Author: Jim Weber

Management Consultant, Executive Recruiter, Author, Public Speaker; My blog, "Fighting Alligators" is geared to the over 50 job-seeker; people interested in starting their own business; and freelancers looking to become more successful. I have 22 years of experience with Fortune 500 Brands in Strategic Planning and General Management. For the past 22 years, I have been President of New Century Dynamics, Inc., an Executive Search Business I started and own. My company is in the business of providing Consulting and Executive Search Support to our client base. In 2014, I helped create ITB Partners, an Association of freelance management consultants.
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Your Elevator Pitch! Make It Memorable.

This past week was very busy; most are, but this was a particularly active and productive week. I moved three Plant Manager Candidates forward to interview with my client; I had two one-on-one networking meetings, and one group networking meeting; and one after-hours networking meeting also know as poker night.  Okay, I lost $25.00 by staying in too long with questionable hands, but we all had a great time!  I also sold a few copies of my book, “Fighting Alligators: Job Search Strategy For The New Normal.”  So, it was a good week.

The highlight of my work week was the larger group networking meeting. As networking meetings go, this event was about what you would expect. I met some fun and interesting people and one guy that was clearly there only to hang out with his friends and drink beer. The most important aspect of the event was the interaction with my new coaching client who I invited as my guest. I was able to observe her in a networking environment and assess her skills. I was not surprised to note that she was poised and comfortable in this setting.   I did learn something very important, which she actually revealed to me. My client lets call her Carla, is a senior level business development executive for a major marketing research company.  Now, I have been around marketing research my entire career, so I know her segment. I must admit, however, that I was surprised to find that so many people in the room were completely clueless about her work. She asked if I noticed people’s eyes glazing over when she told them about her occupation. I had noticed the difficulty people had to make the connection. You might say that we experienced on the spot marketing research. We agreed that she needed to craft an effective elevator speech.

An elevator speech or pitch is an introduction meant to summarize your business or occupation in about 30 seconds.  The point is to start a conversation and generate interest.  This is fine as far as it goes, but you want to be remembered so that a follow-on conversation will occur. Making an impression and generating a deeper dialogue, especially in a group networking event requires a unique and compelling message. It must generate an emotional response.

All networkers know that your elevator pitch must include your name, occupation, or your business. It should also include your company’s unique selling proposition as compared to the competition. So far, so good. The best elevator speech, in my opinion, begins with how you help your customer and the benefits they receive from your product or service. Do well at this step and your networking partner will gladly listen to further details. The essence of my pitch is that “I put good people into great jobs.”  I say this even before I tell them the name of my company or that I am an Executive Recruiter. Upon hearing this, people are hooked. They want to hear more!  I have variations on that message that I save for different audiences in different venues, but I will save those for now.

My pitch tells my audience or partner that the service I provide has the benefit of matching good people with employers who need to fill great jobs.  It presents the benefit I offer. It is unique and interesting.  It captures the imagination.  People naturally want to hear more. Once I have them hooked, I  can fill in the details, including the segments I work and the type of occupations I place. My variations are more amusing and colorful, but every bit as effective.

Anyone can deliver a well-crafted elevator pitch. That is hardly the issue. To be unique and interesting, to stand out in the crowd and be remembered takes a little more effort. I suggest that you focus on the benefits you provide, the problems you solve, and what you do to help people, with their problems. Adding a bit of passion and a dash of humor will seal the deal. Once you have set the hook, you can fill in the details and schedule a follow-on meeting.

So, how should my client present herself via a compelling elevator pitch?  Her job is business development. Her Company conducts primary marketing research for their clients. The point of marketing research is to help brands sell more of their products and services to existing customers; attract new customers for their existing products and services, and to develop new products and services for new and existing customers. Fundamentally, Carla, helps her clients attract more customers who will trade with them for life.  Wow, I may have just written her elevator pitch!

    Thank you for visiting my blog.

      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
      Current Assignments
      1. COO- Atlanta-based Casual Dining Restaurant Company – New
      2. Controller – Atlanta-based Consumer Products – Digital Company – Completed
      3. Director of Biz Dev, Atlanta-based B2B Professional Services Company:    Completed
      4. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
      5. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
      6. Controller – Atlanta-based Restaurant Company: New
      7. Outplacement Assignment – Atlanta-based Manufacturer:  Complete

      Posted on

      TIME IS SHORT! FIND ME A SPECIALIST!


      Originally Published 9-30-2016

      “Time is short!  Find me a Specialist!”  Those may not be the exact words, but that is most definitely the message.   My clients have specific needs that must be addressed and do not have time for a generalist to learn how to attack the problem.  They want people who have been there and done it.  Most of my clients are small to mid-cap companies. Many are owned by Private Equity Groups, (PEGs).  The rest are a mix of privately held emerging brands and more established niche players.  Virtually all are working to make their brand relevant in a very dynamic and challenging business environment.  Time is of the essence, so their planning horizon is short.   Certainly, shorter than for larger, Fortune 500-class companies.

