Interpersonal Business

Vol. LIV

Dear Manger,

The “Tenured Associate,” who establishes their own standards and expectations relating to their performance, may feel there is very little to learn from their manager… they have heard it all before. The “Veteran Associate” may feel that just when they’ve finally arrived, someone has thrown them a curve. The “Apprentice Associate” is simply trying to stay above water, surviving the sense of being totally overwhelmed. How do we manage from so many perspectives?

BUILDING BLOCKS

Individuals we manage have established their own set of lessons, thus forming building blocks. Each block represents a unique set of personal experiences, making each different heights, weights and measures. Given the diversity of these blocks, things that may be obvious to one can be a foreign language to another. Management’s job is to look beyond the surface in determining each individual’s needs and current skills. All too often, managers try to teach third year French to first year students. Parlez vous Francais?

Think of this in terms of the selling process. Have you ever participated in a sales presentation with a technically skilled sales person who was absolutely talking over the head of their intended customer? All ability to make the sale had been lost.

When working with a “Big Buyer,” we know we are dealing with someone who expects a fast pace, total preparation, and the ability to quickly get to the bottom line. Time in front of them is limited; our presentation and professional skills will be tested to their limits. By afternoon, we may be working with a buyer for whom an appointment is a social occasion! The esthetics of your presentation now become paramount, not to mention allowing time to get you caught up on their family, upcoming vacations, and local gossip.

Similar to using a different presentation style for these two customers, it is our responsibility to adapt and adjust to the needs and capacities of those we manage. Read this sentence just one more time, as it is a very difficult challenge! How do we reach this goal? There is only one way, and that is with effective questions and highly developed …

LISTENING SKILLS

Who doesn’t enjoy hearing the sound of their own voice? Now is not the time! As managers, it is time to truly listen to the objectives of those around us. In total, we are here to promote personal growth for ourselves, and for all members of our organization. Few would suggest that personal growth is not important to all of us. In other words, this is a common objective and language for all of us. We must fully understand the goals and objectives of those we manage. All too often, management fails to…

ASK ALL THE QUESTIONS

Managers are responsible for creating organizational objectives for those they manage, just as they can expect those around them to develop their own form of objectives. While both “yours” and “theirs” have merit, “theirs” will consistently reach the finish line long before “yours.”

Review each individual’s short term objectives, asking them to document their thoughts by first developing a set of plans for the following six months. As with any plan, the most difficult step is the first one. Collectively determine what the first step will be, and the time line for its
implementation.

Showing your own commitment to personal growth, share your own short term objectives for the organization. Highlight specific areas that are important to you, and explain the steps you are taking in meeting the needs and expectations of the whole. Frequently, those we manage do not understand the dynamics and responsibilities of “exactly” what management does. Now is the opportunity to share some of these thoughts and challenges.

The third step in this process is the one we foul up the most. FOLLOW UP holds the key to any successful conclusion. Often management does a great job of establishing the foundation for growth, only to drop the ball on its implementation. Weeks and months pass without any accountability.

What signal does this send? It suggests that we were never serious to begin with, that we never really cared. Once again, we were simply going through the motions of “what managers are supposed to do.” Don’t look now, but this is what many expect will happen. In this scenario, lack of sincerity breeds lack of support for organizational goals. FOLLOW UP, FOLLOW UP, FOLLOW UP!

THE DREAM MAKER

Once the short term goals have been established, take a look at formalizing some of the long term goals. We all get trapped in the now. Sharing extended objectives will not only establish a foundation for the present, it will often help to focus on the innermost dreams we all aspire to.

All of us are looking for “the formula” to improve our quality of life in the years ahead. A reduction of the day-to-day pressures, the pace, and financial stress, are on the top of all of our lists. What scenario and set of circumstances will create this reality? Is there a blueprint that can retain or improve our well-being while reducing a portion of today’s burdens?

We can all work very hard in the now, as long as there is faith in a better life in the future. This is where the language skills and mutual understanding become one for all parties. By knowing and supporting another’s dreams for the future, we just may be creating a greater sense of urgency to achieve the now. Rather than dancing around different perceptions and interpretations, find a common language that all will understand. There can be no greater success than in following a collective vision toward a dream.

