The Next Century
Looking forward to the next century
The new generation of Mednikows brings contemporary thinking to a traditional family business.
As Mednikow Jewelers approaches its second century, both Jay and Molly Mednikow are prepared to carry the torch of quality and service.
With a degree in economics from Harvard University and an M.B.A. from Duke University's Fuqua School of Business, Jay brings contemporary thinking to a traditional family business. Jay worked on Wall Street prior to returning to the family business, and his knowledge of both the business world and the world of fine jewelry is an asset to Mednikow's successful management style.
Molly graduated from the University of Georgia and entered politics before returning to get her M.B.A. from Georgia State University. She too worked outside the jewelry industry prior to returning to the family business.
"I always felt it was important for my children to work outside of the jewelry industry, to gain important experience and perspective," says Bob.
Most importantly, Molly and Jay really do love the business of fine jewelry. "Neither was pressured to go into the jewelry business," says Bob. "It was their choice."
Preparing For Role In Family Business
Early on, Jay started preparing for the day he would join a long line of Mednikows who have made jewelry their life. During his summer vacations from Harvard he worked as an apprentice under the legendary diamond cutter Nico Swaap in order to get the hands-on experience necessary to understand the industry from the inside.
"Diamond cutting is an old world art," Jay says. "There are no measuring instruments used, since each diamond is different and requires a different approach.
"I don't cut now, and probably never will, but it was important for me to know how it's done, how light is refracted and how to make repairs."
Jay's undergraduate and graduate studies included several courses in business law with an emphasis on running a family business. His senior thesis at Harvard was an ambitious study of the DeBeers diamond cartel. The 80-page paper was entered into the files of the Harvard Library, an honor reserved for Magna Cum Laude graduates.
Molly decided to enter the family business a bit later, having tried politics and discovering that, "with every political cycle, you had to wonder if you would still have a job," according to Molly. Having been around the family business all her life was a starting point, but the crash course in jewelry was intense--including studies with the Gemological Institute of America, multiple seminars mounted by the Diamond Promotion Service, and fast-paced trips with Bob to the jewelry centers of the world.
With several generations of inspiration to draw on, Molly and Jay Mednikow represent the next chapter in the story of Mednikow Jewelers. Working side-by-side, Bob, Betty, Jay and Molly will co-author a strategy to take the family business to new levels of service.
Employees Reflect Commitment To Future
Since the first non-family member joined Mednikow in the 1930s, employees have played a major supporting role in the firm's success. Their dedication to the business principles for which Mednikow is known can only enhance the future.
"Our employees are committed to helping us accomplish our goal of having customers return again the future," says Bob. "They're here for the long haul."
The commitment of its employees along with a set of impressive credentials and procedures puts Mednikow in a position to expand its appeal to a nationwide clientele.
Mednikow manufactures much of its jewelry in its own workshops. The firm is a member of the prestigious American Gem Society, and Bob, Jay, and Molly are Certified Gemologists. The store maintains an A.G.S. Certified Gem Lab. All sales and office personnel are required to complete courses of study at the Gemological Institute of America.
Professionalism is apparent, but it is the family tradition that has made Mednikow a Memphis institution and will continue to guide the business into the next century as it builds its image in the Atlanta area. In an ever-changing and increasingly impersonal marketplace, Mednikow is--as its advertising states - still operated by the original family of fine jewelers."
The Employee Family
The employees of Mednikow are among the firm's most treasured resources.
"There's Martha Vanzant from Hickory Flat, Mississippi," says Bob. "Her parents told her to go to Memphis and get a job with a reliable company that had a pension plan.
"She shocked them by getting a job at a small, family business. She's been here 30 years and is now our store manager."
Maria Reichel-Tatem was "discovered" in the restaurant on the sixth floor of the old Gerber's store in downtown Memphis.
"I was having lunch and was waited on by a German girl," Bob says. "I noticed her accent and asked about it.
"She told me she was not a waitress, but a watchmaker from East Germany. I offered her a job on the spot." Maria worked for Mednikow for the next 30 years, until her retirement in 1994.
One of the jewelers in Mednikow's manufacturing factory started as a driver after his father who worked as a security guard encouraged him to join the firm. "He had good hands," Bob says. "Now he's a trained jeweler."
The examples of employee dedication go on and on. "Many of our employees have given us a lifetime," says Bob. "Several have started to work here thinking it was a stop in the road and have stayed."
There are three traits employees of Mednikow must possess: integrity, a love of fine jewelry, and enthusiasm. "Those three qualities characterize every person in our organization," Bob says.
Continuing education is also a stipulation. "Every person here is required to take professional courses. All members of the sales staff are trained gemologists."
In accordance with the standards of operation specified by the American Gem Society"s statement of purpose, employees of Mednikow Jewelers are "genuinely interested in the establishment of a high level of business ethics for the jewelry industry."