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The Middle-aged Salesman

A friend recently contacted me regarding her husband’s need for help finding his next job. Jerry, (not his real name) is an accomplished sales manager in his own right whose experience has been in the commercial printing industry. Now in middle age, he has become sidelined in a dead-end job. Jerry is someone I have spent time with over the years and found him to be affable and witty. I had no reason to doubt his networking abilities. He is a salesman after all. Networking is about building relationships, the most fundamental part of sales.

 So, I happily arranged a coffee meeting with Wendy, a friend who has a business helping companies find optimal solutions to their print marketing needs. Since they were both professionals from the Printing Industry I thought this meeting would be a natural. Wendy is an excellent net-worker with very strong connections in Jerry’s target market. I could not have arranged a better connection for Jerry. This meeting looked to have great potential benefit for them both. Well, at least that was my thinking.

We all know that good networking includes the productive use of time. Get to the point. Let me know what you are trying to accomplish. How I can be helpful? The 30-second elevator speech is at the heart of the process. Unfortunately, as the meeting progressed, I saw that Jerry’s goal was to tell Wendy his life story. Jerry’s single-minded intent was to follow through on that objective. Had Wendy been an Executive Recruiter, like me, learning about Jerry’s full history might have been useful. Being a potential networking contact, Wendy’s knowledge of Jerry’s life story was not only irrelevant, it wasn’t a productive use of her time. In the process, Jerry learned absolutely nothing about Wendy. Doubtless, Jerry would not be a very useful networking contact for Wendy.

Frankly, I was astonished. More than once Wendy stopped Jerry to ask him what he was looking to do and how she might be helpful. This irritated Jerry. He did not answer her question but continued on with his story. It was excruciating. Wendy politely cut the meeting short, indicating that she had another meeting to attend. Jerry and I went off to have lunch and debrief.

During our lunch, Jerry expressed his frustration with Wendy. He was completely baffled as to why she continued to interrupt him during his soliloquy. I tried to address his fundamental misunderstanding as to how networking is conducted; i.e. time is of the essence, and the process is meant to be a two-way exchange of information. I explained that Wendy had tried to get Jerry to come to the point, but he refused to budge from his script. I went on to explain that over time, in order to build relationships, it may be useful to reveal more of one’s life story. It is totally inappropriate, however, in an initial networking meeting. My final point was that the message to Wendy was; “it was all about Jerry.” I think Jerry got the message, but I cannot be sure.

 I am still unclear as to why Jerry conducted the meeting as he did. It was not only strange, but it was also a little creepy. At his age and with his experience I expected a focused and productive presentation. I had been with him in a number of social settings and always found his behavior to be appropriate. His meeting with Wendy was totally unexpected. Could it be that Jerry was just a very poor salesman? I was beginning to wonder.

Key Learning: To help facilitate a productive networking meeting I use email to introduce my contacts and exchange their information. Exchanging resumes and LinkedIn profiles is a very useful part of the process to prepare for an effective meeting. This gives the participants the opportunity to learn background information prior to the meeting so the focus of the meeting can be on the present. It puts the meeting in context. A “good networking meeting” is a productive exchange where all parties leave with clear knowledge as to how to help the other.

 In this case, I should not be too hard on myself. I had enough experience with Jerry to expect a good outcome. I did exchange biographical information in advance. Jerry, Wendy, and I are all about the same age so there are a lot of similar life experiences which made the connection easier. I was surprised that Jerry did not grasp the fundamental concepts of mutual benefit and the productive use of our time. He learned nothing about Wendy and how he might be able to help her. Sometimes, even with the best of intentions and solid preparation, things don’t go well. That’s life. Suck it up and move on. As with last week’s horror story our efforts to help Jerry ended with that meeting.

My balance sheet with Wendy is very much in the positive so there was minimal damage to my credibility. Life goes on. Fortunately, my failed networking meetings continue to be a very small percentage of the total. Work in Progress:

Thank you for visiting my blog.  I hope you enjoyed my point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read. Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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A Tale Of Two Holiday Networking Events

In last week’s post I spoke about maximizing one’s effectiveness at holiday networking events. The primary message was as follows:

  • Time is short. Be strategic! The objective is to meet influential people, gain their interest, and schedule a follow-on meeting. 
  •  If the event is for business networking, stay focused on business. If the event is a social gathering, be sociable.
  • Remember to thank the host before leaving, and later, send a thank you note. 

