The Magic of Dialogue

Who doesn’t love a great conversation? There’s something compelling about swapping stories, sharing hurts, and multiplying joys as we connect together each day. Companies are finding the catalyst to true connection often comes through listening.

Marketing and editorial strategists Michelle Horowitz and Kendall Meade believed so strongly in conversation that they launched an entire online platform called InTELLects to grow real-life interactions that promote conversation, creativity, and community:

“I’m energized by making connections and asking people deeper questions,” says Michelle. “It’s how I learn, and it’s how I grow.”

TheMagicofDialogue

InTELLects features notable leaders, thinkers, and change agents, building a community of mentors and offering users the chance to ask questions – any questions – to grow the collective conversation. The co-founders believe authentic discussions pave pathways to clarity, grow existing communities, and instigate this new universal truth: “ask, and you shall succeed.” InTELLects is promoting a paradigm shift that’s moving companies away from “shoving a sales pitch” and toward authentic customer engagement.

The Critical Surfing “Slow Down

In today’s complex ecosystem, marketers are realizing that consumer engagement (or return on EXPERIENCE) is a long-term, holistic measure of a customer’s encounter with a brand. Engagement includes any action a customer takes to connect with a company: downloading an app, participating in a forum, or referring products to friends. Engagement brings significantly greater return than website traffic, as researchers report that attention span in “surfing” is typically less than nine seconds per page.

How can we slow people down? Horowitz says asking questions is a wonderful place to start.

“True engagement stems from building a place where people can honestly learn, share, and engage,” she said. InTELLects believes that real conversations transcend the noise and forge emotional connections.

Through digital channels, today’s entrepreneurs have powerful tools to create highly personalized relationships. While community forums have been around for ages, expanding social networks like LinkedIn Groups and Google+ Communities offer a chance to connect with customers and ask questions that can build emotional connections that last. Recent data shows that 68 percent of audiences spent more than 15 percent of their time reading the comments section of a story – revealing the allure of dialogue to build powerful community connection.

Growing the Conversation

As you seek to build your own “conversational opportunities,” here are a few questions to consider:

  1. What does your target audience connect with?
  2. What questions do they have about your product?
  3. What is their favorite feature of your business?
  4. Where can you proactively predict what they want to stay ahead of the design curve?
  5. What educational or training gaps could your company offer on their behalf?
  6. What are some practical questions you could pose to gain insights in these areas?

Need ideas to get you started? Grab your team and brainstorm how you might:

  • Host a contest
  • Promote customer achievements on your own social media page
  • Allow your VIP customers to co-create content
  • Host webinars or events
  • Make someone your “brand ambassador” for the month
  • Allow users to have fun, like the Reddit community did in its season-long Fat Tire experience

As technology barrels ahead, one of our own goals is to keep people at the forefront. Whether it’s online forums, beautifully handcrafted printing, or just the face-to-face interactions we have with you every day, we believe nothing trumps relationships. We enjoy hearing about your own questions and ideas, and we look forward to serving you this year. Let’s keep talking!

 

 


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Why Establishing Your Brand as an Authority is a Top Goal

With every piece of marketing collateral you create, you’re essentially trying to accomplish two key goals. Yes, you’re always trying to inform members of your audience about the products or services that you offer – or the ones that you’re about to launch. But at the same time, you need to do something much more powerful. Something that, if executed correctly, can help guarantee that yours is a brand with the ability to stand the test of time.

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You need to establish your brand as an authority – not just in the context of what you have to offer, but within the larger sense of the industry that you’re operating in. If this isn’t already one of your top goals, it should be for a number of essential reasons.

The Power of Brand Authority

To better understand the importance of brand authority, consider the following two statistics. According to one study, 45% of your brand’s image (meaning what people think and feel when they encounter it) can ultimately be attributed to both what you say and how you say it. More importantly, the same study revealed that 54% of people don’t trust brands at all.

