Business buyers want to know about a company’s culture and it’s not easy to figure out from the outside. And different companies have different culture objectives. Here’s a recent exchange:
- Business buyer – “What’s the culture like here?”
- Manufacturing business owner – “It’s a manufacturing business. They come in at 7 am, work their shift, and go home at 3:30. We do provide lunch every Thursday and that’s popular.”
I’m not a culture expert and I do know creative companies and advice-giving type companies need collaboration and that’s a different culture than manufacturing. I also know companies don’t want to be like the cesspool of D.C. with two billionaires bickering in public (no politics here, just a fact from the headlines).
I’ve seen bad cultures and here are two examples.
- The owner liked to hover over employees, give direction on things he knew little about, criticize everyone, etc. During a recession people stayed. When the economy turned, many left.
- “I want everyone to like me” seemed to be the mantra of one leader. Tough decisions were open to procrastination and working on the strategic plan took precedence. The company got bloated because of all this and profits declined.
There’s a reason there are numerous advisors helping with team building, efficiency, and culture. It’s needed.
“In looking for people to hire, look for three qualities: integrity, intelligence, and energy. But if they don’t have the first, the other two will kill you.” Warren Buffett