This week I had an opportunity to take my own advice as I holiday networking events on Tuesday and Thursday.  Both were scheduled between at 4:00 p.m. and 8:00 p.m.  They were open house come-and-go-as-you-please events.  On Tuesday I attended the CFO Round Table event.  Thursday’s event was hosted by an Investment Advisor who hosts a monthly Lunch With Four Interesting People, (LW4IP). I wrote about the latter group in September.  Of course, each event reflected the host’s personality and networking strategy.

There were many similarities between the two events.  Neither required a cover charge, and both provided an ample selection of luscious hors-d’oeuvres. Beer and wine were served at one, and the other was wine only, a Cabernet and a Chardonnay. Of course, one could enjoy sparkling water if preferred.  They were held in different types of venues and included a different mix of people.  

The CFO group was overtly business-related. The members of this group pay an annual fee and meet periodically throughout the year.  Although I let my membership lapse, I was invited as a guest of the moderator.  The attendees were coming from work, so they were dressed appropriately for their respective work environments, mostly business casual. Few neckties were observed.  It was an older crowd, as it takes significant career-development time to become aChief Financial Officer.  At least three were people looking for a new job. 

The LW4IP event was meant to be more social than overtly professional.  The attendees were a more diverse group, both by gender and age, sporting a wider range of attire.  I must say, the ladies were much more stylish. The gentlemen, on the other hand, ranged from very casual to professional business attire. As I am more old-school, I decided to dress more businesslike. For the event with the CFOs, I wore traditional gray flannel slacks and a blue camel hair blazer. No tie, however.  For the event on Thursday, I went full ‘Brooks Brothers,’ complete with a white pocket square and a popular red necktie. I say popular as I received a few compliments on my tie, including one from a lovely young lady. I wore a white cotton dress shirt with French cuffs for each event. It’s my signature look.  My mother impressed on me as a young man, that it is always better to be over-dressed than under-dressed.  While I wasn’t overdressed, I did make a positive impression.

My plan for the CFO event was focused on my Executive Search Business, as much of that work involves CFO searches. The Thursday event gave me an opportunity to talk about the consulting part of my business, ITB Partners.  Surprisingly, there were a lot of  freelancers attending the LW4IP reception.

As I reflect on these events, I did a  respectable job of taking my own advice.  I had a plan and executed it well.  I focused on getting know others with less talk about me.  I enjoyed the food and beverages in moderation.  I collected a lot of business cards and distributed many of my own.  I expanded my network, and plan to renew my membership with The CFO Round-table.

Each event was well executed and well-attended. The CFO group was impacted somewhat by weather and traffic issues in the Atlanta area, however.  I enjoyed both events.  I knew more of the folks at the Tuesday event as I have been active with that group. I knew only a few people at the Thursday event.  This gave me an opportunity to make new acquaintances and to expand my network. Almost immediately, we arranged to become connected on LinkedIn and began scheduling coffee meetings.  It was fun and productive.

Thank you for visiting my blog.  I hope you enjoyed my point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read. Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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Holiday Networking Tips

It is Prime Time! The end of 2022 is upon us, and the celebration is beginning. You may be attending a lot of parties and networking events. In keeping with the season, it makes sense to offer some advice and guidance to ensure you have a productive month.

The Holiday Season is all about bringing people together. It is a time of celebration, reflection, and anticipation for the New Year. It’s a time for networking groups to schedule events to close the year. This month, you can meet people you want to add to your business network or social circle. These events are target-rich environments to identify and connect with influencers. Although each event will have a specific focus, you can exercise some leverage. In other words, social events can generate proper job-search connections, while professional networking events may result in social opportunities.

As you contemplate your calendar for December, begin with a plan. Determine what you want to accomplish this month. If you are between situations or looking to move, you may be looking for people to help you locate your next job. In this case, you should try to attend as many events as possible. Of course, you will necessarily want to prioritize your time for friends and family. Religious activities are an essential consideration. If there is a conflict, all things being equal, opt for the event that best supports your objectives for the month. In some cases, you may be able to attend multiple events, dividing your time between them on the same day.

Set a goal for each party! Begin with the guest list. Who do you want to meet? Plan to meet specific people who may be helpful. Learn who will attend each event and determine who you want to meet. Researching guests is a lot easier today, as more and more event planners are using online applications to manage attendance. Those applications will notify you as others accept the invitation, so you will know who plans to attend. Then, you can cross-reference individuals to their LinkedIn profiles.

Time is short. Be strategic! The objective is to meet influential people, gain their interest, and schedule a follow-on meeting. Make a good impression, so they will want to help you. Leverage your friends, family, and acquaintances to help identify these influencers. Ensure your elevator pitch and appropriate variations are well-honed and committed to memory. Bring business cards to distribute. Make notes on the back of each card you receive to send a personalized message. Remember, ask to schedule a meeting. Additionally, become connected to these folks on LinkedIn. Everyone is a potential lead to a job, so introduce yourself to someone new.

