Malco Tools, Inc. one of the nation’s leading manufacturers of high-quality, American-made tools for professional use, was recognized as a member of the 2019 All-Star Award Team at the 27th Annual Gathering of Games conference hosted by the Great Game of Business® (GGOB). Each of the 29 members of the All-Star Team stood out as the best of the best in open-book management and were highlighted at the conference in September.
At the Gathering of Games conference, the open-book management community honors and celebrates the remarkable achievements of companies from around the globe that have fully embraced the principles of open-book management and GGOB and have demonstrated outstanding results.
Tapping into the universal human need to win, GGOB educates employees in the rules of business, rallies them around a common goal, empowers them to see and improve the score and engages them with the opportunity to win or lose as a team.
Malco Tools implemented GGOB by utilizing financial projections, weekly management and company huddles, scoreboards and financial literacy training for all associates.
“The GGOB, especially the financial literacy training and sharing the numbers, helped everyone feel and act more like a business owner,” says Mardon Quandt, Malco COO and president. “Malco is dedicated to the open-book management style, empowering our employee-owners to take an active role in the success of our business. We are proud to be recognized as part of the All-Star Award Team.”
Through greater financial literacy and accountabilities at all levels, efficiencies and lead times have improved at Malco. Sales have increased to record levels as have net operating profits. Since Malco first implemented GGOB, associates have collectively received over $1 million in company incentive bonus payments—which has helped engage associates while giving them a greater stake in the performance of the company.
“Malco is a planning company and GGOB is such a great complement to that process,” says Carla Hinnenkamp, senior accountant at Malco. “Being 100% employee-owned, the financial literacy training and the weekly company huddle are all ways to help associates to be engaged and keep them informed. We learn all the ways that individually we can help Malco succeed and to enjoy in that success. The GGOB is a win for Malco and for associates.”
About Malco Tools, Inc.
Malco Tools, Inc. based in Annandale, Minnesota, with operations in DeWitt, Nebraska, is the nation’s leading manufacturer of high-quality, American-made specialty hand tools for the HVAC trade (Heating, Ventilation and Air Conditioning). Backed by nearly 70 years of history, Malco also manufactures “tools of the trade” for professionals engaged in exterior remodeling (roofing, siding and gutter), fence, deck and rail installation and autobody repair and refinishing. These specialized tools are built to last, rigorously tested and backed by a lifetime warranty. Malco is proud to be employee-owned and a Specific Benefit Corporation in the state of Minnesota, a legal designation that indicates that a specific social benefit — employee ownership, keeping jobs local and strengthening communities — is the primary driver of Malco’s business decisions. Malco was recently named the 2018 Medium Manufacturer of the Year by the Minneapolis/St. Paul Business Journal.