      Most recently, my clients have been facing the following situations:

      • Change of ownership
      • PEG buy/sell transaction
      • Pre-IPO
      • Public to Private
      • Chapter 11
      • Debt Covenant Issues
      • Turnarounds
      • Start-up
      • Joint Ventures
      • Installation of Management Accountability Systems
      • New CEO
      • Major Systems Upgrades

      Other searches have required experience in franchising, consumer packaged goods, and experience in family-owned businesses.  Industry-specific experience is almost always required.  I have even had searches requiring the candidate to move to remote, less than desirable locations.  This parallels the demand for our consulting practice, but not as much.

      Most people know that tenures have decreased significantly.  Three to five years in position is not uncommon for C-level executives.  Three years or less is common for other senior-level executives. Much of this is related to heightened levels of accountability due to intense competition.  This level of senior-level turnover can affect the entire management team.  Some of it, of course, is due to a change of ownership which often means a new management team, or changes for key executives.   As the planning horizon shortens, the enterprise focus is on the best ways to enhance competitiveness.   Companies in the small to mid-cap sector need people who can make an immediate impact.  Generalists requiring a learning curve are eschewed over candidates with more specialized skills and experience.  It has become an ad-hoc world.

      The good news is that most of you have lived through the situations listed earlier.  You have been through the break-up of Conglomerates.  You have seen global competitiveness affect your employers.  You have seen employee-led Leveraged Buy-outs.  Without a doubt, you have seen the productivity benefits of technology.   These global changes have resulted in right-sizing; down-sizing; re-engineering; and outsourcing.   You have likely seen several ownership changes, IPO’s, and the public to private transactions, and probably have experience with PEGs.  By now, you have a wealth of experience and skills for specific situations.  Face it, with reference to Peter Drucker, we have been living in turbulent times.

      The objective is re-branding oneself as a specialist, but not necessarily one specialty.   If you look back on your career you will find common themes.  You will notice that you have thrived in situations which have been identified in this post.  Those situations can become the themes for your positioning as a Specialist.   The good news is that word-processing programs allow you to have multiple resumes which you can tailor to a given specialty.  It doesn’t mean that you are fabricating a career history.   It means that each version of your resume puts more emphasis on the specialty (read skill-set) you wish to promote.

      Time is short for small to mid-cap employers, especially for PEG Portfolio companies.  They need specialists to help resolve immediate issues.  Become the Specialist they seek for success in your job search or in your freelance career.!

      Thank you for visiting my blog.
      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

      Current Assignments
      1. COO- Atlanta-based Casual Dining Restaurant Company – New
      2. Controller – Atlanta-based Consumer Products – Digital Company – Completed
      3. Director of Biz Dev, Atlanta-based B2B Professional Services Company:    Completed
      4. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
      5. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
      6. Controller – Atlanta-based Restaurant Company: New
      7. Outplacement Assignment – Atlanta-based Manufacturer:  Complete

      Posted on

      The Ideal Way To Begin A New Assignment

      Good News!  We just closed another deal!  But,  it required a lot of effort.  As it should.

      This week my colleague David, and I closed a deal to help a new client plan and build a ten-store territory for a California-based franchised restaurant concept.  This is a complicated assignment as it involves a family in various stages of immigration to the U.S. and inexperienced operating partners.  Nevertheless, it is a fascinating opportunity and we are happy to participate.  We even provided our prospects with referrals to attorneys who will help them with immigration issues, offshore financing, and finalizing the franchise agreement.   During a meeting this week, David and I clarified the remaining details to begin our work, including the retainer. 

      The genesis of this project was late Spring when David invited me to a meeting with the prospective clients.  As this was a referral from their Attorney, who we both know, it seemed like a viable investment of our time.   Prior to that meeting, David explained that the prospects were interested in buying a franchise of an Oriental restaurant concept.  That was the extent of his brief, based on information from the Attorney.   David brought this opportunity to me because he lacks a background in restaurant franchising.  He thought I could help him close the deal and to collaborate on the project.   We were clear that if we closed the deal, David would be the lead consultant and I would play a supporting role.  Based on our contractual agreement, David is entitled to a referral fee from me, a percentage of my earnings from the project.  This point was clear before our first meeting with the client.  This is how we work together.

      Subsequently, we had several meetings with the client to learn the details of their plans and to establish mutual respect.  As with many projects, the prospective client’s circumstances changed which affects the scope of the project.  In this case, the scope has grown significantly requiring modification to our proposal.  Over the Summer, the prospective clients became disenchanted with their lead opportunity and began searching for an alternative, including the acquisition of a going concern.  Additionally, a brother and his family, the principal financiers for this project, decided to begin the process of immigrating to the U.S.  This increased the scope of our work as we will interface with the Immigration Attorney to help her complete her work. The good news is that David and I have established our bona fides, and have developed a good rapport with the client.  We scheduled to meet with them one more time to finalize our agreement and scope of work.  That meeting occurred this week.

