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| Volume 6, Issue 6 |
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In This Issue:
 Apple’s latest fruits
 The narcissistic CEO
How to get fired like a man
Private vs. Public
Dollars and Sense
Instant Messenger etiquette
 Going down the talent drain
2 small businesses that thrive in a Wal-Mart world
The power of philanthropy
100 Fastest-Growing companies
 Negotiating when the rules suddenly change
Are we ready for Self-Management?
On managing with Bobby Knight and “coach K”
The compensation game
What could bring Globalization down?
 How to become a great media spokesperson
Satisfying the 10 cravings of a new generation of customers
 Connecting with customers
What M&A banker would rather I would not write
The best golf courses (you probably never heard of)
 Waistlines expanding in 31 States
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Apple’s latest fruits
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Apple Computer Chief Executive Steve Jobs made a few out-of-character moves as
he unveiled a slate of new products on Sept. 12. For starters, he left the
trademark black mock turtleneck at home, instead donning a black button-down.
The real shocker, though, was Apple's decision to tout a product months before it's
due to hit the market. Of course, there were the unsurprising announcements,
starting with an overhaul of the iPod family of digital music players. Then there
was the long-rumored movie download service—essentially an enhancement to Apple's
iTunes store. But then Apple (AAPL) made what can only be called a highly unusual
move for a company that forbids employees from even speculating publicly
about forthcoming products. Jobs unveiled the iTV, a product he's hoping will bridge
the chasm between those movie downloads and the TV set in the living room. Thing is,
it won't be available until early 2007. When released, it will sell for $299...
Read the article. Back to top
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The Narcissistic CEO
What do Bill Gates, Osama bin Laden and Henry Ford all have in common? Answer:
their desire to change the world, albeit in bin Laden's case it's not for the
betterment of humankind.
The desire to change the system is a defining element of narcissism. And while it
can be inspirational to work for someone like that, interacting with a narcissist
CEO can be torture. Don't expect praise. Get used to hearing the word "I." And be
able to take lots of harshly worded criticism. There is always the option of avoiding
a narcissistic CEO, but these days that will prove difficult. Narcissism is virtually
a requirement to become head of a company. That's because narcissists tend to
like drama. They are attracted to big change and risk. Investors expect
substantial returns and want their CEOs to take risks to deliver them. "It used to
be that CEOs weren't asked to do extreme things," says Don Hambrick, who along
with Arijit Chatterjee, both professors at Penn State University, developed a test
to determine whether a CEO is narcissistic and to what degree. "They changed the
rules so as to encourage more extremism, more flamboyance, go-for-broke types." Do
the names Steve Jobs, Larry Ellison and Bernie Ebbers ring a bell? Each of them
produced results. But getting there wasn't easy--for their employees...
Read the article. Back to top
How To Get Fired Like A Man
Forced out of her Hewlett-Packard CEO role, Carly Fiorina, America's most
powerful businesswoman walked away with a severance package totaling more than
$21 million, plus millions more in stock options, salary and bonuses.
She's not the only savvy female business leader packing a golden parachute. Edna
Morris negotiated a rich bounty before taking the helm as president of America's
largest seafood restaurant chain, Red Lobster. After the Orlando, Florida-based
company hit rough seas, she was forced to abandon ship. While other women might
have lost their bearings, Morris, now executive director of the James Beard
Foundation, tells PINK magazine her financial package allowed her to float for
months while she considered her next move. "You owe it to yourself to negotiate
an appropriate package," says Morris. "It enables you to move forward to find
exciting possibilities where you can make the difference you want to make in the
world." Here are six golden rules to remember when you approach the negotiation
table, according to Kathleen Dahlberg, a former top-level executive at BP, Amoco,
Viacom and Burger King Corporation, and president of Open Vision, which provides
insight to technology-based companies...
Read the article. Back to top
Private Vs. Public
Until recently, the term "Dunkin' Donuts" was just a sleepy Northeast chain with hardly any stores west of Pennsylvania.
