Change is inevitable. You can resist it, ignore it, or embrace it. Though the impact of each approach is drastically different, the choice is ultimately yours.
In 1839, after making his way from Baltimore to Cincinnati and then eventually to St. Louis, German immigrant Nicholas Schaeffer settled down and started N. Schaeffer & Co. (Schaeffer Manufacturing Co.), now one of the oldest firms in St. Louis, MO.
Over the next 40 years, Schaeffer Manufacturing Co. grew exponentially. Focused on manufacturing soaps, candles, and lubricants, they grew to become the largest soap and candle manufacturer west of the Mississippi. But the world was quickly changing.
The next several decades brought the emergence of grocery stores selling mass-produced, individually wrapped floating soap, and the widespread adoption of the electric light that began to eat away at Schaeffer’s market share. By the depression, Schaeffer Manufacturing Co. had become just a shadow of its former self.
20 years before the oil business in the United States, Schaeffer Manufacturing Co. was producing lubricants from animal fats. As the US oil business emerged, they shifted away from animal fat-based lubricants towards oil-based lubricants. Now, as heavy machinery became more prevalent, so did the need for heavier oil-based greases and lubricants that could hold up against the increasing equipment stresses. Schaeffer Manufacturing Co. was in a perfect position to make a pivot...and that’s exactly what they did.
"To awaken your genius, the first step is to relearn. And to do that, you have to first
unlearn, or discard that which no longer suits you.”
Ozan Varol
Following WWII, Schaeffer Manufacturing Co. pivoted its focus away from soaps and candles and towards it’s lubricant business, something that previously made up only 20% of it’s revenue. This change created an opportunity to return their business to growth, and the results speak for themselves. In the decades following the change, the company that had nearly gone under during the Great Depression saw revenue increase to ~$15M by 1982, ~$100M by 2010, and ~$150M by 2017.
What can we learn from Schaeffer’s journey that we can apply to our own lives and businesses?
The choice is yours. How will you approach change the next time you encounter it face-to-face?
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