Warm Regards,

Keenan

INTERPERSONAL© is published by INTERPERSONALBIZ.COM, Keenan Longcor, Editor, ©2009. Duplication of this publication is permitted for both personal and business use. Excerpts may only be quoted with acknowledgment of INTERPERSONAL/INTERPERSONALBIZ.ORG as the source. For re-publication rights, please contact the editor at KEENAN@INTERPERSONALBIZ.COM

Vol. LIII

Dear Manager,

Manufacturers have a responsibility to keep their introductions sales-friendly and simple to understand. I have seen many introductions totally lost in their translation to the field. Bear in mind that a broad, yet single-page interpretation for the field will out perform a three-page thorough analysis every single time.

IN A PERFECT WORLD…

(And it’s not) we would all improve upon our preparation and commitment of having the basic knowledge that should be expected by those for whom we sell, and by those to whom we sell.

SELLING FROM A POSITION OF STRENGTH

So, what are your best selling products? Best sellers, by nature, are the only foundation we have. Will they always meet everyone’s expectations, everyone’s individual tastes, or always perform at a consistent level? No. Will these products perform 75% of the time regardless of expectations, location or one’s taste? Yes. Begin the process of knowing your strengths intimately then continue to broaden the foundation as new products are introduced.

This information is available to you in multiple forms. Begin with the manufacturers. Ask for best seller information as soon as it becomes available. Keep this information at your fingertips, or make notations in sales materials. Begin to analyze your own re-orders; look for patterns. In the new year, rely on last year’s final appraisals, adding items or categories that are similar, or can be considered second generation to last year’s best sellers. Maintain a watchful eye for trends, customer response, and information from fellow sales professionals.

Now that you have developed this information, use it. It is your responsibility to pass this information along for their review. Throughout the appointment, explain to your clients the process you have taken to ensure that the purchases they make from your factories are the best possible. Also, acknowledge that you fully understand that, in certain instances, this information may not be viable for their location. To ensure that they are not intimidated by your consistent approach to suggestive selling, agree with their negative position on occasion. Offer to follow up with additional information on your next visit. Don’t be afraid to negative sell a product to enhance their level of comfort and your credibility.

Before long, they will be asking your opinion with every turn of the page. You will know that you have arrived when they suggest, “Why don’t you simply write this order for me?” Confidence has been earned for having invested in their success.

We will only reach our potential by being very knowledgeable and willing to take a position. With focus, and familiarity of similar selling situations, the information we can provide will outperform our customer’s “good judgment” nine times out of ten. We will never be 100% right, and yet neither will our customers. Without question, preparation will increase your sales. Know your strengths, sell your strengths!

We have all been in the following situation: A customer sits down with a very opinionated view of exactly what interests them, and where the potential of your products can be found. This type of customer might as well come right out and say, “Keep your pen warm and your mouth shut.” Invariably, these customers will purchase the least desirable categories and products in your presentation. Upon follow up, they are quick to tell you that your products simply didn’t perform. Why? Because they have not purchased from your strengths.

We have also been in a situation with a buyer who simply has no clue or sense of awareness regarding what they are purchasing. They will ask to order an item that, from your experience, has little or no potential for their location. The best approach I have seen in these situations is: “I know you like this product, in fact I like it very much myself, but I have found this other product to have performed much better.” From their perspective, why would you suggest they switch to a new product unless it was in their best interest to do so? At all costs, avoid your customers’ willingness to invest in “dogs.” It will reflect on you in some form and, in many instances, it should.

AS SALES PROFESSIONALS WE NEED TO TAKE GREATER CONTROL OF THE SALE

This begins by explaining the value of the information you will be providing to them in the selling process. Position yourself in such a way that you and your customer will work from a single catalog or source of information. Suggest that you begin at the front of the presentation or catalog. Whenever possible, turn the pages for them. With a smile on your face, ask that they return to important items that they may have missed. I have been known to ask customers to simply humor me!