With relatively low prices and a limited menu with mass appeal, it was the working
man’s Starbucks. But lately Dunkin' Brands, which was recently sold off by its
publicly traded parent company to a trio of private equity firms, has
begun reformulating itself into a venti-sized global contender. In the next
ten years, Dunkin', which also owns Baskin-Robbins and Togo's sandwich shop,
plans to triple the size of its U.S. division, from 5,000 stores to 15,000 stores.
A pilot program at some outlets is pairing new sandwiches and heartier fare
alongside the usual doughnut offerings. And the company is expanding its presence
in Asia, a move that would have been difficult in November 2005, when Dunkin'
Brands was a neglected division of the French multinational Pernod Ricard SA.
Going private made all the difference, says Dunkin’ Brands CEO Jon Luther. "We
can invest in that market without having to worry about quarterly earnings," he
says. For Luther, going private was a no-brainer. His fellow CEOs seem to agree.
So far this year, about $200 billion has flowed into private equity buyouts of
public firms in the U.S., according to Thomson Financial. That compares with
$129 billion for all of 2005. For CEOs, going private allows an escape from the
twin pressures of quarterly earnings and the Sarbanes-Oxley Act’s crushing
compliance regulations. But is private equity ownership that much less onerous
than being publicly traded? For managers, the advantages of going private are no
longer as clear as they once were...
Read the article. Back to top
Dollars And Sense
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The notion of "a fair day's pay for a fair day's work," articulated by President Roosevelt nearly seven decades ago, actually has its origins in the Bible, Deuteronomy 24:14-15.
Today, the concept is ingrained in our capitalist system. But when it comes to
applying this maxim to executive compensation, there's an enormous disconnect
between Main Street and Wall Street To some, paying executives multimillions of
dollars can't possibly constitute "fair" pay when the minimum wage is computed
in single-digits. There's little that can be done to educate those who hold
this misguided notion. But senior executives and the directors only reinforce
this negative view by creating their own compensation packages behind closed
boardroom doors and only revealing them in the tiniest of print. As long as the
process is murky and undisciplined, and results are opaque, executive compensation
will continue to be a hot button issue. American companies almost uniformly
mishandle compensation decisions, despite regulatory efforts...
Read the article. Back to top
Instant Messenger Etiquette
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Office communication just isn't what it used to be.
For folks over 40, the following instant message may look like nothing more
than gobbledygook: "#s look gd… lnch @ 1/ back l8r." But for younger employees,
it's just simple shorthand for: "The numbers look good. I'm leaving for lunch at
1 p.m., and I'll be back later. "Instant messaging isn't just a new technology,
it's also a new language. One that's especially easy to over rely on, misinterpret
and misuse. That goes for co-workers of all ages. The recent crop of grads, those
born in the early 1980s, a.k.a Generation Y, has marched boldly into the adult
workforce over the past four years. They've brought with them a set of
technological tools that makes fax machines, voice mail and spreadsheet software
look positively quaint. They've grown up with scanning, text messaging and Googling,
and they're not about to stop once they've hit the working world. Nor should they.
Those skills are big assets when it comes to multi-tasking and productivity. But
they're also a nightmare for many of their bosses, those over 35 who understand
that while technology is a useful tool, it doesn't replace relationship building
as a primary means for doing business. Today's bosses can't understand why their
young recruits, for all their brains and technical acumen, hardly ever come over
and actually talk to them...
Read the article. Back to top
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Going down the talent drain
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| Dave Calhoun left GE for a package valued at $100 million |
Public companies are losing execs to deep-pocketed private firms.
Want to know how badly corporate directors are hurting their shareholders by
bungling CEO pay? Consider a story that has captured the fancy of the business
press: the tale of Dave Calhoun, America's hottest executive and a man who should
be the highly paid CEO of a U.S. public company, but isn't. Calhoun was a GE
vice chairman and the most lusted-after managerial star who wasn't already a CEO,
as we told you earlier this year (see "Star Power").
Headhunters couldn't leave
him alone. Only he knows how many offers of top-tier CEO jobs he turned down, but
they were numerous and included Boeing's. Finally, inevitably, he got an offer
worth taking and in mid-August said yes. But here's what didn't happen. He didn't
take the helm of a giant publicly traded company, which is what everyone expected him
to do. Instead he left the world's most admired corporation, where he was
running businesses with $40 billion of revenue, to become CEO of a privately held
Dutch outfit called VNU, which owns the A.C. Nielsen research business,
Billboard magazine, the Hollywood Reporter, and other media properties. Total
revenues: about $4 billion...