The most critical thing to understand about this is that brand authority is not something that you can give yourself. The majority of people who don’t trust brands don’t do so because the brands told them not to – it’s because those brands failed to live up to their promises one too many times. It’s because they didn’t have anything to offer beyond a sales pitch. It’s because those brands weren’t able to connect with their audience in an emotional, raw, and ultimately genuine way.

Because those brands failed to understand that brand authority really has to do with your larger reputation – it’s that kernel of trust that you don’t give yourself, but that others give to you.

It’s also not something that you’re going to be able to build in a day. It’s less the product of one major move and more about a series of smaller ones. It’s something that grows slowly, every time you choose to partner with a charity on community outreach or make your presence known at some type of local event. It’s something that grows inside your audience every time they see a piece of collateral that isn’t just a product spec sheet, but that offers true insight and information in a way that helps them even if they don’t make a sale.

When built properly over time, it’s also something that makes it easier than ever to not only keep the customers you already have satisfied but to bring new ones into the fold as well. This will invariably translate into a sense of “when the time comes and I do choose to make a purchase with this particular brand, I can rest easy knowing that it is money well spent.”

In the End

Ultimately, establishing your brand as an authority should be a top goal because it allows you to become more than just the products you sell or the services you provide. When your customers have a question, they come to you for the answer. When they want to learn more about a related topic, their first thought is to go to you for the education they seek. When you do launch a new product or service, they’re interested in what you have to offer because there is a level of trust that exists between you that they don’t have in other relationships.

This is why brand authority is so important – because it lets you become more than “just another company” and provides you with a level of authenticity that can take a standard audience and turn them into a loyal army of passionate advocates before you know it.

 


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Five Ways to Provide Mind-Blowing Customer Service

Did you know that surprising and delighting your customers is something that starts before they are truly aware of your business and brand? Each interaction throughout the customer lifecycle is an opportunity to provide mind-blowing customer service that people simply must share with their friends. Creating true advocates for your business should be your goal, and that only happens when customers are over-the-top excited about your product and service offerings. How do you inspire that type of loyalty in what can be a fickle audience? These tips will get you started down the path to lifelong devotion from your fans.

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1. Treat Employees Like Gold

Your most important asset when it comes to ensuring long-term customer loyalty is closer than you may realize — your staff! When your employees are empowered to react quickly to negative situations and provide proactive support to ward off challenges, your customers will feel the difference. Employees who feel as though they’re simply showing up to punch a clock are lacking something, and that will show up in their interactions with customers. Employees who are regularly rewarded for going above and beyond expectations will continue that trend.

2. Foster a Culture of Possibilities

When you foster a culture of possibilities for your staff, they will be much more likely to take exceptional care of your customers. Why? Because employees take more ownership, and “your” customers become “their” customers . . . and friends. Good customer service is expected (and even demanded) by today’s customers. Going the next step to completely blowing your customers’ mind takes extra effort to provide unexpected benefits. This could mean providing free custom proofs to clients, adding in 10% overages “just because” or delivering earlier than expected. On time and on budget are expectations — you have to raise the bar to blow their minds.

3. Create an Easy Button

There will always be customers who are looking for the fastest and cheapest items. However, the customers you really want to cultivate are those who are willing to pay a premium for truly exceptional service and delivery times. The majority of people in America today have severely limited time, and when you’re able to show customers that you respect their needs and move quickly, they will be surprised and delighted. Optimize each process, remove unnecessary clicks from your website and apps and generally think through the user experience at every turn.

4. Focus on What’s Important

Customer-facing organizations are often looking for ways to reduce the amount of time required to interact with the public on each transaction. While this can result in efficiency for customers and staff alike, it can also cause a measure of frustration when poorly implemented. Forget the long list of meaningless metrics that don’t impact service levels or profitability. Look for measurements that directly impact customer satisfaction such as the number of calls required to resolve a return, for instance.

5. Stand Out from the Crowd

Are your competitors sending out postcards? Take their concept and go bigger: send a unique mailer that is truly attention-grabbing. There are rumors going around that “direct mail is dead”, but nothing could be further from the truth! As fewer competitors rely on print, customers are more likely to be engaged with the unique and interesting pieces that do hit their mailboxes. Have fun with your promotions and your customers will reward you richly.

