Unleashed - How to Thrive as an Independent Professional

Show Notes: In this episode of Unleashed, Will Bachman talks to Jared Simmons, business consultant, coach, and speaker, on design to value. Jared defines the term 'design to value', offers examples of how it can be used, and talks about the various steps involved. Using the example of a design to value playbook, Jared talks through each essential step that should be included. Step one is defining value and creating a shared understanding of it. This involves getting everyone on the same page about the intended purpose. Understanding value involves both the company running the project and the end consumer of the product. The project's goals should be determined, such as cutting costs, making it more of a premium, or growing volume. Step two is mapping out the value chain end to end, from materials to end use, and understanding the basic cost structures associated with each step. This ensures that the project is designed to value both the organization and the end consumer. Jared discusses the importance of mapping the value chain for a product or project. Step three is understanding consumer priorities and preferences which is crucial in determining what they care about and are willing to pay for. Step four involves mapping these preferences to each other, such as the cost of delivery or raw material(s). Step five is creating projects and programs to capture defined value. He emphasizes the need for a shared understanding of who is responsible for which steps in the value chain, including incoming raw materials, converting them into products, and the decision rights and responsibilities within those steps. He also highlights the importance of understanding how each person in a large company works with different materials and services, and what they are trying to accomplish within their roles, such as procurement, shipping costs, currency, and supplier selection. Jared advises senior associates to understand high-leverage starting materials and manage them effectively to achieve cost savings. He emphasizes respecting the intelligence and effort of those involved in the value chain and not just looking at the price but also considering what makes the cost palatable for the procurement person and the rest of the organization. Mapping the value chain is a crucial step in achieving cost optimization in a product or project. It requires a deep understanding of the decision rights and responsibilities within the organization, as well as respecting the intelligence and effort of those involved. Internal and External Benchmarking Jared discusses the importance of internal benchmarking in converting products across the entire value chain. He believes that external benchmarking can be problematic due to the lack of context on how other organizations reached their goals and the capital and labor involved. Jared suggests that internal benchmarks are more valuable than external benchmarks because they provide a full picture of what is driving each number. In terms of understanding consumer preferences, he breaks down this into functional and psychographic segmentations. Psychographic segmentation involves the product's benefit and the belief about the product, while functional segmentation focuses on the features. To determine consumer preferences, he uses a combination of qualitative and quantitative research methods, such as one-on-one interviews, focus groups, dyads, and triads. Quantitative research can involve concept-driven non-concept-driven questionnaires to gather quantitative data on consumer preferences. One-on-one interviews allow for depth and richness in understanding consumer preferences, while dyads allow for more nuanced responses from multiple people. Triads involve three or four participants, while focus groups typically involve 468 participants. Conjoint analysis is another method used to set up quantitative research that gets results. This method helps to understand the trade-offs between different product features and price points. In conclusion, Jared emphasizes the importance of internal benchmarking and understanding consumer preferences to successfully convert products across the entire value chain. By utilizing various methodologies and techniques, businesses can gain valuable insights into their target audience and improve their product offerings. Reducing Product Cost while Maintaining Value To determine which features people care about and will pay more for, Jared states that they need to conduct research on multiple dimensions. This involves building a functional prototype that people can interact with and react and respond to. He also mentions the importance of defining a north star to ensure all departments understand the direction. He mentions a few crucial steps, including: Integrating consumer research, supply chain knowledge, cost structure, and consumer preferences. It's not just about math; it's about prioritizing decisions across the entire value chain and ensuring that there is a qualified decision-maker on the job. Jared runs a boutique consultancy that works in the innovation space and has worked on yogurt portfolios, sports/nutritional drink portfolios, and distribution companies for gas-controlled products, and they have worked with various industries. The team is focused on driving out cost while maintaining value in the product design process. By incorporating consumer research, decision-making, and external support, the team can create a more effective and efficient product. Jared discusses the importance of design to value programs in capturing cost savings and enhancing customer value. He explains how his company works, including services and typical costs savings. To learn more about Jared's practice, he recommends visiting his website, Outlast Consulting, and LinkedIn. He also encourages listeners to contact him directly on his LinkedIn profile. Timestamps: 03:00 Cost reduction and value optimization in product design 04:00 Five steps in a design to value playbook 12:24 Strategic costs in the value chain 13:07 Analyzing consumer preferences and product conversion costs 15:11 Internal benchmarking 16:51 Functional and psychographic segmentation 20:19 Using conjoint analysis for product design and cost reduction. 28:51 Cost savings in CPG industry through design to value programs Links: The company website: https://outlastllc.com/ CONTACT: LinkedIn: https://www.linkedin.com/in/jaredsimmons/ Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.

