New-Fashioned Business

Few retail stores owners ever get an MBA. Fewer still attend Fuqua and then return to Executive Education Programs. But then Jay Mednikow ‘90 is not your typical retailer. He is president of Mednikow Jewelers, a family-owned business based in Memphis, with a branch store recently opened in Atlanta. He believes that an ongoing exposure to management education is a must, even for those who think they know everything about their line of business. “My father was actually the one who urged me to pursue an MBA,” Mednikow recalls. “He said, ‘Learn the skills even if you don’t use them.”

That has proven to be sage advice. In his role as company president, Mednikow wears many hats-marketer, financial officer, human resources manager, etc. “I don’t use the formal structure of an MBA education, but I see how things fit into certain paradigms,”Mednikow says. “That insight gives me the confidence to move forward.”

In a typical workday, Mednikow may be reviewing advertisement, planning media buys, making sure cash flows are sufficient to order merchandise needed six months in advance and dealing with personnel situations. “Plus a customer might walk in my door at any time.” Mednikow says. “I try to get people up front to handle customer service, but this business is based on personal relationships. If someone wants my opinion for an appraisal or something of that nature, I give them my time. No matter what your position in the company, the customer comes first.”

In addition, Mednikow is a certified gemologist. He personally buys many of the raw gemstones that are eventually made into jewelry, and that sends him to East Asia, Europe and New York several times a year. Mednikow’s international experience has taught him some lessons that he feels should be part of any would-be global business manager’s education. “It’s crucial to be able to put yourself in the cultural framework of the people you’re dealing with,” Mednikow maintains. “For me, this mostly concerns manners of negotiation. The Japanese, for example, value long-term relationships. Lots of business decisions are made after hours in sushi bars, so you can’t be in a hurry to close a deal. In the Far East, you are expected to haggle over prices. If you don’t, you’ll end up spending two to three times what you need to.”

What is it like working in a family business? “When a family business works, it’s terrific; when it doesn’t work, it’s terrible,” he says. “For me, fortunately, it’s been very good. Part of the reason my dad encouraged me to get an MBA was so I could look at business more objectively. But it’s impossible to separate business from family. I share an office with my dad. In fact, he’s listening to me right now!”

Mednikow believes he brings fresh ideas to the business. In particular, he has a more fashion-oriented approach than his father. The company now sells a great deal more designer jewelry than it used to, a growth area that he takes particular pride in.

Debbie Kephart ‘90, a classmate at Fuqua, has dealt with Mednikow professionally through her job in the trade division of Tiffany’s. “Tiffany’s has very high standards in selecting which businesses to open trading accounts with, and they were quick to take on Mednikow’s,” Kephart says. “Jay knows the business inside out. He has a great sense of design, plus he knows marketing and finance. A family business is a great place for someone like Jay who is skilled in a lot of different ways.”

Mednikow has continued to sharpen his business acumen by taking advantage of opportunities such as the spring 1996 Executive Education Program, Thinking About Value. “It’s my intention to come back to every executive education program I can,” he says. “There’s always something of value to learn and apply.”