Category: Career Management

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Your Elevator Pitch – By Invitation Only

I had an epiphany this week Thursday. Well, maybe it wasn’t an epiphany as much as it was an important reminder about the art of the elevator pitch. I was on a conference call with my Executive Leadership Team (ELT) discussing business development and the process of closing the sale. Specifically, the conversation became focused on understanding the needs of the prospect before selling our capabilities. I used the metaphor of a Family Physician, a General Practitioner diagnosing a  patient’s malady. The GP begins with questions to understand their patient’s symptoms. In another words, where does it hurt? Diagnosis is a systematic process which results in mutual trust, and the beginning of a relationship. It follows a logical sequence. Consultative selling is very similar.  It follows the same process.  By establishing sincere interest in the client, learning about their pain, we demonstrate our consulting methodology.

My epiphany was that building a relationship is confusing to many.   They become so focused on presenting their value proposition, they fail to connect with the prospect. Some people I know are honest about their lack of appreciation for networking. As a result, they, avoid it, having a more difficult time generating business. This recognition triggered me to address the issue head-on as it is so fundamental, it cannot be ignored.


“People will forget what you said. People will forget what you did. But people will never forget how you made them feel.”  Maya Angelou

Networking for business development, qualifying prospective clients, isn’t much different than making friends or courting a prospective mate. Again, some are better at this than others. People who are good at making friends demonstrate a sincere interest in the other person, the target of their interest.  These people ask questions to learn the other’s background and interests to identify common ground. Similarly, my single female friends say that the best prospect is one who shows sincere interest in them. One who asks questions to learn the lady’s background and interests, to identify common ground. Prospecting for business, or networking, works the same way. When your prospect is confident that you understand their needs they will invite you to present your bone fides.  Great!  Now you can deliver your elevator pitch. If there is common ground and a foundation for trust, the ability to consummate the sale is enhanced. The similarities between prospecting for business and dating looms large.

Making friends takes time and patience.  As an Air Force Dependent, I’ve had a lot of experience moving from place to place and making new friends. My best friendships developed over time.  I learned that often the wrong people were the first to reach out to me. It wasn’t because I was a magnet for those folks, but I encountered them with every move.  They were overly aggressive, inappropriate even, which made me uncomfortable.  I learned to be careful with these folks.  During my corporate career, I moved around quite a bit as well.  I experienced the same issues, although I was much better equipped to deal with them as an adult. I am confident that my experience, making friends is fairly commonplace. I am sympathetic to the trepidation of business leaders on the receiving end of one’s business development efforts. And, they should be wary as the stakes are greater.


The advice to my colleagues is to be respectful, to show interest in the prospect, and build a relationship. When your prospect feels there is mutual interest and respect, they will ask to hear what you have to say. In other words, don’t lead the conversation with your elevator pitch ask questions to get to know your prospect. 

Qualifying your prospect is the same process you use to make friends or to find a mate.  Make them feel that you understand their pain and will be a good partner.  Demonstrate your respect for their situation and a sincere interest in helping them improve their performance.  If you are in a more traditional networking situation, spend the bulk of your time listening and asking relevant questions.  You will be rewarded with more business.

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 very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com


Author of:  Fighting Alligators, Job Search Strategy For The New Normal
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Make Networking a Win-Win Proposition

This past week was a good one.  Well, suffering through the remnants of the prior week’s Cold wasn’t fun, nevertheless, it was a busy week with many accomplishments. My time was devoted to coaching and mentoring my clients, recruiting new consultants, and a lot of networking. It was a good mix of productive activity that makes my work interesting and enjoyable.  

My recruiting discussions included people interested in opening new offices for ITB Partners across the country and signing new members for our Atlanta team.  One of those discussions was with a trusted colleague I have known for many years. It was a good opportunity to compare notes on the business environment and to catch up on each other’s progress.  I even made an indirect pitch to sell her on the idea of joining our network.  I am confident that my discussions will lead to follow-on contacts, creating more business opportunities.

I also learned how to create a survey in constant contact, and how to conduct a ZOOM video conference.  I have a keen interest in learning, especially about leadership and the use of technology to improve my productivity.  The value of ZOOM is to make our routine meetings more productive, eliminating drive-time for face-to-face meetings.  The Constant Contact Survey Function will support the work to complete our 2019 Strategic Review.  As we are using Constant Contact for our email marketing outreach it seemed to be unnecessary to pay for another service like Survey Monkey.

The highlight of my week was a luncheon meeting with a friend and one of my colleagues. The purpose of the meeting was to introduce my colleague to my friend, whose company could benefit from his expertise.  After making the introductions, throughout most of the luncheon, I listened to their conversation, taking notes for follow-up introductions and networking.  During that discussion we learned that her company’s updated business strategy is focused on acquiring an operating company.  This gave my colleague an opportunity to talk about his strength in helping companies navigate significant changes, such as a change in ownership.