Show Notes: Chad Oakley, CEO at the executive search firm at Charles Aris, discusses the current state of the consulting job market. He kicks off the conversation by explaining who Charles Aris is and what they do. Chad shares his perspective on three key areas: the market for strategic services, training Chief Strategy officers, and advice for Chief Strategy officers to make themselves more valuable in a down market. The Market for Strategic Services He states that the market for consulting services is currently down significantly due to the down macro environment. Major consulting firms like Bain, BCG, McKinsey, Deloitte, and Accenture have experienced a decline in revenues and project counts. However, they are hopeful that the current low watermark will lead to increased demand, but they are not seeing significant improvements just yet. The good news is that the need for strategy never goes away, and the market for consulting services is often a bellwether for how companies think about strategy these days. As the market continues to down, it is crucial for companies to focus on new and exciting strategic initiatives during downturns and outperform competitors when the market rebounds. He explains that the consulting industry is experiencing a tight market, with more people on the beach than in the last five to five years. Consulting firms are implementing recessionary strategies, such as lowering bonuses, reducing annual raises, and slowing promotions. He talks about delayed start dates, takes a look back at 2023, and how the current situation compares to 2009 and how 2024 is shaping up. He explains that Chief Strategy officers from incorporations are hearing more about companies slowing down strategic projects, special projects, and extraneous growth initiatives. They are also concerned about layoffs and job security, so they want to be on the radar screen for potential opportunities. Advice for Chief Strategy Officers When there are fewer opportunities, Chief Strategy Officers still have the same tasks. He talks about a bright spot for independent consultants and that connecting with these individuals and offering contract solutions can help consultants navigate the market downturn. Private equity-backed companies tend to have more flexibility and are willing to spend money when it will help them make money. He recommends a variety of different companies to consider during this time. He also explains that during a downturn, Chief Strategy Officers (CSO) focus on short-term versus long-term initiatives. In a market downturn, companies tend to retrench to their core products and services, making it more risky for CSOs and consultants working on long-term projects. Instead, they should focus on projects that make a quantifiable impact in the short term, such as increasing revenue or decreasing costs, and focusing on core products or services. Chad mentions a few areas that are profitable in the short term. He recommends that CSOs should also create more stability in their roles by taking on more than just strategy. This can include adding other functions to their responsibilities, such as corporate development and transformation initiatives or strategy and communication, AI. Chad also mentions how having a well-managed team helps promote a consultant's value to the company. CSO's often become known as a feeder for future stars in the business, as they bring Rockstar talent to the company. Functional Areas in the Current Market The US is seeing more opportunity in industrials due to a significant onshoring movement and a slowdown in consumer packaged goods and retail sectors. This shift has created more opportunities for companies that are doing more manufacturing internally, with more growth in the industrial space, and they require more support. However, private equity remains a hot and heavy market, with deal flow decreasing. In 2022, the largest year of merger and acquisition deals in private equity history, and 2023 saw one of the lowest deal volumes due to the Fed raising rates and making money more expensive. Private equity firms are still seeking new talent for their portfolio companies, as they believe their existing functions are not reaching their full potential. The Impact of AI on Consulting The conversation revolves around the potential impact of AI on consulting and the types of AI-related projects or roles being discussed. Chad believes that AI is still a new concept, and companies are still trying to figure out how to use it effectively, consequently, it has not been adopted as a rule. However, Chad does share how he has used ChatGPT. Integrating into a Private Equity Firm Chad offers tactical advice on how to integrate into a Private Equity (PE) firm. He has completed searches for 100+ firms in the last five years, from top 10 global firms to mid-sized or smaller firms. Each firm operates differently, with deal side and portfolio operations groups responsible