The reality for businesses today is that customer retention is much less expensive than attempting to find and recruit new customers. Sure, you’re always on the lookout for new customers, but shouldn’t you also look for ways to create an over-the-top excellent service culture that keeps people returning for more?

 


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3 Opportunities for Better Customer Follow-up

Have you ever considered an online purchase but been put off by taxes or shipping costs? That’s what a Reddit user (Doug D.) experienced when he fell in love with a sweatshirt from Archrival Clothing. Doug, a UK resident, added the item to his cart, but was disappointed to find he couldn’t get Archrival’s alluringly low shipping prices since the company was based in the US.

 

Winning Follow-up

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Game over? Not quite. Someone from Archrival took note of Doug’s abandoned “Shopping Cart” and realized the shipping prices were probably to blame.

This  resourceful employee immediately e-mailed Doug, offering several alternatives to ship the order for less, including a FedEx International Economy option, Delayed First Class Overseas Mail (on the company’s dime), or European purchasing options.

Doug’s reaction? Rave online reviews for the company itself:

“Wow. My mind is blown. This is potentially the best customer service I have ever experienced. You definitely deserve a purchase just for this e-mail.” Doug and his girlfriend bought several items, ordering more than originally intended, all due to proactive customer care.

Leaky Buckets Bring Lost Opportunities

Business is all about relationships, and good relationships are built on great communication. In today’s wired world, we communicate constantly, yet connections are frequently missed. Author Dan Kennedy describes these botched follow-ups as the “hole” in our buckets. If business is the bucket where we pour energy, ideas, and money, the “holes” are wasted time, money, or failed follow up. This may include failing to track contact information, not rescuing lost customers, or belated follow-up with prospects.

What impact does correspondence have? According to Harvard Business Review, the most frequent customer complaint is poor follow-up. Fifty-six percent complain that they need to re-explain their issue when calling back. Sixty-two percent need to repeatedly contact the company to get issues resolved. As a result, 65% are likely to speak poorly about the company and 48% go on to tell 10 or more people about their bad experience. Poor communication can influence not only your customer but spill over into the public as well.

Show Them the Love!

Sometimes we fail to communicate because we are forgetful, have full schedules, or we fear looking pushy. But consistent follow-up builds sturdy bridges, and any step toward better communication will bear long-term fruit. Consider these opportunities for better follow up:

  1. Always acknowledge a message from a customer: with gratitude, with further questions, or with a confirmation of the request
  2. Give a brief status update of the issue at hand
  3. Respond via the customer’s preferred method of communication (e-mail, website, phone call). If uncertain, reciprocate with the method the customer initiated with

Use stronger written follow-up communication to:

  • Make a calendar request or recap a meeting
  • Ensure your last message was received or inquire about further questions or concerns
  • Express gratitude for an introduction or appreciation for their business
  • Congratulate clients on a recent accomplishment
  • Wish customers luck on an upcoming project or personal endeavor
  • Solicit feedback on a future project or decision
  • Send helpful information or resources (pertinent to your previous conversations)
  • Make people personally aware of upcoming incentives or promotions

To make good intentions a reality, consider adding correspondence goals to your schedule (placing reminders in your phone or calendar or sending unique printed thank you notes on a bi-annual basis) and chart a new course of consistency to ensure your relationships receive the optimal care they deserve.

 

 

 


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Stay in the Game

Finding the Off Switch

Do you ever lay awake at night feeling restless about work? Do you take projects home each evening or over the weekend? When the day is over, is it difficult for you to quiet your racing thoughts?

You work hard. And you enjoy it. But in this mobile generation, devices meant to create freedom have tethered us to the desk as we toe the line between productivity and workaholism. A study of 3,000 UK workers showed that 69 percent regularly work outside their office hours, and the average worker fails to use six days of paid leave each year. In the midst of an overwork epidemic, are you preserving your own well-being?