As she described their acquisition criteria, I made notes listing people she should meet.  Naturally, I thought of people who could be helpful; two investment bankers, and a colleague who just helped her client with an acquisition.  In this case, my colleague ran the due-diligence process for the acquiring company as a consultant.   When the transaction was completed, she become their CFO.  Having had recent M&A experience, especially with a CFO’s perspective, I know she can be very helpful to my friend and her company.  Later that afternoon, I made those connections for my friend via LinkedIn.  As I write this post, they are in the process of scheduling introductory phone calls.

I even thought of another client, who is prepping their business for sale, that may fit their criteria. This client is owned by a Private Equity Group (PEG) that is interested in realizing the increased equity they have created during their holding period.   I mentioned that company in general terms, telling her that I will get back to her with more information. That led to a phone call with the target company’s CFO who promised to connect me with their advisory firm.  We also talked about scheduling a dinner meeting to discuss future opportunities.

Overall, last week was a very productive week indeed, especially from a networking perspective.  My orientation is that effective networking meetings begin with an objective and a good strategy.  One must have a win-win mindset with a primary focus on helping the other party in the discussion.  Good net-workers understand that reciprocity is the unspoken rule.  By helping my friend find a viable acquisition target, I am confident that my colleagues and I will benefit from contracts with her company.  Knowing her as I do, I am equally confident that she will provide us with outstanding references leading to additional business.  I would call that a win-win proposition.

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 very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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Your Network Is Fragile: Handle With Care!

I awoke this morning to find an email from my friend and associate, Bill.  He recently accepted a job as a Chief Marketing Officer, (CMO) and will be relocating to the frigid north within the next six weeks.  The CMO position carries a big risk of short tenure/high turnover, so I am sure that Bill received an offer he couldn’t refuse.  He suggested that we get together for a Cigar and Whiskey prior to his relocation.  He also asked about continuing his membership with my networking group as he feels unable to make a meaningful contribution.  Bill’s question is common for people that have landed full-time employment.  I hear it often, especially from Baby Boomers.   I happily accepted his offer with plans to answer his question while indulging our favorite pass-time.

During my 20 years as an Executive Recruiter, I’ve seen a vast number of my peers lose their jobs and high salaries to be thrust into the job market. They weren’t ready to retire, maybe they couldn’t.  They may have had the benefit of an out-placement program, which is a good thing, but often they didn’t.  They got to work on their job search. They updated their resumes, bios, LinkedIn profiles, and other collateral material. They became reacquainted with online tools to research prospective companies and seek opportunities. They may have joined a networking group or two. Some even took to blogging.  

They faithfully executed of their plans, scheduling coffee meeting after coffee meeting and attending networking meetings. Their job search may have lasted six months, nine months, or sometimes over a year. Eventually they reconnected. They found a job that met their requirements and went back to work.  Life was normal again.

They didn’t care for unemployment, so they worked hard to ensure success at their new jobs. They invested extra time and effort on behalf of their employers. Before long, they had little free time available for networking.  That’s where their problems began. As they backed off their networking activities, their networks began stagnating.

But that’s not the end of the story.  Often, I saw those same people starting a new search, sometime within months, often within a year.  It is happening more frequently today. In some respects, a short tenure may be a blessing in disguise. It probably means that one’s network is still intact, available to be resurrected without much effort. That may be something of a paradox.  Unfortunately, the longer one is gainfully employed, the greater the likelihood their network will wither and become unproductive.

Job tenures are getting shorter and shorter, especially for Baby Boomers. The labor market is more volatile and dynamic than ever.  Today, a two-year tenure is the norm for a baby boomer’s next job. In many respects, two years isn’t that long. However, it is long enough to render one’s network so unproductive that significant time and effort is required to re-energize.   The market is dynamic. It continues to change.  Without constant attention the value of your network will become a diminished asset.

My recommendation is to reserve enough time to maintain and enhance your network when you find your next job.  Try to remain active with one or two networking groups to maintain your skills.  Professional Associations rank high with me as they offer professional development as well as networking opportunities.  If possible, seek out leadership roles to further enhance your visibility and resume.  LinkedIn should remain a high priority.  Make sure that your profile is always current, especially your contact information.  Engage with one or two groups, commenting on posts, and consider creating original content for publication.  Finally, be a resource to other job seekers by accepting their meeting requests.  

It’s a bad idea to stop networking after landing your next job!  It is a fundamental mistake I frequently encounter with job seekers.  Your network is a major asset, but it’s fragile.  Handle with care!

