I am a fairly avid reader yet rarely read a book more than once. Not so with "Good to Great," by Jim Collins. This book so captivated me that I devoured my first reading, underling and highlighting, reading and re-reading chapters. Then, I went out and bought the entire book on CD and listened to that over and over. I figure I had 'read' the book at least three times, maybe closer to four. Why the attention? This is the best management book I have ever read --ever. In fact, it is probably the third best book I have ever read, of any type. In it, Collins and his research team has compiled information about good companies who, at a specific point in time, made the leap to being a great company, as measured by consistent cumulative stock returns over a 15-year period. Among the few companies making the 'cut' (11 companies in all) were Circuit City, Fanne Mae, Nucor Steel, Kroger and Walgreens.

Collins' opening statement provides the just of the book: "Good is the enemy of the great." On that thesis he presents his team's findings and conclusions from the volumes of materials studied about these companies.

For example, in Chapter 2 he discusses the kind of leadership they discovered. To their surprise, it wasn't the "charismatic" leader who was able to lead his company to greatness, it was what Collins tabbed a "Level 5" leader, one who exhibited personal humility and strong professional will.

In Chapter 3 he reveals that most of the great companies didn't begin with a great idea, but with the right people, the right team. The good-to-great leaders got the right people on the 'bus' so-to-speak, as well as getting the wrong people off the bus. To be a great company, Collins implies, you've got to have great people, and he goes into considerable detail about how great companies went about obtaining them, offering practical advice for those of us aspiring to greatness.

The chapter that had the greatest initial impact on me was Chapter 4, titled, "Confront the Brutal Facts (Yet Never Lose Faith)." Using the story of Admiral Jim Stockdale, who was imprisoned in the "Hanoi Hilton" for eight years during the Vietnam War, Collins reveals that good-to-great companies did not remain entrenched in old, outdated modes of business, nor were they deluded by dreams or false hopes. They were not afraid to face reality. They were diligent to determine the truth about their situations -- some of which were quite grave, as in the case of Fannie Mae, on the verge of bankruptcy. On this basis, knowing their current reality, they embarked on a process that enabled them to make the leap from being good companies to great companies. Which is where Collins goes for the remainder of the book.

Time and space do not allow me to say everything I'd like about this book. But I will say this: "Good to Great" provided the catalyst for me to embark on a path of totally redefining and reorganizing my company. It began with facing the facts and then following Collins through the process good-to-great companies went through, asking questions like: "What am I passionate about?" And, "what can I be the best at?" And, "what drives us economically?"

If you own a business, or are in any kind of management position, you've got to read this book. I assure you, you will not regret it.

-TLH