When was the last time during an appointment that you failed to have the most current information relating to special terms or a promotion? This is critical information when desiring to sell from a position of strength. I know many sales people who keep a cheat sheet of promotional details with them for each appointment. It can be very difficult to stay on top of all the information we receive, let alone remember it. These promotions are established to enhance our sales and enhance our income. Come prepared.

Selling from a position of strength also requires a basic awareness of the industry as a whole, and of your competition. I know associates who never fail to ask their customers if they may assist them in finding additional resources other than those they personally represent. Are they looking for products, and simply cannot find the supplier? Who better than you to assist in the process, while enhancing your value in the eyes of your customer? Obviously, this suggests an interest in their needs, in addition to that of your own.

If we become students of our presentations, and very knowledgeable, we will become indispensable. Quality factories and quality sales professionals demand of themselves the ability to sell products that will be a success in the marketplace. The alternatives are products that are merely taking up space through lack of performance.
Even with the very best of intentions, there will always be a lesser performing category or product. In each instance, get it out and move on quickly!

All of this takes us back to knowing our presentations, and knowing them very well. Many of us do an adequate or good job. What if, in the new year, we could be perceived as strengthening this vital role to that of excellent or superior? Once the expectations for oneself have been defined and accepted, the position of strength is yours.

Personal Regards,

Keenan

INTERPERSONAL© is published by INTERPERSONALBIZ.COM, Keenan Longcor, Editor, ©2009. Duplication of this publication is permitted for both personal and business use. Excerpts may only be quoted with acknowledgment of INTERPERSONAL/INTERPERSONALBIZ.ORG as the source. For re-publication rights, please contact the editor at KEENAN@INTERPERSONALBIZ.COM

Vol. LII

Dear Manager,

In last month’s issue I began sharing some of my experiences relating to the sale of my agency. This month, I will share some final thoughts regarding the decision, the process, and the outcome. I hope that this window on my experience will assist you in some form in the future. These letters would have come in handy for me a year ago!

There were four very clear and obvious factors that played into my decision to proceed with the sale once the financial aspects were finalized: technology, resources, efficiency, and our collective future. As referenced in a recent issue, technology and our ability to adapt are the driving forces for all industries.

As it relates to the future, technology is a direct reflection of the capacity issues on which we all bump our heads. There is no opportunity to expand the hours devoted to our profession and still retain any semblance of quality of life. We can all assume additional responsibilities, we cannot create the additional hours to meet the task. It became increasingly clear that to remain competitive in the marketplace and retain the standards of performance established by our organization, this was our future.

It requires tremendous resources to provide the technology necessary to address these capacity issues. Other industries have approached this reality and its challenges in different forms. There is only one sacred cow, and that is service, period. To insure its continued development, we must respond to the challenges or accept the risk of mediocrity in the marketplace. Those who take their eye off of service, regardless of form, are destined to a similar fate.

THE CLOSE

My memory suggests that there were at least ten confirmed closing dates for the sale. We were all confident that, each time, these dates would be met.

The final stages of any transaction demand patience and give-and-take from both parties. With so many individuals involved, the potential for misunderstandings is immense. I was fortunate to have the assistance of talented legal and accounting professionals at my side. There were easily 200 pages of closing documents, in various stages of revision, each requiring review, analysis, and response. While I enjoyed the hunt, I often found myself too close to retain objectivity.

Weeks in advance, I scheduled a meeting for early December to announce the sale to our associates. Two days prior to the meeting, it became clear that the announcement was premature. The evening before the meeting, I created a completely new agenda. I could only hope it would be received favorably, and that the time would be well spent. The sale closed in mid-January.

THE ANNOUNCEMENT

In the weeks prior to closing, our staff met diligently to anticipate and discuss any concerns that might arise from the pending announcement. Would our associates feel threatened? Would they question my decision? Would there be disappointment? Would they quit!? I prepared detailed letters of announcement to be faxed on a Wednesday afternoon. This would allow for evening discussions among our associates, and two full days for fielding calls in the office. We cleared our schedules in preparation for a hectic following day. Another deep breath.

Thursday morning came, and Thursday afternoon followed right on schedule. We received three calls, all with the purpose of sharing congratulations. This was the single greatest surprise of the entire
transaction! I was dumbfounded by the lack of response. Once again, I realized I was too close to the transaction to fully understand what the reaction would be.