Stay focused on your objective. Your approach will differ depending on whether the event is business-related networking or more of a social event. If the event is for business networking, stay focused on business. If the event is a social gathering, be sociable. As you get to know the other party, there is nothing wrong with learning about their occupation, whether in a social setting or their interests, if at a networking event. Begin with casual conversation. Ask questions, including advice. Listen with interest. Stay away from religion, politics, or other potentially sensitive issues, unless you are talking with like-minded friends or associates

Here are some parting thoughts. Maintain a friendly, positive attitude and smile. You will attract more interesting people. Dress appropriately. You don’t want to stand out negatively. Eventually, most people will migrate in your direction. Don’t overindulge in food or alcohol. Remember to thank the host before leaving, and later, send a thank you note. Enjoy yourself; the Holiday Season can be a lot of fun!

Thank you for visiting my blog.  I hope you enjoyed my point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read. Your input is important to me, so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

 

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Stay Focused: Avoid Time Sucks!

I give a lot of consideration to the way I use my time.  Often, these assessments lead to significant adjustments.  A decision this week reminded me of a similar situation a decade ago.

 

In 2003 I joined a club to conduct business and entertain clients and prospects. This club provided excellent food and beverage service to accommodate breakfast and luncheon meetings.  It had enough rooms of varied sizes for private meetings.  Because of its commanding view from the top floor of a high-rise office building, it was a popular place for many events, including weddings, and holiday parties.  It was a good location for political functions.  I made good use of the club’s amenities, especially during the holidays.  I hosted an Annual Company Meeting and facilitated the use of the club for a major alumni event and a few smaller gatherings.  My middle daughter chose the club for her wedding and reception.  The club was good about giving back to its members as well, hosting a free members appreciation gala during the holiday season.  It wasn’t the most convenient location, but I met a lot of great people and significantly improved my networking skills.

 

Among the members, I came to know, were a few cigar aficionados.  Although the club was a non-smoking venue, there was a cigar bar in an adjacent hotel.  One thing led to another, and eventually, we formed a poker group. We met once a month, enjoying a cigar and a beer or two before the game.  Poker night was not as much about poker as it was camaraderie among friends.  Fifteen years later, the game is still going. It is still less about the poker and more about spending time with friends. Only two of us are left from the original group, as members have come and gone.

 

Toward the end of 2008, as the economy slipped into recession, I chose not to renew my membership with the club.  The recession put a lot of things into perspective.  A crisis will do that.  I came to realize that I was not meeting the type of people I needed to build my business.  Additionally, the location caused me to spend too much time traveling to and from the club.  It wasn’t necessarily a happy decision as I was very fond of the club.  I had made some lasting friendships and had gained the respect of the management and staff.  Sadly, continued membership at the club was not aligned with my objectives.   I realized the need to refocus my efforts as the economy became more unstable and unpredictable.  It wasn’t easy leaving the club, but it was necessary.

 

I had a similar epiphany Friday morning conducting a very successful ITB Partners meeting. I was with twenty highly accomplished professionals, with two or three more participating by telephone. We were discussing plans for a strategic review for our company.  It was quite exhilarating. I’ve always enjoyed leading bright people through the process of chartering business strategy. You could say that it is in my DNA. I was in the zone.

 

On the other hand, I’ve come to realize that I no longer have the same level of anticipation for poker night. In fact, I’ve noticed a certain level of trepidation.  I know it’s pointless to continue playing if it isn’t enjoyable. I have far too many other responsibilities to occupy my time.

 

When I compared Friday’s meeting to the monthly poker game, the implication was clear. The thrill is gone. I have been going through the motions. It is no longer a productive use of my time, even for recreation.  It’s time to move on.  My decision won’t affect the relationships I have with close friends in the group which are solid.

 

It’s important to reassess from time to time.  Successful companies have a process to review their annual progress against plans, adjusting as needed.  As individuals, we make New Year’s Resolutions at the beginning of each year.  Many of those resolutions are never achieved, however, we understand their intrinsic value.  I find it useful to assess the way I use my time in connection with my goals and objectives.  I think you will too.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

 

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LFPR and the Demand for Labor Paradox

 

On November 2nd, the Friday before the midterm elections, the U.S. Department of Labor presented its initial report for October.  The report showed that employment increased by 250,000, a 1.7% year-over-year improvement.