for identifying potential acquisition targets, valuation, negotiation, and landing the deal. He suggests that, to approach private equity deal people, it is essential to be specific about your skill set and the specific portfolio company you can help. For example, if you are an independent consultant with experience in vendor negotiation, you can use an email title like "Vendor Negotiation Experts for this Portfolio Company" to get the attention of the private equity partner. This will make them more likely to engage with you and share quantifiable success stories. When partnering with a private equity firm, they are constantly thinking about improving EBITDA by raising revenue, maintaining costs, or lowering cost structures. If you have direct experience in improving EBITDA at a business, they may be more willing to engage with you. The Consulting Job Market in 2024 Chad talks about the current job market for full-time consulting roles in the United States. He looks back at statistics from 2022 compared with today. To pivot from contract consultants to full-time roles, he suggests identifying your spikes and ensuring they add value to the organization in the near term. This could include procurement studies, organizations, or vendor negotiations. He also emphasizes that most consultants have two true spikes that they can bring to an organization, and should focus on these areas. Chad talks about the current situation for the global market, but he believes that the first six months of this year will be bumpy, but the market will continue to move slowly and steadily. Chad believes that, whether seeking contract or full-time roles, individuals must be willing to put in more effort to achieve their desired productivity levels. Chad emphasizes the importance of positioning oneself well for a full-time role and how to articulate what they've been doing to achieve this. He believes that there is no time limit that would prevent someone from being a viable candidate for a full-time role. The number one fear clients have when talking about a contract or independent person is their utilization. How Consultants Can Improve Their Resume and LinkedIn To position oneself for a full-time role, he suggests having a good story of what they've done and ensuring that clients are happy to share their accomplishments, and demonstrating quantifiable outcomes in your resume and LinkedIn profile. A good resume should include numbers, such as increased revenue, decreased costs, improved cycle time, reduced inventory, and holding costs. As an independent consultant, it's important to have a website with case studies, white papers, or deliverables. However, if you don't have one, don't create one just for finding another job. Companies often think that someone is trying too hard by creating an entire website focused on finding another job. How to Find an Interim Executive Role Chad discusses the importance of interim executive roles in private equity firms. He has had conversations with operating partners and managing directors about the use of these roles, and they all agree that they are crucial for their organizations. The most common areas where private equity firms use interim executives are CFOs, finance specialists, and transformation. To position oneself for these opportunities, one can either work for firms like High Point Associates or reach out to organizations and say, "This is my spike," which can lead to an opportunity presented to them. Board Positions for Consultants Chad also discusses board roles. He states that board roles are easier to fill due to the demand for these positions. However, he explains what boards are looking for and offers a few suggestions on how to position oneself. He suggests that individuals should research the industry and consider how their skills and capabilities in the relevant space are applicable. By doing so, they can better position themselves for these opportunities and contribute to the growth and success of their companies. Timestamps: 10:42 The consulting market and talent acquisition trends 13:13 Market trends for strategic services in a down economy 19:31 The state of the consulting market and its impact on corporate strategy 23:05 Strategies for Chief Strategy Officers in a market downturn 28:23 Trends and strategies for Chief Strategy Officers in a down market 34:58 Private equity market trends and deal flow 36:24 AI impact, consulting job security, and private equity firm partnerships 42:45 Reaching out to private equity firms for business opportunities 46:05 Job market trends and career advice for consultants 52:01 Transitioning from independent consulting to full-time roles 55:01 Resume optimization, interim executive roles, and positioning for job opportunities 1:01:23 Board roles and compensation for private equity firms Links: https://charlesaris.com/strategy-compensation-studies/ Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.