      Our next step is to plan the “kick-off” meeting with the client and their attorneys.  We also finalized our fee splitting arrangement.   To that point, the client requires a flat fee for our services.  Our proposal for the first part of the assignment, Phase I, is a flat fee, paid in advance.  It also specifies the number of man-hours anticipated to complete Phase I, the planning phase.   As a result, David and I have a defined hourly rate for our services, the basis for the referral fee.  David will collect and escrow the engagement fee for Phase I.  We agreed to track our hours and make a settlement each week.  I will receive our hourly rate times my weekly hours, less 10% of that sum.  Simple enough.
      Before this deal closed, David and I established our working relationship and formalized our financial arrangement.   This is how we work together.  It is the foundation for trust and respect.  People new to freelance consulting often have difficulty on joint assignments because they begin without this foundation.  This is a stumbling block that creates difficulty completing the assignment.  It is probably a combination of inexperience and ignorance, however, it is a major detriment to a successful working relationship. 

      David and I have collaborated on a number of assignments, so our process is well defined.  This is something our new consultants must learn as it hasn’t been a part of their career experience.

      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
      Author of: Fighting Alligators: Job Search Strategy For The New Normal

      Current Assignments

      1. COO- Atlanta-based Casual Dining Restaurant Company – New
      2. Controller – Atlanta-based Consumer Products – Digital Company – Completed
      3. Director of Biz Dev, Atlanta-based B2B Professional Services Company:    Completed
      4. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
      5. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
      6. Controller – Atlanta-based Restaurant Company: New


      7. Outplacement Assignment – Atlanta-based Manufacturer:  Complete

      Posted on

      What Were They Thinking?

      There are times when I learn of situations that make me scratch my head and say “whaaat?’

      My next thought is usually, “what were they thinking?”  Well, that is the gist of it, but my language is often more colorful.  

      I had another one of those moments this week after talking with two senior level restaurant professionals recently discharged from a failed startup.  One is a Controller.  I already have him in front of a client who has seen him twice.  The other is a marketing professional I have known for many years.   We scheduled a meeting for Monday morning to discuss her situation over a cup of coffee.  

      She told me that she had been recruited by a Private Equity/Venture Capital Group to join a restaurant company start-up as CMO.  In May, she was relocated from her home on the West Coast.  By the middle of August, she was unemployed.  Her story was very disappointing if not heart breaking. Being new to Atlanta, she must build a network to find a new job.   We talked about her job search strategy and the changing nature of employment, including the rise of the freelancer.  Naturally, I pitched her on the value of joining ITB Partners as a transition strategy, and possibly as a career.  Atlanta is a good market for restaurant professionals so she won’t be unemployed long.

      This situation surprised me on many levels.  Atlanta is a vibrant, highly competitive restaurant market.  It is home to multiple National and Regional brands.  We have a large pool of restaurant professionals available to recruit.  Why anyone would hire and relocate someone from the west coast escapes me. I am baffled as to why my friend took that risk.  

      The bigger story is the reason for the company’s failure.  One day, they had two operating restaurants with a third on the drawing board.  The next day they closed the first store, fired the executive team, and shelved plans for growth.   They failed because cash flow from the restaurants couldn’t support their overhead commitment.  In addition to my friend, the CMO, and my Controller candidate, they employed a CPO, a Director of IT, a VP Operations, a Director of Culinary Operations, and the CEO/Founder.  For a start-up, their overhead was stunning.

      ITB Partners works with start-ups, including restaurant industry concepts.  We understand the challenge of building a successful restaurant company.  Even with solid marketing research to make informed decisions, success isn’t guaranteed.  Our clients know this.  They understand the importance of conserving cash.  They are excellent stewards of invested capital, funds often provided by friends and family.  They understand that administrative expenses must be managed carefully, if not minimized.  These entrepreneurs work hard and take small salaries.  They look first to outsourced solutions when professional help is required.  When cash flow is stable and predictable they will consider hiring full-time equivalents, typically lower-level employees.  At times, I have discouraged clients from hiring me to find full-time equivalents.  Instead, I encouraged them to pursue a 1099 solution.  This was the genesis of ITB Partners.

      Major corporations approach new ventures differently.  They are expected to innovate, take risks, and grow.   They have people to assign to these projects and financial resources to make a difference.  They are committed to the venture, but realistic.  They ensure that controls are in place and that key metrics are tracked.  Even so, major companies have become more entrepreneurial, exercising tighter control on resources deployed.  This was the typical corporate model, albeit without the support.

      Success follows a pattern.  Start-ups share a similar process toward success or failure.  If you are involved in a start-up or looking to join one, compare their history with the standard model.  If their plan deviates from the model, take pause.  If their plan deviates significantly from the model, take flight! 

      What were they thinking?

