Growing up in Wichita Falls, Texas, Donald Zale watched his father, a Russian Jewish immigrant from an orthodox family, turn a small jewelry store into the Zale Corporation. Don worked alongside his father in the jewelry store and assumed the role of chairman of the board in 1980.
In addition to being a successful businessman, Don and his wife, Barbara, became known as a philanthropist, using their wealth to help build hospitals, fund scholarships and aid the homeless. Don works chiefly on his family’s foundation, which funds community services and programs involving health, education, and Jewish heritage across several states.\\
On this episode, Chris and Don discuss:
- The founding story of Zales and growing up in the family business
- The diamond industry
- Managing shareholders within the family alongside external shareholders
- Zale's hostile takeover and being pushed out
- Life lessons for listeners
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Topics
(00:02:28) The founding of Zales
(00:13:38) The power of relationships
(00:15:13) The biggest changes from the 40s to today
(00;16:52) Don’s relationship with his father and experiences growing up in the business
(00:24:38) When did the business really start to take off?
(00:29:47) The shift to focusing on Diamonds
(00:37:21) How do you think about marketing?
(00:39:27) Lessons learned growing up in a family business
(00:42:32) Managing shareholders within the family as well as external shareholders
(00:43:41) Don on Zale’s hostile takeover
(01:03:38) The potential in the diamond industry
(01:06:59) Life lessons for listeners
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