Read the article. Back to top
2 small businesses that thrive in a Wal-Mart World
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| Brian Rosen's grandfather Sam started the company nearly 60 years ago as a small saloon. |
David and Goliath tales illustrate how family businesses can succeed against the Wal-Marts and Best Buys of the world.
Brian Rosen's grandfather, Sam, started Sam's Saloon in the 40s and it has since
become Sam's Wines & Spirits, the single leading beverage retailer in the world.
Today, Rosen and his brothers run the well-known wine and liquor store in
Chicago, which has evolved into a 33,000 square-foot superstore sandwiched
between Costco, Cost Plus, Trader Joe's and Whole Foods. We're right in
the battleground," said Rosen.But despite the stiff competition, Sam's has not
only survived but thrived. It currently generates $70 million in sales a year.
With employees trained in viniculture, Rosen says customers come back to
Sam's because...
Read the article. Back to top
The power of philanthropy
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Bill Gates has the money. But no one motivates people and moves mountains like
Bill Clinton. He's even got Rupert Murdoch onboard. A look at how the former
President has borrowed from the business world to fight HIV/AIDS in Africa and other scourges.
When the black SUV crested the hill and stopped near a cluster of low buildings
in the desolate Rwandan village of Rwinkwavu, a crowd of people cheered and the
cameras started to roll. Showtime. Paul Kagame, the tall, cave-chested President
of Rwanda, alighted from the driver's seat, and Bill Clinton, thinner than he used
to be and ruddy in a brightly checked shirt, emerged from the passenger's side.
They were there to visit a hospital that treats people with HIV/AIDS, and Clinton
was ... still Clinton. The former President was midway through a
nine-day, seven-country African sprint meant to showcase the work of his
William J. Clinton Foundation: conferring with the American ambassador to Chad
at 5 A.M. on a runway in N'Djamena; talking politics with reporters in a
Johannesburg hotel until his eyes, which these days have deep-black half-moons
under them, were bleary; celebrating Nelson Mandela's 88th birthday; launching
a development initiative in Malawi with President Bingu Wa Mutharika; and visiting
a clinic with Bill and Melinda Gates in Lesotho, where Clinton was knighted
last year...
Read the article. Back to top
100 Fastest-Growing Companies
And the winners are...
The supercharged performers on Fortune's annual list have the strongest three-year sales, profit and stock growth. This year, they include:
| • Hansen Natural |
• Netflix |
| • Yahoo |
• Celgene |
| • Psychiatric Solutions |
• Children's Place |
| • Urban Outfitters |
• ConocoPhillips |
| • Genentech |
• Toll Brothers |
Read the article. Back to top
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Negotiating When the Rules Suddenly Change
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“NHL general managers who were willing to delegate would have been better positioned to see the big picture.”
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How can you negotiate when the rules suddenly change, and no one knows whether your particular market is headed up or down?
Regrouping from the cancellation of the 2004-2005 season due to failed
labor negotiations, National Hockey League (NHL) teams and players faced this
challenge in July 2005 when they radically restructured their collective
bargaining agreement (CBA). The new CBA instituted a uniform cap (as well as
a floor) on team payrolls. It also set maximums and minimums for individual
contracts and declared many more players free agents, allowing them to sign
with whatever team made the richest offer. Imagine that you're an NHL general
manager. You have a month, at most, to fill your team's roster before training
camp begins. What's your strategy? If you expect that your rivals will go on a
spree and overspend for big-name players, it would be smart to sit back, protect
your budget, and then scoop up the excess talent. But if the other owners
move cautiously in this new terrain, it would be in your interest to aggressively
sign stars before the market heats up. Either strategy carries risks. You wouldn't
want to blow your budget on a few marquee players and have little left to round out
the team. Then again, there's no point in holding lots of cash with no one
worthwhile to spend it on. Conventional negotiation theory doesn't say much about
how to craft and execute strategy in such dynamic markets. Assessing your
walkaway point is useful in stable situations but less helpful if you don't
know whether your options will get better or worse. It pays to look for
strategic insight from contexts where uncertainty, risk, and change are the
only constants. Military science, in particular, offers powerful lessons
for negotiators, whether they are settling disputes or making deals. As it
says in Warfighting: The U.S. Marine Corps Book of Strategy (Currency, 1995),
"The very nature of war makes certainty impossible; all actions in war will be
based on incomplete, inaccurate, or even contradictory information." Many
negotiation scholars have shied away from drawing parallels to battlefield
strategy, due to its associations with violence and brute force. In fact,
contemporary theory of maneuver warfare is surprisingly nuanced and supple.