Digging Your Own Grave

While our parents said “hard work never killed anyone,” research says otherwise. Men who are unable to mentally relax after work nearly triple their risk of heart disease and psychologist Mark Cropley, studying health and stress at the University of Surrey, says an inability to detach brings disastrous consequences:

“Inadequate psychological recovery, or poor disengagement from work, is associated with a range of health problems including cardiovascular disease, fatigue, negative mood and sleep disturbance,” Cropley said.

What is the difference between an industrious person and a workaholic? Experts say the industrious can push past typical office hours but remain emotionally present for others, enjoying fulfilling relationships and intentionally scheduling time for things they love. Hard workers experience short bursts of stress for a deadline but follow this with a purposeful schedule reduction (like comp days or shortened office hours) to restore depleted energy.

StayInTheGame

Workaholics struggle to find this off switch. The troubling feelings or facts accompanying their lifestyle stress fails to curb their unrealistic performance ideals. Workaholics are obsessed with work and the adrenaline rush it brings; often they walk fast, talk fast, eat fast, and struggle to delegate for fear others will not do “as good a job.” While appearing externally healthy, their internal overdrive brings physical distress: panic attacks, claustrophobia, depression, decreased immune function, sleep disturbances, or an inability to enjoy life’s pleasures. Workaholics have an increased risk for metabolic syndrome, a higher need for recovery, and struggle with cynicism and emotional fatigue; when your biological systems keep working around elevated set points, you have a greater risk of cardiovascular disease (CVD), diabetes, and even death.

Worried you may be digging an early grave? Here are a few checks to flag your workaholic tendencies:

  • Your work eats into meal times
  • You are often first to arrive and last to leave
  • You are always on your phone or computer
  • You appear relationally distracted and find little time for leisure activities
  • You experience anxiety or irritation when interrupted or kept from work
  • You feel guilty when you’re not working and find it difficult to relax at night

Quality Trumps Quantity

Beyond improved health, accounting firm Ernst & Young found that for every additional 10 hours of time off taken, employees’ annual performance ratings improved by eight percent. How can you make productive changes if you are stretched too thin?

  • Reflect on reasons for compulsive work
  • Ask for help from your team and intentionally delegate
  • Set clear rules for how many hours you will work each day, quitting several hours before bed
  • Replace workaholic tendencies with positive habits: cultivating hobbies, building a skill you don’t use at work, and pro-actively scheduling time with friends
  • Resolve to save 25 percent of your energy to bring home at night. Put a fence around weekends to avoid temptation

Self-care keeps you on top of your game and ensures you STAY in the game. And that’s a win for us all!

 

 


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The Dignity of Work

Down But Not Out

Albert Serur was just a young man when he passed out cold in his client’s office. Only four months into his job, a previously undiagnosed heart condition might have sidelined him permanently. But Serur didn’t go down without a fight. Rather than recovering from emergency surgery at home, he hired a driver so he could sleep in the car between sales calls.

“Adversity helps you deal with who you are,” he says. “If you can start preparing for things proactively both personally and professionally, you’re going to be ready, and you’re going to be a better leader.”

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Will-Set” that Trumps a Skill Set

At 28, Serur is the youngest state director at American Income Life and chief executive of its Wilmington subsidiary. Serur Agencies brings weekly employee training sessions that focus less on technical abilities and more on workplace camaraderie, helping people develop a “will-set” with emotional tools to handle challenging situations. These offerings are a timely response to a felt need; in a recent Society of Human Resource Management report, “respectful treatment” was a top priority of the workers, even above pay.

“I’ve seen many people who have more God-given talent than I have, but if they have one difficult relationship issue, they just fold,” says Serur.

