Saturday, January 23rd, 2010

Discover How To Network Like This Top Web Site CEO

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I chatted with DocStoc Founder & CEO Jason Nazar the other day.

You should know abut Jason and DocStoc because Jason is an amazing networker (among other things) and DocStoc has been one of the fastest growing Web sites in the last few years (ranked 407th by Quantcast with 15 million unique visitors per month, according to DocStoc).

Jason and I had a little chat in which I asked him a few questions. He agreed to let me share it with you.

Q: Hi Jason, you really value business networking — tell me your philosophies.

I personally enjoy networking. I like meeting smart, interesting successful people.

From a professional standpoint, I believe the principal of it’s “who you know not what you know” is very true.

One thing about the Internet is that we spend a lot of time behind our computers…you’ve got to get out there and meet people.

Typically the larger the network you have, the more opportunities you have.

We spend a lot of time behind our computers…but business still gets done in person.

People want to work with other people they like, trust and respect.

And you don’t do that by just sending emails and sending IMs…you have to get out and meet people.

And if you want to have opportunities such as getting hired, raising money, building your company, and hiring the right people…you need to have a large network.

Typically, the larger your network is the more opportunities you have.

The business we’re building is a consumer-facing Internet company – we’re trying to get pretty much everyone in the world to use DocStoc. …

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Thursday, January 21st, 2010

Caution: Posterous May Be The Fastest Way to Blog or Publish

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I first heard of Posterous when I saw that Steve Rubel, an influential writer & publicist about trends in the digital space (and my former colleague at CMP Media), had moved from WordPress to Posterous to publish his content.

I’ve tested Posterous — which allows you to email content to the Web — myself and see its potential: indeed, it may be the fastest way to publish pictures, audio and video to the open Web (as opposed to through a more closed environment such as Facebook).

Note: Mashable does a good review of Posterous versus Tumblr (a somewhat similar tool) here: Posterous Versus Tumblr).

I decided to ask Posterous CEO Sachin Agarwal some questions about his business. Enjoy.

Q: Hey Sachin. Congrats on Posterous’s fast growth. How do you describe the market that Posterous is in?

Posterous can be used for many different kinds of sites. It can be used as a micro blog or blog.

But it can also be used as a groups product, an email list, a photo stream, a video channel, and much more. Posterous doesn’t limit what you can post or how you can use it.

So the market is pretty large. You might be new to technology, but you can use Posterous via email.

Or you might be a pro blogger. It doesn’t matter. Posterous can be used by anyone

Q: What’s the difference between Posterous and blogging?

We don’t like the word “blogging.” Historically, people have set up blogs…and then done nothing there.

It’s about photos to share with friends and family or business. We don’t want to be known as middle blogging or micro-blogging.

Posterous has no limitations. What can you not do on Posterous that you can do on WordPress?

It’s more of a LifeStream (Steve Rubel is the first person who used this as it has to do with Posterous) — I’m out and about and this is what’s happening to me, live.

Twitter doesn’t allow this because it’s confined to 140 characters. And almost none of my real friends are on Twitter.

Facebook doesn’t provide it because it’s completely closed (I can’t export my data (and the only people who can see it are Facebook users (and that’s not most of my family). And much of my family is not on Facebook

Q: Who do you consider your competitors (besides Tumblr)?

WordPress, Blogger, Google Groups, Flickr, YouTube. But we can do all of what those can do right within Posterous.

Q: I noticed Michael Arrington’s Posterous and it was just a flow of photos with a headline (describing the photos). Do you see emailing photos and videos as a popular application of Posterous?

Defintely. One of the big reasons we created Posterous:

1) We wanted rich media support (video and email out of the box) and

2) Wanted to make sure you can post via mobile.

It’s the simplest way to use Posterous. It acts as the on-boarding for Posterous. Our goal is not to be a micro-blog.

Q: Who are you proudest of that’s moved to Posterous from some other platform?

Q: How Large can Posterous get in terms of unique visitors compared to Facebook or Twitter?

1. No limits to what you can post. 140 characters isn’t enough. People want to share photos and video
2. It’s fully customizable. Make it yours. Use your domain and your theme
3. Posterous has an extensive API. Use it to post, or to export. We don’t lock you in
4. It’s easier to use than these other services since all you need is email and no account

Q: How are you doing financially?

Right now we don’t have any revenue. Raised an angel round in 2008…and using it to expand.

Q: What do you think the most likely business models for Posterous will be?

We’re planning to charge pro bloggers and commercial users in the future for our Pro version. This will allow javascript, ad sense, and more advanced features. But we’ll always stay free for consumers.

