Caption: During monthly Family Business Council meetings, council members are able to hear from family business experts as well as network with other like business leaders. Here Family Business Council Director Mike Trueblood, left, greets Eric and John Summerfield of Cascade Pump Company. Photo by Patrick O’DonnellDownload Photo
Caring, Sharing and Mentoring
Family Business Council Asks Member How They Survive Hard Times
Recently, the Family Business Council polled its members on how they have dealt with the recession and the ongoing challenges in the economy. These second- and third-generation enterprises generally have 25-50 employees and between $5-100 million in revenue.
The majority of the 45 members reported they are ‘surviving’ the recession with cost-cutting measures and ’toughing it out’ in terms of coming up with more creative marketing and sales strategies. A common thread is to do everything possible to avoid having to lay off an employee.
Typically, when corporate America needs to cut costs, it first looks to the work force. With family businesses, that’s the last place they look. A primary reason is that the strength, or value, of family enterprises is that they look at — and tend to treat — their employees as family.
Caption: Mike Trueblood, director of Cal State Fullerton's Family Business Council in Mihaylo College of Business and Economics
So, in the tough times, a family business may require reduced hours, or initiate furlough days like academia experienced. But the employee still has a job and tends to be more productive because of that. What could be said better than this to reconfirm the importance of the caring for employees, whose value also extends to customers?
Sharing takes place when all the employees, management and ownership of the family firm work collectively to do whatever it takes to continue offering a quality product/service to an existing or new customer.
Members of the Family Business Council have ‘been there, done that’ and are willing to teach and mentor other businesses with those experiences. Sharing knowledge, teaching and mentoring from other members of the council can be large factors that influence the success of family-owned enterprises. Mentoring has emerged as a widely-practiced resource in American businesses; witness the growing field of consultants who call themselves ‘business coaches.’
A good example of these three values — caring, sharing and mentoring — has occurred with one of the council members, the family-owned and operated Irvine-based Benefit Solutions under the direction of John Kuykendall, president, and his son Andrew.
“The Family Business Council has helped me as CEO/owner to learn from my peers about the tips and techniques for preparing to transition my business, in this instance, to my son Andrew, who for 15 years has been learning and growing the business with me,” said John Kuykendall. “As for mentoring, I have found it to be a two-way street. Andrew has brought great insights in the new technology of the health insurance benefits market, and I’ve been able to tutor Andrew in management and leadership … many of these insights coming from other council CEOs sharing their experiences with me.”
The Family Business Council in Cal State Fullerton’s Mihaylo College of Business and Economics exists to enhance the well-being of the region’s family-owned businesses by providing information and interaction uniquely tailored to the needs and concerns of family-owned enterprises. Visit the Family Business Council website for more information.
Nov. 5, 2010
