Andre and Danielle Osborne of Alex Lexington On 5 Things You Need To Run A Highly Successful Family Business
The ability to adapt to industry trends- Family businesses that span generations can get caught in the cycle of how business was traditionally done. In business, there is a need to adjust within industries as technology and advancements change the landscape.
As a part of our series about 5 Things You Need To Run A Highly Successful Family Business, I had the pleasure of interviewing Andre and Danielle Osborne of Alex Lexington.
Alex Lexington is a husband-and-wife team consisting of Andre and Danielle Osborne. The company was formerly known as Atlanta Gold & Silver. After servicing the Atlanta area in midtown, the company relocated to Chamblee, GA, and rebranded the company, naming it after their two children. With nearly 30 years of industry experience between them, in addition to 50-plus years of family history in the industry. Danielle makes her family a third-generation precious metal dealer. Her husband, Andre, heads the company’s day-to-day operations, and she is the head of financials. The two make a great team, leading the family business into the next generation of the industry.
Thank you so much for joining us in this interview series! Before we dive in, our readers would love to learn a bit more about you. Can you tell us a story about what brought you to this specific career path?
If destiny can be used, I (Andre) had previous work experience in various fields of graphic design, service, customer service, a background in technology, and day trading. I was at a similar crossroads in life with Danielle, who was finishing her business degree at GA State University. At the time, her father said he wanted to open a location in the Atlanta area. I thought this looked like a great opportunity, and Dad was willing to teach us the business.
Can you tell us a bit about your family business and your role in it?
Danielle — My family has been in the diamond and precious metals industry since the 1970s. My father, his brother, and their uncle cleaned, lasered, and polished diamonds for the diamond houses of the Diamond District in New York City. They expanded into scrap precious metal in the 1990s. When Dad retired from the district in 2009, he decided to open Atlanta Gold & Silver.
In 2018, we relocated to Chamblee and moved into the coin and bullion side of the industry. We currently have two sides to the business. Andre does the coins, bullion, and estate liquidation side, and I do all things custom, fine, and high jewelry related. I also handle the financial and clerical side of the business, while Andre deals with business development, tech support, and social media.
Can you share the most interesting story that happened to you since you began this career?
The team was in a heated discussion about a client’s purchase test results, and the phone call came in from what seemed to be a sales call from ABC News. A team member wanting to get Andre out of the discussion says, “You want something to do? Go take that call.” I took that call, and it turned out to be Good Morning America wanted to do a feature on the company and the price of gold. Andre came back from the office, and everyone asked what they wanted. Andre, who doesn’t watch Good Morning America, says, “It’s just Good Morning America. They are going to send over a reporter to start the process this evening, and then they are going to come and film at 5 am. But no sweat, I’ll come and deal with them.” Everyone just stands there and stares at him. The next day, business was booming for the next six months straight.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
Andre- The first time I smelted gold, I spilled the liquid gold on the table while trying to pour it into a crucible. Dad said that in his 30 years, he has never seen a smelter spill gold on the table.”
Danielle- I wrote a check to a client for $10,000.00 more using the wrong weight metric to calculate the amount of scrap gold they were selling. This is where having relationships with clients is very important. The client reached his car and turned around. He said the check was way too much for what he sold.
What do you think makes your company stand out? Can you share a story?
What sets us apart is our dedication to customer service and an inclusive environment to provide fair and consistent pricing based on the market to the client. There isn’t one particular story, but throughout the years, when clients bring in various heirlooms, inheritance, and personal effects with no gauge of their value, at times, total strangers hug you, pray with you, cry in your arms, and share with others their monumental experiences. The best lines heard might be “I came to see if the rumors were true” and “the reviews are real, but they don’t do you justice.”
Are you working on any exciting new projects now? How do you think that will help people?
We are working on a subscription service to allow clients to purchase precious metals monthly based on a set monthly budget, helping them reach savings goals.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
Carlton Rose, Danielle’s cousin, worked with us when we started the business in Atlanta in 2010. He guided us through the process of establishing ourselves in the industry. He never let us quiet or allowed us to give up on ourselves or the goals that we set.
How have you used your success to bring goodness to the world?
We provide advice in multiple facets to clients, from entrepreneurship dos and don’ts to marriage advice to couples, and Andre’s favorite, when clients bring in their children for mentorship advice for educational path choice, post-graduate career choices, and life choices. Because he has traveled a journey that has been full of personal challenges, he tries to help others avoid the same mistakes he has made.