Q: How are businesses using Posterous?

Small businesses are starting to use it as company blogs. And large companies, such as PR companies, are setting up Posterous accounts…such as Chevrolet Posterous and Microsoft Posterous.

Q: What’s your biggest opportunity or challenge these days?

Hiring — hard to find good people. It’s such a big risk to bring the wrong new person into the company.

Q: You were with Apple for more than five years — How accessible was Steve Jobs during that time and what were the most important lessons you learned from him or Apple?

I met Steve Jobs a couple of time while I was at Apple, but I didn’t work with him directly. However, it was very clear to me the impact that he had on the product that I was working on.

Our managers and VPs would let us know how their meetings with Steve went and what feedback he had. It was clear that even for Final Cut Pro, he had an impact.

Thanks, Sachin.

Thanks, Rob.

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Saturday, January 16th, 2010

How To Get Published in Magazines In Just 90 Days

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Would you like to be published in print and online magazines…in just 90 days?

That’s what happened to my new friend Brooke, who generously agreed to answer some questions about how she got published so quickly.

Here’s our Q&A:

Q: Hi Brooke. I get asked by aspiring writers all the time: “How do I get published?” — Can you talk about how you went from a blog to getting a articles published in commercial magazines?

Absolutely. I can sum up how that happened, as well as the advice I would give to others around that topic in four words: Stop typing, start talking.

Being the extrovert I am it was natural for me to focus on my skills that had little to do with writing, but rather direct communication and relationship building.

What I write about is a topic deeply close to my heart and I do spend a lot of time at my computer, but getting it out there takes more than a great column.

Connect with your friends and tell them about your blog. Pick up the phone!! Reach out to your old boss, your yoga teacher, your co-workers.

Create a focus group either in your living room or via email- ask your friends specific questions about your blog, your writing, and what they want to see more of.

Literally start talking (over email definitely counts), socializing, and connecting.

In my case, the specific social vehicle that supported my blog being picked up in print the first time was…wait for it…Facebook.

I shamelessly and proudly told Facebook friends about my blog, checked out what old friends were up to, re-connected with them around our passion for writing and expression, and thought of creative ways to work together.

And when I wrote about a topic I thought a friend would like or be interested in, I linked it to their pages with a short message.

For example: When I partnered with Primer Magazine for a new men’s advice column, I put the link on my ex-boyfriends page (who I’m friends with) and wrote, “For all those times you thought I was wrong…” and believe me, that got comments and attention.

For one of the publications, my blog was linked to my mom’s Facebook page (yes, really) and seen by the publisher of a commercial magazine. I got a call, and so it began…

Q: What are some top tips you can provide on how to be a writer?

I think if you’re a writer you just know…not because you’re great, but because you love it. Love. Love. Love it.

I’ve never taken a writing class, nor received an award for a high school essay or short story, but I love to write. When I write something I’m proud of, I have energy in my heart and bones for days (cheesy, yes. but also true).

If you want to be a writer, write. Make time to write. Make space to write. Don’t only write the things you hope to publish on your blog or elsewhere.

Write in a journal, write letters and cards to friends, write morning pages (from the book, The Artists Way).

Build your voice. Try new things. Write. Read. Talk. Get inspired.

One of my closest friends Gabi Moskowitz, of the fabulous blog Brokeass Gourmet said to me one day when writers block was consuming me…

“Instead of working so hard to write, start working hard on being inspired.”

That pretty much sums it up.

Q: What are some tips for writing your first blog posting?

Just write it. Really, just write it. Be careful about hinging on the fantasy that your first post will be published and make you famous and and and…that’s a flavor of pressure that you just don’t need to taste.

Just remember…it’s called your first post for a reason.

The best advice I’ve ever gotten when it comes to starting something is “The only difference between those with an idea and those with a successful idea is doing something with it.”

Your blog will never be successful if you don’t start it!

Find a friend who knows about blogging and ask them to help you set it up and give you a little 101 about how to post, edit, and manage your new blog.

Take them to dinner as a thank you…and then take a breath, and go for it…

Q: I know you’ve also got a book in you — would you talk about the approach you’re considering to go from blog to book?

I definitely have a book in me. Right now though, I’m practicing what I preach and not attaching myself to any particular route, or destination for that matter.

There are different options for writing a book including writing a proposal in print, writing the entire book and sending it in to an agent, self publishing, or writing an e-book and self-promoting.

I’m in the stage right now where I’m working on the foundation and intention of my book, meeting new people in the writing world, proudly accepting new opportunities to build my audience and my writing voice…and trying to breathe along the way.

