This is Not a Final Farewell

It’s hard to say “goodbye” so I won’t.  The time has come for me to hang up my Family Business Council Ambassador hat and pick up my golf clubs to spend my days on the course. The last twelve years have been an amazing journey of building relationships, growing businesses and connecting with leaders. Serving as Director and then Ambassador enabled me to invest in a strong, thriving community that has become part of who I am, making it hard to step away from a council that truly embodies the spirit of family.

During my tenure, I experienced the peaks and valleys that many of our family businesses endured with the economic instability, and it was exciting to witness their resilience and to serve as a catalyst for growth.  I strongly believe in the power of mentorship which helped drive my passion to lead and be part of the Family Business Council. When I joined the FBC over a decade ago, I was ready to make a difference, but along the way I became part of a community that has a distinct mission, and I want to ensure it lives on long after my tenure has ended.

• I’d like to remind everyone with the Council to keep the audience to be served a priority.  It’s the family-owned business owners along with the students at CSUF that need to be our focus.
• On the personal side, continue to invest in and demonstrate the virtues of volunteering your time/energy/resources, be they financial, psychological, spiritual, etc.  You get back more than you give.

My passion for people has helped me become a friend to the Council members, not just the Director. The piece of advice that I would like to end with: identify and define your values.  This will not only provide you with clarity and vision but will also be the driving force behind your family’s growth and success for the future.  Hold on to those values and the legacy of the family firm; they are essential for the next generation.

This isn’t a goodbye. This is more like see you soon.

Finding Success In A Trust & Value Economy, by Meridith Elliott Powell

As we forge ahead in building our business in the post-recession landscape, putting on a new pair of glasses to navigate the direction of your company is imperative. If you believe your company offers a quality product or service, and feel passionate about helping people, then it’s time to embrace this new economic perspective. This your time! If you know how to navigate the waters, understand the shift, and accept that customers require a new and innovative approach, then you are well on your way to finding success in a trust and value economy.

Let’s face it – The economy is not down, it has changed! If you want to be successful, the first thing you need to realize is just how the dynamics of our economy have transformed.  I don’t care what economists, experts and business gurus are saying or predicting, the truth is no matter what the economy does – whether it goes up or goes down – your customer has forever changed and that change impacts you and your business.

In my opinion the mind of our customer has been more deeply impacted then their wallets. When the economy started to shift in late 2008 so did our customers. Unlike other shifts in the economy, this one was different. At first, consumers slowly waited for the economy to bounce back, when that first bounce took longer than expected the first change in the consumer mindset took hold. When that bounce was far less impressive than expected, consumers got more cautious, and the more uncertain things got with the economy the more consumers started taking matters into their own hands.

Realizing they can’t control the economy, they focused on what they could control, their approach to managing and spending their money.  Consumers may have been more profoundly impacted by this economy; losing jobs, lower salaries and wages, starting their own businesses, shutting businesses down; but they all share one thing in common; how they began to think about and how they began to spend money.

Research study after research study shows that young or old consumers and their spending habits have greatly changed.  This economy is uncertain, and the constant fluctuations have created a more cautious type of spender. In addition, globalization, advancements in technology and increased competition have put the consumer in control of the buying cycle. They are calling the shots; they can buy what they want, when they want it, and from whomever they want it. This makes the products and services we as business owners offer mere commodities, but how we offer them is our competitive edge.

Consumers in this new, uncertain economy are willing to spend money, but trust and value are the true return on investment they are looking for. This is a trust and value economy. Our society has changed and frugal has become the signature of this season. People will choose quality and value over quantity and price. Gone are the status symbols of overspending and abundance.

So how do you find success in this economy, how do you compete? Join us for the answers to that question and an action packed session designed to help you Find Success In A Trust & Value Economy; 8 steps you need to know to make building relationships and growing your business fun, easy and incredibly effective.

Join us on November 15, 2011 at Mihaylo College at Cal State Fullerton to hear how your business can thrive with a new mindset in this economy. This workshop will begin at 4:30 p.m. in the Scott O’Brien Family Innovation Center, 3230, in Steven G. Mihaylo Hall.

What Does It Mean To LISTEN?

So, how do we become a better listener? Years ago, when I was working as the Training Director for a large Fortune 500 corporation, I came across this great acronym for the word “LISTEN”. Try it in your next one-on-one situation with someone at work, or with your spouse.

L = Look at the speaker. Make sure he or she knows that you are engaged in the conversation.

