Family business is in my blood.
My father started a meat processing business after World War II with just a pickup truck and grew it into a prosperous business with 40 employees in a large facility in Texas.
My brothers and I all worked side by side running it when my father no longer could. When I married Marty, he was also running a family business with his dad.
Over the years I have worked for others but am always drawn back into working for myself and my family in some capacity.
Business is challenging enough, but adding the family dynamic to it can create additional stress and problems of its own.
Marty and I have had our challenges in our businesses as well over the years. It hasn’t always been easy. Tough times called for difficult decisions, but I wouldn’t change anything.
It made me the person I am today and grew my faith in God to be the center of my life and I would like to share with you some of the most important lessons I have learned while facing these challenges.
DON’T BE AFRAID TO ASK FOR HELP
One of the biggest challenges in any business is how to handle the tough times.
You may be thinking, “Well, I’ve never had to experience tough times.” Don’t take it for granted. You will at some point have your problems; we all do.
Early in my days of working for my father’s business, my brothers and I realized that the company our dad had started was in dire need of some fresh ideas if we were going to make it to the third generation.
Our core competitors had changed from local distributors like us to large national brands like Kraft and Cisco—companies who could beat us on price all day long.
Our customers no longer cared as much about quality, something we had built our reputation on, but on price. It was a wakeup call.
A wise person (my future husband) suggested that we form a board of advisors to help us come up with a plan. My brothers were skeptical at first. What would they be able to contribute if they weren’t from within our industry?
After some discussion, we decided to approach several family friends who had been successful in their careers and started meeting monthly over a meal to discuss how to turn around and improve the business. It was one of the smartest things that we ever did.
Not only was their perspective invaluable, but it made all the difference in how we approached our problems. Today, the company my dad started is 78 years old and has not only thrived but has grown exponentially and is currently being run by the third generation.
HONESTY IS ALWAYS THE BEST POLICY—ESPECIALLY WHEN MONEY IS INVOLVED
Most of us at some time or another have had issues paying our bills.
I’ve seen it all and heard every excuse known to man. I’ve been told that there’s plenty of money in the bank and a check is on the way, only to be chasing payment six months down the line.
On the flip side, I’ve dealt with people who just stick their head in the sand, ignore phone calls and emails, and hope the problem will just go away.
Both scenarios have, and will, do nothing but anger the person trying to collect a debt, creating ill will and resentment.
One of the best ways to deal with a financial crisis or hiccup in your business is plain, old-fashioned honesty.
Be brave. Pull the bandage off and admit to your creditors that you are struggling. Chances are, if you are open and honest, they will be willing to work with you on figuring out a way towards a resolution.
Otherwise, by being less than forthcoming, the problem will only persist and may lead to legal action. This will not only hurt you personally but also put a strain on your business, your employees, and future relationships.
Over the years when a customer has been brutally honest with me up front, not only have I forgiven the debt but I have worked with them to keep their marketing going while they turned things around.
However, when a customer refuses to pay, gives excuses, and ignores all communication, the only option left is turning their account over to a collection agency.
LET GO OF YOUR PRIDE AND BAD BUSINESS
One of the first things my brothers and I realized was that one product we had built so much of our business on over the years was not making us a dime anymore. Dad had built it as one of the staples of our business—preformed hamburger patties sold in boxes to restaurants.
Realizing it was not doing us any good meant changing who our customers were. It was scary to stop producing something we were known for and had such a large part of the plant dedicated to.
Our pride was hurt. After all, we were known for our quality products with hamburgers being one of them.
So, we let go of it. We sold off the equipment and started down a path that, in turn, became more lucrative.
Today, Deen Meat has added cooked and pre-marinated foods to its line, runs multiple shifts with over 100 employees, and, chances are, if you have eaten at a chain restaurant in this country, you’ve had one of their products.
DON’T FORGET THE GOLDEN RULE
If you aren’t familiar with the golden rule, it is this: do unto others as you would have them do unto you.
In other words, treat others as you would hope to be treated.
If times are bad, be honest and ask for help. Don’t hide or lie. If times are good be kind and generous, however you can.
During our difficult times it was extremely humbling to be honest and ask for help. I learned so much about myself and the goodness of God during those years.
Because of this, I will always try to help others when they treat me with respect. I hope you will do so as well.
