FranklinCovey

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This article is about a company. For the stadium in Salt Lake City, see Franklin Covey Field.
Franklin Covey Co.
Type Public (NYSE: FC)
Founded May 30, 1997
Headquarters West Valley City, Utah
Key people Robert Whitman, Chairman/CEO
Stephen Young, CFO/CAO/VP of Finance/Controller
Stephen R. Covey, Co-Founder
Hyrum W. Smith, Co-Founder
Industry Education and training services
Products Planners and effectiveness training
Revenue ▲ $282.6 million USD (2005)
Website www.franklincovey.com

FranklinCovey (NYSE: FC), based in West Valley City, Utah, is a provider of time management training and assessment services for organizations and individuals. The company was formed on May 30, 1997, as a result of an acquisition by Franklin Quest of Stephen R. Covey's Covey Leadership Center. Among other products, the company markets the FranklinCovey planning system, modeled in part on the writings of Benjamin Franklin, and The Seven Habits of Highly Effective People, based on Covey's research. The company operates approximately 80 retail stores throughout the United States and has sales channels in more than 50 countries worldwide.

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[edit] Effect of Acquisition

Hyrum Smith, CEO of Franklin Quest, expected the acquisition would increase the company's market value, through the synergistic combination of Covey's Seven Habits book with the Franklin Planner and its associated training courses. However, after the merger the company's stock price dropped from around $20 per share to a low of under $1 per share in early 2003. As of June 1, 2006, it was trading around $7 per share.[citation needed]

[edit] Products

The company continues to market the FranklinCovey planning system Franklin Planner through its own stores and through other retailers including Office Depot, Staples, Office Max and has expanded into licensing the FranklinCovey brand to planners offered at non-FranklinCovey retailers such as the "365" line at Target and the "DayOne" line at Wal-Mart.

The company markets a variety of book and audio products based on Covey's 7 Habits material, as well as numerous titles by other FranklinCovey consultants. The company also offers two main training courses: one based on The Seven Habits of Highly Effective People; and another based on the original FranklinQuest time management program, now titled Focus.

Additionally, FranklinCovey has launched a line of new training and consulting products focusing on leadership and organizational alignment. Software implementation of the company's planning system is named "PlanPlus for Windows", and an online version is offered under the brand "PlanPlus Online".

[edit] Current Leadership

Since the acquisition, both Covey and Smith have stepped down from the Co-Chairman/Co-CEO positions in favor of Robert Whitman, who also took an investment position in the company.

[edit] Mission

FranklinCovey's mission statement reads: "We enable greatness in people and organizations everywhere."

Foundational Beliefs

1. People are inherently capable, aspire to greatness, and have the power to choose.

2. Principles are timeless and universal, and are the foundation for lasting effectiveness.

3. Leadership is a choice, built inside out on a foundation of character. Great leaders unleash the collective talent and passion of people toward the right goal.

4. Habits of effectiveness come only from the committed use of integrated processes and tools.

5. Sustained superior performance requires the P/PC Balance—a focus on achieving results and on building capability.

Values

1. Commitment to Principles: We are passionate about our content, and strive to be models of the principles and practices we teach.

2. Lasting Customer Impact: We are relentless about delivering on our promise to our customers. Our success comes only with their success.

3. Respect for the Whole Person: We value each other and treat each person with whom we work as true partners.

4. Profitable Growth: We embrace profitability and growth as the lifeblood of our organization; they give us the freedom to fulfill our mission and vision.

[edit] External links