 

On Tuesday, November 6,  The Bureau of Labor Statistics released its Job Openings and Labor Turnover Summary,

The report reflected an unemployment of 3.7% and a Labor Force Participation Rate (LFPR) of 62.9%.  Job Openings were reported at 7.0 million, down from 7.3 million the prior month.

 

The bulk of October’s hiring came from three major industry segments; healthcare and social assistance added 46,700 jobs, leisure and hospitality added 42,000 jobs, and manufacturing added 32,000 jobs. The only sector to record a decline was the education sector which dropped 2,500 jobs. On a year over year basis, the manufacturing sector increased employment by 9.4%, construction employment increased by 4.7%, and transportation/warehousing increased 3.5%. The information sector lost a half a point.

 

The September employment figure was revised downward from 134,000 to 118,000, whereas the August figure was revised upward from 270,00 to 286,000.  During the third quarter, GDP increased by 3.5% as compared to 4.2% in the second quarter. The consensus is that the economy is on track for a full year GDP increase of 3%.

 

The economy remains strong, without clear evidence of slowing. We have seen some wage increases which supports the belief that the labor market is tightening.  I find it interesting that employers are trying to fill 7 million jobs, and The Labor Force Participation Rate (LFPR) is at a historic low.  In fact, the ratio of people looking for work to jobs available is .9.  In other words, for every 100 available jobs, 90 people are actively seeking employment.  The U.S. labor market has enough slack to accommodate the demand for labor, or so it seems.  So, why haven’t those jobs been filled by the people looking for work?   There is an obvious disconnect between the demand for labor, unemployment, and the LFPR.  Call it a Demand-Unemployment-LFPR Paradox.

 

FIVE REASONS FOR THIS PARADOX.

Lack of appropriate skills

Structural unemployment

Disability and chronic illnesses

Opioid epidemic

Baby boomers are retiring

 

I find these reasons interesting if not compelling. I can understand the effect of disability and chronic illness, especially high blood pressure and diabetes.  The effect on the labor pool includes the afflicted and their caregivers. Personally, I would include people who are chronically addicted to drugs, including opioids, as disabled at least temporarily. These issues require Public Policy initiatives at the Federal and State levels.

 

About “lack of appropriate skills,” the issue is clear.  If an employer is looking to hire software engineers, it is unlikely that a middle-aged, displaced factory worker would be a viable candidate.  This is an obvious example however, it doesn’t explain the bulk of the paradox.

 

I find the issue of retiring Baby Boomers most interesting as there are conflicting signals regarding their situation. The first is that we are healthier than previous generations and highly motivated to contribute.  Additionally, I continue to hear reports from financial planners that the average baby boomer has somewhere between $10,000 and $50,000 in savings, hardly enough to support retirement.  The effects of divorce and unemployment have diminished the financial security for many Baby Boomers.  Admittedly, many are leaving the corporate world and government service with pensions. However, Baby Boomers I encounter are not ready to retire even if they have the financial resources to do so.

 

Structural Unemployment is a euphemism for age discrimination, whether real or perceived.  In some cases, it may be due to a perceived lack of relevant skills.  In other situations, it may be due to salary requirements.  The lack of relevant skills is a perception that seniors are not as savvy using technology as younger workers.  I find this questionable.  On the other hand, seniors probably have expectations for a greater wage than the market may support.   A good example is the demand to raise the minimum wage by displaced workers who were forced to find employment in Quick Service Restaurants during the recession.  Hiring older workers carries risk, including health and vitality, and EEO complaints.  Of all the reasons to be disconnected from the workforce, I find this to be the easiest to overcome. As the economy continues to restructure itself to accommodate the digital revolution, employers are becoming more comfortable employing freelancers, or outsourcing job functions. This creates tremendous opportunities for anyone with relevant skills, like Baby Boomers, to create their own employment opportunities.

 

I believe it is a useful goal to create an economy that can employ everyone that wants to work.  I believe in policies that provide incentives for people to work.  Our current economic environment has challenges and opportunities.  The clearest opportunity is for Baby Boomers and those affected by Structural Unemployment to turn perceived weaknesses into strengths and embrace the digital economy.  Corporations may take the lead in addressing the skills gap by providing training and development programs.  Public Health Policy must become more robust to address chronic illness and addiction.  It occurs to me that the Labor Paradox can be bridged, but it will take significant effort.

