The Family Jewels Are Nickel-Plated Steel

Bead Chain, a division of Bead Industries, launched a newly enhanced website at http://www.beadchain.com promoting quality Bead Chain® spools, endless loops, chain assemblies and chain accessories. The new site includes richer product pages that can be easily accessed by industry application or need. Since its launch in early March, the site has increase traffic by 20%.

“Our new website reflects Bead Chain’s leadership position in the global marketplace,” said Kevin Mayer, International Sales Manager at Bead Industries. “We have raised the bar by providing interactive tools and detailed product information for our customers and prospects. As technology changes, we wanted to keep ahead of the curve by enhancing functionality and content.”

Read the full release.

In March, I wrote about family succession planning and how to drum up interest. Once a succession plan is initiated, however, the next step is the transition period. Generational succession in a family business is fairly common, but the paths taken are as diverse as the businesses themselves.  Depending upon the circumstances of the retiring family member, the transition can be smooth, extremely bumpy and frustrating, or actually quite sudden.  In every case, an outside board can make all the difference in maintaining stability.  One of our Board members sent me an article from CFO Magazine that illustrates that point, but includes other important issues to consider.

The article talks about young Stew Leonard’s plunge into the family business when his father and uncles are convicted of tax evasion and sent to the big house.  Stew had to gear up to his new challenge in a hurry.  I had a similar introduction to Bead.  Having just moved five thousand miles to join the company as CEO, my father came in to check his mail during my first week then disappeared.  He waited too long to make the transition and was way past retired.  Like Stew Leonard, Jr., I was thrust headlong into the business.  But sometimes that is what’s needed to develop good leadership.

If successors feel that their situation is unusual, weird or unique, there is another important step that can be taken.  Bead Industries is a member of the Center for Family Business affiliated with the University of New Haven.  CFB forms successor groups where those new to their family business can confidentially discuss what they’re going through with others in a similar situation.  My daughter is part of a group now, and I joined one very early on as well.  We both discovered that we actually had it pretty good.  The stories I heard about how fathers passed down all the responsibility but none of the authority.  Talk about a difficult state of affairs!

No matter what the circumstances, planning is the key.  With proper planning and an outside Board assisting, succession can be handled in a way that actually reinforces the family and strengthens the business.

Today, business leaders must rely heavily on gut instincts to continue manufacturing in today’s uncertain environment.

Our niche of cold metal forming, or swaging, is doing very well.  Our electronics customers, whether in telecommunication, automotive or PCB markets, continue to order at robust levels.  Plumbing and chain sales are very strong and routinely exceed budget.  But if you read the paper or tune in to the nightly news, you would swear your business should be shut down tomorrow.

Unemployment remains high, but our little companies have added conscientious workers to our teams.  We’ve hired, not because of government incentives, but because we need the added skills.  We’re uncertain of the effects of ObamaCare and the impending regulations of Dodd-Frank, but we continue to work hard because our customers are counting on us.

There seems to be trouble and conflict around the world, but that doesn’t appear to impact the growing percentage of our exports.  Though growth is slow at home, emerging countries are gobbling up consumer goods at breakneck speeds.  We shouldn’t feel threatened by the impending Free Trade agreements; we should look at them as opportunities to help us back on our feet.

Nature works in cycles.  The U.S. is in a tough cycle now, but this too shall pass.  Let’s look at each day as a glass half full and not let the constant media negativity deprive us of the joy of life.  No matter the circumstances, there is always good.

Regardless of your industry, business or profession a good website is crucial.  It used to be the sign hanging outside the old shop shaped like the product sold inside.  Then the advertisement in the Yellow Pages was the answer.  Today, if you aren’t represented by a great website, you aren’t even in the game.

Putting together a great site takes partnering with a terrific web designer and spending many hours creating the all-important portal into your company.  We are fortunate to have young people in our organization who have grown up with the computer and Internet.  They’ve been key in building our site and, more importantly, monitoring the site’s traffic through Google Analytics.  ”If you can’t measure it, you can’t fix it.”

I was having dinner with a new prospective customer the other evening.  I was prepared for the meeting because I had been on their website and knew their history, products and recent news.  I was not surprised that they had visited our site, but I was stunned to learn that they actually formed a committee to review our expertise, capabilities and viability completely through our website.  That review resulted in their flying half way across the country to meet us in person, meet with our engineers and quality folks and view our factory.  As it turns out, we are a good fit for each other and a business relationship is developing.  Had we had a poor presence on the Internet, we would most likely have been eliminated as a potential supplier for interconnect pins.  Even in such a niche market as swaging, our website is our international rep.

First impressions are vital both personally and in business.  A great web presence is usually that first impression…and you must impress.  The site is a true reflection of your business.  Creating a great website is not easy or cheap; it takes time, thought, creativity and money.  The upside is that a company can re-brand itself, create new logos or a new, more modern tag line while working on their website.  These can all be re-purposed for business cards, promotional material and trade shows.

I have to admit, I’ve become rather fond of golf.  You may have a round punctuated with poor shots, difficult lies and missed opportunities.  But all it takes is one great drive or a thirty foot putt to bring you back for another round of self-imposed abuse.

Despite its challenges, golf usually reflects a player’s personality.   And that’s why you should routinely invite business associates, vendors and customers out to the course.  The way they play the game is going to be very similar to how they’ll perform in business.

Some people say golf has too many rules.  But because there are so many variables in the game, rules, along with handicaps, are established to level the playing field so that all players can compete fairly against each other.

Golf is a game of honesty and integrity.  In many instances, you are alone when you find your ball in the rough; do you improve your lie when no one’s looking or do you nudge your ball a foot or two to put it in bounds? How does your guest react to poor shots?  When he or she shanks one into the woods, do they swear, throw their club or laugh.  After all, it’s only a game. 

How do you play the game? 

Still, there is nothing better than a pleasant day on the golf course with a group of players who love the game, but are also comfortable with themselves and the way they play.  Those are the people I’d do business with.