From the Corner
Office
In each issue, we interview a
President/Owner of a small or medium sized business to
talk about their perspectives and their company's
direction. Each issue will feature a sampling of some
key questions every business owner must consider. This
month we spoke with Larry Franklin, President of
Franklin Sports (www.franklinsports.com).
The company was founded in 1946 in Brockton, MA by
brothers Irving and Sydney Franklin, manufacturing a
broad range of sporting goods for family recreation,
youth sports training, and professional athletes. They
are the producers of the Official Batting Glove of
Major League Baseball.
Q: I understand that
you are the 2nd generation in your family to
run this business. How did your family transition the
business from one generation to the next?
After graduating from college, I entered the family
business my father was running. Basically, I learned
the business from the ground up having worked at some
very basic jobs during high school summers. From the
start, I was thrown in to learn both the good and the
bad. I remember one of my first assignments was to sell
off all that was left at a manufacturing plant in
Mexico. My job was to sell whatever the “undertakers”
had left behind. I loaded everything onto a flatcar and
started knocking on doors until I had sold everything
including the flatcar.
As
I progressed in the business, I worked a wide range of
jobs so that I could learn all aspects of the business.
Early in my career, I was involved in operations and
gradually moved to the sales, marketing, and purchasing
side of our business. We are a sporting goods company
that designs and develops products that are primarily
made in Asia for resale to retailers.
I
guess the one thing I would say is that my father and I
had a great relationship. I learned a lot from him and
he gave me plenty of latitude and let me make mistakes.
That is the best way to learn. I flourished in that
relationship.
When I took over the business in the mid-80’s, he was
more than happy to let me do that. He wasn’t there
second guessing or over analyzing my decisions.
Q: How has your market
shifted in the course of your running the business and
how did you leverage those changes?
The greatest change in our market during my business
career has been the retail consolidation in our
industry. I am sure many of the readers of this column
have experienced that as well. When I first started,
there were hundreds of large accounts to sell. Today,
there are 25-50 major accounts. Customer consolidation
has eliminated a lot of opportunity, but at the same
time it has allowed us to refocus on our major
customers. We try to always stay close with our
customers and have formed teams that work together to
service our major accounts. We are not just focused on
selling them but on servicing them as well. We do
business in a way that makes our customers want to do
business with us. We just recently received an award
from one of our largest customers as their vendor of the
year in our sporting goods categories. We beat out 50
other companies for this award. To me, this is
validation that our team approach works.
Q: What challenge have
you mastered that you’re the most pleased with in terms
of outcome or results?
Frankly, I’m not sure I mastered anything. But I try
not to be a micro-manager. I try to let our people do
their jobs by treating people with respect and giving
them the opportunity to “run with the ball.” I can feel
pride of ownership in their efforts that often lead to
superior performance. By allowing people to do that, I
believe they rise to the occasion and put forth their
best efforts.
Q: In looking back over
the years since you started running the business – any
major lessons to share with the other business owners
reading this interview?
One thing I’ve always felt is that you need to be
aggressive. In our business, new product, new ideas,
new packaging is what makes the difference. We try to
be entrepreneurial but in a controlled way. Sometimes a
company that is first doesn’t always win. We like to
enter the market with a complete package so that our
customers’ needs can be covered. It’s important to be
there fast but it is also important to be there in a way
that makes an impact. Our greatest successes have been
when we introduce new products or new programs that take
everything into consideration.
I
also think you have to treat people with respect – both
your customers and your employees. You never know when
someone will be moving up or down the ladder of life, so
it is important to treat them the same. Sometimes that
is hard to do, but you have to try.
I
am a great believer in relationships and relationship
building. We work very hard to nurture our
relationships with our customers, our suppliers, and our
people.
Finally, if you enjoy what you do, you need to show it,
and lead in a way that people understand that. It is
very important to listen not only to your customers but
also your staff. If someone believes in something
strongly and makes a good argument, then it is important
to let them follow their path. You may need to make the
final decision, but you have to have faith in your
people. It’s good to surround yourself with good
people. I don’t believe I have all the answers or the
corner on knowledge. The better your communication with
your people, the better the results will be.
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