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Wall Street Journal: Private Enterprise
A Weekend Interview with Charles Koch by Stephen Moore
Mr. Moore unwraps a few of the secrets of Charles Koch's success during a 2006 interview. At the top of that list has to be Koch Industries' private status and the Market-Based Management® philosophy developed by Koch and implemented throughout the company.
Koch Industries' rate of return on investment has outpaced the S&P's 500 nearly tenfold during Charles Koch's four decades of leadership. “We couldn't have achieved the profitability we have if we had been a public company,” states Koch, chairman and CEO.
Reversing a decade-old trend, Koch sees a re-emergence of private corporate structures. Following the company's acquisition of Georgia-Pacific, which was the largest acquisition of a publicly traded company by a private firm in U.S. history, “other publicly traded companies have come calling,” he notes.
Koch believes that long term success entails constantly discovering new ways to create value for customers and build new capabilities in order to capture opportunities. His view is that maintaining a business is, in reality, liquidating a business, a process called creative destruction, and is an integral component of the MBM® philosophy. This process fosters innovation and entrepreneurial thinking, which leads to success.
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