SoftOneIT Associates

Bull or Bear? | October

SoftOneIT Team — Wed, 17 Oct 2018 13:51:05 +0000

BULL OR BEAR?

“What are the key success factors for a Private Equity CEO that are equally relevant to his or her executive leadership team?”

According to a 2017 Alix Partners survey, 73% of Private Equity CEOs are replaced during the investment life cycle (usually five years) and 58% are gone within two years. So, what are the questions you should ask yourself if youâ€re considering moving into this high pressure/high reward position? Here are five:

Can you be satisfied executing the predetermined Private Equity sponsor strategy prebaked into the investment thesis rather than formulating an original business strategy?
Can you cope with tight and frequent oversight by the Private Equity sponsor/board members with a board meeting or board call at least once per month?
Can you make rapid decisions with incomplete information including the removal and replacement of senior executives who are not doing the job you need done?
Can you wear multiple hats â€“ for example, CEO/COO/CAO all rolled into one — and consistently multi-task without contracting attention deficit disorder?
Can you focus on EBITDA above all other performance measure, even at the expense of growth if necessary to exit well?

OPINION: BULL
If, after some genuine introspection, you can honestly answer the questions above in the affirmative you may be better off as a CEO than dealing with quarterly earnings releases and related analyst conference calls, often hostile activist shareholders, and short-term hedge fund driven stock price gyrations that often characterize the public markets these days.

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Compensation Negotiation Tips

SoftOneIT Team — Thu, 28 Jun 2018 13:18:29 +0000

Mitch Wienick

Clients often receive verbal offers of employment by phone before receiving an official written offer letter or employment agreement. We strongly encourage clients to take good notes when receiving a verbal offer, ask clarifying questions and inquire about items that aren’t mentioned, but not to say “yes” or “no” during that “offer” call. It’s a far better approach, and considerably more advantageous to the client, to then document and analyze what was said and compare it to the written offer before entering into any offer negotiation with the prospective new employer.

When negotiating your compensation package for a new role, it is critical to first do your homework. It is clear that the same role can be set at very different salary ranges, and have different elements included in a total compensation package, depending upon a variety of factors, including, among other things, your industry segment, the size and financial condition of the company making you the offer, whether the company is public or private and, of course, your own experience and skill set. Be sure you know the range of compensation that the “market” places on your prospective role based on these and other factors so that you can negotiate a total compensation package that accurately reflects your value.

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Leadership Tips

SoftOneIT Team — Tue, 22 May 2018 15:46:43 +0000

Mitch Wienick

While true leadership is comprised of many attributes, the best leaders consistently demonstrate a passion and unwavering focus on mission and purpose combined with a willingness to shoulder accountability. On the job, and in all facets of your life, frequently ask if you are modeling this type of behavior.

Mitch Wienick

The expression “Do as I say, not as I do” has profound implications for business leaders. The best leaders model the behavior they expect of their organizations, and they do it consistently as they are always “on stage” and noticed by all levels of the organization in one way or another, especially in an age of social media. In contrast, those who say one thing but do another often engender cynicism, apathy, turnover and, at times, intentional misbehavior. Modeling positive behavior requires forethought, planning and discipline. To stay honest, don’t be afraid to ask others: What type of leader am I?

One of the most challenging skills for any leader to learn is how to effectively delegate. This is especially critical to the success of a new leader who is trying to transition from a “doer” to a manager/leader of other “doers”. The key is to recognize that your job has fundamentally changed, and that inspiring, caring for and about, and successfully managing the performance of each member of your team is now your job… as a leader you now accomplish your assigned tasks by working through others!

You can begin to successfully delegate by practicing three key steps: (1) let go of controlling all of the details of how tasks get done (probably the hardest thing for new leaders to do); (2) recognize the difference between those tasks that can/should/must be delegated and those that only you can do; and (3) know when to step in and help and when to hold back and let your employee figure it out for himself/herself. Good luck!

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Interviewing Tips

SoftOneIT Team — Tue, 22 May 2018 14:58:17 +0000

Q&A of Interviews
French philosopher, Voltaire, said, “Judge a man by his questions, rather than by his answers.” While most interviewees wouldn’t dispute the necessity for preparing clear, concise and compelling responses to anticipated interview questions, all too often, questions interviewees ask lack the same thoughtful preparation. Well-conceived and constructed questions show deeper understanding of your thought processes, what you understand, and how you apply that understanding.

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Managing People Tips

SoftOneIT Team — Tue, 22 May 2018 14:53:24 +0000

Delegate the Task?

In order to be successful, leaders need to learn to delegate some of their work to free up time to do the important, high level, more strategic work that requires their level of skill, experience, business savvy, sensitivity, etc.

When you look at the tasks on your “to do” list, ask yourself: (1) “Is this task something only I can do?”; and (2) “Is it the best use of my time?” If the answer to either of these questions is “no”, find someone you trust to whom you can delegate the task!

