12 minute read
NEXT GEN
from Biz417 Sep/Oct 2016
by ⌘ ⇧ ⌥
[THE BIG QUESTION]
Parting Company
When an important partner decides to leave a company, managing the transition is no easy task. Find insights about bouncing back and moving on after the departure of essential sta .
BY: STEPHANIE TOWNE BENOIT
When business partnerships form, the natural intent is that they last for years to come. “It’s like getting married when you become a partner,” says Bob
Helm, managing partner of Elliott, Robinson & Company, LLP. But whether for reasons philosophical, personal or otherwise, those working relationships might come to an end.
When that happens, an organization faces a challenging transition and a future without a sta er once considered vital.
At several points throughout its history,
Elliott, Robinson & Company, LLP has been in this position, including when a founding partner left to start new venture. Although the situation is not easy to come to terms with,
Helm advises approaching it logically and objectively. “It’s really easy, if you allow it, for you to get your feelings hurt,” Helm says. “You can make it so personal and too emotional that you make poor decisions.”
Knowing this possibility, Helm sought to maintain a measured outlook. “It’s not a fun process to go through, but you sit down as adults, as business people, and from there you try to gure out what are the best circumstances,” he says. To help guide those conversations and prevent disputes, it’s important to have predetermined legal agreements in place.
Helm says the rm’s partnership agreement served as that blueprint, though it wasn’t necessary to refer to it often. Another priority is communicating the situation to the rest of the sta . Helm did so by calling a company-wide meeting right away to address the departure. “This is where you have to overcommunicate,” he says. “I spent a very large part of time over the [following] four or ve months overcommunicating.” Helm also had one-on-one meetings for employees who had greater “TAKE THE OPTIMISTIC VIEWPOINT ON concerns. Many of IT AND SAY WE WILL BE BETTER AS A these conFIRM FOR IT AND SO WILL THEY.” —Bob Helm, managing partner of Elliott, Robinson & Company, LLP versations focused on determining how to ll the void left by the exiting partner. This can mean recruiting personnel with the right skills or nurturing in-house talent so they can assume new responsibilities. “When somebody leaves, there’s somebody who is saying ‘I think I can do that. I believe I can do that,’” he says. Looking back, Helm found that a positive perspective was a key factor throughout the transition. Rather than allowing departures to dampen enthusiasm and con dence, the rm focused on new possibilities. “You can allow that to take control and think ‘Oh my gosh, how will we ever recover from this?’” he says. “Well, I chose a di erent approach. I chose ‘OK, let’s gure out what we need to do, how we can do it better than we did and how we can move forward.’ Take the optimistic viewpoint on it and say we will be better as a rm for it and so will they.”
LEGAL LOWDOWN
Mary Clapp, Managing Member of Clapp Business Law, LLC, discusses the basics of noncompete agreements.
CONSIDER THE EMPLOYEE.
Noncompete agreements are suitable if the employee will have access to proprietary information or be signi cantly involved with customer relationships.
STATE THE PURPOSES.
Clearly stating what you’re seeking to protect in the agreement helps prevent disputes should you seek to enforce the provisions.
SET REASONABLE LIMITS.
“Missouri will only enforce non-competition agreements when they are no more restrictive than necessary to protect the legitimate interests of the employer,” Clapp says. Excessively long or geographically broad restrictions won’t y.
[VANTAGE POINT]
SEALING THE DEAL ON SUCCESS
Spring eld was an attractive pick for a 3M plant because of its location and economy, but its workforce is what has kept the local plant thriving.
BY: JULIANA GOODWIN
The next time you take your boat out for a spin on Table Rock Lake, use a Post-it note, or even board an airplane, there’s a good chance the adhesive or sealants used in those products were produced right here in Spring eld.
Since 1967, Spring eld has been home to a 3M plant that manufactures adhesives, adhesive-coated lms and sealants. At the time, the company was experiencing rapid growth and decided the city would be home to another plant. Now, the 350,000-squarefoot Spring eld factory employs more than 300 people and ranks in the top 28 of 3M’s 86
U.S. factories. The plant supplies 18 divisions within 3M, and its products are used worldwide, plant manager Frederick James says. “The people we have at the plant make
Spring eld successful,” he says. “We have good technology, but that is only as good as the people you have working here. We have smart, hard-working people who continue to drive improvements year after year.”
Today’s 3M is responsible for 60,000 products and holds more than 105,000 patents. Aside from being dedicated to research and development, the company has a culture of teamwork, which is one of the keys to Spring eld’s success. At the plant, members of the numerous teams within each department know they have to work together to support each other. However, they also understand and execute the company’s vision and strategies.
As plant manager, James believes it is one important part of his job is to be visible, to circulate throughout the plant and to get to know employees and listen to their ideas. Employees are encouraged to generate suggestions for process improvements. Those ideas are weeded through, and best ones are implemented. “[Employees] see it and live it every day, so they are going to come up with better ways of doing things,” James says.
In the 1970s a company-wide 3P program was created called Pollution Prevention Pays, which encourages and recognizes employees who come up with ideas to reduce waste. At the factory here, a record 21 3P programs were recognized in 2015. Those employee suggestions included ideas such as using recycled materials for packaging and improving cleaning methods that allow for improved yields. Together these e orts prevented thousands of pounds of waste.
