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

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

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

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