 

Addendum: Understanding The Bureau of Labor Statistics Reports on Unemployment and LBFR

 
The Labor Force Participation Rate (LFPR) is derived from a survey of the number of people available for work as a percentage of the total population of possible workers. In October 2018, that rate was 62.9%. It measures the amount of labor in an economy, one of the factors of production. The other three are natural resources capital and entrepreneurship. LFPR equals labor force divided by civilian non-institutional population.
As defined by the Bureau of Labor Statistics the civilian noninstitutional population includes everyone living in the United States who is 16 years or older minus inmates of institutions such as prisons, nursing homes and mental hospitals, and active duty military.
“Labor force” is everyone classified as either employed or unemployed.
“Employed” is anyone age 16 or older in the civilian noninstitutional population who worked in the last week, They are those who worked an hour or more is paid employees or 15 hours or more as unpaid workers in a family-owned business or farm,  It also includes those who have jobs or businesses but didn’t work that week because they were on vacation, sick or on maternity leave, on strike, or in training, or had some other family or personal reasons why they did not work. It doesn’t matter whether it was paid time off or not.   Each worker is only counted once even if they hold two or more jobs,  Volunteer work and work around the house do not count.
“Unemployed” are those age 16 or more who weren’t employed but are available for work and were actively looking for a job within the past four weeks.
People who would like to work but have not actively looked for work in the last month are not counted as being in the labor force no matter how much they want to job. They are counted in the total population.
The BLS does not track them.  It calls them “marginally attached to the labor force.” These are people who have looked in the past year but just not the previous month.  These people might have had school or family responsibilities, ill health, or transportation problems that prevented them from working recently.
Some of the marginally attached people in the survey are considered discouraged workers. This term is defined as people who have given up looking for work because they don’t believe there are any jobs available for them. Others have become discouraged because they lack the right schooling or training. They may be concerned that they are too young or too old to be of interest to potential employers. Some have suffered discrimination. They are counted in the real unemployment rate. Others who are included in the labor force are students, homemakers, retired people, and those under 16 who were working. Still, they are counted in the population.
Between 1948 in the 1990s, the LFPR had been increasing. Prior to 1963, the LFPR had been below 60%. As more women entered the labor force, the LFPR gradually increased to 61% by the early 1970s. It reached 63% in the 1980s and peaked at 67.3% in 2000. The LFPR fell to 66% with the onset of the 2001 recession. Following the financial crisis that began in 2008, the LFPR fell below 66% and has continued falling, reaching a low of 62.6% into 2015.
In her recent article, Kimberly Amadeo indicated that economists are divided as to how much of the recent drop in the LFPR was due to the recession.  Estimates range from 30 to 50% and as much as 90%. Many of the workers displaced during the recession never returned to the job market.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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On Becoming a Thought Leader!

Coaching and Mentoring Consultants.

Lately, it seems I spend much of my time reflecting on my career. No, I am not going through a midlife crisis, I’ve passed that stage.  I believe it’s due to the coaching and mentoring time I spend with my consultants. It must be a natural result of my leadership responsibilities. As I work with my consultants, listening to their issues, my mind unlocks memories of similar situations I experienced. I’m certain this is not uncommon as it is just the way our minds work. Happily, I am pleased to be able still, to tap into that reservoir of knowledge.  The added benefit is that it helps me empathize with these folks.  I have learned a great amount of useful information during my career, and I am happy to share that learning with my consultants.

 

The good news is that I’m still learning.  I am becoming more productive by developing new skill sets and sharpening existing skills.  Especially my listening skills. It’s not just understanding what is being said, but more importantly, its about picking up cues to understand what’s not said.  I have learned that the seminal issue is often blurred, obscured by biases and faulty self-talk.  Empathy is an added benefit of improving my listening skills which help to better understand the needs of my team.

 

I’ve learned that coaching is more effective if I can work around one’s logic filters. If the message can be internalized at an emotional level there’s greater likelihood that one will act on the message. Turning experience into stories is an effective way to create a lasting impression.  Stories carry the weight of credibility if they come from one’s personal experience.  My advice is supported by authenticity and the passion I display reliving a personal experience. I consider it “the concept of connecting with impact.” My natural predisposition is to use humor whenever possible, especially self-deprecating humor.

 

I have the pleasure of working with highly-skilled professionals who have established impressive careers. They have all the skills necessary to become successful consultants even if they don’t recognize the full potential of those skills.  My mission is to train and motivate them to become effective freelancers by developing the skills they need now.  My strategy is to turn my experience, the good, the bad, and the ugly, into stories to help them learn how to achieve their goals.

