The Power of Iconic Brands - New Owner of Brooks Brothers Tells It All

“Put away your work, I have arranged for you to go to Brooks Brothers and choose a new shirt for the summer.” Imagine if your boss said that to you this Friday? Would you be motivated come Monday morning?

The American brand has arrived in Toronto, and upon walking across sisal mats trimmed with khaki borders and seeing slipper chairs with crisp white cotton covers, I knew this was authentic colonial style at its best.  My brother-in-law, a Brooks Brothers walking advertisement, always told me that Ralph Lauren was a poor man’s version of the Brooks Brothers brand, and once you visit the Toronto store, it is tough to look at the polo symbol the same way again.

Brooks Brothers was rescued from the bungled mis-management of Marks & Spencers by an Italian named Claudio Del Vecchio. What could an Italian add to Brooks Brothers – Gucci flash, Versace shock value? Would we see Madonna in blue seersucker now, clutching a massive silver trophy provocatively?  I was curious and jumped at the chance to attend a family business evening held at the Brookes Brothers store by the Chairman and CEO.  Claudio Del Vecchio demonstrated elegance you only find on the Continent, combined with Oliver & Bonacini serving up amuse-bouches all evening and the opportunity to experience the store - what a smart evening.

As Evan Thompson, representing Family Firm Institute, put it, "Brooks Brothers is an icon." 

Claudio picked up this theme and spoke about understanding the essence of a brand. His early years working in his family business, creating and achieving the globalization an eye-glass empire, gave him the foundation to know how to speak to the client, but then act to bring in their requests. I could see that Claudio was humble despite his global success, and loved to know how to thrill his core clients. He respects the brand of Brooks Brothers' smell of New York Wall Street success and money, but I could sense a whole new level of style elegance, lifting it from staid to - yes - Italian elegance. When I checked out the magazine, there was a great article with photographs on how to combine shirts and ties which I showed to my teenage sons, who actually spent a few minutes discussing how to dress well. Remarkable! Now that is smart brand management and Claudio’s quest for stylish perfection is being appreciated by my family's next generation. That is a legacy brand - truly an icon.

Jacoline Loewen, expert in family business and author of Money Magnet: Attracting Investors to Your Business. Invited to family business event by family business estate planning leader: Glenn M. Davis, LL.B., MTI, TEP, Principal Mercer, glenn.davis@mercer.com  www.mercer.ca

Family business is not a gift, it's an anvil

"The gift of a family business is not a gift, it is an anvil," says Tom Deans, family business owner and author of Every Family's Business. Tom reasons that second generation family businesses can slip in profits and by the third generation, the statistics tell the story, as only 10% of family businesses make that leap.
Tom agrees that a family business can pass along intellectual capital as well as the financial capital. He believes, though, that passion for living and having strong, family values count for a great deal more. Tom says, 'Wealth is not about passing along a business. It is about teaching the next generation about life lessons that matter."
The family business is a source of prosperity but if you can bring in private equity partners who are far more objective and performance driven, the business has a better chance of survival and growth. That is good for the employees and the Canadian economy. The wealth coming from the business can be put into a portfolio for the family and they have a better chance of keeping family relations the way they should be.
Strong family, strong life.
From speech given at Blakes law firm, Toronto.
Jacoline Loewen, expert in private equity for family business.

Event: Attracting Investors to Toronto Businesses

Monday, May 17, 2010 @ 6 PM

Ben McNally Books

366 Bay Street

 

Join the next Mayor of Toronto, Sarah Thomson, and author, Jacoline Loewen in a discussion: 

How Toronto Businesses Can Attract Investors

Jacoline Loewen is the CEO of Loewen & Partners, a private equity firm which helps companies finance their growth by finding and matching them up with investors.

Your Cost: $37.50
City Rebate Cheque: $112.50 (you will receive a cheque from the city)
Ticket Price: $150
$200 at the door (your cost $50 and City Rebate $150)
Please pre-register here: http://sarahthomson.ca/event/books-and-fundraiser

or contact Kinga Surma at 416-964-5850 to process payment
If you can't make it, but would like to make a donation to the Sarah Thomson Campaign for Mayor,
please click here: http://sarahthomson.ca/donate/

People do not buy what you do, but why you do it.

If you hire people who can do the job, they will work for your money, but if you hire people because what they believe in what you do, then they will give you their blood, sweat and tears.

You can hire the best minds that money can buy but if you are not passionate about why you are working as a team, you will not go as far. At the time of the Wright brothers who were trying to figure out how to fly, there was a competitor who we do not know, unless we do deep research. This man had the best minds from the top universities, tons of money and the newspapers following him around. In comparison, the Wright brothers had no money, not a single person on the team had a college education and the media ignored them. Wilbur and Orville's competitor was pursuing the riches and fame. The Wright brothers were driven by desire to take flight. The irony is that the day the Wilbur brothers took flight, there was no one there to witness this historic event. That same day the brothers took flight, their competitor quit. I found that shocking but it makes sense because he was seeking a hollow reward, the Wright brothers were seeking to soar into the sky in a flying machine not for fame, but for the sheer challenge. Imagine their pure joy rather than someone counting the financial riches.
This concept that customers buy why you do your company reminded me of Dani Reiss, owner of Canada Goose, a Canadian family business. Dani says, “Manufacturing is going to come back to Canada because consumers want authenticity. This is becoming increasingly important worldwide and people are taking more interest, not only in labour-friendly goods, but in iconic genuine brands with substance. We gained extensive manufacturing expertise making private label clothing. Learning a little bit from each brand helped us to create the best parkas on the planet."
Canada Goose has made Profit magazine's Next 100 as one of Canada's fastest-growing companies. Maybe Dani has a point about manufacturing?

People do not buy what you do, but why you do it. What do you believe?
Watch the video.

Jacoline Loewen, family business expert

Your actions add up to who you are today

This week’s Fast Friday leadership words of wisdom comes from the multi-talented Jacoline Loewen entrepreneur, author and triple A dynamo…

“Every action you take is like a grain of sand that adds up to who you are today.”

Only you can decide what actions you will take to shape the leader you want to be.  That’s a powerful thought.  What type of leader do you want to be?  What type of leader are you becoming? 

What actions can you take today to get you closer to where you want to be?

Happy leading!

Read more about Glain and her leadership series.