Episode 044 - Tom Fox
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Third-generation jewelry store owner Tom Fox grew up in Grand Rapids, Michigan, during the Great Depression and owned and successful jewelry chain Fox Jewelry Company until he retired in 1990. Always a keen supporter of local charities, upon selling his business, Fox took his philanthropy to a new level when he and his wife established the Tom and Mickie Fox Family Fund, the first donor-advised fund at the Grand Rapids Community Foundation. The Fox’s donations have enabled Grand Rapids hospitals to update their equipment with the use of robotic technology significantly, and they have also given significant gifts to several Grand Rapids institutions that benefit the entire community.
IN THIS EPISODE…
Tom joins me to discuss what he learned from his father as a business leader and teacher and why working in the family jewelry store from the ground up helped him understand some key principles of leadership. He shares the importance of gaining your customer’s trust and why should put the work into building a relationship with your clients, and why he felt that the personal touch went a long way when dealing with the rare customer issues and problems the stores faced. Tom also discusses the vital work of the Grand Rapids Community Foundation and how the Fox family became involved in philanthropic giving.
“Make sure you know what the value of advertising is and what medium you should be using to promote your business, if you’re not there, right on top of it, you’re not going to be successful.” - Tom Fox
This week on The Wow Factor:
Tom’s early education and first experience of working in his father’s jewelry store
The store’s new business model of 1949 and the problems with being a credit business
How Tom learned to take over the business when his father was ill
Why Tom started doing live tv broadcasts himself
The times' Tom learned from challenges that came his way as a business leader
Why Tom felt was so important to look after his employees and why he saw the company as a family
Why it’s so critical to have the goods to back up the advertising
What happened when the business was sold, and the new owner changed the name of the Fox Jewelry stores
The value of having a good sense of humor and how Tom used it in business
The difficulties of retail hours and how Tom balanced that with a successful family life
Why Tom was happy to be proved wrong on a marketing front and why it helps to be willing to try anything
What is keeping Tom busy these days.
TOM FOX’S WORDS OF WISDOM:
THE CUSTOMER IS RIGHT, EVEN WHEN THEY’RE WRONG. TREAT THEM RIGHT, TREAT THEM RESPECTFULLY, AND BE POSITIVE AND OPTIMISTIC IN YOUR INTERACTIONS.