Three axioms apply to negotiators who must cope in volatile environments...
Read the article. Back to top
Are We Ready for Self-Management?
In the early 1990s, Taco Bell's management was faced with a dilemma.
It wanted to create thousands of new locations, including stores and kiosks,
at which its line of Mexican-themed products could be sold. At the same time,
it was experiencing a shortage of capable managers in a fast-food industry known
for low-paying management jobs. One part of the solution was to create
fewer, higher-paying management positions. The other was to train thousands
of entry-level workers at its stores to manage themselves. This enabled Taco
Bell to assign one manager to several stores and to increase the "span of control"
for area managers from ten or so units to several times that many. Under
the "self-management" initiative, employees were trained and given new technology
to enable them to hire, train, and supervise their new colleagues; manage
the day-to-day inventory of the store; handle the resulting receipts; and deal
with personnel problems themselves under the supervision of a "floating"
manager responsible for several such stores. They received above-market pay,
partially in the form of performance incentives. The result?...
Read the article. Back to top
On Managing with Bobby Knight and "Coach K"
Is it better to be loved or feared?" Machiavelli asked.
At Harvard Business School, Professor Scott Snook uses this classic quote to
help students become more effective leaders. Using two of the most successful
college basketball coaches in history—coaches with as divergent leadership practices
as can be imagined—Snook asks students to confront their basic assumptions about
human nature, motivation, and preferred styles of leading. Bobby Knight, also known
as "The General," is the head coach at Texas Tech University. He's a fiery,
in-your-face taskmaster who leads through discipline and intimidation, which
some critics say goes too far. Knight was fired from a long career at Indiana
University for grabbing a student, and prior to that he was filmed clutching one
of his own players by the neck. And then there was the infamous incident during a
game when Knight tossed a folding chair across the court to protest a referee's call.
Mike Krzyzewski, also known as Coach K, leads the men's basketball program at
Duke University. Instead of fear, Krzyzewski relies heavily on positive
reinforcement, open and warm communication, and caring support. For Coach K,
"It's about the heart, it's about family, it's about seeing the good in people
and bringing the most out of them," says Snook. Different styles, yes, but the
results are similar: After long careers, both have similar win-loss records for
their teams and are acknowledged as top coaches in the collegiate ranks. So what
do Knight and Krzyzewski tell us about leadership?...
Read the article. Back to top
The Compensation Game
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“In setting executive pay, directors have not been guided solely by the interests of shareholders.”
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Confronting greater media scrutiny and an ever-increasing number of
shareholder resolutions focusing on executive pay, Corporate America continues
to support current pay practices as a product of "the market."
Not too long ago, former Treasury Secretary John Snow defended the dramatic rise
of executive pay over time as a product of efficient markets and argued that
the increase merely reflects the growing marginal productivity of chief
executives. Unfortunately, this standard defense reflects a broad misconception
of both the CEO market and the nature of public concerns about executive pay.