A CHANCE TO BEGIN AGAIN

A second meeting was called to introduce our associates to the new owner, OneCoast Network. Their candid and direct approach was refreshing to all who attended. The associates appreciated that all questions were answered with as much detail as possible. Having purchased fifteen other agencies, we benefited from having the structure fully in place for our meeting. As experienced buyers, they understand that there is not a lot to fix with their agency partners. This single factor has allowed us to gain confidence in the process, and continue to look forward to additional opportunities.

In the weeks preceding, and even more so after the sale, I came to the conclusion that it was time to surrender to my wanderlust for new challenges. This could only be implemented in an environment of confidence in both my future and that of the organization. With the support of OneCoast, it was planned that I would retain my position until such time as a very qualified candidate could be found and incorporated into our organization.

We found the perfect individual and personality within our industry to assume this role. Currently managing a second successful OneCoast agency in the Northwest, Scott Wales was up for the challenge. With the resources of OneCoast, Scott has been able to relinquish most of his duties to his current management team to bring focus to our organization. Weeks of meetings, conversations, analysis, and planning for the future have had a very positive conclusion. We agreed that much of the past culture should be retained. Two of our key staff members have been promoted to assist in Scott’s efforts.

While I have stepped down as Agency President, I will continue to lead the transition team we have established for the next few months.

As expected, the energy that Scott brings to a new endeavor has been good for both Scott and the future of this agency. His style, and knowledge of this industry, have brought a very fitting closure for me as well. My wife Sally (company mom and head cheerleader) provided me with tremendous guidance. It could not have, it would not have, worked out as it did, without her love guidance and support.

I have prepared for this transition with a sense of enthusiasm, anticipation, and a desire to tackle the unknown. After a short break, I will be available to assist both Scott and OneCoast on a limited project basis as they see fit. The training, marketing and product aspects of this industry have always captivated my interest. On occasion, I hope to assist factories and agencies on a project basis as time and interest allows.

I look forward to enhancing my writing skills, continuing to write INTERPERSONAL, and completing a manuscript relating to the topics presented in INTERPERSONAL. My love for real estate will continue, as it seems to have no limits to its potential in this area. Most of all, I look forward to enjoying Sally and our wonderful marriage. With four kids in college this fall, I will keep busy. I will now have more time for each of them, and for giving back to the many that have made this stage in my life possible. I hope to keep in touch with all the wonderful individuals whose relationships I value.

Personal Regards,

Keenan

INTERPERSONAL© is published by INTERPERSONALBIZ.COM, Keenan Longcor, Editor, ©2009. Duplication of this publication is permitted for both personal and business use. Excerpts may only be quoted with acknowledgment of INTERPERSONAL/INTERPERSONALBIZ.ORG as the source. For re-publication rights, please contact the editor at KEENAN@INTERPERSONALBIZ.COM

Vol. LI

Dear Manager,

Selling something that has been a part of one’s life for nearly thirty years is certainly an emotional challenge. The process takes months (if not years) to bring to a conclusion. This gives one ample opportunity to pause and reflect on the decision! There are many exit doors along the way that, at times, seem very appealing. In the end, it finally comes down to the required signatures. Fortunately, this decision was clear. The signature felt good.

I believe that the decision to sell one’s business comes over a period of years. In my instance, I had clarified my desire to assume new challenges and responsibilities. There have been many rewards in developing this organization, but it is the people who have brought me the most pleasure. They have and will continue to make this company what it is. In sales, it’s always “where the rubber meets the road, and the quality of the individuals behind the wheel.”

The question in my own mind became, “If I’m feeling the wanderlust of new challenges, am I still the best manager of this organization?” How long could I maintain the level of excellence that all aspects of this agency deserved? I resolved to continue to give it my best effort until the last day and, with a tip of the hat, there would be no regrets.

THE DANCE

The early stage of selling one’s business is not unlike a mating dance. Do you want me? Do I want you? Do you want me more than I want you? How much more do you want me? If for no other reason, the interest displayed and the strategic knowledge to be obtained, were intriguing.