Valuing the “Dignity of Work

Workforce prioritization was how Starbucks recently explained the “fairly flat” performance of its stock. While a recent reduction of corporate-tax rates made the company hundreds of millions of dollars, Starbucks chose to re-invest this money in its workforce rather than funneling profits back to shareholders. Priorities included closing gender pay equity gaps worldwide, offering stock grants of $2,000 for managers and $500 for employees, expanded paid parental leave, and even access to critical illness insurance for parents of employees. Executive chairman Howard Schultz says people are an enduring priority:

“We’re trying to make long-term decisions,” Schultz said. “We’re trying to value the dignity of work. We’re trying to do everything we possibly can to demonstrate to the world … that the better way is not a zero-sum game where you leave your people behind.”

Microsoft has also seen a shift toward creating workplace wins. Several of Microsoft’s former employees have returned to the company after CEO Satya Nadella took over. These “boomerangs” say workplace culture has changed significantly under Nadella’s emphasis on “One Microsoft,” a collaborative environment that hasn’t existed in the past. Nadella has shifted reviews toward solidarity and teamwork, where employees are rewarded not just for their own work but how well they’re able to make use of others’ contributions. Boomerangs say this step away from the “smartest person in the room,” intimidation tactic has brought a more conversational, empowering environment. Microsoft has emphasized patience before perfection, incentives for developing others, and teaching staff to diffuse tension after disagreeable meetings.

Bonds that Last

Some companies use humor to grow unity. The Improv Asylum comedy troupe teaches communications skills at organizations like Google and Intel. This troupe’s mantra is that one person must always accept the premise given and then expand on the idea. “The sink is going to start spraying pink paint, you say?” “Well, yes, AND . . . lucky for us, we’re hosting the abstract art seminar this weekend!”

As it turns out, this is also a great workplace communication technique:

(The phrase) “‘Yes, but’ is prevalent in the corporate culture, and that shuts ideas down,” says Bob Melley, director of corporate training at the Boston theater company. “‘Yes, and’ encourages everyone on the team to offer ideas. It creates a bond and establishes trust.”

 

 

 

 


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How Has the Internet Changed Lead Generation?

There is no denying that technology has greatly revolutionized lead generation, especially in regard to the internet. Gone are the days of having to cold call prospects and knock on their doors. Sure, these tactics still work, but business owners are continually finding ways for lead generation to be more cost-efficient and effective. For now, let’s take a quick look at how the internet has changed lead generation and the many reasons you need to be taking advantage of technology to expand your customer base.

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Artificial Intelligence Technology Enhances Lead Generation

Thanks to advancements in artificial intelligence technology, you can engage with leads online like never before. In fact, you don’t even have to be the one engaging with them. An AI software program can do the engaging for you. Take, for example, if your website offers a chat feature. Before connecting the customer with an actual representative, artificial intelligence software can engage them in a natural-sounding conversation to determine which department the customer needs to be directed to.

Targeting Leads Has Become Incredibly Simple

When you distribute content, whether through direct mail print marketing or online, you need to have a specific target audience in mind. This target audience, of course, needs to represent people who are likely to be interested in the product/service you are selling. Thanks to the internet, it is now easier than ever to target leads.

It’s All About the Analytics

If you aren’t using analytics to track website visitors, you need to be. An easy-to-use tracking platform that is excellent for determining which pages on your site are performing the best is Google Analytics. There is a good chance the service provider that is hosting your site also provides some type of analytics to take advantage of. Regardless of the tracking tools you use, though, analyzing data on page performance can help you pinpoint which pages need to be further optimized and which ones need to be left alone. This enables you to improve time management because you can focus your attention on the pages that need improvement rather than wasting time on the ones that are already attracting quality leads.

Automated Email Sequencing

You want your emails to be as personable as possible to improve the odds of turning a cold lead into a warm lead, but you can’t accomplish this through a single email. Instead, you need to create an email sequence that is automated; this will engage your leads in a systemized manner and it allows you to warm them up to an offer.

The Takeaway

Your existing customers deserve your attention, but at the same time, you need to be focusing some of your operations on lead generation. Thanks to advancements in technology and the internet, it is now easier than ever to generate leads in a timely and cost-efficient manner. By deploying the four tips outlined above, you’ll be well on your way to capturing leads and improving customer satisfaction at the same time.