The idea that CEO compensation is driven by the invisible hand of market forces
is a myth from which chief executives have long benefited. Like many other defenders
of this phenomenon, Snow compared this trend to the soaring increase during this
period in the compensation of other "stars," such as top baseball, basketball,
and football players. Reports about the high pay of star athletes are often greeted
with awe and approval rather than outrage. The rise of executive pay, its
defenders claim, is no more problematic than the fact that, say, Red Sox slugger
Manny Ramirez is paid much more than earlier stars like Ted Williams. But the
process affecting the compensation of star athletes is quite different from the
one that determines CEO compensation. A team executive negotiating with an athlete
can be expected to be guided by the club's interests, while the player's agent
is looking out for the client's demands. When independent buyers and sellers hammer
out a transaction this way, the market's invisible hand is commonly expected to
produce efficient arrangements. But in setting executive pay, as we document in
our research, directors have not been guided solely by the interests of
shareholders. Instead, they have had various economic incentives, reinforced by
social and psychological factors, to go along with arrangements favorable to
top managers...
Read the article. Back to top
What Could Bring Globalization Down?
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We could find ourselves swept into economic "de-globalization" by an international
political crisis as our great-grandfathers were in 1914.
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We tend to think of the forces of globalization as a permanent part of
the landscape—but then perhaps they were thinking that way too in 1914, when a
number of factors from an over-extended superpower to a rise in terrorism ushered
in the First World War.
Harvard professor Niall Ferguson
believes that our current international economy has similarities to the
economic dynamics of ninety years ago. Recently, Ferguson took time to expand
upon the ideas expressed in his article "Sinking Globalization," which appeared
in the March/April issue of Foreign Affairs. Ferguson teaches in the
Business, Government and the International Economy unit of Harvard Business School
and is a professor of history at Harvard University.
Cynthia Churchwell: What drew you to seek historical parallels with our current state of globalization?
Niall Ferguson: I am an historian who has long been preoccupied by
the similarities between our own time and the pre-1914 period. That the years
1880–1914 were the "first age of globalization" is now quite a widely accepted
idea among economic historians. The data on trade, capital flows, and
migration certainly bear that out.
Q: When was the first age of globalization? Do you see the sinking of
the Lusitania in 1915 as a benchmark for the beginning of the end of this first age
of globalization?
A: To be absolutely precise about dating, I'd say it was from the moment
the transatlantic cable was laid, which was in 1866, until the cutting of the cables
to Germany, after war broke out in 1914. The Lusitania (which was sunk on May 7,
1915) is simply a good symbol for the end of this first age because so much
had previously depended on safe navigation between New York and Europe...
Read the article. Back to top
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How to Become a Great Media Spokesperson
Very few of us are born with the natural talents to speak in soundbites.
Keeping answers short and concise is very difficult and often nerve-wracking when
a journalist is firing away with questions or a TV camera is pointing straight at
you. Media interview techniques can be learned, however, and natural skills can
always be fine-tuned. A professional media trainer can take you from being a
good spokesperson to being a great one. You can become someone who easily engages
an audience—whether a reporter from a national newspaper or 3,000 people at a
major industry conference. Three classic examples of soundbites:
- "Mr. Gorbachev, tear down this wall!" Ronald Reagan's call to the Soviet President to deconstruct the Berlin Wall in face of mounting social pressure.
- "Houston, Tranquility Base here. The Eagle has landed." Words that instantly immortalized landing on the moon and symbolized success for the Apollo program.
- "Read my lips: no new taxes." A pledge that became a key tenet of George H. W. Bush's 1988 presidential campaign...
Read the article. Back to top
Satisfying the 10 Cravings of a New Generation of Consumers (Part 1 of 2)
Regardless of your career description or geography, it's a safe bet you've heard these headlines:
- MySpace—the highly addictive online social networking venue dominated by
teens and young adults—will soon give iTunes a run for its (considerable) money
by selling digital songs from approximately 3 million independent bands.
- The Chicago band OK Go ascended from relative anonymity to international fame
at lighting speed and recently performed its song, "Here It Goes Again," at the
MTV Video Music Awards. The group's funny, low-budget treadmill dance routine
became one of the most popular videos on the YouTube Web site.
- Women in dressing rooms nationwide are wriggling into skinny jeans this fall
and asking themselves, "do these make my hips look big?" Previously the uniform
of rockers and avant-garde artists, drainpipe denims have now hit suburban
shopping malls from coast to coast.
It would be easy to dismiss these tidbits as random pieces of pop culture—merely
passing trends, business moves, and marketing plans. But there's a very real code
at work behind the headlines. There's a new group of renegade, passionate consumers
who are changing the rules of the marketplace: Meet the Connected Generation.