      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
      Author of: Fighting Alligators: Job Search Strategy For The New Normal

      Current Assignments

      1. COO- Atlanta-based Casual Dining Restaurant Company – New
      2. Controller – Atlanta-based Consumer Products – Digital Company – Completed
      3. Director of Biz Dev, Atlanta-based B2B Professional Services Company:    Completed
      4. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
      5. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
      6. Controller – Atlanta-based Restaurant Company: New

      7. Outplacement Assignment – Atlanta-based Manufacturer:  Complete

      Posted on

      HOW TO ENSURE THAT YOUR BUSINESS WILL NOT GROW

      by David Shavzin
      “Procrastinate now, don’t put it off” ~ Ellen DeGeneres
      Ah, procrastination! I have put off writing this blog for too long. But why?
      “Never put off till tomorrow what may be done the day after tomorrow just as well.” ~ Mark Twain

      Consequences
      In business, decisions don’t get made and actions are not taken. Your business may continue to grow a bit each year, it may stagnate. Even with some growth, it will not achieve the revenue levels that you want. And, lack of action over time will seriously and negatively impact the value of your business when you are ready to sell and move on to your next activity. Your exit planning and succession planning never get started.
      “Whatever a person’s comfort zone, they pay a huge price for staying inside it. It’s a shrunken world where ideas, opportunities, and new relationships can easily pass us by. Worst of all, procrastinators squander the most precious asset a human can have: time.” https://greatist.com/happiness/how-not-to-procrastinate-reason-procrastination     *** I encourage you to read this article!

      Why DO We Procrastinate?
      Scared? Scared of failure? Or, scared of Success?
      “We are so scared of being judged that we look for every excuse to procrastinate.” ~ Erica Jong, Seducing the Demon: Writing for My Life.
      Success can be scary. In business, it takes us up a level of complexity. More people depend on us – family, employees, suppliers. And there is a risk. If I am not successful, what will happen? Could I lose money, could my business get out of control? There is a risk in everything we do! Assessing, mitigating and preparing is key, that’s where risk gets reduced.

      I Am Not One of Those Entrepreneurs
      We tend to think that “entrepreneurs” create magic and that everything they touch turns into sales and profits, right? Isn’t that part of the silly perception we have of successful company founders? Especially the ones that grow so quickly?

      The reality is that they:

      • Gather good people around them.
      • Work hard.
      • Make big mistakes     – but learn from them.
      • Manage risk     – they don’t jump blindly into seriously risky situations.
      • Understand consequences and therefore lower the risk involved in what they are doing.

      Their actions – their success – looks much riskier to us as outsiders because we don’t see their mistakes, the planning and the mitigation of risk.  

      Not sure what to do?
      Scarlett O’Hara’s line is often shortened to: “I can’t think about that right now. If I do, I’ll go crazy. I’ll think about that tomorrow.” But the next few words are: “But I must think about it. I must think about it.” ~ Margaret Mitchell, Gone with the Wind
      “Lack of motivation for a task is a commonly given reason…Starting a task is the real motivator, rather than motivation needing to be present prior to beginning. Often just taking the first step, regardless of how small, can serve as an inducement for further action.”
      https://www.k-state.edu/counseling/topics/career/procras.html


      Just take the first step! No, it’s not closing your eyes and jumping into the pool. It is making sure there is water in the pool – but then, yes, jump in!

      ************************************************************************

      More Reading on Procrastination
      http://www.successconsciousness.com/guest_articles/procrastination.htm


      David Shavzin, CMC
      Shavzin and Associates, Inc.
      Valuation, Succession / Exit Planning, Building Value for Sale
      Atlanta, Georgia
      770-329-5224
      Our BLOG
      LinkedIn
      dshavzin@shavzinassociates.com
      www.ShavzinAssociates.com

      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
      Author of: Fighting Alligators: Job Search Strategy For The New Normal

      Current Assignments

      1. COO- Atlanta-based Casual Dining Restaurant Company – New
      2. Controller – Atlanta-based Consumer Products – Digital Company – Completed
      3. Director of Biz Dev, Atlanta-based B2B Professional Services Company:    Completed
      4. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
      5. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
      6. Controller – Atlanta-based Restaurant Company: New
      7. Outplacement Assignment – Atlanta-based Manufacturer:  Complete

      Posted on

      Get Out Of Your Comfort Zone!

      For the past few weeks, this blog has featured guest bloggers including a series from David Shavzin, one of my colleagues, on succession and exit planning. However, that does not mean that I have been on vacation.  I have been very active, attending networking meetings, completing an important search, and recruiting Freelancers to join our Consulting Group, ITB Partners.  So, as I transition back to my role as the author of this blog, I thought it would be worthwhile to summarize a few of my most significant learning from the past few weeks.  I hope you will find some interesting items to consider as I did.

      Tuesday, August 8, I attended the monthly meeting of the Business Executives Networking Group (BENG).   I met three people who were attending for the first time.  As meeting new job seekers is the primary benefit I seek from my association with BENG.

      This was a productive event.  We scheduled follow-up meetings to discuss their career interests and how I might be helpful. The meeting agenda included a presenter from one of the nation’s premier outplacement firms.  Naturally, his presentation was about the current state of job search in this country.  After a brief overview of the outplacement industry and his company’s model, he facilitated a question and answer session from the group.  My major takeaway from the meeting can be summarized in the following four bullet points.