 

Many in our group are accomplished independent consultants with ten to twenty years of experience.  They’re a tremendous resource and a big help to me.  However, we’re attracting new members who left their corporate careers to become freelancers. They are highly-skilled, highly-competent professionals, that are unclear on the requirements to build their businesses.  Naturally, I spend a lot of time coaching these folks on prospecting for gigs and closing deals.  The objective is to position them as “Thought Leaders,” or “Subject Matter Experts.”  The skills needed to become recognized as a  Thought Leader include:

Networking from a Plan

Speaking Engagements:  Selling by telling

Writing: Build a following of evangelists

 

Some of these skills come naturally to our new consultants.  Others are adept in each of these areas.  But some need a lot more help in one or more of these skill-sets.  I remember when I made my exit from the corporate world.  My public speaking skills were above average, however, my networking and writing skills weren’t ready for prime time.  That is not to say they were poor, but they weren’t polished enough to be an asset.

 

Now, my role is to start new members on the right path.  It isn’t easy for some, so I encourage them to take small steps.  Presenting at our monthly Members Meeting is an important step supported by a friendly room.  Likewise, we have a supportive team to help one gain the skills to write interesting blog posts. These small steps help one to gain experience and confidence.  Small steps lead to longer strides and then to leaps and bounds.  Appealing to one’s emotional hot-button is the trigger I use to help them make that first small step.

 

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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Your Elevator Pitch, Part Two

Two weeks ago, I wrote about my preparations for our October monthly Members meeting and my plan for a contest to recognize the best elevator pitch. My objective was two-fold; to support our main speaker and put a spotlight on one of my pet peeves.  I wanted to ensure that it was fun, interesting, and productive for our members.  If they fail to see value in the meeting, attendance will suffer, and our Mission will be compromised. I was also interested in providing an effective introduction to support our speaker, Leslie Kuban, whose presentation was about selling to entrepreneurs.

 

I am pleased to report that the meeting was a great success! The contest for the best elevator pitch was well received and executed. Creating score sheets and ballots prior to the meeting saved time and improved the outcome of the contest.

 

The winner of the contest was Leslie Kuban, the guest speaker.  The attendees noted that her pitch was focused and interesting.  The discussion that followed was energetic, as the room was completely focused on the issue.  They understood the value of her message.  Winning the contest gave Leslie instant credibility in advance of her presentation.

 

At least one member suggested that every meeting should include a contest for the best elevator pitch. That is something to consider. I am pleased that I’m getting through to the folks, but I don’t know that a contest every meeting would have the desired effect. Possibly once a quarter would be a better compromise.

 

Leslie was energized when she began her presentation. Later that afternoon she called me to debrief. I told her I thought she had done an excellent job.  The presentation was well received, and the meeting was one of our best. She was pleased with my assessment and volunteered to participate further with our BENG Chapter.  Also, she indicated an interest in an affiliation with ITB Partners.  A twofer!

 

In the days following our meeting, I received an email from a member who was unable to attend the meeting. She is interested in crafting an effective elevator pitch, sending me a draft for my review and feedback. Frankly, she made an excellent start. The following day I provided her with my thoughts and suggested that we schedule a face-to-face meeting to work on a final product. We agreed to meet for coffee on Halloween.

 

In my earlier post, I discussed the difference between a positioning statement for a resume, and for an elevator pitch. The positioning statement on a resume, or a business plan, should be written in jargon relevant to the reader.   However, jargon for a target audience, may not be relevant for one-on-one personal discourse, especially for someone unfamiliar with your line of work.  An elevator pitch must be easily understood by anyone.

 

An effective elevator pitch goes together with networking activities. It helps recruit evangelists for one’s business, capturing their imagination so that they will spread the word.  As I mentioned in the prior post, a good elevator pitch is memorable, believable, and interesting.  It must make a lasting impression, which means it must make an emotional connection. It is a conversation starter, not the result.

 

As I consider adding value to our meetings, I’ve been giving a lot of thought to the subject matter and the type of presentation that will be best received. In pursuit of this goal, I’ve been spending a lot of time on YouTube, listening to speakers talk about the value of storytelling for more effective presentations. This seems to be the preferred style, for brand building, as well as speeches and business presentations. I like the concept, as stories tend to be more effective especially when they make an emotional connection with the audience.

 

In December I have a speaker scheduled for the Atlanta Chapter of BENG about developing more effective speeches. I am confident that we are on the same wavelength with respect to story-telling, but I plan to have a conversation with him to ensure that we are in sync.

 

Thank you for visiting our blog.

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Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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In Your 50’s, 60’s or 70’s Without an Exit Plan?

 

Shavzin & Associates
David Shavzin

By David Shavzin

I hear it more and more coming from Baby Boomers. This question is often posed casually: “So what do you think, should I start my exit plan 2 years ahead, maybe 3 years ahead?”

