One of the pleasures of the season is the classic film “It’s a Wonderful Life.” The story is a virtual cinematic Rorschach test. Each viewer can find a personally resonant message: the love of a good woman, the evil of greed, the importance of community, faith or thrift. Angel Clarence helps our hero George Bailey realize that every life is precious, we are all connected to each other and each of us makes a difference. These are certainly valuable lessons. However, some of the film’s equally important lessons in George’s story are sometimes overlooked.
Should We Ever Question Authority? Young George Bailey’s boss, the pharmacist Mr. Gower, learns of his son’s death and accidentally puts poison in a prescription. Realizing this dangerous mistake, George disobeys Mr. Gower and does not deliver the prescription. He returns to the pharmacy and receives physical abuse from the distraught and distracted Mr. Gower. Ultimately George convinces his boss that the prescription is lethal, and Mr. Gower is forever in George’s debt.
Should We Work in a Family Business and Delay College? After high school, George must work in the family building and loan and save money before going to college. George has the opportunity to learn the savings and loan (S & L) business directly from this father. The experience is probably an education and valuable apprenticeship that George could not replicate in college or an MBA program.
How do We Lead in a Crisis? Just as George is preparing to leave for college, his father dies unexpectedly. The evil and greedy Mr. Potter convinces the S & L board to close the business. The directors rebuff Potter, but inform George that the business will stay open only if he agrees to succeed his father. George must weigh his college career and dreams of adventure against his father’s dream of providing decent housing for his community. Further, George knows that leaving for college now would mean loss of employment for his uncle and others. Displaying leadership and courage, George gives up college and assumes the leadership of the savings and loan.
What Skills Get Us Through a Business Crisis? On his wedding day and in the taxi to leave on his honeymoon, George witnesses a run on his S & L bank. Potter calls in the bank’s loan, imperils the business and threatens to close it permanently if it cannot remain open until the close of that very day.
At the gated door of the savings and loan, George calmly speaks to his angry depositors. George opens the doors and invites everyone inside. First, he reasons with the crowd, explaining that each depositor is invested in the other’s home, and there is little actual cash on hand. Second, he points out their depositor agreements require sixty days notice before a withdrawal. Third, when the depositors still demand their money he does not panic. Rather, with his new bride Mary by his side, he begins to negotiate with his depositors. Fourth, the new Mrs. Bailey devises a creative solution. To allay the concerns of the depositors she waves $2000 of wedding gift money. Fifth, while George agrees to give the first depositor all his money, he does not permit the man to close his account: “Your account’s still here. That’s a loan.” Sixth, he finally turns the tide, and convinces the next few depositors to withdraw only a small fraction of their accounts, that is, only what they need immediately. Everyone makes it through the business day, even though the bank has but $2 left in the safe. This one scene is a veritable training film of management ethics, courage, improvisation, knowledge of customer base, negotiating skill and emotional intelligence.
Should One Change Jobs for More Money? Recognizing that George represents a long-term threat, Potter makes him a spectacular job offer. Potter offers George almost tenfold per year with the promise of travel to New York and Europe. Overwhelmed by the offer, George is on the verge of accepting. But he realizes that this is another of Potter’s evil plans to destroy the savings and loan and keep more community neighbors in substandard rental housing. Ever his father’s son, the principled George turns down the offer and speaks truth to power, berating Potter for unethical business practices.
Clearly, George has compared his current and prospective work environments and considered intangibles such as respect, responsibility, ethics and the reputation of the employer. For George, success and job satisfaction is not defined by money alone.
How Do Managers Make Difficult Personnel Decisions? Uncle Billy loses $8,000 on his way from the S & L to deposit the funds at Potter’s bank. George has witnessed Uncle Billy’s drinking and forgetfulness. Banking requires sobriety and attention to detail. Should George have terminated Uncle Billy years before? George suffers the consequences of this personnel decision, and sets up the arrival of Clarence the Angel in the climactic scenes of the movie.
Do Big Bad Banks Get Away with Bad Behavior? Potter winds up in possession of the lost $8000 and he never returns it to Uncle Billy, George or the savings and loan. In fact, he swears out an embezzlement complaint against George. Potter is never punished for his misdeeds.
How Important Is Family and Community? Faced with ruin George panics and flees. But Mary recognizes the enormous social capital that she and George have built up in their small town. She gets on the phone and gets help. Her former boyfriend authorizes up to $25,000 to help George. Both rich and poor citizens and even the bank examiner contribute to save George, Mary and the savings and loan.
The overarching quote and lesson in this film, in business and in life, explicitly and elegantly stated, is “Remember George: no man is a failure who has friends.” The unrecognized good that we do during our lifetime returns to us in ways that we may never expect.
Happy Holidays to All!
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