      • Age discrimination is real
      • Networking is King
      • Changing industry sectors requires a good contact
      • Jobscan.co is worth a look

      The first three bullets will be familiar to you as I have frequently posted on these issues.  To summarize:  Yes, age discrimination exists, especially with major companies.  It is a challenge to overcome, however, it is not fatal.  Networking is still the predominate means to a new job, so keep at it!  Changing industry sectors is easier if one has good networking connections into the target industry.  My other major takeaway was that Jobscan.co is worth further research.  This was the first I had heard about Jobscan.co so I made a note to learn more.

      My research into Jobscan.co revealed that it is an affordable alternative to a professional outplacement program.  Their tagline is “Providing resources to help you land your perfect job from beginning to end.”  Jobscan.co  provides resources to help subscribers navigate job search including, how to write cover letters; how to write a resume; and how to prepare for a job interview.  Additionally, jobscan.co has a program to help you better understand applicant tracking systems.  Jobscan.co offers three basic programs each with a different level of services. The basic program called “Fee Forever” is just that, a limited number of services for free. Their most popular program is “The first month free” with the next three months priced at $89.95.  The third program is full service for $49.95 per month.  My impression is that this that most job seekers should consider Jobscan.co as the cost of their services seems fairly reasonable.

      This week Wednesday, seven members of our consulting group, ITB Partners attended a meeting with a local chapter of Institute of Management Consultants (IMC).  One of our partners is the immediate past president of IMC.  He was instrumental in recruiting our consultants to attend the meeting.  My interest was to understand the value proposition of IMC, especially its potential to help build the professional skills of our consultants.

      The Atlanta Chapter is part of the US Affiliate of IMC which operates under the umbrella of The International Council of Management Consulting Institutes, (ICMCI) based in Zurich Switzerland.  Since 1987 ICMCI has been the professional body worldwide for management consultants. [1]

      It exists to:

      • Elevate the standards of management consultants worldwide
      • Increase the acceptance and respect of the management consulting profession
      • Increase the international and regional profile of management consulting
      • Improve the process of certification throughout the world
      • Provide a forum for national certifying bodies of management consultants
      • Prepare and promulgate Standards for management consulting to be adopted internationally

      This meeting was primarily a recruiting effort to entice more independent management consultants to join their association. As one would expect the presentation was heavy on the benefits of each joining IMC, however, we did enjoy a free lunch and a presentation by a LinkedIn guru.  The theme of his presentation was “Leveraging your Brand using LinkedIn.”  I must admit, I did gain a few tidbits of useful information from his presentation.

      IMC offers to credential for its members using online testing and an oral evaluation by a panel of members.   One of the most important aspects of this association is their code of ethics.  It is most impressive!  I plan to adopt those standards for our consulting group.  Overall, my take on the IMC group is that they are more about networking and providing referrals to their members than they are about building professional skills.  I am fine with that, as providing a base of support for the Independent Consultant is a critical component for success.  There is ample opportunity for continuing professional development through other sources.

      In summary, these two events reinforce my belief that if you are looking for a new job or building your career, advancement requires growth.  One cannot grow unless you get out of your comfort zone and expose yourself to new situations.  Become active meeting new people and learning about new products.

      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
      Author of: Fighting Alligators: Job Search Strategy For The New Normal
      JimWeber@NewCenturyDynamics.com
      Current Assignments
      1. COO- Atlanta-based Casual Dining Restaurant Company – New
      2. Controller – Atlanta-based Consumer Products – Digital Company – Completed
      3. Director of Biz Dev, Atlanta-based B2B Professional Services Company:    Completed
      4. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
      5. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
      6. Controller – Atlanta-based Restaurant Company: New
      7. Outplacement Assignment – Atlanta-based Manufacturer:  Complete
      Posted on

      Business Exit Structure, comes in many flavors

      by David Shavzin
      Business Exit Structure is the fourth high-level step I discuss when speaking on succession/exit planning. 












      My last three blogs covered the first three steps: Step 1: Exit Planning / Succession Planning is a TEAM SPORT; Step 2: Knowing Your Business Value; Step 3: Building Transferable Value. The fourth step, Business Exit Structure, comes in many flavors.

      How Can I Leave Thee – Let Me Count the Ways

      It is not simply a matter of handing over the business and getting a check for the full amount on your way to the islands for the rest of your life. Despite what you hear, it rarely happens that way. It may be a payout over time, the amount may be tied to future revenue targets, it may require your continued involvement for a period of time.

      You may simply not be ready to accept offers that are put in front of you, requiring you to stay in the business longer than you would like.