 

They often ask knowing the answer. They are trying to make themselves feel better because they haven’t created an exit plan and they know they should have started it long ago. If I respond that waiting until 24 months ahead of sale is ok, they can let themselves off the hook for not having an exit plan in place.

 

I hear from business owners every day.

  • Some say they are tired and would like to get out. They do not want to put in much more time or invest in building the value of the company. Yet, they are not satisfied with what it is worth today.
  • Some in family businesses have put off building a succession plan for a generation to generation transfer. They may feel they have time, or they may feel that their children (children often in their 30’s and 40’s) are “not ready yet”. They may fear losing an income stream as they transition out of the business.
  • Some are simply working the business, taking no time to develop an exit plan that could dramatically increase the value of the business when it comes time to sell.

If any of these ring true for you, there are many potential solutions to address your concerns and situation. Take the first step and have a conversation with all in involved. A good advisory team can help guide those exit plan discussions and provide an objective, experienced perspective. There are so many business exit options.

 

If you do have just a few years, there are a number of things you can do to optimize that exit and get everyone on the same page. But “2 – 3 years” is NOW, especially if you are a business owner in your 50’s, 60’s, 70’s or older. You have heard when talking about stocks that you can’t time the market. It’s the same thing for your business. And, remember, the sale process itself can take 6 or 9 months to a year.

 

There will be a downturn in the market. Getting caught in that next downturn will likely reduce the value of your business. Perhaps more importantly, it could keep you captive in your business for another few years as you rebuild.

 

Questions to ask yourself:

  • Do you know the value of your business? Don’t rely on a value that is some industry multiple or that sounds reasonable or what you’d like. Get professional assistance. This is your life, livelihood, and retirement.
  • When do you want to be completely or mostly out of the business?
  • Can you wait out the next downturn? If you are thinking of a 2- to 3-year timeframe, what if the economy slows down? Can you wait another few years to rebuild the value of your business? Or are you willing/able to walk away with less money?
  • Do you have a solid plan for what you will do after your exit?

By the Way, It’s NOT all about YOU!

 

Without an exit plan, you are not just risking your own retirement or next phase of life. You are putting in jeopardy your spouse, children, their families, your employees, their families and more.

 

The message is simple: work with your advisors now to get a good understanding of your situation. The more informed you are, the better positioned you will be in creating an exit plan that works for you, maximizes value and minimizes risk. You will leave the legacy that you want, not what others want. You will create your future!

 

Get Started on Your Exit Plan

If you haven’t begun to plan, get on it! Get a business valuation done, build your advisory team, start on building business value!

 

Need to Get an Idea of Where You Stand?

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Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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Craft an Effective Elevator Pitch!

Networking meetings can become stale and boring over time. When this happens attendance will decrease and the networking group risks becoming irrelevant. This point was on my mind as I planned our ITB Partners monthly Members meeting for Friday, October 19.  We have an excellent speaker scheduled to talk about selling skills for small business owners and entrepreneurs.  Her presentation is highly relevant to our members. So, I saw an opportunity to build on that theme and address one of my pet peeves.  I decided to modify our standard agenda to accommodate a contest to reward the best elevator pitch. My thinking is two-fold; first to support salesmanship as the theme of the meeting, and secondly, to reinforce the importance of an effective elevator pitch.

 

Helping our members understand the importance of a well-crafted elevator pitch is important.  Also, its an opportunity to have some fun at our meeting, while ensuring that it’s informative and productive.  So what is an elevator pitch?  The name itself is a metaphor for a short but highly effective positioning statement. The analogy is that if you’re sharing an elevator ride with someone, say for 30 seconds, how would you respond if asked “what do you do?”  An elevator pitch is similar to a positioning statement, also known as an Executive Summary at the beginning of a resume.  It should be memorable, believable, and interesting enough to generate a follow-up discussion or meeting.

 

I’m a big believer in positioning statements; whether it’s for a brand, a resume, or especially as an elevator pitch.  This goes back to my days in corporate planning where I learned the value of a coherent positioning statement. One should never underestimate the ability of a positioning statement to focus the organization on its strategic goals.  It is difficult for me to get past a poorly constructed Executive Summary on a resume. I have my doubts that job seekers fully appreciate the importance of this paragraph. It’s the candidate’s personal positioning statement, indicating their career interest and unique selling proposition.  If the Executive Summary is compelling, the reader will have a greater interest in a closer examination of the resume.  If not, it may wind up in the circular file.

 

When I provide resume coaching advice, I always begin with the Executive Summary. My counsel is to define yourself in the first sentence by stating your career level, your functional discipline, and your principal industry experience. The follow-on sentences can provide additional detail to address one’s particular skill sets. For example, if you are proficient at bringing new products to market, or revitalizing legacy brands, those strengths would be important follow-on statements.