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 very important to me so; please leave a comment.

Jim Weber, Managing Partner

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New Year’s Resolutions – Seriously!

It’s that time again. A new year. The hope for new beginnings.  Time to make New Year’s resolutions.  Is this really meant to be a serious activity? I wonder.   Many take it as a joke while others see it as an important opportunity. I suppose it depends on the individual.  The most ubiquitous goals seem to be about our personal health and well-being. Usually, that means losing weight and going to the gym.  As I recall, fitness center memberships always spike at the beginning of the year, then taper off throughout the year.

The genesis of creating New Year’s resolutions goes back, at least 4000 years to the Babylonians.  They celebrated the New Year by pledging loyalty to their King and promises to the gods to repay their debts.  If they faithfully fulfilled their promises, they expected to receive favor from their gods.  The Romans, and Early Christians had similar traditions.  Today, it is largely a secular practice.  Approximately 45% of Americans make New Year’s Resolutions, with an 8% success rate.  

Making New Year’s resolutions is easy! I do it every year. Accomplishing my resolutions, however, requires effort.  I was curious to know how others view New Year’s resolutions, so I polled my colleagues on the subject, which I recapped in the following paragraphs.

Don told me, “The only New Year’s resolution that I’ve ever been able to make and keep (so far) I made 35 years ago, and that was not to ever make another New Year’s resolution. All kidding aside though, as each year passes, I find myself reflecting on who I am, what drives me, and how I can grow a stronger servant spirit to those I interact with. Therefore, I’d say that an ongoing resolution is to strive to be a better person, to realize & attempt to improve on the areas I fall short, and to always remain open to opportunities to utilize my life experience to help others whenever and wherever I can.” 

Sue said, “My POV may be a bit different than others as well.  I tend to take a more philosophical approach vs. the bucket list…So, it’s more of an inventory of “what really matters? and structuring strategies to get there” and the tactical issues tend to fall into place.  With so much (and needed) focus on Leadership qualities and when put into practice the potential positive impact on the lives of others, this approach resonates with me.”

Don and Sue believe in big general goals.  Their interest is focused on affecting the lives of others. They understand the need to create specific tactics to achieve those broader themes.

Mark wrote, “Life is an ever-changing beautiful puzzle. The best way to make your wonderful life puzzle is to visualize your wanted future experiences and share them with others so they can participate and improve them with you. Setting temporary resolutions or goals may be the wrong puzzle pieces to build your better life. See bigger than simple puzzle pieces for your life. At work, setting goals for projects is good. But for life, goals are too small and rigid. Be flexible and evolve your life puzzle picture.”

John told me; “January 1 is the milestone to turn over a new leaf, go forward with that idea that’s been stuck in your head for months, lose the bad habits that are keeping you down.  Don’t listen to the naysayers that don’t believe in resolutions. I say even if it fails, at least you’ve given yourself an opportunity to feel optimistic, good about yourself and belief in your future. And from there, on to the next resolution, do your best to make it stick. Write it down, tell someone, make a daily commitment to remind someone what your goals are. Find daily quotes for encouragement, “even if you don’t feel like it, get up, dress up, show up and never give up”

Mark and John are serious about creating bold Resolutions.

Richard is focused on execution. “Format your New Year’s resolution in terms of a SMART goal. Especially the part about measurable and time bound.  Share it with friends who you will want to know how you’re doing.”

Eric has a tightly focused Resolution.  “As I mentioned, my New Year’s resolution is to focus on effective communications.   As the old saying goes, tis better to remain silent and be thought a fool, then to speak and remove all doubt.”

Personally, I like to fast forward 12 months to visualize where I want to be, then determine how to achieve that result.  For example, I want to become a more effective leader.  I plan to achieve this goal by listening more; to be more positive; and be more supportive in my personal relations.

If you aren’t serious about improving your situation, making New Year’s resolutions is pointless. If you are serious, it means replacing unproductive habits with productive habits.  In other words, creating new habits.  If you are reading this post, I am confident you are serious about action to improve your situation.

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 very important to me so; please leave a comment.

Jim Weber, Managing Partner

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Josh Sweeney Presents to BENG Atlanta Chapter

Business Executives Networking Group


Josh Sweeney Presentation on Culture First Hiring

Josh Sweeney is an entrepreneur, business owner and company culture advocate that enjoys finding new and innovative ways help businesses build amazing company cultures. Outside of his time helping other businesses he serves as a board member for the Entrepreneur Organization’s Atlanta Chapter. Specialties Include: Company Culture, Hiring Process and Automation, Operational Enhancements. Linkedin

Josh Sweeney Presentation on Culture First Hiring

Monthly meetings are structured to help each member get the maximum benefit.