      A few options to consider for your business exit structure:

      • Sell to a 3rd Party: An investor or someone looking for a business to run and grow.
      • Sell to Family: Could be ideal, could be complex and personally challenging!
      • Sell to Employees: Current staff knows the business, employees keep their jobs.
      • New Employee/Acquirer: Bring someone in, teach the business, agree to sell at a certain date.
      • Retain Ownership: Sell majority ownership, but keep an income stream over time.
      • Shut the Doors: Liquidate, perhaps the only choice due to a crisis or lack of planning.
      • Strategic Sale: Find a competitor who may pay more because of various cost savings.
      • The Two-Step: Merge with a competitor as a first step and have a plan for a buyout over time.
      • Split in Two: Don’t want to completely retire? Is there a product or service you enjoy and would want to keep?
      • Die – No Really!: Want to work forever? Ok, but you still need to plan.

      The Bottom Line on Business Exit Structure

      There are dozens of formulas for business exit structure. Start planning early, build your advisory team and outline at least a target exit scenario so you have something to work toward. Discuss the pros and cons of each possible scenario. You can always adjust along the way, but having an initial plan will help bring you and your team together toward common goals.

      A successful transition takes time. The earlier you start, the more flexibility and negotiating power you will have for your business exit structure.

      ********************************************************************
      More Reading:
      Step 1: Exit Planning / Succession Planning is a TEAM SPORT
      Step 2: Knowing Your Business Value
      Step 3: Building Transferable Value
      ********************************************************************
      David Shavzin, CMC
      Shavzin and Associates, Inc.
      Valuation, Succession / Exit Planning, Building Value for Sale
      Atlanta, Georgia
      770-329-5224
      Our BLOG
      LinkedIn
      dshavzin@shavzinassociates.com
      www.ShavzinAssociates.com

      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, President
      New Century Dynamics Executive Search
      Author of: Fighting Alligators: Job Search Strategy For The New Normal
      JimWeber@NewCenturyDynamics.com
      Current Assignments
      1. COO- Atlanta-based Casual Dining Restaurant Company – New
      2. Controller – Atlanta-based Consumer Products – Digital Company – Completed
      3. Director of Biz Dev, Atlanta-based B2B Professional Services Company:    Completed
      4. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
      5. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
      6. Controller – Atlanta-based Restaurant Company: New
      7. Outplacement Assignment – Atlanta-based Manufacturer:  Complete

      Posted on

      Exit / Succession Planning: Transferable Value and Value Drivers

      Guest Blog Post by David Shavzin;  Partner, ITB Partners



      A laser focus on key business TRANSFERABLE Value Drivers will maximize your exit. When I speak on exit and succession planning, I talk about four high-level steps. My last two blogs covered the first two steps: Step 1: Exit Planning / Succession Planning is a TEAM SPORT and Step 2: Knowing Your Business Value and Step 4: Business Exit Options.







      Step 3: Understanding TRANSFERABLE Value and Value Drivers
      First, let’s discuss Transferable Value

      I usually put it this way: “What would happen if you left your business for three months, headed down to an island with absolutely no way to communicate?”
      If you get back and the business is humming along well, even thriving, you may well be on your way to significant transferable value.

      If sales didn’t happen, if bills were not paid, if your products or services were not delivered, if 2 key employees quit and if the leaking roof completely fell in – because you were not there – you probably don’t have much transferable value.

        The company’s dependence on you for success limits Transferable Value to a buyer. A buyer does not want to see a significant amount of knowledge walk out the door upon purchasing your business. If that’s the case, they will pay you a lot less than you want for it.
        Perhaps the extremes of 1) or 2) above don’t apply to you, but the reality is that most businesses have a long way to go to optimize transferable value.
        The big goal: make yourself irrelevant to the business. “But, but…” I hear you start to protest. Get over it! If your goal is to have the money that you need/want for yourself and your family, you need to raise your business like a child, preparing it to live life on its own…without you.

        Now, the Top Ten Drivers of Transferable Value
        These are not necessarily in priority order and should all be addressed as you work on growth, succession, and exit. Develop a plan that truly addresses these ten items, and start working the plan now:
        • Your revenue will improve immediately.
        • You will feel better and enjoy the business.
        • Your value will start to grow quickly.

        1. Sustainable, Recurring Revenue.
        2. Written Business Processes: update them regularly, train to them regularly. Repeatable, consistent operating systems drive the customer experience and sustainable cash flow.
        3. A Technology infrastructure that supports your plan and value drivers, while staying current!
        4. Management Team and senior staff who are trained and motivated. Make sure that your employees are Knowledgeable and Engaged.
        5. Sustainable, Competitive Advantage: Is there something that is truly different about you? If not, find it! Don’t be a commodity and don’t tell me “we have great customer service”!
        6. Scalability: are you ready to take on a new customer that adds 50% to your revenue? 100%?
        7. Diversified Customer Base: Is one customer more than 20% of your revenue? And how often do customers leave you?
        8. Customer Experience: Do you truly know how your customers experience your products and services?
        9. Financial Performance: Sustainable, Growing Cash Flow and Financial Controls.
        10. Written Growth Plan

        The Bottom Line on Transferable Value
        The business needs to thrive – without you! Develop and work a plan that addresses the top ten value drivers. Start today, measure your progress and adjust your tactics if you get off track on your exit planning.

