In this episode of Develop This, Dennis Fraise speaks with Bill Murphy, the president and CEO of the Ardmore Development Authority, about the significant impact of Michelin's closure of its tire manufacturing facility in Ardmore, Oklahoma. They discuss the initial shock of the announcement, the community's reaction, and the steps taken to manage the transition for the affected workforce. Bill shares insights on the importance of maintaining strong relationships with local businesses, the need for economic diversification, and the lessons learned from navigating such a challenging situation.

Takeaways

• The Ardmore Development Authority is a public trust responsible for local economic development.
• Michelin's closure of its facility was a significant blow to the local economy, affecting 1,400 jobs.
• The announcement of the closure was unexpected and blindsided local leaders.
• Strong relationships with companies can help in managing crises effectively.
• The community's reaction to the closure was one of shock and disbelief.
• A transition task force was created to address the impact of the closure.
• Diversifying the local economy is crucial to mitigate the effects of losing a major employer.
• Maintaining open communication with stakeholders is essential during crises.
• The company provided significant support and incentives to retain employees during the transition.