But don’t let that grounded energy be confused with passiveness… My book will be out there one day soon.

Q: Thanks, Brooke. If someone wanted to get in touch with you, what’s the best way for them to do that?

You’re welcome!

The best way to reach me is through my blog Soapbox Therapy or email me at [email protected].

My psychotherapy office, where I see individuals, couples, and families in San Francisco can be reached at 415.294.4044

Thanks!

Brooke.

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Thursday, January 14th, 2010

A Networking Pro Explains How to Master LinkedIn in 8 Easy Steps

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My friend Drew Sanders is one of the best networkers I know. He recently presented his Action Plan for using the networking tool LinkedIn to insurance giant Chubb…and was kind enough to let me share it with you.

If you want to know why you should be linked in, check out my You Must Be LinkedIn article.

Here’s the 8-step plan for setting up and managing LinkedIn:

Step 1: Complete your Linked in Profile (1 Hour)

• Have a coherent narrative of your history from college graduation
• Print out several examples that you like and model yours after theirs
• Brevity is appreciated by all
• Be factual, but humility is a good tack

Step 2: Email accumulation (1 Hour)

• Export your outlook contacts to a (CSV file)
• Do the same for your hotmail, yahoo, or Gmail accounts
• Extra Credit
  • if you have emailing lists from when people have accidentally not bcc’d people and you saw some cool email contacts and saved the emails.
  • Export those as well.
• Any email from anyone you have ever met now has more value than just a way to get a hold of that person.

Step 3: Contact Invitation Process (1 to 3 hours depending on number of emails)

• Load all the emails into the LinkedIn Platform …

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Monday, January 11th, 2010

For Tiger Woods & His Insiders Only: A 6-Step Leadership Action Plan

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Let me start off by saying that I am NOT disappointed in Tiger Woods for reportedly cheating on his wife.

I imagine life as a famous person, on the road the majority of the time with people throwing themselves at you, would tempt even the most pious of people.

I AM disappointed in the way he seems to be dealing with his affairs.

A leader is measured by how they handle a crisis.

The 6-Step Tiger Woods Leadership Action Plan

If I Were Tiger Woods right now, I would:

1) Hold a press conference with my top endorsers and me in a room (this would be one of the most watched events of the year!).

2) Admit to my wife, the rest of my family, my close friends, my fans and my endorsers that I made a big mistake.

3) Take the equivalent of all the endorsement money I’ve made in the last year — $50 to $100 million sounds like a good round number — and donate it all to a charity whose values support the improvement of family.

4) Announce that the next golf tournament I play at will be called the “Family Open” or “Family Invitational” and that all tickets will be free (with an emphasis on families);  and that all players will bring along a family member as a teammate or caddy and will forgoe their prize money.

5) Ask the Press to be as hard on me as they’d like, but to be gentle with my wife and family.

6) Admit that all the above isn’t enough…but that it’s a start.

Tiger has an opportunity that all leaders have: to turn a negative situation into a positive one.

He may also benefit from reading It’s Not About The Bike by Lance Armstrong, who faced a low point with some sponsors and fans when he had cancer — talk about turning a negative into a postive!

While Lance faced a different situation, he wouldn’t be a bad guy to listen to during these times.

Tiger has showed leadership on the golf course. Let’s see what he can do off the course.

I know you can do it, Tiger!

Click Leadership Articles to see more of what I’ve written on the subject.

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Saturday, January 9th, 2010

SWOT Analysis Examples: Google, Coke, Walmart & More

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A bunch of people checked out my article on SWOT Analysis and asked me for more examples of this powerful strategic planning tool.

It turns out that it’s not easy to find free SWOT Analysis examples (many are listed on the Web but cost money (anywhere from $10 to $500 apiece!).

I found over a dozen examples of SWOT that are free to review…and listed them below.

Enjoy!

SWOT Analysis Examples

• Google
• PepsiCo
• Walmart
• Microsoft
• Oracle
• Dell
• McDonald’s Corp.
• Starbucks
• Sun Microsystems
• Pizza Hut
• Walt Disney
• The Cosmetics Industry
• Handspring
• Video of SWOT Analysis (woman showing it on a whiteboard)
• Video Example of How to Do a SWOT Analysis using MS Word and Excel
• SWOT Example of a Web Site
• SWOT Example of a Coffee Shop
• Personal SWOT Example for Carol, an Advertising Manager
• SWOT Example of the State of Minnesota Department of Employee Relations
• Coca Cola (this link had some issues one time I checked)
• Mobitel (Exhibit 34, page 33 of this report)

If you know of any other SWOT Analysis examples, please let me know by just linking to them in the Comments field below — thanks!

