn’t panic after our first setback. If we’re lucky we might even get another free pass before it’s too late.
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