Baby Boomers may still hold the purse strings, but these savvy 18-40-year-olds
are changing the way all of us do business. It doesn't matter whether you're a
rock band, a fashion designer, a nonprofit organization, or a sporting goods outlet,
you and your team need to understand what makes the Connected Generation tick...
Read the article. Back to top
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Connecting With Customers
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The perennial cry of CEOs around the globe is that understanding what customers
need and want and delivering on it is their A-1 mission. Yet customers are having
a harder time than ever getting service from the companies they do business
with, regardless of how much they spend or how long they’ve been customers.
Recent research validates the pain customers are in:
According to a report from Datamonitor, 86 percent of 3,200 U.S. and European
consumers surveyed say their trust in corporations has declined in the past five years.
- Almost every U.S. consumer surveyed (96 percent) had a negative
service experience in the past year, with 80 percent subsequently severing
the relationship, according to the Customer Experience Report, a study published
by Harris Interactive and RightNow Technologies.
- Zenith Research reports 92 percent of retail organizations have a
customer service rating of 70 percent or worse.
- Customers are turning to gripe websites such as www.ripoffreport.com,
www.planetfeedback.com
and www.gethuman.com actively,
loudly and in great numbers.
For many CEOs, a frenzied awareness of a problem leads to an even more frenzied
approach to solutions. As internal leaders report and recommend customer
actions separately, CEOs react to the random issues landing at their feet. At
one highly regarded financial services company, for example, marketers charged
with improving customer loyalty sold their CEO on a customer assistance program
that involved up-selling and cross-selling customers who called in for service
help regardless of who they were, why they were calling or how profitable or loyal
they were...
Read the article. Back to top
What M&A Banker Would Rather I Not Write
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Methods that manipulate CEOs to pay more. If you are a CEO, you were my target.
For more than 10 years, I ran a firm whose business was to sell small- and medium-
sized companies, and to sell them for the very highest possible prices.
During that time, we closed over 1,200 M&A transactions, and when we sought
prime candidates to pay the most money, corporate buyers were almost always at the
top of our hit lists. One business owner complained to me that we had not valued
his company for “more than it was really worth.” He wasn’t being funny: My company
had a reputation—among corporate buyers not always a good one—of asking and
often getting high prices for its sell-side clients. How did our M&A dealmakers
cajole or coerce tough-minded, market-hardened CEOs to shell out top dollar,
sometimes paying more for the business than it was “really worth”? What were
our techniques? Our tricks? Though I may face disfellowship from the High Church
of M&A Bankers, I’m going to reveal the M&A secrets of the inner sanctum: how
top dealmakers manipulate CEOs to get them to pay too much. Here’s what M&A bankers
do to you...
Read the article. Back to top
The Best Golf Courses (You’ve Probably Never Heard About)
They don’t have the name recognition of Pine Valley or Pebble Beach. And most
golfers couldn’t tell you who laid them out or where they are located.
But to the cognoscenti, they are some of the finest courses in the
land—artfully designed, wonderfully conditioned and pure joy to play. They are
hidden gems in the truest sense of the words, and their relative obscurity only
enhances their value. Chief Executive sought to identify the 10 best golf courses
you probably never heard of in the U.S., and the results are detailed in the
following list. The first five are private layouts with limited access (which means
you likely need a member to agree to host you to have any chance of getting on),
while the second includes those open to the public...
Read the article. Back to top
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Waistlines keep expanding in 31 states
The gravy train — make that the sausage, biscuits and gravy train — just kept
on rolling in most of America last year, with 31 states showing an increase in
obesity. Mississippi continued to lead the way.
An estimated 29.5 percent of adults there are considered obese. That’s an increase
of 1.1 percentage points when compared with last year’s report, which is compiled
by Trust for America’s Health, an advocacy group that promotes increased funding
for public health programs. Meanwhile, Colorado remains the leanest state. About
16.9 percent of its adults are considered obese. That mark was also up slightly
from last year’s report, but not enough to be considered statistically significant...
Read the article. Back to top
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