FountainBlue conducts special workshops on occasion to support the needs of its community of entrepreneurs and executives. Leveraging the expertise of FountainBlue-certified consultants and key sponsors, these workshops address the most urgent needs expressed by Silicon Valley's executives and entrepreneurs.
FountainBlue conducts special workshops on occasion to support the needs of its community of entrepreneurs and executives. Leveraging the expertise of FountainBlue-certified consultants and key sponsors, these workshops address the most urgent needs of Silicon Valley executives and entrepreneurs. This particular workshop Mergers & Acquisitions: What Does It Take? will extend on the July 21 Connections event on the same topic and provide additional details for executives and entrepreneurs planning on or undergoing an M&A event either as a buyer or a seller.
Audience: This special workshop is designed for decision-makers in small to medium-sized high-tech and life science firms who are considering or currently undergoing an M&A event as potential sellers and potential buyers. The event will provide some background information about the value of M&As, but also provide practical tools, perspectives and advice on how to successfully navigate through the business, legal, strategic and tactical issues which arise.
Background: As the economy heats up, the M&A exit plan is becoming increasingly popular. With the aging of baby boomers and other social and economic factors, there has never before been such a huge volume of potential sellers and potential buyers. Many entrepreneurs and executives are finding that M&A exit plan is a more viable strategy than ever as buyers have cash to deploy.
FountainBlue's July 21 Connections event provided some initial advice, see below.
It's about the people
Maintain Relationships
Strategic M&A activities are more likely to succeed
Be thorough with the due diligence
Sellers should assemble a team of advisers including investment banker/intermediary, attorney, and accountant to help guide them through the complicated sales process
Deals can be fun and Integration can be a lot of work
Culture Matters
FountainBlue conducted a follow-up workshop on October 19, 2006, which was designed to take the conversation more in-depth and tactical for entrepreneurs and executives who are exploring the M&A option, or in the midst of an event.
Workshop Details: Our workshop facilitators Mike Jones, Managing Director of Onyx Associates, , Andrew Luh, partner at Fenwick & West, and Julie Merrill from Change Catalysts , will draw from their extensive experience working on both the buyer-side and the seller-side for M&A transactions. They are eager to hear your perspectives and share their knowledge and advice in this workshop.
Notes from the session are available to FountainBlue SVExec And SVEntrepreneurs community members.
Special FountainBlue Workshop: Networking for Entrepreneurs, conducted on Tuesday, October 10 from 6:00 - 8:00 p.m. at DLA Piper, 2000 University in Palo Alto.
The Networking for Entrepreneurs workshop addressed one of the greatest challenges of any successful new venture: meeting the right people and developing relationships and partnerships with those people. FountainBlue is pleased to partner with the following entrepreneurial associations for this event: ASVC, CINA, Financing Partners, HYSTA, NUSEA, SD Forum, SJSBC, SVC Wireless, UCSC Extension, WSN SIG, and Women's Technology Cluster on this event.
Background: Sometimes the difference between a successful venture and one not so successful is who you know! Entrepreneurs, particularly those who would prefer the comfort of coding and managing in front of a computer screen, and those who don't have connections here, and/or are not yet integrated into the Silicon Valley culture, need to proactively manage their networking activities to ensure the ongoing success of their organizations. As the facilitator for this dynamic workshop, FountainBlue CEO Linda Holroyd drew upon her extensive networking experience working with executives and entrepreneurs within Silicon Valley as an entrepreneur, a community leader, and an executive. The interactive session covered the strategic goals for networking as well as the tactical plans for achieving these goals, working in collaboration with close partners and allies.
Below is a Summary of Notes and Advice provided by Linda and everyone in attendance last night. Please feel free to e-mail me your comments or add them to our blog at .
Working Definition: Networking is: An Active process of building and managing productive relationships with all of your contacts (Professor Wayne E. Baker from his Networking Smart Book)
Networking for Entrepreneurs can lead to
Better Traction for Your Business
Greater Likelihood of Attracting Leaders, Sponsors, Advocates, Customers
The Art of Networking:
Everyone has his own style
Reasons for a successful connection vary depending on who you’re working with
Random chance is a factor
Sometimes you find your connections in the strangest places!
The Science of Networking:
Understanding your objectives and developing a plan will increase your probability of success
The more you build your network, the more likely your network will continue to grow
The larger your network, the more likely you can leverage it to serve your needs, and that of others in your network
The better you plan and prepare, the more likely you are to succee
The Art of Networking
Everyone has his own style
Reasons for a successful connection vary depending on who you’re working with
Random chance is a factor
Sometimes you find your connections in the strangest places!