 

 

So, why is an elevator pitch so important? If you are engaged in networking as a means of landing a great job or to generate more sales, you need an effective sales pitch.  When meeting strangers, your elevator pitch is an effective way to establish a connection.  It is a tool to help you recruit evangelists for your brand. Evangelists become a force multiplier, leveraging your business development efforts.  They can connect you with people looking for your services.  It is meant to capture the imagination of a prospective client, and to establish you as a viable referral for people in your network.  If your elevator pitch is memorable, you will be remembered!  Your elevator pitch communicates a rationale to consider you as a potential employee or service provider.   The quality of your sales pitch is a vital component closing the deal. It should be memorable, so the construction of your elevator pitch must be clear, easy to understand.

 

At the most fundamental level, an elevator pitch describes who you are, who you help, and why your services are needed. Your elevator pitch is your personal positioning statement. It is short and to the point, and hopefully interesting. In some respects, it is a conversation starter, intended to generate requests for more information.  A good elevator pitch will identify your target market, the prospective client’s problem, and how your company solves those problems.   Your elevator pitch is important, so make an effort to develop an effective pitch.  Practice your pitch!  Use it! Refine it!

 

Hello, I am Jim Weber.  I connect good people with great job opportunities!  My clients are leaders of mid-cap companies who need C-level professionals to achieve their goals.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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Effective Networking Requires a Strategy!

Apple gave me a nice gift this week. Yes, I updated my iPhone and iPad to iOS 12 which I think is really cool, but that is only half the gift.  The upgrade helped me finalize the topic for my weekly blog post. Very nice of them I must say. To be honest, Apple gave me the “angle,” or focus on my topic. It’s still good. A good post needs to be a story with an interesting perspective.  The iOS 12 upgrade provided that perspective.
My last two posts spoke about innovative networking ideas so I needed a transition that would add value to that theme.  I had just completed my monthly update for ITB Partners and thought about recapping the productivity apps I had uncovered during the past few months. An article summarizing five productivity applications might be very interesting, I thought. Seriously though, who needs to take that tact when the iOS 12 update provided so many productivity-enhancing features. It did cause me to think about networking strategies, however.
Why talk about networking and productivity, one might ask? Good question! At a fundamental level, our most precious resource is time.  The way we allocate our time, our priorities, determines our ability to achieve our goals and improve our lives. Any tool or process which helps us become more productive is worth consideration.
Whether one is between jobs, actively looking for that next opportunity, or gainfully employed and building a career, nurturing relationships is important.  Networking factors prominently in either situation, albeit, networking strategies may be different. It’s about time. If you are gainfully employed you may limit yourself to a few regular group meetings each month.  They may be industry-specific, and/or occupation-specific, such as professional associations. You might also include a more personal interest group centered around hobbies, sports, or alumni chapters. In the course of regular day-to-day activities, you will meet people who can help you achieve your job goals and broader career interests. Even with these limited options, one must set priorities and budget their time.
If you’re out of work, looking for a job, networking is your job. You must meet people who can connect you to jobs, directly or indirectly. You may be interested in attending group meetings to develop and refine your job search skills. Professional development may take a backseat for a while even though industry organizations and professional associations can offer opportunities. The agenda for the meeting will be your guide to make those decisions.
Effective networking requires a strategy.  That strategy is derived from an overall job search plan. A good job search plan begins with a list of suitable employers to actively solicit.  It follows that an appropriate networking strategy would be to identify employees of those companies, who can connect you with hiring managers.
Internet-based tools should not be considered networking by themselves. LinkedIn and other social media is a great way to connect with people who may be helpful, but it is just a starting point. Your objective is to schedule face-to-face meetings where you can build a relationship by establishing your credibility.  Credibility leads to trust which gives your network confidence to connect you with other helpful people.
I am not a big fan of participating in networking groups specifically oriented to the unemployed. Unless those groups are providing useful job search skills training, networking with other job-seekers can devolve into a pity party. This is not good for one’s psyche. On the other hand, one should seek out groups that include the gainfully employed, who know of job opportunities, and those looking to hire someone with your credentials.
Use your time wisely.  Develop a networking strategy that supports your job search plan.  For one-on-one networking, seek out people connected to companies of interest to you. Remember networking is a two-way street. A ‘pay it forward’ mentality is required.   Finally, remember to thank your networking contact with a follow-up note.  It is a big thing!  If the contact is a coffee drinker, enclose a pre-paid gift card.  It is a little thing that goes a long, long way!

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com