I = Ignore other distractions. The world is constantly competing for our attention. Focus on the conversation.

S = Summarize. If in a lengthy conversation, pause a few times to rephrase back to the speaker what he or she is saying. This will assist in making sure you understand what is meant, and will dramatically increase his or her confidence that you really are listening.  But don’t overdo it.

T = Take notes. When I am speaking to someone, and follow up is required, my confidence level goes up that the actions will actually get done if I see the person taking notes.  

E = Emotional Control. If something is said with which you do not agree, do not tune the person out and start talking to yourself in your head. You will probably miss an important point

N = Nonverbal. Do your nonverbal actions show that you really are not listening? Arms folded, looking at your watch repeatedly, staring into space, frowning, etc. These all tell the speaker that you are not interested, and that you really don’t care, or agree with, what is being said.  55% of communication is nonverbal (what we don’t say), while 35% is voice (the way we speak), and only 10% is actually verbal (or the words that are actually being said!).

As Dr. Lang stated in our workshop, often times we complain about someone else, and how “they just don’t understand!”  80% of the time, the problem is us, and not them. Try this technique, and see if your miscommunications and frustrations are decreased. Listening is the first step to improving any relationship.

 

 

The Doctor’s Communication Prescription

“This was appropriate for my work and my personal life.”  “I loved learning how the brain works, and why we act the way we do in certain situations.”  “I learned how to interact better with my family and my employees.”

These are just a few of the comments that we heard at this past Tuesday night’s Family Business Council workshop.   If you missed it, we will soon have the presentation, in its entirety, up on our site. If you were there, then you know that Dr. Lois Lang did an outstanding job telling us all about the “Neuroscience of Communication”, and how we can align our business strategy, and our family relationships.

So often, we find that the number one cause of friction in any relationship, whether it is between co-workers, family members, spouses, or even strangers, stems from a simple misunderstanding, or miscommunication. One of the key points that Dr. Lang discussed was simply to be a better listener.   “Listen, Listen, Listen” was the primary message.

So get ready and stay tuned for the fantastic presentation by Dr. Lang that will be featured on our web site! Also make sure that you register for next month’s workshop on October 12^th so you don’t miss a thing!

What’s In It For You??

Every day we are bombarded with messages and advertisements that usually want one thing or another from us. Most of them are schemes and won’t deliver what they promised, such as, “Discover the advantage in penny stocks!” and “You won’t find a better deal!” slogans that preface most products and services. These generic tag lines make it hard for consumers to trust companies these days.

 One thing that you can count on is getting trusted guidance from advisors that have been working with and studying family businesses for years. Who else can say that? And mean it! At the Family Business Council we don’t hype you up with unattainable gimmicks because as a family-owned business, you have additional needs, pains, and issues in running your business that your non-family owned counterparts simply do not experience on a daily basis. 

 In our monthly workshops, we address these issues that you encounter and offer realistic solutions from our advisors and fellow family business owners who have gone through it. The workshops are forums to share ideas, struggles, suggestions, and success stories with each other. There is a structured, extremely effective, networking session prior to each speaker or panel.

“Joining the Family Business Council is, perhaps, the single most important thing we have done as a business in our years of running this company.” – Tom Summerfield, Owner, Cascade Pump Company, Santa Fe Springs, CA

As a member of the Family Business Council, you will also have the opportunity to belong to a smaller Affinity Group, made up of business leaders in your same position, where you will meet monthly over lunch to consult with one another about your specific issues. These meetings are extremely confidential, and all of our Affinity Group members rave about the value of these sessions. We have partners who provide expertise in a variety of industries to include banking, law and human resources.

Perhaps the greatest benefit to becoming a member or sponsor of the Family Business Council is that you are developing relationships with other family business leaders, and families, who really understand what you are experiencing and, in some cases, feel your pain.  

And The Winner Is….

In the wake of the recession business owners should be clamoring to gain market share by highlighting their company and showcasing the unique products and services they provide.. Like most business owners, you are constantly seeking new ways to grow your business, gain exposure and broaden the reach of your organization.  

With the economy struggling to find its way, we need to uncover more ways to speak to our target customers and gain recognition in a highly competitive environment.

Statistics show that over 70% of small and medium-sized businesses in America are family owned, and/or operated.  Recent studies have also indicated that there are over 50,000 family-owned businesses in Orange County alone.