BENG Networking Meetings:

  • Are approximately two hours in length.
  • Are typically held monthly.
  • Range from 10 to 30 attendees, but average is 20.
  • A skill building presentation.
  • Allows each attendee 30 seconds to introduce themselves, talk about their background and expertise, and to present their Target Companies and networking needs.
  • Please bring business cards and your marketing plan if you have one.

Networking meetings provide members with an opportunity to sharpen their networking skills, meet peers from various disciplines and share business opportunities and job leads.

To register or for more information:

R.S.V.P required. For more information about The BENG, go to www.thebeng.org.

Josh Sweeney Presentation on Culture First Hiring
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Job Search In The New Normal: Three Perspectives; Originally Published February 13, 2016

My activity during the last two weeks has included three networking meetings with prospective candidates.  Two of the meetings were face-to-face at Starbucks, and the third was over the phone.  Their experience and individual situations ran the gamut.  The first candidate I met, Matt, is a referral from a solid networking connection which I have known for many years.  Matt had gone to school with my friend and had worked together earlier in his career. He was in town for a few days prior to leaving for a boys-skiing weekend.  Matt is an established Financial Planning and Analysis (FP&A) professional employed in a good job with a major company.  He and his wife want to get back to the Atlanta area to be closer to their extended family.  His objective is to find a good job first and then move.   I found Matt to be very affable and professional.  Little surprise as his background included a private school education and Ivy League college degree.  Additionally, he had earned an MBA from a prestigious, top-tier University.  Matt is a very polished guy who knows how to communicate.  His intention was to establish a relationship with me and to explore some options.  Although a preliminary discussion, I enjoyed our visit and will work to help him achieve his goal.  Clearly, Matt is well grounded for a job search in the “new normal.”

My second meeting was not as positive.   John has had a difficult time finding a new job.    Also, a native of the Atlanta, he has been out of work for eighteen months. John has lived out of state for the past 16 years working in a small company.   He moved back to Atlanta to be close to family after the failure of a business venture. After earning an Ivy League Degree, he worked as a manager for established restaurant brands, later transitioning into the small company sector. In his most recent situation, he was in charge of administration for a small company which included the responsibilities of a CFO, a CIO, and Director of Construction. John was not comfortable during our meeting.  He was visibly nervous and a bit awkward.  We discussed options he has considered including consulting and project work. His references were very positive. However, his experience is not resonating with prospective employers.

Mark was my third networking encounter; this meeting was via telephone. Mark was referred to me by a CEO contact who had to terminate his employment as part of a company restructure.  Mark is a middle manager who has worked his way up the ladder to middle management without a college degree.  He has not had to look for a job for a very long time as he has been recruited from one job to the next by people who know him. Mark is well spoken, and his resume is solid.  Now unemployed, he really does not know how to look for a job in the new normal.  I suspect his network needs to be rebuilt as well.  We scheduled a phone call to trade information, but he made little effort to prepare for that call.  He did not review my background by visiting my website or checking out my LinkedIn profile.  As a result, we spent too much time on fundamental issues without learning how I could be helpful to him.  After our conversation, I made one referral on his behalf.  I need to follow up with Mark to more fully understand his needs and aspirations.

There are interesting similarities between these gentlemen.  They are all about the same age and have enjoyed success in their chosen fields.  Their circumstances are very different, however.  Matt is in the best position as he begins the process to understand his options.  John is in a difficult position as the time between situations is taking a toll on his psyche.  He must reboot his search.  Mark will be fine.  He will need to rebuild his network, but his skills and experience are highly marketable.  I suspect that he has a suitable severance package.  He can ramp up his job search quickly and will likely be reconnected by summer.

The one thing they have in common is that they are learning to adapt to job search in the new normal.  Their ultimate destinations will take them down different paths, but each will need to engage in the same activities.  Matt and Dave will have more options to consider than Mark whose background is exclusive to restaurant operations.  Nevertheless, each must assemble and nurture an effective network, their team, to identify appropriate opportunities.  They must craft a viable personal positioning strategy to evaluate opportunities presented.  They must be able to convince hiring managers and recruiters that their experience and skills match the job requirements and that they are a cultural fit for the enterprise.  And, when employed again, they must get off to an effective start by taking ownership of the onboarding process.

Of the three, which represents the situation you would aspire to?  Matt’s of course!  He is proactively directing his career, building from a position of strength.  He is working on a plan to make a career move before circumstances force the need.  More than ever before, one must be vigilant in the management of their career.  Nurturing an effective network is the starting point.

Thank you for visiting our 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 very 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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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.

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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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

Posted on

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