I have heard families say that “protecting the family name” is more important than anything.
That may be a bit of an exaggeration, but it highlights the truth that the name on the door of a family business, or any company, is critical to protect and manage. It is part and parcel of reputation and legacy. Yet businesses often take for granted the importance of their name, and they miss opportunities to promote or protect it.
What a family name on a truck revealed about trust
As a positive example, I once observed a pickup truck with “last name” and sons painted on the side bump another car when parking. The truck was driven by a teenager and because the family name was on the vehicle, I was extra curious about what would happen next.
I watched the clearly shaken driver exit the truck and enter the store, returning a few minutes later with the owner of the vehicle he had damaged to exchange information. My estimation of the family and company represented on the side of that vehicle went up several notches that day.
A negative example of the importance of a business name is the “sticky” situation iconic chocolate-maker Hershey found itself in recently.
Hershey learned the value of a name the hard way
Last February Brad Reese, the grandson of the inventor of Reese’s Peanut Butter Cups — which was acquired by Hershey in 1963 — posted about a negative experience with a mini-Valentine’s peanut butter cup product.
Reese said, “it didn’t taste like milk chocolate.” Offended by the taste, he literally threw the candy in the garbage. He then took to social media to complain about the cheaper ingredients Hershey is using as a substitute for milk chocolate and peanut butter.
Source:
www.inc.com