So how do you stand-out from the fray? Gaining recognition will boost your reputation and enhance your credibility. For over a decade, the Family Business Council has partnered with the Orange County Business Journal to host the Family Business Awards.  Five OC based companies are honored as the Family Business of the Year in the following 5 categories: 

• Small Business (less than 50 employees)
• Medium Business (51-149 employees)
• Large Business (150 + employees)
• Start-up Business
• Last but certainly not least Longevity  

A special luncheon announcing the winners will be held on November 30, 2011. Imagine your name being called in front of 400 family business peers and highly regarded executives. This is a great way to showcase your company, with the opportunity to be featured in the OCBJ.

Nominations are currently being received in each of the aforementioned categories, and we encourage you to not only nominate great companies with whom you do business, but we also strongly encourage self-nominations, as well.

To nominate a company for the 2011 Family Business Awards, visit the Orange County Business Journal site at http://www.ocbj.com/bizevents/nominate-oc-fob/  or through the Cal State Fullerton Family Business Council site at http://business.fullerton.edu/centers/fambusiness/pdf/FOB_Nom.pdf.

 

Rolling Out The Red Carpet…

Every summer FBC organizes a relaxing social event for all of our members to mingle and enjoy themselves, and this year was no exception. It is no surprise that our members have outstanding businesses, that is why they are a part of the FBC, and on July 26 we were fortunate to visit a beautiful showroom of one of our members. MS International hosted this year’s gathering and it was one of the best events so far!

Our hosts, Manu and Rika Shah, of MS International (www.msistone.com) in Orange, were wonderfully gracious hosts.  They rolled out the red carpet for our guests, and made all of us feel right at home.   With wonderful, traditional Indian Cuisine, their stunning showroom made up of stones imported from all over the world, and first-class tours of their facility, the evening could not have gone more smoothly.

As I had the chance to meet with our members and sponsors who were in attendance, I was touched by the kindness and enthusiasm expressed to me and my wife Laurie-ann by everyone there.   We both immediately felt like we were members of a close-knit family.

One major highlight of the night for me was the chance to meet the first FBC Director, Judy Harman, and to hear stories from the early days of the Council. I am honored and humbled to have the privilege of carrying on her vision, which was so magnificently kept alive by Mike Trueblood over the past 12 years.   Working side-by-side with Mike is a great experience, and it is easy to see why our members and sponsors are so loyal to the Family Business Council.

At one point at the event, I stood off in a corner by myself, and observed the gathering, just to soak it all in.  The friendliness that I saw between the members and sponsors made a strong impression on me.  I hope to continue to create an atmosphere within the council where we all can grow closer to one another, work together, and develop stronger personal and professional relationships.   We all prefer to do business with people whom we trust, and as associates in the Family Business arena, we share a common bond.  

I am excited to work with each of you, and to become a trusted advisor to you over the years to come.  If there is ever anything I can do for you – if you need a referral, want to bounce an idea or strategy off of me, or just need a listening ear – I hope you feel comfortable calling on me, and other members of the Family Business Council. Starting the year off with a great summer mixer makes me feel that this will be a great year for all involved in the FBC.

All Good Things Must Come To an End

I’ve relished my time as Director of the Family Business Council, but the time has come to pass the torch on to someone else worthy of the title. The Family Business Council is extremely important to me, and I would never let anyone less than ideal for the position take over the reins. We searched high and low, sifting through resumes, interviewing and evaluating candidates to identify the right person with the credentials, character and credibility to drive the FBC to new heights.  Finding someone who was capable at cultivating new relationships while nurturing existing ones was the key ingredient to catapult the FBC to a new level. Finding someone who will thrive in this role has been a long journey, but the wait was worth it.

I am proud to introduce the Family Business Council’s newest Director, drum roll please…Mr. Ed Hart. An Orange County local, Ed previously served as the Director of Business Development for USC’s Marshall School of Business, focusing on Executive Education, Corporate and External Relations. Gaining invaluable experience as a development officer, Ed worked closely with several businesses including family-owned companies.  Outgoing and connecting well with people along with his experience are precisely why I believe Ed will be a great fit for the FBC. That, and he’s quite a golfer!

As Director, Ed will of course be the primary contact for any questions, concerns and ideas. I’m confident that he will not disappoint, and will continue to cultivate and take the FBC to new plateaus.

I won’t be disappearing from the FBC but will continue to play a role as Ambassador, which means you’ll still see me at the workshops. I ask you to put your faith in Ed, like you have put your faith in me, as you are gaining a Director with a fresh perspective and the right experience to keep your business on a successful path.

