Guest Columns

Perspective:
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The relationships you can’t put on a balance sheet

Norm Monsen

Norm Monsen is vice president of the agriculture division of Creative Business Services/CBS-Global, Green Bay, Wisconsin. He contributes this column exclusively for Cheese Market News®.

When we talk about the value of a business, we tend to talk about things we can measure. Sales. Earnings. Equipment. Real estate. Inventory. Customer lists.

Those things matter, of course. But after spending much of my career working with people throughout Wisconsin’s dairy industry, I have come to appreciate something else: Some of the most valuable things a business has never show up on a balance sheet.

They are relationships.

Dairy has always been a relationship business. Farmers depend on processors. Processors depend on employees, suppliers, customers and distributors. Cheesemakers build relationships with milk producers, retailers and foodservice customers that can last for decades. And behind all of them are bankers, veterinarians, equipment dealers, truck drivers, regulators and many others who help keep the industry moving.

Among the lessons I have learned over the years is that: 1) the world of dairy is small, and everyone knows everyone; 2) relationships don’t just happen; and 3) in the world of dairy (all of agriculture) there is always someone ready to help in times of need.

The relationships build over time. Little things, big things, just listening, showing up.

Great relationships aren’t for monetary award — the reward is having friends.

Relationships are built by answering the phone when there is a problem. By doing what you said you would do. By being fair when circumstances are difficult. And sometimes, simply by showing up.

Over the years, I have watched relationships open doors that money alone could not.

Someone makes a phone call on your behalf. A customer gives you an opportunity because another customer said you could be trusted. A supplier helps solve a problem because you’ve worked together for 20 years. An employee stays during a difficult period because the owner stood by that employee during another difficult time.

There is no line on a financial statement for any of that.

But there is a certain type of value. I would offer that the value is “invaluable” (note — the definition of invaluable is “extremely useful, indispensable, so precious that it can’t be measured”).

When owners think about selling or transitioning their business, they naturally start with the tangible things.

What is the company worth? What will happen to the building and equipment? What are the earnings? Who might buy it?

Those are important questions.

But what about the value of the relationships? What would be the business score on a “relationship scale”?

For each of you reading this — what would your score be on the “relationship scale?”

As you ponder what your score would be, give some thought to how — when the day comes — those lifelong relationships will be maintained.

There are questions to ask: Who knows the customers personally? Who has the trust of the employees?

Which supplier can be called when something goes wrong on a Saturday morning? Who knows the history behind a handshake agreement that has worked just fine for the past 25 years?

I close with a few thoughts on how a business can maintain and build on the relationships developed over the years:

• For the longtime business owner — Look within your business, include and grow those who have potential — not just for the bottom line but also those who have the skills and hearts to connect with others.

• For the new business employee — Watch, learn and listen to those who have walked the road already, not just for making the balance sheet look good but also on how they watched out and cared for others.

And now to finish this column, I would like to reference the story of a dairy business and family that is a great example of how over time, lifelong relationships are made.

The family came to Wisconsin over 20 years ago; they had heard that

Wisconsin was a place for opportunities in dairy. Through hard work they became successful.
And on the “relationship scale,” I would offer that their score is A+.

How did they make a score of A+? Because they are always there for others. They listen, they help, they encourage — not for their gain, but so others can grow and prosper as well.

And now they celebrate 20 years in the cheese business! Congratulations to Marieke, her family and all at Marieke Gouda.

CMN

The views expressed by CMN’s guest columnists are their own opinions and do not necessarily reflect those of Cheese Market News®.

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