Many of my clients do business the “old school” way, and I love them for it. They look you in the eye while shaking your hand and they do as they say. Their word is their bond; you can count on it. If I do my job and keep their interests at heart, these “old school” clients will treat me very well. They won’t blame me for deals that go south because of their unwillingness to negotiate, or try to beat me on my fee right at the end of the deal. In fact, they will often remain loyal clients for years to come, using me every time they have a commercial real estate need and referring me to their friends and associates. Over time their commitment will grow stronger, not weaker. I’ve been in this business for nearly 30 years and I have a few clients whom I have been privileged to serve for two or even three generations in their family businesses.
What’s not to like about doing things the “old school” way? Well, I had lunch with a long-time client recently who pointed out that there is a thin line between being “old school” and being an old fool.
I asked him to explain his thinking and he gave me this example: one of his sub-contractors insists on getting paid on Friday morning so that they can make payroll by that afternoon. This company won’t take out a line of credit as most companies do today, allowing them to make payroll without having to pressure their clients for immediate payment. The same company writes bids with little detail on the back of a napkin, while the competition presents detailed bids with miles of spreadsheets and colorful brochures to support their cause.
He told me that another sub-contractor has been known to personally drop by their office to pick up their checks on the first day they are due. If the checks aren’t ready and the check-signer is not available right that minute to write them, this gentleman will promptly call the person up and chew them out in a “colorful” fashion.
As you can see, being “old school” can be excellent in many ways but problematic in others. The difference as I see it is this: an old school company holds firmly to the values and principles that helped them develop a loyal customer base in the first place – treating people right, standing by their word and behaving honorably in their field. But they are willing to adapt their business strategies and practices to a changing world, as long as they don’t have to compromise on those core values. An old fool clings stubbornly to outdated ways of doing business even when they are no longer beneficial to the customers or clients.
In today’s fast-paced world change is the only constant, and as another client of mine told me, you either “change or die” in most industries. Change, grow and be flexible with your clients, your employees and yourself – but don’t compromise on the “old school” principles that keep them invested in your company. This is what will separate you from the rest of the pack.
Have a great weekend,
Ro
Special thanks to my old friend and client Jeff Gatlin, who is definitely not an old fool.