Several months ago I was talking with my son who is in the process of starting his own business. He was telling me about a project he was negotiating. One of the other individuals stated they should just commit to the item to get the project but knowingly would change the specs after the deal was done.
My son stated he was dismayed at that reaction and willingly backed out of the negotiations stating his reputation was more important to him than just getting this project. That decision, to be true to himself and his reputation cost him financially, and possibly, from a financial perspective, more than just this job.
The decision my son made, made me proud. Unfortunately it places a high financial burden on him. I am proud of the choice my son made. He really does know what is important.
That also got me to thinking about the reputation of Business Families.
How many times do we really stop to consider what our reputation is?
It is not that we don’t care, but we are frequently confused with getting the job done and our need to be effective by the world’s standards. Our reputation and the reputation of our Family’s Business is influenced by what we do, what we say, and if we can be trusted.
Our reputation is really who we are and what we will or won’t fall for.
It is people’s recognition of us, our family, and our business.
Take the time to sit down, truly assess what you want your “reputation” to be, what you want your family’s “reputation” to be and consider what you must do to establish and build that “reputation”.
What is it people are saying about us behind our back?
It might be worth your while to ask others.