 

 

 

 


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5 Meeting Rules You’ll Actually Want to Adopt.

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Are meetings something that you would consider magical at your organization? No? Why not? Aren’t meetings a place to collaborate, share ideas, dream big dreams and then make things happen?

Few business people would describe meetings using terms like actionable, positive, critical and focused . . . yet those are the terms that help define success in moving the organization forward.

Communication methods are imperfect as a whole. While you can create a business plan via a series of emails, it’s inefficient and the plan will often lack creativity. The same goes for one-on-one meetings. Team meetings are the ideal way to build energy and enthusiasm for a new idea and generate actionable outcomes, but without the proper structure, even these meetings can be considered wasted time.

Here are 5 rules that will help keep your meetings on pace, on target, and provide you with the successful outcomes that you need from your time together.

1. Start With An Agenda

No, you shouldn’t begin with ‘What will it take to fill an hour of team meeting time this week?’, because if that’s your first thought then you’re already sunk. Request that team members send agenda items at least 24 hours before the meeting time and consolidate them to form your agenda. Keep in mind the flow of topics, and be sure you’re leaving time for strategic conversations. Leave items that may fall into deep tactical minutiae to the end of your agenda.

2. Plan for Takeaways 

Consider the consensus that you’re attempting to build with your meeting, or what your takeaway should be. Perhaps you need someone to volunteer for a new project, or you just need to inform a group about a direction that will impact their work. If you feel that there may be some pushback to your ideas within the room, look for a partner who will be in the meeting who can help support your point. If an item that was on your agenda doesn’t have a clear actionable, add it to a parking lot for a later date.

3. Keep Time Sacred 

Time is money, and never is that more true than when you have 3-15 individuals in a room together meeting without a timeline or agenda. Based on your agenda, break down how long each portion of the conversation should take and allot time accordingly. If your meeting should only need 23 minutes, then schedule that much time — perhaps plus a few minutes extra. Be a stickler about keeping conversations in check and moving the agenda along to hit key points in your list.

4. Consider a Drive-By 

Just need to chat with a few people about a simple topic? Instead of finding space and time for a full-fledged meeting, consider a 5-minute drive-by or stand up meeting. Grab a few people and huddle around a desk or common area, hash through your questions or concerns and let everyone get back to their day. In the same amount of time that you might take to walk and get a cup of coffee, you’ve made a decision, kept others updated on important points, and reduced the overall inefficiency of the day. The time for small talk can be over lunch; use these drive-bys to distill your ideas into the length of an elevator pitch. This may be uncomfortable for some people as it requires checking your ego at the door, but teams that are able to adopt these policies can become much more agile.

5. Keep it Moving

Always focus on the end result and what you need to keep your projects moving. This could be anything from an approval by a superior, someone agreeing to take on a task, or even consensus that you’re heading in the right direction. Capture takeaways and next steps, and most importantly — the name of the responsible party and when the result should be delivered. This will keep your meetings on task and team focused.

The word ‘meeting’ doesn’t have to be a negative concept. Instead, use these 5 meeting rules to adopt a culture of forward motion, positivity, and respect within the organization that will drive success both now and in the future. This isn’t a one-time change to how you approach meetings, but an organization-wide initiative to take back your time and productivity.

 


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Print Advertising Feels Like Printing Money.

 

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Wouldn’t it be great if you could print your own money? Life would be so much easier, right? Well, maybe not, but here’s a little secret that feels like printing money: print advertising.

Print Advertising is Like Printing Money

Good advertising can go a long way for your business. Sometimes it’s hard to explain what good advertising is, but you know it when you’ve seen it. Whether it’s a heartfelt image or a tagline that makes you think, there’s just something about incredible advertising that has a way to move and motivate you.

Good print advertising can inspire you to make a change, donate to a cause, or purchase that cool, new tech device. It provides everyone who passes it, holds it, or takes it out of a mailbox the chance to see that printed information. And, since print advertising is often locally targeted, it means that you can create a far more personal connection to your community than you can with digital ads.