Show Notes: The Umbrex Business Analytics Diagnostic Guide that is discussed in this episode can be downloaded at no cost here: https://umbrex.com/resources/business-analytics-diagnostic/ In this episode of Unleashed, Will Bachman and Adam Braff discuss the creation of a data analytics diagnostic guide. Adam, a former partner at McKinsey and a consultant on data analytics, discusses the importance of data analytics in solving business problems in any company or investment firm. He explains that a business analytics diagnostic is designed for organizations with multiple people, computers, and analytics processes. The goal of this diagnostic is to determine the performance and alignment of the data science or analytics function with the overall mission of the company. He explains the size and type of company that uses this and who would monitor and manage the data analytics of a company The Diagnostic Guide Format Explained The diagnostic guides follow a format with scorecards for individual pieces of an area, typically 15 to 25 different scorecards, and within each one, objective criteria ranging from nascent to optimized. These guides are divided into categories and subcategories, such as analytics strategy, data management, advanced analytics, AI, talent, decision-making process, tools, and infrastructure. Adam explains the format of the diagnostic guide, beginning with top level categories including analytics strategy, strategic alignment, performance measurement, and future roadmap. Analytic strategy involves understanding the business objectives and problems to be solved, such as growth, customer retention, risk management, and problem-solving. Strategic alignment also involves determining the location of analytics people, whether centrally located in a Center of Excellence or distributed across different functions. Performance measurement involves tracking key performance indicators for the analytics function, such as cross-sell, revenue, pricing, and marketing ROI teams. Benchmarking this number against competitors can help determine if the company is on track and if it is underinvesting in analytics. Performance measurement also includes ROI, which is the understanding of specific goals and projects that the analytics team is working on. By tracking these metrics and reporting the total impact analytics has on the business each year, the analytics strategy part can be evaluated. A Roadmap for the Analytics Strategy Adam emphasizes the importance of having analytical people distributed throughout the business and dedicated resources for analytics initiatives. To round out the analytic strategy, it is crucial to have a roadmap of the next eight quarters, such as tackling Net Promoter Score analysis, customer satisfaction drivers, or adopting a new data management tool. This roadmap should include hiring and development strategies, cutting-edge innovation, and research, which can be revisited and changed strategies as needed. This helps ensure the analytics team is effectively working towards achieving their goals. Data Management: Warehousing, Sourcing and Integration Adam goes on to talk about the importance of warehousing, data sourcing and integration involving sourcing data from internal systems or external sources, such as customer satisfaction surveys or third-party surveys. This is crucial for asset managers who need to acquire data for investment analysis and decision-making. Automating data loading processes is also important, as it allows for efficient data flow. Business intelligence is another important aspect of data management, which involves creating interactive dashboards and alerts for all stakeholders. Data quality is a critical aspect of data management, involving conscious decisions on the quality of data. More mature businesses have higher standards for accuracy, timeliness, and completeness of data, with constant profiling and monitoring to ensure data meets these standards. Data governance encompasses coordination across different parts of the business, ensuring consistency in data definitions, appointment and training of stewards, and governing data for regulatory and compliance purposes. Advanced Analytics and AI-Driven Decision Making Adam discusses the importance of analytics in a company's operations, particularly in areas like operational analytics and revenue. He highlights the need for centralized, advanced analytics functions that focus on predictive modeling, machine learning, and AI-driven decision making. These functions should be evaluated for their maturity and effectiveness. Another area of focus is AI-driven decision making, which involves how a company uses AI to improve operations. He goes on to talk about talent management and three main areas: people, performance, and technology and how these tools can be used in this area. Training and development are crucial aspects of analytics talent management. This includes understanding skill gaps within the team, designing a curriculum to fill them, and providing continuous learning opportunities. Internal or external certifications and specializations can also be beneficial. Lastly, community engagement and collaboration are essential aspects of analytics talent management. This involves sharing knowledge with the organization, building collaboration, and engaging with external partnerships and networks. Adam explains how innovation and co-creation initiatives can help spur creativity and innovation within the analytics team. These efforts can be internal or external, pushing the envelope on innovation and ensuring the success of the business. Overall, analytics talent management is a critical aspect of a company's operations. The Decision-making Processes in a Data-driven Culture The decision making process involves three buckets: data driven culture, analytical decision making, and predictive decision making. A data-driven culture focuses on controlled testing of experiments and measuring things rather than relying solely on intuition. This includes tracking demand for analytics use cases, managing cultural change, and ensuring data accessibility and democratization. Analytical decision making starts with analytical frameworks and tools, such as customer lifetime value