Another aspect of team building comes in the form of philanthropy. 3M o ers nancial support to agencies like United Way of the Ozarks, but employees also volunteer with various nonpro ts. Those e orts have been employee-driven, not leadership-driven.
Spring eld’s attraction has been and continues to be its geographical location, strong local economy and industrious workforce. “It is a testament to the people that the Spring eld factory has been here this long,” James says.
[SIMPLIFY]
PERFECT PITCH
When a potential client’s attention is at stake, these tips from marketing expert Angela Smith will help you streamline and sell what your business has to o er.
BY: LILLIAN STONE
TIMING IS EVERYTHING
30-35 According to Smith, timing can make WORDS or break an elevator pitch. “Ideally, an elevator pitch should be timed to about 30 or 35 words,” says Smith. “That’s about the amount of time you’re likely to have in an elevator with someone who might ask about the business.”
START SMART
Smith recommends that each elevator pitch start with examples of how the professional can bene t the consumer, not about any potential transactions. “I think you rst have to intrigue the person by clarifying what you have to offer to them,” she says.
ADJUST YOUR BODY LANGUAGE
Open, engaged body language can help you nail a rst impression. “It’s eye contact,” Smith says. “I use my hands a lot; for some people that comes really naturally, and for others, not so much.” She recommends building on your natural communication style so interactions are perceived as authentic and appealing.
#1#1
GO FORTH WITH CONFIDENCE
Once, Smith saw a future client in a parking lot and started a casual conversation about the business world. “Then I went into my pitch, and it turned into a 15-minute conversation that turned into a meeting, and it turned into a client,” she says. She chalks that success up to her casual, con dent approach while making the pitch about the potential client’s needs.
Angela Smith, owner and president of ADsmith Marketing & Advertising, knows the power of the elevator pitch. She shares how to streamline your pitch and land your next client.
[NEXT GEN]
Sales Consultant Alex Thompson, Vice President Miles Thompson, General Manager Tyler Thompson and Pre-owned Sales Manager Troy Thompson are just a few of the Thompson family members working at Thompson Sales.
A Family Drive
The Thompson Sales Company has long been a household name for Spring eldians shopping for a new car. The fourth generation of Thompsons is now leading the company and keeping a reputation for success.
BY: ROSE MARTHIS
In the early 1950s, the Thompson Sales Company was located at 727 Saint Louis St. in downtown Spring eld before moving to the south side decades later. George Thompson Sr. stands in front of the rst dealership location in 1919 at 300 S. Kimbrough Ave. in Spring eld.
“When you think about Thompson Sales, you think about cars. That’s the way it’s been for 97 years,” says Miles Thompson, the vice president of Thompson Sales Company and a fourth-generation employee. Miles is one of eight family members who are currently working for the company, but there have been many more since 1919, when the auto sales company rst opened its doors in Spring eld. The auto industry has made huge strides since then, and the company has kept up with every one of them. Throughout the years, the Thompsons have learned one thing above all else:
The car business is really just a people business.
George Thompson Sr. founded the company in downtown Spring eld as a franchise for Racine Tires. The company continued to grow for decades, and a second location was built in south Spring eld in 1987. With George Jr.’s passing in 1991, siblings Lynn Thompson and
George Thompson became third-generation owners and presidents, positions they hold to this day.
Miles started working with his father, George, when he was in high school. He worked in all ve departments—new cars, used cars, body shop service, parts and nancing—for at least six months until he became assistant truck manager when the company added the GMC franchise in 1996. Miles worked alongside his cousin Tyler, Lynn’s son.
They both made the move in 2000 to the new building, Thompson’s current location at 1555 E. Independence St.
Tyler worked his way through every department as well, and now he manages the sales sta with Miles but specializes in the digital and social media side of the business, along with nance and insurance and sta relations in his role as General Manager. Miles handles dealership operations, including inventory and the buying and pricing of new and used cars. He also focuses a lot of his time on improving customers’ online experiences. “How you’re found on the internet is really a big key to how many cars you sell now,” Miles says. Throughout all the change, one constant in the company is the longevity of employees. Some managers have worked there for 50 years. “It kind of runs itself if you have a good sta of people who enjoy what they do,” Miles says. “We want everyone to feel like part of the family.”
Lynn says he’s been very happy watching his son and nephew learn what it takes to make the family business successful. “The biggest asset you have in a dealership is the people you have working for you,” Lynn says. “We have the best sta right now that we’ve ever had.” The 120-person sta all work in the 75,000-square-foot building that houses the sales, nance and accounting o ces, a business development center, the body shop and parts center and ve showrooms.
Keeping the business in the family for nearly a century has taught the Thompsons some hard life lessons. Miles says a challenge for him has been learning how to keep work and family separate. “When you get together, it’s important to have something else to talk about and share,” he says. “There’s a ne line between enjoying your family and enjoying your family business.” Tyler also has learned how to separate family members and employees while on the job, as three of his brothers also work there. “It’s hard to treat your brother one way and then turn around and have to talk to another guy with a complete smile,” he says. “It takes lots of patience. I imagine it’s just as hard for a manager to work here and sit in a board room with seven family members.”
Both Miles and Tyler knew they would be joining the family business, but they have plenty of family members who haven’t. They learned to love it by watching their dads. “If you’re going to model yourself o of someone, follow someone that’s been doing a great job for a lot longer than [you’ve] been here,” Miles says. “There’s no reason to try to reinvent anything. Find out how they were successful, take the lead there and adapt when times change.” ▪