Every time someone sees your printed advertisement and, in turn, goes in and buys a product or service from you, you’re essentially printing your own money! These customers may have never come to your business and purchased your product or service without seeing the advertisement.

You Like What You See, You Buy What You Like

Picture this: You’re walking down the street. Maybe you just finished grabbing a coffee with a friend, and you’re heading back to your car. You check your watch to make sure you’re still on time to pick up the kids from school. You look up and there, on the side of a building, is a poster for a brand new product one of the local boutiques is offering. It stops you in your tracks as you gaze up at it. It’s incredible! How come nobody else ever thought of that before! You pull out your phone and snap a picture, so you remember to pick up the item later.

All of this is the power of print advertisement. People pay little mind to online advertisements, and TV ads are often on while the viewer is off grabbing another beverage from the kitchen. Print ads, however, are there regardless of what a person is doing and how often they pass a certain intersection. And every time someone sees the advertisement and buys something, you’ve just printed more of your own money.

So, what are you waiting for? Now is the time to start printing your own money in the form of print advertising!

 


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Family Support is Key for Succession in a Family Business

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Running a successful family business inevitably comes to a critical decision – how to continue the business when the current business owner decides it is time to retire and step away? Some decide to shut the business down

Others sell it to an outsider. Still, others decide to groom a family member to take over, but this can be fraught with risk if the young person turns out to not be interested, prepared, or the right fit.

Ready for a Change

Virenda Gupta found himself in a critical decision place when he was ready to enjoy the rewards of his own hard work building his property tax consultancy. Founded in 1986, RETC was a well-run operation that had taken years and years of dedication, especially in the highly technical accounting world of tax advising. But it was time for Virenda to travel, see family, go back to his historical home in India for visits, and reap some rewards for a change. However, RETC needed to still be managed and directed.

Positioning for Success

Virenda’s son, Amish, had initially brought up the hard topic, but both men were engaged and ready to really address the matter on all the key topics of compensation, authority, and ownership. Because they were willing to take it seriously, Virenda and Amish were able to craft a functional and working succession plan, ensuring RETC was positioned to continue for decades to come. And this was a key shift that is essential for family transition; if the current owner cannot envision handing over the reins, the succession discussion with a family member almost always ends in frustration.

Virenda’s willingness to work towards succession is not common. In fact, only one out of three family businesses make it to a second owner generation, and only a little more than one out of ten make it to a third family generation. Beyond that, the figure gets down to a single percentage digit below 5 percent. However, some of the greatest resistance is manageable; owners have to get past their role of making all the decisions leading to success and let someone else step forward. And that includes making mistakes. Planning is a key aspect, and smart owners start well ahead of a succession date, grooming potential family replacements years before. There is no 24-hour decision-making in this approach.

Proof Beyond Just Being Family

Virenda is lucky; his son wants the leadership role and is qualified. In almost one out of two cases a non-family member is more qualified to take the leadership role instead. Virenda made a key step to ensure his family was prepared. He chose his son as a potential successor after Amish had proven himself capable doing the work. He then let Amish work elsewhere and earn his stripes versus being protected internally due to just being family. Virenda then had to convince Amish to come back and take the role versus staying on the lucrative path he was already on with big corporations. That meant providing a real path and share for Amish instead of just a figurehead position.

How to Do it Right

Experts are in agreement on the key points of family success:

  • Don’t pressure kids to take on a role they are not prepared for.
  • Take on the tough conversation of succession and embrace it honestly with every detail.
  • Get children involved early, foster their interest and love for the business, and then make sure they have all the training needed.
  • Work as a team with everyone having a vested interested in the business’ success. Ownership is personal and drives people to commit.

Virenda is now enjoying travel and time to relax in his retirement, and Amish is fully-engaged in his role as RETC’s leader. Their story is both a case study of what’s done right in a family business succession as well what it takes to prepare for that moment.

 

 


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