Case Study in Business Development: Cincinnati Watch Company
BHMK Provided the SOLUTION that brought watch design & assembly back to Cincinnati for the first time since Gruen left in 1958.
When Cincinnati Watch Company had an opportunity to land one of the best watch makers in the Country, they had to act fast. They turned to BHMK for Solutions.
Read the case study how BHMK helped secure the watchmaker at Cincinnati Watch Company and bring watchmaking back to Cincinnati, USA.
Aquire Talent
Rick Bell and Mark Stegman got into business not simply to create and sell precision watches, but to grow and highlight our Cincinnati community in the process. Assembling precision watches here in Cincinnati was a company goal from day one.
When the President of the American Watch & Clock Institute, Jordan Ficklin, became available, the owners of Cincinnati Watch Company jumped at the opportunity to land him. They had been interviewing watch makers to assemble their watches but Jordan Ficklin is lightyears beyond any watch maker they have interviewed. His education, training, experience, and talent are extremely capable and would be a great addition to the company.
How Does A Young Business Afford Top Talent
Move at the Speed of Life
Traveling at the speed of life. The window of opportunity to land the watchmaker was a real life decision, a real income that supports a real family of 5 children. Any deal offered the watchmaker had to move fast as the watchmaker has life decisions to make. Life decisions were being made & with children to feed, there was a small window of time to make an offer.
Ensure the Deal Would Not Change in 6 Months
In order to advertise, market, and sell watches that are assembled in Cincinnati, Ohio the Cincinnati Watch Company had to know that the watchmaker would be incentivised to stay for the long haul. If Jordan the watchmaker, who could work for any watch company in the World, where to take a job 6 months say with a Swiss watch company, Cincinnati Watch Company would be in serious bind having advertised local watch assembly, but now without a local watchmaker.
Any deal had to stand the test of time. It has.
Address Everyones Needs
Bringing the watchmaker into the fold had to address the current partnership established by the original owners. BHMK had to take into account the original business formation and work with the two existing owners to make sure the solution meets both partner's in the business needs and considerations.
Understand the Goal, Enable Growth
BHMK had to first understand what the goals of Cincinnati Watch Company are, that is, to understand where the company is trying to grow, what the long term plan is, in order that the Solution enables that long term growth and managment of that growth.
BHMK acted very quickly understanding these long term goals the solutions provided have created the solid foundation that Cincinnati Watch Company has built upon for the last 4 years.
Age Old Problem
The age old business problem, the business wants to aquire top talent, but can not fit the top talent on it's books. Top talent costs money, the kind of money a company may not have that year. But if the top talent works for the company the company can make considerably more.
How do you bring on top talent and pay for it?
Lock it in Place
Creating solutions is one thing, but having them formed into solid contracts that all can review and sign off on really locks the solutions in place. During the years that followed Cincinnati Watch Company worked on solid footing knowing what each others expectations are, knowing who is responsible for what, and if ever necessary they had pre-determined plan in place for disputes or questions. These were hashed out with BHMK in advance and in quick order. Cincinnati Watch Company could focus on creating and assembling precision watches in Cincinnati with the business structure in place.
SOLUTIONS & Contracts
Of course we will not discuss the nature of the solution as that is private to our client, we can look at the success of our client, their ability to grow, focus on doing what they do, and the fact that the solution has worked for the company to grow for the last 4 years.
This is how BHMK helped land the watchmaker Jordan Ficklin, so that watches are being designed & assembled in Cincinnati for the first time since Gruen left in 1958.