I learned this lesson from the CEO of a company I worked for. Invest and develop employees who have high potential and integrity. Keep employees who are good at what they do and have integrity. Investigate and decide course of action on employees who have high potential but questionable integrity. Act on removing quickly employees who have no integrity regardless their level of potential.

You could always replace talents and skills. Integrity is not negotiable.

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LinkedIn Tips

SoftOneIT Team — Tue, 22 May 2018 14:49:50 +0000

Quantity vs. Quality
I always remind my clients that it is the quality, not the quantity, of LinkedIn connections that counts. To establish quality LinkedIn connections, interact with your connections whenever possible, build a rapport with them, and offer support to them. Make it easy for them to recommend you.

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Managing Yourself Tips

SoftOneIT Team — Tue, 22 May 2018 14:42:06 +0000

Managing “You” During the Job Search
You have assembled and sharpened the tools needed for an effective job search campaign, developed a search strategy, and now you are executing your campaign. Your search is now your “job”, and a full time commitment. It’s hard work and it’s stressful. So, reserve the appropriate time, energy and attention for important relationships and activities in your life. Get regular exercise and sleep, watch your diet, and recharge your batteries. You and your search will be better for it.

Setting Goals
Management guru, Peter Drucker, said “If you can’t measure it, you can’t improve it.” In other words, you can’t achieve success if you don’t define it and set tangible, measurable goals. In your job search, set specific weekly goals and hold yourself accountable for measuring your progress, evaluating your results, identifying areas for improvement, and adjusting your actions accordingly.

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Communication Tips

SoftOneIT Team — Tue, 22 May 2018 14:36:19 +0000

How to Communicate Your Job Search Game Plan
Before launching a job search, it is important to have a clear picture of “what” you want to do next, and equally important, “why” you want to do it. Clear, focused objectives not only inspire and energize you, but help you to begin to identify your “target” audience and industry(ies), decide “how” to present yourself, and focus your efforts (including how, with whom and where you should network) in order to maximize your chances of finding that ideal role. It will undoubtedly help those inclined to assist you in your search when you clearly articulate what it is you want and need. It will be more rewarding for them, as they will know that they have truly supported you, and you will be more productive and gain more from each interaction… a “win/win” for all!

Be An Effective Communicator
Effective communication is at the foundation of all relationships. We each have our own natural communication style that is most comfortable for us and that we believe works well for us. But, if we are honest, we know that is not always the case! To be a truly effective communicator, it is important to adjust your natural style to more closely match that of the person with whom you wish to communicate. To improve your communication, learn to read another’s style and adjust yours as needed (e.g., speak slowly, socialize, take your time or, alternatively, be quick, direct, all business). You get the idea…one size definitely does NOT fit all!

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Organizational Development Tips

SoftOneIT Team — Tue, 22 May 2018 14:32:36 +0000

A client and I discussed the importance of organizational development the other day. It is particularly important to mid market organizations since all employees need to perform at full capacity.

It is my belief the first step to a well developed organization is to have everyone speak the same business language of the organization. This means, regardless of the functions they work in, employees should know the business strategy, the market drivers, the competition and the customers’ needs. They need to know enough about the business of the organization to make sure their functional duties are well aligned to achieve the goals and objectives of the organization.

It is always easier to navigate a ship when the crew knows where they are going and how they will go there.

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Networking Tips

SoftOneIT Team — Tue, 22 May 2018 14:26:19 +0000

Mitch Wienick

Career Networking at Industry Conferences:
As informed people in transition know, one of the key factors contributing to securing a new position is developing a strategic networking plan to uncover opportunities, gain access to key influencers, and acquire business information. One proven way to accelerate the process is for job seekers to attend conferences for industries that are of interest to them. The benefits of doing so include meeting key industry thought leaders, learning about new products and services, uncovering potential job openings, and understanding the key issues, challenges, and opportunities the industry is facing. Moreover, most conference organizers list attendees in advance of the event allowing adroit networkers to make private meeting arrangements with desirable contacts. Hence, people looking for their next position would be well served to make conference attendance a key pillar of their job search efforts.

Mitch Wienick

A positive networking outcome occurs when someone you’ve met (Person A) agrees to introduce you to a high value target contact (Person B). To significantly raise the probability of the introduction actually being made, offer to send an email to Person A that introduces you and can be used to connect to Person B. Doing so allows you to be described exactly as you wish and it avoids undesirable delays.

Mitch Wienick

Quite surprisingly, when executives in transition are introduced to additional key contacts by networking connections, they often forget to thank the connector and let them know how the call or meeting went and whether it was valuable. By providing feedback to the original source of the contact, not only does the executive in transition “close the loop,” but they often receive “bonus” connections by providing specific feedback and refining their “ask” of others.

When sharing your accomplishments, do it in a framework that is similar to storytelling. You want to draw people in first with the circumstance, then the role you play, and close it with the happy ending. Since you have to tell it quickly and concisely, write it down and rehearse it until it rolls off your tongue.

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