My Life as a Big Brother

I was recently honored as the National Big Brother of the Year at the Big Brothers Big Sisters National Conference in Dallas. It was exciting, rewarding and uplifting and I am deeply humbled by this recognition. At age 81 I feel like I am finally understanding the true meaning of living—to give of ourselves and serve others. This was evident throughout the entire event and served as a wonderful reminder of how Big Brothers Big Sisters is transforming lives, and inspired me to reflect on the importance of family that may not always be blood related.

What might seem like an unlikely pair (me, an 81-year-old businessman and Joseph, a 13-year-old kid from East Los Angeles), Joseph and I immediately hit it off and have been close friends for four years now. In my role as Big Brother, I’ve been shedding light on the opportunities that are available to him if he does well in school and steers clear of the potentially harmful nature his neighborhood facilitates. I’m happy to say that, after a visit to CSUF’s campus and with a little direction from me, Joseph is determined to go to college and has even started a college savings fund.

Being Joseph’s big brother has re-energized me and opened my eyes to new ways of thinking about advising family businesses. Mentoring Joseph goes hand-in-hand with mentoring family businesses; I offer my experience and knowledge to help guide others down a successful path. I hope to help achieve success for every family-owned business I know and if mentoring Joseph is a testament to my hard work and dedication then I must be doing something right.

Being a mentor often means just showing up. Investing my time with Joseph, my own family and the family-owned businesses I work with has become the driving force behind my life’s mission. My goal is to make an impact and a life-changing imprint that will spark change and at the end of the day be a vehicle to enable Joseph to fulfill his purpose, inspire my family to pursue their passion and help companies become more profitable.

Read more here!

Guest Blog by Garry Ridge, President of WD-40

We All Have Something Significant Yet To Do!!

I’ve always had a strong thirst for knowledge, especially when it comes to methods for creating a successful work environment. For me, the value of learning from my triumphs and tribulations is translated into my ability to share what I’ve experienced with others, empowering them to become stronger leaders. Serving as the head of a company and family simultaneously can add extra challenges and difficulties, reinforcing the necessity of refining our skills to combat challenges and achieve success. Here is my advice for leaders.

• Do what you say you’re going to do. Organizations don’t pay much attention to what we say; organizations pay intense attention to what we do and the examples we set, particularly if the actions are inconsistent with the words. Any inconsistency is corrosive. I hear what you say; I read what you write; I believe what you do.

• Be competent and act with integrity. (I mean integrity in the broadest sense of the word to include team play and respect shown to subordinates.)

• Have high self-esteem/self-worth. Having a strong sense of self-worth allows leaders to accept failures and criticism without being so egotistical and hubristic that they are not open to others’ opinions. I’ve heard it said that good leaders’ levels of self-confidence are slightly higher than what is justified by the facts, but that’s what keeps them confident in adverse situations.

• Move forward. Good leaders are not afraid to act with a sense of urgency. They pay attention to the details (not by micromanaging but by taking the occasional deep dive to test what they’re hearing).

• Good judgment comes from healthy learning moments. Leaders exercise good judgment, which is usually a result of learning from mistakes. Successes normally don’t bring with them the introspection that mistakes do. Good judgment comes from experience—good and bad.

• Be connected, aware, and always tuned in. Leaders are particularly tuned in to the people around them and to subtle behavioral clues. They can read a room well, listen well, and have a high EQ! (This is akin to a good sixth sense about how to act in foreign cultures.)

• Value the gift of contrarians and resistors. Good leaders don’t like yes men and sycophants. They are not afraid of surrounding themselves with strong people.

• Be a leader of hope. Leaders of hope have a philosophy of “this too will pass”. They maintain their people’s passion, exercise patience against panic, and cultivate a sense of calm.

• Involve the people. The best ideas and greatest support will come when people are involved and contributing. In the end, every decision will be made by you, the leader, and an informed decision means keeping your team involved.

• Always stay in servant leadership mode. Remember leaders are there to serve: the shepherd is there on behalf of the sheep, not the other way around.

• Practice these good leadership traits with modesty—note that when carried to excess, these qualities can be fatal to your role as leader.

May you always find new roads to travel, new horizons to explore, and new dreams to call your own. Life is about memories, so as a leader make new positive memories. Lastly, my final reflection on being a leader is to believe in yourself, never give up and take one day at a time.