In December 2018 we once again sponsored the Family Office Super Summit, which was held in Miami, FL. There were numerous panel discussions, but the last one, on day two of the event, truly resonated with me. The panel discussion topic was “$1B+ Family Office Perspectives”. One of the panelists was my dear friend and close personal colleague Sheila Barry Driscoll (Driscoll’s Berries & Co-Founder, The Billionaire Foundation) who spoke about the Know-Like-Trust Factor and how overriding it is in all relationships. I would like to take a brief moment to share her thoughts.
On the surface the underlying tenet is quite simple. People get to know you, then they like you and over time they will trust you…yes, on one level, it is that simple. The true meaning goes much deeper. On a more basic or even primal level, we strive to be with others who we know, like and trust. The phrase “business is business” loosely means “this isn’t personal, it’s just business”. However if we are truly honest with ourselves, we all know that there is a deep rooted personal aspect to most, if not all, long term business relationships. And the Know-Like-Trust Factor lays the foundation for those relationships.
It is of the utmost importance that there exist the Know-Like-Trust Factor in all successful relationships, be they business or personal. If these 3 things don’t exist in a relationship, why would we nurture it to begin with? If they do however, it is to the mutual benefit of all parties to indeed nurture and grow the relationship as it will continue to produce rewards for all involved. Do not assume however that this is an overnight development in a relationship…because it is not. Going from meeting someone to having the Know-Like-Trust Factor be a pillar of that relationship is an evolution. It takes sincere goodwill towards the other party, patience and time.
A good starting point is always to ask the following question. “What can I contribute to this relationship that is in the best interests of the other person (or their business)?” If done with true sincerity towards others, the natural evolution of achieving the Know-Like-Trust Factor with people and businesses increases many fold. And once established, the dividends continue to accrue.
Once achieved, a trusting relationship can become timeless, whereas without trust there can be no relationship. One of the wonderful things that springs naturally from a relationship where the Know-Like-Trust Factor exists as an underlying pillar, is Loyalty – click here to read more.