It was my very naive assumption that once the dance was over and the selling agreement was complete, it would be time for a good night kiss. This is not how the selling process works. It is only after the signing of the initial selling document that the specifics of the sale can begin to be ironed out.

A SAFE HARBOR

From the very early stages of conversation, one watches for mine fields in the intentions of the purchaser. Just as it was their responsibility to look into our organization with a skeptical eye, it was my responsibility to do the same. This organization would not be sold at any price without a consistent confidence that a transition would be in the best interest of all parties related to this organization.

I proceeded with a great deal of confidence in the integrity and capabilities of the buyer. In a very short time, it became clear that their resources clearly exceeded my own abilities to continue to meet the growth needs of our agency. A safe harbor had been found.

THE SECRECY

Without any question, the most difficult factor in this process was the secrecy involved. Only very few could know of the option under consideration. After all, at this point it was only an option. Nothing was final until all elements of the sale, transition, and due diligence had been reviewed, adjusted, and signed. This is a very time consuming process for both parties. I also discovered that it was indeed possible for most of the key players from both sides (myself included) to inadvertently schedule back-to-back-to-back-to-back vacations!

To the great frustration of all parties involved, it seemed as if nothing was completed within the anticipated time frame. There were many instances when the possibility of the acquisition falling through was very real. The personal pressure of the secrecy continued to build. Even those I trusted and who trusted in me could not be told, due to standard confidentiality agreements. This aspect was hell, and the most difficult and emotional part of the entire process.

THE UNKNOWN

During the weeks and months of participating in this process, I wrestled with the anxiety of not knowing if the transition would ultimately take place. Looking beyond the sale was totally prohibited. If I were to do so, my eye would be on the sale and not on the many priorities of growing a business. With one call I would discuss my agency’s future planning and programs, with the next I was negotiating a conclusion to my ownership. This is a very, very difficult emotional balance to maintain. Fortunately, I continued to enjoy many aspects of running this agency.

It was in the midst of this already intense and emotional process that one of our largest manufacturers decided to retain their own national sales force. Just what the buyer and I needed to hear! In full credit to the prospective buyer, they did not bat an eye, or suggest that any value had been lost. I knew at this point the depth of their commitment to our agency. I also learned a lot about their integrity.

I did not want this transaction and its announcement to be tainted in any way by the loss of this manufacturer. The confidence our associates showed in our agency and in me was one of the most fulfilling aspects of this process, let alone in my 28 years with the agency. My staff and I now had a mission. In the first two weeks, we mailed out over 100 inquiry letters to major manufacturers. I knew it would only take one. If you buy one hundred lottery tickets, one’s bound to be a winner!

Within weeks, I met with a manufacturer that was tailor-made to meeting the mutual needs of our two organizations. Fortunately I was able to fully replace the volume lost … exhale.

DUE DILIGENCE

It is in this phase of finalizing an agreement that the purchaser has every right and responsibility to expect the seller to “drop his trousers.” All too often, a seller will try to shade the truth, disguising what lies hidden just beneath the surface. The buyer and seller must proceed with obvious caution and an eye for detail and inconsistencies.

One of the most interesting challenges was the preparation of our financial documents. Our business had operated on a cash basis for nearly thirty years, so I found myself totally ill-prepared for a buyer who rightfully expected to review our books on an accrual basis. There was no possible way to send our bookkeeping into rewind to conform to this more complex accounting practice. This situation required additional review and re-review by all parties involved. I found myself having to learn to discuss the financial aspects of my business in a whole new (foreign!) language.

Editor’s note: Next month’s issue will review the technology aspect of this decision, the final negotiations, the importance of professional assistance, the big announcement, and a few words about my future plans.

Personal Regards,

Keenan

INTERPERSONAL© is published by INTERPERSONALBIZ.COM, Keenan Longcor, Editor, ©2009. Duplication of this publication is permitted for both personal and business use. Excerpts may only be quoted with acknowledgment of INTERPERSONAL/INTERPERSONALBIZ.ORG as the source. For re-publication rights, please contact the editor at KEENAN@INTERPERSONALBIZ.COM