frameworks and CLV calculations. It also involves decision-making process integration, ensuring checks are in place before recurring functions occur to ensure data analysis is involved. Performance tracking and feedback are essential for comparing individual decisions made with data to the overall function. Adam explains how and why analytical decision making is used, and how predictive decision making involves planning out budgets for next year, understanding macroeconomic impacts, weather, and operational and financial budgets. Predictive analytics can help manage various risks, such as customer numbers, macroeconomic impacts, and weather. Predictive data is used for strategic planning questions, forecasting sales, and risk assessment. He explains how infrastructure scalability involves capacity planning and management, disaster recovery, and business continuity. Analytics diagnostic guides can help organizations prioritize their future state and decide what they want to invest in. Consulting firms should consider the bigger picture strategic choices, such as whether they are a data-driven company or if it's not important to spend time and effort on data and analytics. Companies may also want to focus on specific examples of demand in the business that they don't know about today, which can help them make better decisions. Data Analytics: Tools and Infrastructure Adam talks about the various platforms that can be used, and how choosing a point along the continuum of low maturity, intuitive, data-driven, and algorithmic can help companies determine if they want to be more analytical or not. By understanding the needs and preferences of their clients and identifying areas for improvement, businesses can make informed decisions about their future state and investment in analytics. He talks about the importance of being able to integrate tools, scalability, fitting the needs of the business and customers, and the ability to customize the tools. Adam discusses the concept of a company's approach to building capabilities and whether they want to be an analytical firm or not, and which analytics will help the business. He suggests that companies should make strategic choices about centralized or distributed analytics functions, monetizing external data, and maintaining a high level of customer consent. He also suggests that companies should build these capabilities aggressively, gradually improving over time, and that companies should start with quick wins on important use cases and gradually build on more complex ones, such as marketing ROI models. For listeners interested in learning more about his practice, Adam recommends visiting braff.co, which offers resources such as a blog, an annual forecasting contest, and programming course. He also mentions that he has taught this content in graduate programs at Brown and NYU and has started teaching a corporate version of the analytics intensive course. Timestamps: 01:18 Setting up data analytics function in a company 07:02 Analytics Strategy and Measurement 12:52 Data management categories and sourcing 16:12 Data management, analytics, and AI in businesses 22:06 Managing and developing analytics talent 26:50 Data-driven decision making and analytics in business 29:13 Data-driven decision making and analytics tools 34:44 Data analytics maturity and strategic prioritization 40:17 Building a data analytics function for a business Links: Website: https://braff.co Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.

Tyler Cowen, author, economist and philanthropist, talks about the inspiration for his new book and the importance of talent identification in business. He believes that talent assessment is an art rather than a science and that institutions like the Florentine Renaissance, which had a competitive process for identifying talent, have been particularly good at this. Tyler also mentions the success of identifying American business talent in the Midwest during the 20th century. China has also done a remarkable job in identifying CEO talent in a world where almost no one had an MBA, and India is currently the single hottest blossoming talent spot. He discusses the trend of companies investing in spotting talent overseas, particularly for smaller companies. With the pandemic and work from a distance, the chance of hiring talent in Indonesia or the Philippines is much higher than it was just a few years ago. However, it is harder to evaluate talent in other countries due to cultural differences and difficulty in interpreting references. And while talent is evenly distributed around the world, opportunity is not. Companies need to adapt their strategies to better identify and mobilize talent, as well as invest in international talent identification. Screening Applicants and Recruiting Talent Tips The increasing trend of independent professionals entering the international market and the importance of investing in pre-existing networks of soft contacts, Tyler suggests that companies should focus on building talent scouts or people who can help navigate different geographies around the world. He shares an example of hiring an Indian person who is well connected in India through his blog and podcast, which serves as a filter for potential applicants, reaching the people who are already aware of the company and will take the first step of contact. He also discusses the importance of screening applicants before the interview process, focusing on established track records, but with emphasis placed on behavior and actions taken and not merely words, and entrepreneurs who demonstrated curiosity and initiative, and those who can work independently but understand how they fit into a team. He emphasizes the importance of using soft connections to winnow down the field as much as possible. For the initial screening phase, Tyler suggests using pre-existing soft networks, such as those within the company or those who know them and can speak credibly about them. This approach is the highest yield way of approaching a problem where there are a large number of potential applicants and ensures that the candidate knows enough about the company and fits in. Skills Assessment and Onboarding Talent Tyler also emphasizes the importance of clear