Retail
Doing business the right way
Hot to overcome challenges through honesty and trust
By Meredyth McKenzie
Smart Business Miami | June 2008
Page 1 of 2
Bud Farrey
chairman and president, Farrey’s Lighting and Bath
In 1980, two years after Bud
Farrey became president of Farrey’s Lighting and Bath, he
faced his toughest business challenge yet. The home design store,
which sells lighting, bathroom fixtures and ventilation products,
burned to the ground after a fire
during the Miami riot. Despite this
challenge, all 100 employees were
kept on payroll and the business
reopened 35 days later in a different location.
Farrey, who also serves as the
company’s chairman, says his
focus on doing business the right way is something his father
taught him. (Farrey is third generation at this family business.)
And doing business the right
way helped him pull through the
riot, as his customers and vendors stayed the course with him.
He says that when you do things
the right way, people are more
willing to step up and do whatever they can to help you.
The 84-year-old company,
which has showrooms in North
Miami and Coral Gables, has
been growing ever since, reaching 2007 revenue of $35 million
and employing 130 people.
Smart Business spoke with
Farrey about how to do things
the right way by building consensus and providing guidance
to employees.
Involve employees and get their
input. It’s management by
walking around, one-on-one
coaching and cheerleading
and impromptu conversations with employees. You
get the pulse of the business
of what’s going on rather
than numbers or reports. You
get a sense of what’s happening, where problems are arising and where there are
roadblocks so you can correct those and move ahead.
Follow up on everything
that somebody brings to you.
You become credible, and if
you don’t do that, then it’s
meaningless. Report back to
employees on what’s been
done if it’s something meaningful. If it’s not, it just gets
handled in the normal processes, and they see the results
over time. Acknowledge
those who bring up good
ideas at meetings in front of
their peers.
There are those who are
vocal and love to hear themselves talk and express
themselves, and there are
those who stay in the shadows. Work on drawing them
out without making them
feel uncomfortable. Make
them feel comfortable, not
necessarily one of the boys
but comfortable around you.
We have vendor dinners,
and we will take the newest
employee and let them speak
in front of the group. Some
are more outgoing, and some
are absolutely petrified and
scared to death, but we work
with them. It’s amazing over
time how they come out of
their shell and get more comfortable in front of a group.
When they see others doing
it, it gives them a comfort
level that it’s OK to not be
exactly perfect in front of a group. It’s a learning experience for everybody.