The Science of Networking
Understanding your objectives and developing a plan will increase your probability of success
The more you build your network, the more likely your network will continue to grow. The larger your network, the more likely you can leverage it to serve your needs, and that of others in your network
The better you plan and prepare, the more likely you are to succeed
Why is Networking with Executives More Important Now?
Resources are Scarce
Access is Limited
Credibility is in Question
Difficult to Build Relationships at the Senior Executive Level
Rapid Technology Advancement
Fast-Paced Work Environment
Networking Tip: Know Your Objectives
What is your networking objective?
Why is this the most important challenge right now?
What are some past successes and challenges?
Who would be some strategic partners for you?
What are some metrics for success and their timeframe?
Networking Tips:
Your Reputation Matters: Be professional, Be courteous and gracious, Be thankful, Be helpful
Develop a Strategy and a Plan: What would you like to happen? How will you leverage your partners? How will you present your challenges and opportunities in the most attractive way? What individuals or organizations do you need to connect to and what is your plan for getting the introduction?
Follow Through: Plan your work, Work your plan, Be prepared to take advantage of serendipity
Build on Successes: Networking is for life, not just for the objective you set for today
It’s Not All About You: Just as important as what’s in it for you is what’s in it for the other party
Tactics generated by the group:
Conversation Starters - Suggestions for breaking the ice and join a discussion comfortably and professionally
Focus on the event theme/partner/sponsoring organization: What brings you here? How long have you been a member?
Compliment
Direct introduction
Ask a third party to introduce you
Ask questions about the other person or get them talking in other ways
Offer a business card early
Start conversation on news of the day
When entering into an existing conversation:
Ask questions about the topic
Listen and then respond with a relevant comment
Ask if you can join
Offer and ask for business cards
Linda's Bottom Line:
Focus first on the other person. The more you get them talking, the more interesting they think you are.
Focus second on what kind of connection or information could help the other person.
Then focus third on how developing a relationship with this person can help you.
Elevator Pitch Topics - Suggestions for communicating your value-add passionately and flexibly to a wide range of audiences
Practice, but sound natural
Be concise and short
Be memorable
Tell people what you do, what you want, what you're looking for
Make it relevant
Linda's Bottom Line:
Follow this suggested format to make a 2 minute, 30 second and 10 second introduction
For _____ (target customer)
Who ____ (the need or opportunity)
The _____ (your product or service)
Is a _______ (product/service category)
That ____________ (statement of key benefits or compelling reason to buy)
Unlike __________ (primary competitive advantage)
Our service _________ (your key differentiator)
Frame your introduction to the needs of your audience and their needs
It's best to hear what the other person does first so that you can frame the discussion and focus on them.
Rapport Building Ideas - Suggestions on how to build deep relationships
Listen
Identify common interests
Sincerity
Empathy
Be knowledgeable
Be helpful
Say what you'll do; do what you say
Make connections to others in your network
Maintain your professional reputation
Communicate your value-add well (see elevator pitch)
Linda's Bottom Line:
It's all about relationships. The business strategy, technology, operations, everything else is secondary. Act accordingly.
When you network, decide early how deep a relationship you would like to have with each person, but don't cast it in stone. I have five layers of relationships I develop. Your strategy on relationship-building from follow that objective.
Nobody's perfect, if you've botched a relationship, work to repair it. If you relegated someone earlier as a superficial relationship and they turn out to be someone different in a positive way, you always have the opportunity to deepen the relationship.
Never burn bridges.
Disengaging Professionally - Suggestions for disengaging a discussion during an event
Diversion
Focus on doing one thing for the other person
Summarize the conversation
Say that you'll follow up (and do so if you say you will!)
Address their immediate needs
Linda's Bottom Line:
During networking events, people generally expect to 'circulate'. Don't feel bad when you need to do that.
Always be professional and respectful. The other person may not be someone you want in your network now, but people change.
Following Up - Suggestions on how to efficiently and effectively follow up
This is rapport, part 2
Follow up quickly and effectively; using templates help
Most people don't follow up. You stand out when you do, and you're more likely to get a positive response even months later if you follow up immediately following an event
Creating marketing materials like web site, blog, etc., will help you efficiently follow up
Linda's Bottom Line:
Always follow up, unless you consciously choose not to
Prepare your materials ahead of time to ensure efficient follow-up
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