writing skills and how companies like Amazon and Stripe prioritize this aspect. He also shares a few tips to use during the interview process, and the use of practical exercises after the interview round, such as diagnostics or walk-throughs, to assess the candidate's performance. In terms of evaluating the talent within the company, Tyler suggests investing in high levels of trust and focusing on what can be done now to build trust with employees. He shares onboarding advice, and states that focusing on mid-year or annual evaluations is not always the best approach to assessing talent. Advice on Conducting Business Internationally Tyler shares tips on how to travel and learn about a place. He suggests walking a lot, even in places not in guidebooks, and speaking to a broad range of people. He also advises buying a physical guide book in advance and reading it, as people rely too much on the internet when traveling. Tyler also uses soft networks to connect with people who may be readers or people living in that area to help him. He shares a few stories of philanthropic adventures, including one example of a successful small venture is Timothy, a Ukrainian American economist. He discusses the idea that successful small ventures are often made up of people who are similar in personality types, such as early PayPal, Peter Thiel, Reed Hoffman, and Elon Musk. While this idea may not be radical, it is true that some things work well when people are cut from the same bolt of cloth. In summary, Tyler emphasizes the importance of building a soft network and connecting with people who can help him in various ways. He also mentions that some successful small ventures are made up of people who share similar personality types, which is not necessarily radical but is sometimes not always true. He talks about the concept of status quo bias and how Americans are moving less frequently. He shares his experiences with starting new projects, such as Marginal Revolution University, which is now the number one economics education site on the internet. He also talks about the importance of finding mentors, current funded projects, and future collaborations. Cracking Cultural Codes and Conducting Business Internationally Cracking cultural codes is an important aspect of understanding a culture. Tyler shares an example of how traveling to different countries helps bond with people and understand their thoughts and feelings. He believes that showing genuine interest in a country's culture can help break down barriers and encourage more ambitious individuals. A high leverage act is to raise someone's ambition. He also discusses the importance of not being too polite when evaluating someone for fellowship and believes that showing genuine interest in a country's culture can help break down barriers and encourage more ambitious individuals to pursue their passions. Tyler goes on to discuss how business is portrayed in the media and the value of management consulting and how the value of ideas underpins the entire enterprise. He emphasizes the importance of fluency in the English language and the development of a strong business culture. As an economist, Tyler also provides insights into the relative ability of management at a country level. He explains that management is better in some countries than others and how it changes over time. He also identifies the business scene of various countries on the rise, and how Danish business is different from American business. Hiring Tips and Advice for Parents Shifting back to hiring, Tyler emphasizes the importance of screening for resourcefulness and relentlessness in interviewing. He suggests that older individuals should be considered due to their track record and ability to capitalize on their full market value, and suggests taking note of "weird interests", and looking for the level of detail in answers. On family life, he shares his advice for parents on how to help develop talented kids, emphasizing the importance of encouraging curiosity and deep interests. He advises parents to introduce their children to their talented friends, allowing them to explore different professions and interests on their own. Tyler's objective function is to become an information trillionaire, which may not be possible at the moment. He wants to learn as much as possible about various topics, such as economics, history, social science, travel, language, culture, food, business, political science, and World Affairs. Timestamps: 05:12 Talent acquisition strategies and screening processes 13:10 Hiring and onboarding processes for talent 18:07 Travel, talent assessment, and philanthropy 24:31 Creativity, innovation, and personal growth 27:40 Mentorship, cultural codes, and raising ambition 33:30 Business, media, and consulting insights 39:18 Business cultures, thinkers, and productivity 43:55 Writing habits, productivity, and lifestyle Links: Website: https://marginalrevolution.com/ Book: https://www.amazon.ca/Talent-Identify-Energizers-Creatives-Winners/dp/1250275814 Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.

Tiago Forte, author of Building a Second Brain, discusses how consultants must rapidly learn about clients and apply knowledge efficiently. They introduce the concept of a 'second brain' for consultants. They also discuss the core principles of Capture Organized to Still Express (CODE) for creativity. The importance of design in note-taking and the method of progressive summarization are highlighted. The concept of the generative effect and the power of expressing creativity are explored. They discuss organizing a second brain with Evernote, including the use of notebooks and the para system.

Melanie Espeland, an executive and life coach specializing in executive presence, shares valuable insights on using voice for impactful communication. She discusses the dual pillars of executive presence: the literal aspects like nonverbal cues and the figurative ones including authenticity and confidence. Melanie offers practical voice exercises and emphasizes the importance of self-connection and clarity. She also explores breathing techniques to enhance vocal control, helping individuals improve their professional image and make lasting first impressions.

