Tag Archives: lessons

A Banker’s Dozen of Life Lessons Learned

Norbert Schwarz
Norbert Schwarz

In my 50 plus years in banking, business and consulting, I have been blessed to have had the opportunity to work with scores of families and mentors who have taught me a lot about getting along in the personal and business world. While I have not always practiced the sage advice given, it has served me well over the years. I would like to share some of those gems with you and ask that you share any that you have found particularly helpful in furthering your successes.

  1. Build your foundation on trust.
  2. Be able to shift gears.
  3. When considering the hold or fold strategy for your family business beware the FUDG Factor. (Fear, Uncertainty, Doubt and Greed)
  4. When you are up to your elbows in alligators, remember that your objective is to drain the swamp.
  5. Don’t try to push a string uphill.
  6. Don’t fight people who buy ink by the barrel.
  7. Fix the process and not the blame.
  8. How you say it often means more than what you say.
  9. Learn to love details. The devil will often appear in them.
  10. Know your bottom line before entering into a negotiation.
  11. Keep it simple.
  12. Never leave anything, always go to something better.

Thank you for indulging me in a bit of nostalgia. I look forward to hearing from you on your life’s lessons learned.


A Legacy of Christmas Past

Norb Schwarz

Family business legacies frequently offer life long benefits beyond the business.

At Christmas time each year I am reminded of the many learning experiences my brother and I had working in our small family business. My father had a fruit and vegetable stand in Milwaukee, and during the Christmas season he sold Christmas trees and wreaths to support his seasonal business. My brother and I worked the Christmas tree lot with him every year. Doing this we learned some valuable negotiation and sales skills. We had all sizes and shapes of Christmas trees, and none of them were marked with prices.  Our father gave us general pricing guidelines depending on the size and fullness of each tree. The objective was never to have a prospect leave the lot without a tree. However, when a customer came on the lot, it was up to us to get the best price for each tree sold. The sale process included getting a general idea of what size tree the customer was looking for and above all how motivated he or she was to purchase. Once we got the preliminary information on tree size, we would walk the prospect around the lot and occasionally pick up a possible sale tree, shake the snow off the branches, and make our best case for a sale. Larger trees were a problem because the snow removal process usually meant snow falling down on our heads and down our backs. After our first year on the lot we lost very few customers, and we seldom sold a tree below price target guidelines.

Our greatest opportunity for both learning and profit came on Christmas Eve however. Our pay for working the Christmas tree lot each year was for my brother and me to take title to all the trees left unsold on Christmas Eve. On Christmas day the trees would be worthless, and our customers knew it. So the bargaining was difficult and became more intense as we approached 6 PM when we closed the lot. On occasion we would have to let a reluctant prospect know that we preferred to use the branches as ground cover than sell the tree for an unfair price. We seldom had more than a few trees left, and we always had enough income to more than compensate us for our work those few weeks prior to Christmas. We didn’t know it at the time, but we were learning entrepreneurship in an OJT (on the job training) environment.

Looking back on our work at my father’s Christmas tree lot, I am reminded of how our father used the experience to teach my brother and I some valuable life lessons. In addition to establishing a strong work ethic by working long hours in the cold and snow with an unknown future payoff, we learned negotiation and financial skills that helped us in our future professions in the legal and financial communities. While our family business may not have made it to the second generation, the values and experiences learned during those years are a legacy my brother and I have treasured throughout our lives.