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Saturday, February 27, 2010
WBR18 - How businesses prosper and survive for long term
Despite little Lander’s small population of 7,300 people, it is home to some of the state’s most successful small businesses.
I had often wondered how such businesses survive and prosper. And it seemed like a great idea to find out their survival secrets during times like we have seen over the past 18 months.
So we scheduled a lunch meeting and invited them to be our speakers. The luncheon was sold out as locals eagerly looked forward to hear these success tips. Our speakers were:
• Chuck Guschewsky, CEO of Fremont Motors, the largest car dealer, by far, in Wyoming. They have been selling vehicles for 72 years.
• Bonnie Motherway owns Mr. D’s Food Center with her husband Joe. They operate what is probably the largest independent grocery store in the state and are celebrating their 50th anniversary this year.
• Dean McKee heads up McKee-Marburger-Fagnant Accountants, a large firm that once was among the largest in the state. That firm is the youngster of the bunch with 34 years in business.
Besides wanting to hear their secrets to their longevity, I asked them to talk about how they handled the past 18 months and what they were doing to prosper through 2010.
I also thought this was a good mix with Guschewsky giving a statewide view, Mrs. Motherway a local view and McKee more of a global view.
There is not enough space here to go through the whole event. I am hoping to put the video on YouTube and it is available for purchase. Here are some highlights:
All agreed that an organizational culture that involves and values employees while employing consistent common sense business practices have helped them persevere.
The three long-time businesses have over 156 years of combined experience.
Guschewsky said his grandfather purchased the automobile dealership 72 years ago on the heels of the great depression and in the same year that World War II began.
“It was not an ideal climate to start a business,” Guschewsky said. Still, successive generations made the business successful. Fremont Motors now operates nine dealerships across Wyoming and one in Western Nebraska.
Guschewsky said management’s job is to guarantee success. “We have a performance based pay system with benefits and we recognize employees for excellence,” he said. “We are creating careers, not providing jobs. Every employee you have is critical to your success. You need good, loyal and skilled people, who know what’s expected of them and where they have a voice. With that kind of synergy, amazing things can happen.”
He also said that bad times could be a blessing. “Bad habits develop during good times,” he said. “Good habits develop during bad times. What is important is to remember the good habits when times get good again.”
Mr. D’s owner Bonnie Motherway and her husband bought the store from her father, Frank Dusl, in 1984 and has since expanded the business into its present 35,000 square foot location.
“We have 120 employees and we operate with a philosophy that if you support your local community, they’ll support you,” Mrs. Motherway said. “Our motto is that we serve all of Fremont County with integrity. We emphasize customer service and we listen to our guests.”
Mr. D’s success over the years has been in responding to customers wishes and the store today stocks unique signature and specialty items that attract shoppers from across the state.
Like Guschewsky, Mrs. Motherway said every employee is important. “If you treat people fairly, recognize unique talents and put them where they are happiest, they understand that what they do matters, and that’s important,” she said. “Everyone wants to be great.”
McKee said he believes his firm is the oldest professional partnership in the state, getting its start over three decades ago. “Our business is different in that we offer a service. Our assets and inventory are our people,” he said, echoing a common theme. “We stay involved in our community, we like to hire smart people, we compensate them well and provide them with continuing education. We work to make the office an enjoyable space.”
McKee said continual upgrading of Information Technology (IT) has allowed the business to grow and expand its customer base while keeping employment relatively steady. He said the firm employs 16 people. “We have 16,000 hours a year in billable hours, and if your IT isn’t working, that’s money out the window.”
He said their company’s gross annual revenues have doubled four times and yet their staff size is about the same. He credited IT for that.
McKee recommended each business watch two to three key indicators to measure the health of their operation and not be afraid to adjust practices when business conditions change.
“Always look for opportunities, but have an alternative plan as well,” he said.
The Business Luncheon was sponsored by Wyoming Inc., Lander-based full-service media relations, social marketing and PR Company operated by this writer and Ernie Over.
The Lander Area Chamber of Commerce, the City of Lander and the Lander economic development group called the LEADER Corporation were co-sponsors of the event.
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