        ********************************************************************
        More Reading:
        Step 1: Exit Planning / Succession Planning is a TEAM SPORT
        Step 2: Knowing Your Business Value
        Step 4: Business Exit Options.
        Transferable Business Value and What Drives It:
        http://www.forbes.com/sites/johnbrown/2016/06/30/transferable-business-value-and-what-drives-it/#22c215fe7241
        ********************************************************************
        David Shavzin, CMC
        Partner, ITB Partners
        Shavzin and Associates, Inc.
        Valuation, Succession Planning / Exit Planning, Building Value for Sale
        Atlanta, Georgia
        770-329-5224

        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, President
        New Century Dynamics Executive Search
        Author of: Fighting Alligators: Job Search Strategy For The New Normal
        JimWeber@NewCenturyDynamics.com
        Current Assignments

        1. COO- Atlanta-based Casual Dining Restaurant Company – New
        2. Controller – Atlanta-based Consumer Products – Digital Company – Offer Accepted
        3. Director of Biz Dev, Atlanta-based B2B Professional Services Company:    Completed
        4. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
        5. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
        6. Controller – Atlanta-based Restaurant Company: New
        7. Outplacement Assignment – Atlanta-based Manufacturer:  Complete
        Posted on

        So, You Need A Marketing Budget!

        By Michael Sick, Guest Blogger

        While every company is unique, a common question among business owners is “how much should I spend on marketing?” The correct answer is…it depends. There are many factors to be considered to establish the optimal spending level for marketing and advertising. Here are a few issues to consider:

        Industry Norms – Most industries have a “success model” that defines line item spending ranges.   Understanding this model is an important first step. Previous experience, feedback from other firms in the industry, or searches on the internet or trade publications are all good sources for this information.

         According to a report in Ad Age, ad spending in the United States as a percent of GDP was 2.2%.  That number is just for advertising and does not account for all marketing expenditures.  Marketing services (trade shows, research, consulting, design, production, staff, etc.) can often comprise 25 to 50% of the total spending.  McDonald’s (MCD) reports about 9% selling G&A with about half of that funding TV advertising.  Boston Beer Company (SAM), maker of Sam Adams beer spends 25 to 30% of its revenues on advertising, promotional and selling expenses.

        Spending ratios are influenced by the business model for the industry.  Unlike lower margin business (consumer electronics or banking), high margin businesses (beverages and software) can afford to spend a greater amount of their revenue on advertising.

        SEND ME THE FREE EXECUTIVE RESUME CHEAT SHEET!

        “Fixed” Program– Some brands require a “minimum” level of marketing expenditures to be competitive. For example, a company may know that it needs to attend a given number of industry trade shows or regularly advertise in certain publications to maintain market share.   In this case, their budget is driven by a “fixed” set of expenditures.  As their business grows, these fixed costs will become a lower percentage of revenue.

        Competitive Position – If Company “A” is in an industry where the norm is to dedicate 5% of sales to marketing, consideration needs to be given to the size of the competition.  If the company does one million dollars in revenue, an advertising budget at 5% results in $50,000 of expense.  If the other direct competitors have combined revenues of five million dollars and also spend 5%, they will spend five times the budget of Company “A”.  To break through the noise, consideration should be given to increasing the spending percentage, focusing the budget on a specific vertical customer segment and/or limiting the geographic reach of the marketing plan.

        Growth Goals – If a company has aggressive revenue goals, they should consider the additional cash flow available for marketing generated by achieving the higher revenue goal.  Establishing the marketing budget as a ratio of the revenue goal is another approach.  Growing quickly requires increased working capital for inventory, staffing, and accounts receivable.  The prospect of increasing marketing spending can be challenging for high growth companies. Companies with plans to grow rapidly may need to spend a higher percentage of sales to achieve that goal.

        Budgets in Recessions – Some companies find themselves losing customers and revenues during recessions.  A natural tendency is to reduce marketing expenditures to keep them “in line”.   If revenue is down 10%, should the marketing budget be reduced by 10%?  Logic dictates that if you reduce your budget by 10%, your revenues should fall by the same percentage.  Reducing marketing spending is likely to reduce the acquisition of new customers or jeopardize the company’s current share.   Brands should resist the urge to reduce marketing budgets in a recession.  Focus instead on improving the media mix, the creative or relevancy of the message. Recessions present an opportunity to gain market share, so look to reduce other expenditures first.

        While marketing expenditures are recorded as expenses on the P&L, smart managers know that these expenditures are investments in the future.  The “Chicken and the Egg” dilemma is confounding for some businesses.  Which comes first, the revenue to support the marketing budget or the marketing budget to generate the revenue.  Your CFO and CMO are likely to answer that question differently!   They can probably agree, however, that revenues tomorrow are likely to be higher if you spend more on marketing and advertising today.