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Thursday, January 7th, 2010

How To Use The Google Wonder Wheel To Create More Efficient Content

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Have you heard of the Google Wonder Wheel?

It’s been available for 8 months, but few know what it is…and I hadn’t heard of it until recently.

I use Google Wonder Wheel (it appears within the “Show options” after you search something on Google) as a word reference tool when I’m writing a new article —  to get an idea of things to include.

Google Wonder Wheel = More Efficient Content Creation

For example, I wrote an article two articles on the SWOT strategic planning tool (SWOT Analysis and SWOT Analysis Examples) the strategic planning tool. And when I searched “SWOT” on Google Wonder Wheel, I got back the following topics:

1. Strategic Planning
2. SWOT Definition
3. SWOT Marketing
4. Personal SWOT
5. GAP Analysis
6. Porter’s Five Forces
7. SWOT Examples
8. SWOT Template

I ended up using the majority of these related topics as keywords within my articles.

Why? As I wrote about in Got Googlejuice, it’s important to be specific in your content in order to attract visitors from Google who are searching different variations of your topic (another way to find out exactly how many people are searching a specific term on Google is to use the Google AdWords Keyword Tool)

So, if I can cover such topics as “SWOT Definition” and “SWOT Examples” in my SWOT Analysis article, then I will attract additional traffic from people searching those terms on Google.

The Google Wonder Wheel allows for what I call more “efficient content.”

An additional use of this word reference tool is to suggest to you ideas for additional articles for you to post.

For example, I ended up writing separate articles about Gap Analysis and Porter’s Five Forces.

There’s a super-useful video of how this all works here: How To Use Google’s Wonder Wheel.

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Monday, January 4th, 2010

10 Easy Steps For How To Sell Your Business For Maximum Money

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Have ya ever seen a billion dollar sale of a business and wonder how it happens?

The largest and most successful sales of businesses are handled in a carefully crafted process that has been refined since the early days of business.

I’m gonna break that process down for you right now.

Below are the 10 steps to selling your business — since the biggest and most successful sales of businesses happen with the help of an investment bank, I’m going to include them in my 10 step process.

Here we go:

1) Sign Up Your Investment Bank

First, you’ll need to send out a request for proposal (RFP) to investment banks who you think would do a good job selling your business.

You should leverage your network to find a quality investment bank — if you need help with networking, you can start with my articles mentioning business networking tips.

In the RFP, you’ll want to ask the investment banks a common set of questions for them to answer. Here are some examples:

• What’s their recommendation on the timing of a sale?
• How do they run the process of a sale (what are their steps)? (they should be similar to mine in this article)
• What are comparable transactions (to your business) that they’ve handled (these are called “comparables”)?
• What are the names of a few references of companies they’ve sold (try to pick both recent and older references)
• What do they charge (typically this is a commission though it may include a fixed price and even a minimum)?
• Ask them to send a copy of their engagement letter (you may find that some investment banks have lengthier/more complex contracts than others
• What do they think the value of your business is?
• Who are the potential buyers of your business?

How to Choose An Investment Bank

For your choice of an investment bank, I recommend you rely heavily on:

A) Your chemistry with the individual investment banker with whom you’d be working.

B) The references you speak with (you need to dig in with these folks).

C) The experience the investment bank has with sellers like you and buyers of companies that feel similar to yours.

D) A cost structure that is weighted heavily towards the investment bank’s performance (my preference is a straight commission of a sale (1% to 2% is fairly common.

Do Investment Banks Charge Minimums?

Investment banks will typically charge a minimum amount for smaller deals (this makes sense because “a deal is a deal,” as they say — as in, it takes roughly the same amount of work for an investment banker to sell a $100 Million business as it does to sell a $1 Million business).

You then sign an engagement letter with the investment bank — this can be as simple as a 2-page Agreement.

2) The Investment Bank Works With You On Your “Book”

The investment bank will now work with you on putting together what’s called a “book” (or “Offering Memorandum” or “Management Presentation”).

These consist of the key information on your:

• Market/Industry
• Products
• Team
• Finances

This management presentation — which may be as simple as a 50 to 100 slide Powerpoint-type presentation — will be the main selling document the investment bank and you use to sell your business.

3) Your New Investment Bank Identifies The First List of Target Buyers

Your new investment bank will do market research and come up with anywhere from 20 to 50 target buyers of your business.

Why so many target buyers?

