You want to de-stress the situation and be as transparent as much as possible.
For example, as soon as the deal went through, Glimcher flew back from New York and stood in front of everyone at an all-company meeting to explain the situation. He says he was operating on about two hours of sleep, but it was important to give the employees an opportunity to talk.
“Share as much information as you can as quickly as you can,” he says. “In the absence of telling people what’s going on and giving them the truth, they’re going to create an alternate truth, which is worse. So just be direct with people. Be direct and be timely with information.”
Sometimes people try to hold information as power. It is powerful — but it’s a power for everyone, not just a few, Glimcher says.
“People are really smart. Sometimes there’s bad news, and not everything is great when you do something like this,” he says. “Deliver good and bad news with the same timetable. Deliver quickly, good or bad — just deliver the news. People will figure it out, and move on from it.”
Takeaways:
- Dedicated integration resources help create a safety net.
- A strong culture will absorb a difficult environment, for a little while.
- Clear and timely communication de-stresses a time of change.
The Glimcher File:
Name: Michael Glimcher
Title: Vice chairman and CEO
Company: WP Glimcher
Born: Columbus
Education: Bachelor’s in political science and economics from Arizona State University
What was your first job and what did you learn from it? My first job I worked at a retail store. It was called Youthland, a children’s clothing store, and five women and I worked there. I got to do all the loading and unloading, sit in the back room and steam all the clothing, and change light bulbs.
I realized I’d rather be the landlord than the shopkeeper. But I can wrap a gift really nicely.
What’s the best business advice you’ve ever received? Walk in your own shoes. Don’t try to fill anyone else’s.
If you could go back to when you first started in business, what would you tell yourself based on what you’ve learned? You have two ears and one mouth. Try to use them in that proportion.
When you’re not at work, what do you like to do? My favorite thing to do to relax is to run.
If you weren’t a CEO, is there another job that you’d like to try? Well, my favorite job is being a dad. But I would have loved to teach. I just recently spoke to a class at The Ohio State University, and it’s a lot of fun. The information is new to them and they’re excited about it, so that would be something that I wouldn’t mind doing.
I have historically had a lot of interest in politics, but it’s gotten so ugly that I don’t know if I still have that interest or not.
