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.

]]> http://www.beadindustries.com/blog/?feed=rss2&p=253 0 http://www.beadindustries.com/blog/?p=242 http://www.beadindustries.com/blog/?p=242#comments Mon, 16 Apr 2012 17:18:34 +0000 kenbry1 http://www.beadindustries.com/blog/?p=242 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.

Our interests include metalworking technologies, insert molding and electrical/electronic sensors and sub-assemblies. We’re also interested in acquiring a progressive online or direct marketing company. For more information, see our press release here.

Or, please contact Ron Andreoli, President of Bead Industries, via email or phone at 203.301.0270 x 24.

Remember, kids are looking at a new career from an entirely different perspective.  At age twenty-five or thirty, did I want to work in one place and at one profession for the rest of my life?  No way.  But the opportunity to work in a family business affords many more opportunities than a typical job working for someone else.  Though successors may have to start on the shop floor, the knowledge gained usually pays off as they move up in the organization.  And future positions can be diverse or never previously considered.

As family members age, a decision must be made whether to sell the business or carry on with next generation.  If there is no interest for the future, the decision is easy.  But if there is interest, it’s imperative to pursue succession.  At Bead, it wasn’t a choice made overnight.  As with many important decisions, it takes years of thought and planning. And if you’re lucky, you have an outside board of directors for guidance and wisdom. What’s challenging is the new dynamics introduced into the organization.  Having problems with your IT, online marketing, or social media? Youth is what you need in the family business.

It may be a challenge in the beginning as successors are used to a different culture and a faster pace, but once the two generations mesh, you can have a winning combination.  And they have your back!

It’s vital that visitors have a positive first impression.  This often sets the stage for future meetings and a tour of the facility.  We recently completed a remodeling project designed to showcase our administrative offices and present a professional appearance to mirror the professionalism of our employees.  As a ninety-eight year old company, it’s critical that customers know Bead is still innovative and ascribes to the most modern manufacturing techniques available in our niche.  A patent recently approved for Bead’s new True-Grip pin is a testament to these efforts.

And of course, once the visitor enters our factory floor, they are astounded by its order and cleanliness.  Housekeeping has always been part of our culture.  As a swaging operation, our presses use a fair amount of oil, air and electricity to run.  To produce millions and millions of quality small tubular and solid wire pins and still maintain a shiny factory floor reflects positively on our employees.

A good first impression is soon dismissed unless a company’s staff, workers, and quality products reinforce that impression.  Solid customer relationships are sure to follow.

Cross section of a True Grip pin solder joint

Bead’s design is the first end-to-end pin produced with a wide flange that can be automatically inserted into printed circuit boards. The wide flange provides a defined seating plane for insertion depth control, a robust shoulder for seating the pin without distorting it, and a large surface area for soldering.

To read the full press release, click here.

To watch a video about the True Grip pin, click here.

Employees can make or break a company.  Lee Iacocca once said, “I hire people brighter than me and then I get out of their way.”  This is terrific advice.  You want to lose a valuable employee?  Micro-manage them in what you’ve hired them to do.

Bead is very fortunate to have bright and dedicated workers.  Some have been here for decades, some just hired at the beginning of the year.  They are self-starters, hard working and committed.  They know that the customer’s expectations must be exceeded in order to retain their business.  And it’s important they have “skin in the game” which is why we have profit sharing for everyone: the better we do, the better they do.

We try desperately not to hire too quickly, especially when business spikes.  Hiring the wrong person can be time consuming, costly and disruptive to the organization.  Good workers will always see those who don’t pull their weight, and it can become a disincentive for them.  That’s why it’s vital that only “A” players are on the bus; no matter how difficult or heart wrenching, you must remove and leave the others behind.

As a family business, Bead provides opportunities for skilled family members…only if they have prior work experience and there is a position open in their area of expertise.  Expectations are higher for family members, and many times the demands are greater.  But one of the most gratifying feelings is when you realize that those family members are really “A” players, too.  And there is always room on the bus for “A” employees.

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.

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.

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.