Most investment bankers stick to their philosophy that “competition breeds the best price.”

The Businesses That Typically Buy You

Many of these target buyers may be companies you’ve never heard of. The target buyers will typically consist of two types of businesses:

A) “Financial Buyers” — These firms are typically private equity firms that are looking for cash-flow positive businesses to invest in that can be sold to a larger buyer or taken public.

B) “Strategic Buyers” — These are companies for whom your business adds strategic value. For example, you may have products that their existing customers would like to buy or vice-versa (e.g. you have customers who would buy their products).

Strategic buyers may also find redundancies between your business on the expense side such as overlapping customer service, technology or administrative costs that can be eliminated through the combination of your businesses.

4) The Investment Bank Sends Non-Disclosure Agreements and Executive Summaries to Target Buyers

Your investment bank will ask the target buyers to sign NDAs in order for them to view an executive summary or “teaser” of your business (the executive summary may be just one page of an offering memorandum or 5 to 10 slides from your Management Presentation.

Buyers are asking questions during this stage (this may take a few weeks).

5) Potential Buyers Submit a “Letter of Interest.”

By this point, about 10 to 12 potential buyers should send in a Letter of Interest that they’d like to buy your company.

These Letters of Interest are non-binding; however, target buyers that submit them are usually very serious.

6) Management Presentation

At this point, your management team will prepare to present to the 10 to 12 interested buyers. The presentation is typically 50 to 75 slides on every aspect of your business…with an emphasis on selling your business.

You will practice your presentation with the investment bank — a good investment bank will ask you dozens of the standard questions that buyers will ask.

Once you’ve practiced, you will perform the 10 to 12 management presentations over a week to two weeks ( e.g. two management presentations per day is common). These may take place at the investment bank’s offices (or at your own offices if you’re comfortable with that).

What’s a “Virtual Data Room?”

Around this time, buyers will use what’s called a “Data Room” (sometimes called a “War Room”) — this is a place where they can review financials, stock certificates, audits, account receivable aging reports, accounts payable aging reports, contracts, employment agreements, etc.

This used to be in a physical location but now there are virtual data rooms; a leading provider of such a virtual data room for mergers and acquisitions is Intralinks.

The main benefits of a virtual data room are: 1) Speed — The target buyer can review your documents much faster and 2) Control Over Buyer Activity– You the seller can see exactly what each interested buyer is reviewing (by topic) and how much time they’re spending on the due diligence.

The virtual data room is paid for either by you the buyer or your investment bank for an average cost of $15,000 to $20,000, according to this Boston.com article.

7) Buyers Submit Final Proposals

After you complete the management presentations, about one-third to one-half of the interested buyers will send a final proposal to buy your company. Again, this is non-binding on their part but it shows that they are serious.

That means you should have receive 5 or so proposals.

8) The Top 2 or 3 “Horses” Are Picked

You and your investment bank will now pick 2 to 3 final horses with rankings of #1, #2, and #3. Your investment bank will go to #2 and #3 and ask them if they can “step up” their bids to beat the #1 horse’s bid.

After this dance, there should be a clear #1 choice — your investment bank alerts #1 that he’s #1 (and also alerts #2 and #3 that they are second or third choice).

9) One Month Exclusive Due Diligence With #1 Horse

You now sign an exclusive agreement to let the #1 buyer due more in-depth due diligence on everything about your company.

This is often where some skeletons come out of the closet. Roughly half the time, the #1 buyer will pull out of the deal (in which case you go to #2 buyer and tell him he’s now #1 (and you repeat the one-month exclusive due diligence period)

10) Final Closing: You Receive Your Cash

At this point, final contracts are signed (your investment bank will have been working on this earlier with an attorney representing you) and transfers of assets and any other material begin.

The buyer then wires money into your account (and wires the commission directly into your investment banker’s account).

What’s a Clawback Provision?

A buyer will often ask that a certain percentage of the sales price (e.g. 10% to 15%) go into escrow to cover “Clawback” provisions. The definition of a clawback is the right for a buyer to “claw” “back” a certain amount of money for things that you the seller fail to deliver over a certain period of time.

The whole process from beginning to end should take about 6 months with about:

• 8 weeks of preparation
• 4 to 6 weeks of selling
• 10 to 12 weeks of closing

I hope you get to enjoy a sale of your business some day — I’ve experienced one of my own and it was a blast!

Oh, and don’t forget to read my friend Doug’s 7 Steps to Maximize the Value of Your Business — afterall, it’s tough to sell your business for much if you haven’t built in amazing value!

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