        Setting a budget for marketing expenditures can be perplexing to business owners as the promised benefit is elusive.  Every business has a slightly different situation that needs to be considered to establish a marketing budget. Prospects generally need to be exposed to a brand multiple times before they are willing to change providers or make a purchase.  The Savvy marketing professional knows that it takes months, years even to nurture a prospect.    Optimizing marketing expenditures by benchmarking and tracking metrics specific to the company’s situation is the foundation for success. Reviewing the approaches discussed in this article is a good first step.  ITB Partners (www.itbpartners.com) has broad experience across many industries and domains, so we are capable of advising our clients on this subject and all other issues facing the enterprise.

        Michael Sick, a nationally recognized, innovative management consultant specializing in strategic marketing, advertising, and business development. He spent 25 years in corporate marketing and was a Marketing Vice President for Jack In The Box, Pearle Vision, Arby’s and others. Currently, he serves as the part time Chief Marketing Officer (CMO) for some clients around the US. Learn more at:   www.itbpartners.com/michael-sick.html

        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, President
        New Century Dynamics Executive Search
        Author of: Fighting Alligators: Job Search Strategy For The New Normal
        JimWeber@NewCenturyDynamics.com

        Current Assignments
        1. COO- Atlanta-based Casual Dining Restaurant Company – New
        2. Controller – Atlanta-based Consumer Products – Digital Company – New
        3. Director of Biz Dev, Atlanta-based B2B Professional Services Company:    Completed
        4. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
        5. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
        6. Controller – Atlanta-based Restaurant Company: New
        7. Outplacement Assignment – Atlanta-based Manufacturer:  New

          Posted on

          Further Research Into Social Media and Talent Acquisition.

          My most recent posts have extolled the virtue of employing a social media strategy for talent acquisition.  This week I decided to do some further research in this connection. I begin with phone calls to a couple of my clients.  I wanted their input and to learn what they’re doing. After a few conversations, I began visiting their websites and social media pages.  I even built an Excel Spreadsheet to capture the data I thought might be relevant.  What I learned was most interesting, leading me to believe that I must pursue this line of analysis further.

          As I have a somewhat diverse client base, I was able to see top line results across various industry sectors.  My clients range from retail to consumer packaged goods,  business to business services, and manufacturing.  All of these companies are using their websites to attract potential employees. Some have a more robust presence than others in this regard, however, all are posting jobs and providing a vehicle to take applications from job seekers.  A few of the consumer brands are using their website to build a community of career minded followers. It was interesting to note, however, that none of these companies provided a compelling reason for anyone to join their team. There was no call to action.    It was as if to say; yeah we have positions to fill, and we might be interested in talking with you if you want to talk to us.  That was common across all platforms.

          With one exception, all of my clients are using LinkedIn to promote their company. There is a wide range of effort in this area, but it is fair to say that none has a particularly strong presence on LinkedIn. Again, there was no evidence of a strategic message for talent acquisition by any of these brands.

          Only one of these companies, a manufacturer, doesn’t have a presence on Facebook.  Otherwise, there is substantial evidence that they are making good use of social media. There is a lot of variation in the frequency of their messaging, but they are all working to develop a community of engaged followers.

          SEND ME THE FREE EXECUTIVE RESUME CHEAT SHEET!

          All of these brands are active on Twitter as well.  The consumer oriented brands are generating the most activity and followers. The manufacturing company scored lowest on activity level whereas the CPG brand is “rocking it.”  With the exception of the manufacturing company, each of these firms also maintains a presence on Instagram and Pinterest.  That was a pleasant surprise, but understandable as those platforms are consumer oriented.

          My Clients recognize the importance of leveraging their presence on the Web to support their talent acquisition goals.   Some are further along than others, however, each has established a beachhead. They have extended their reach and are becoming more experienced.  I suspect there is a budget issue in play here as well.  Generally speaking, the larger companies have a bigger social media footprint.  They must recognize the value of this medium and have resourced their efforts.  A notable exception is the smallest company which has made the greatest commitment to social media.  Of course, that could be because it is a CPG-Digital company that markets its products on the Web. Even so, it is most curious that they don’t offer a compelling message to attract potential employees.  They provide the process to make it easy for the motivated job seeker to make an application or to send a resume but offer little encouragement.  None offered a compelling reason to consider a career with their company.  Their message is directed toward their retail customer and prospective customers, but not prospective employees.

          I found this to be a very useful exercise which requires further investigation.  I made an effort to follow each of these companies on Twitter and LinkedIn.  I also gave them my email address to receive their marketing communication.  I am eager to learn about their messaging.  It will be fun to watch their 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, President

          New Century Dynamics Executive Search
          JimWeber@NewCenturyDynamics.com
          Author of: Fighting Alligators: Job Search Strategy For The New Normal

          Current Assignments
          1. COO- Atlanta-based Casual Dining Restaurant Company – New
          2. Controller – Atlanta-based Consumer Products – Digital Company – New
          3. Director of Biz Dev, Atlanta-based B2B Professional Services Company:    Completed
          4. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
          5. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
          6. Controller – Atlanta-based Restaurant Company: New

          7. Outplacement Assignment – Atlanta-based Manufacturer:  New