Our interactions with clients are the equivalent of men going to the barbershop or women going to the hair salon. We have had clients sit and talk with us for 2 hours about life and forget the check for the items they sold.
Ok, thank you for that. Let’s now pivot to the main parts of our interview. How do you define a family business? How is a family business different from a regular business?
To us, a family business is one from which more than one family member works or benefits directly. Where quitting only means I’ll see you after lunch.
Family businesses are owned and managed by one family, with leadership passed down through generations. Family businesses have a culture that promotes values and legacy. Governance in family businesses tends to be less formal, focusing on keeping leadership within the family.
In contrast, regular businesses may have diverse ownership, including public shareholders, and management is appointed based on qualifications, focusing on profitability and market position. Regular businesses prioritize financial metrics and competitive strategies. They have formal governance structures and succession planning based on merit.
In your opinion or experience, what are the unique advantages that family-owned businesses have?
Family-owned businesses bring a personal touch to their clients. You can bring your creative ideas and concepts to fruition versus a company that wouldn’t necessarily happen.
What are the unique drawbacks or blind spots that family-owned businesses have?
You’re less likely to have more than one specialist. When only one person can do a specific job, it leaves the business structure vulnerable if that person needs to step away from the business for any reason.
It’s hard to get the previous generation to implement change. The previous generation had their way of doing things, and if it worked during their time, they believed it must work now. When the older generation allows the next generation to contribute, it allows the company to adapt to the external changes in the marketplace.
What are some of the common mistakes you have seen family businesses make? What would you recommend to avoid those errors?
One mistake is the inability to keep unrelated family issues out of the business. Family drama should be left at the door and picked back up in off-hours. These issues can lead to a breakdown in business function and negatively impact non-familial employees.
What advice would you give to other CEOs or founders of family businesses to help their employees to thrive?
Lead by example. Always demonstrate the values and work ethic expected from employees. Your dedication and commitment to the company’s success will impact the business work culture.
Promote work-life balance. Your employees’ family is just as important as your own. Their ability to balance both will show in retention and overall productivity.
How do you define “Leadership”? Can you explain what you mean with a story or example?
Being a leader means you are okay with the responsibility of being right and wrong with a decision made. Own it whatever that is. A line used frequently is smart enough to know what you don’t know. Ask an expert! There is nothing wrong with asking someone else to advise on what they would do based on circumstances. But if it doesn’t work out, it rests on you.
Here is our main question. What are the “5 Things You Need To Run A Highly Successful Family Business”? Please share a story or example for each.
Family- When we started in the industry, we had Us, Andre and Danielle, Danielle’s father, Easton Dawkins, and his cousin Carlton Rose. We were a four-person army, and there was and still is nothing we can’t do.
Succession Plan — We have a succession plan in place. Although my father has already passed the m to us, there is a documented path of what will happen once he is no longer with us. Without this, there can be issues among family members. Bigger issues arise when family members who aren’t in the business want to step in.
Clear and Honest Communication- We strive for clear communication on everything. Without it, mistakes will be made. In our industry, the smallest mistakes can cost you thousands of dollars.
Defined Roles and Responsibilities with the ability — We all have specific roles that we play, but we can adapt when needed. For instance, Danielle can step into the coins and bullion side of the business, and Andre can step into the fine jewelry side.
The ability to adapt to industry trends- Family businesses that span generations can get caught in the cycle of how business was traditionally done. In business, there is a need to adjust within industries as technology and advancements change the landscape.
We are very blessed that some of the biggest names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch with, and why? He or she might just see this if we tag them 🙂
We would love to meet Barack and Michelle Obama. When it comes to a family working together to achieve a common goal, they are the dream team. They support each other in everything.
You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
From being in the precious metals industry, if everyone saved 20 oz of gold or 1000 oz of silver and gifted it as an inheritance to each of the next generations, it would change their lives. We have seen grandparents pay for grandchildren’s college tuition, and they graduate debt-free. People have started businesses with inherited funds as seed money. Even down payments on new homes have been made, all from original investments into precious metals from a previous generation. Most times, it’s not from wealthy beginnings, just a family that put their funds into gold that was $200/ozt in the 90s, and in another instance, $2/oz in the 70s. But it was usually stored and not even thought about.
How can our readers further follow your work online?
websites: www.alexlexington.com, www.alexlexingtondiamonds.com
Instagram: @alex.lexington.diamonds, @alex.lexington.precious.metals
Thank you so much for joining us. This was very inspirational.
Andre and Danielle Osborne of Alex Lexington On 5 Things You Need To Run A Highly Successful Family… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.