In this live event hosted by Umbrex in November 2023, Ron Lumbra, a member of the CEO & Board of Directors Practice and Partner at Heidrick and Struggles, discusses how to get on a corporate board. He shares insider knowledge about the process. The event was recorded as a streaming event, with approximately 300 people signing up for the session. The discussion was facilitated and included questions from attendees. Exploring the Landscape of Board Roles The discussion focuses on the different types of board roles, such as Fortune 500 companies, other public companies, PE-owned portfolio companies, and family-owned companies. The top of the pyramid is the public company corporate board, which is the most sought-after and difficult to join. People often serve on various types of boards, such as large-cap corporations, smaller publicly traded companies, private companies, family businesses, and nonprofits. These boards have similar structures, committee structures, and skills matrix, making them valuable ground training experiences for those looking to join corporate boards. A board is a group of experienced business people who are responsible for running and governing a company. It is not just a group of smart people, but specific roles that a board seeks to fill. He identifies the difference of a philanthropic board. When searching for a board member, companies often seek specific skills, such as financial experts with experience in China, supply chain, or being female. Ron talks about a typical board structure and defines the importance of what a candidate can bring to the board. The board consists of about 10 people, with four or five members fit into the CEO club or those who have run a big business club. The number one in demand skill set is financial experts, with three seats focused on audit and finance committees. The number one skill set is CFOs, while the other three are controllers, treasurers, VPs, SVPs, or audit partners from one of the big four. Companies are also looking for leaders in certain fields at specific times. Generally at present, their expertise in cyber and AI, supply chain, and ESG areas are in demand. Supply chain has seen a surge in demand, especially during the pandemic. Boards are looking for people who can lead, guide, and help with challenges they may face. They create a skills matrix to identify the various skills needed, which is more than the number of seats. People who can check more boxes credibly tend to be more attractive board candidates. The Benefits of Being on a Board Ron explores the reasons people want to be on a board and the benefits they receive. Operating executives with a day job often go on boards to expand their skill set, gain an outside perspective, and learn from others in different industries. As they age, they may consider a different career path and seek ways to contribute, give back, stay engaged, and stay relevant. Age plays a significant role in the decision-making process, as board directors are not employees and are not discussed in the proxy board. Boards typically have a mandatory retirement age of 72-75 years, which varies by company. People usually go on boards in their late 50s or early 60s and have a decade or more of tenure before they age off. Ron also discusses the reality of being on a board in terms of time and commitment. Being on a board is different from being an operating executive, as it is intense and socially intensive. Board culture and how the board functions come together and go apart are important factors, both experience, personality and cultural fit are all factors considered. Board meetings are usually held five times a year, with committee meetings often occurring around them. Ron shares information on payment for board members and how to position oneself to get on a board, particularly at the non-finance 500 level. Securing a Invitation to The Board He explains that the supply side of the board opportunities is what attracts candidates, and understanding one's skill set, industry expertise, strategic acumen, and expertise is crucial. Ron also highlights the private placement market, where 40% of corporate directors are placed through relationships. This can be an advantage for candidates, as they are paid to introduce competition. However, the private placement market is less competitive and more about networking and making oneself known. Joining a board is akin to joining an elite country club, where applicants must demonstrate their knowledge and expertise. Networking is more about making yourself present and well known, rather than trying to make a sale. It's important not to take it personally, but rather to understand how the game works to get on board. Ron encourages people to focus on networking, letting people know their skill set, and having the courage to differentiate themselves. Many people answer yes to every question and bring various skill sets, but this may not be memorable or distinctive. People who have the courage to say they know banking, regulation, and Washington can become extraordinarily memorable. Trends and the Changing Focus of Companies Ron talks about the trends in diversity goals and the changing focus of companies. He highlights the importance of women on boards and the momentum of advocacy groups around women on boards. The pandemic in March 2020 led to a shift in focus towards ethnic diversity, with a two-year window of intense focus on black directors and Latino Asian directors. Today, there is still an interest in ethnic diversity, but most boards are working hard to address the issue. Advocacy for women on boards is now focused around 30%, partly from shareholder advisory groups and exchanges. Some boards are advocating for at least 30% women on boards. Diversity matters have changed significantly over the past decade, with a period from 2020 to 2023 when companies focused on diversity, leading to a pent-up supply of non-diverse CEOs being called on boards. The market is now recognizing the importance of diversity in addressing societal constraints and positioning companies effectively. Ron shines a light on the importance of understanding the unwritten rules of board roles and how they impact a candidate's authenticity and legitimacy. He emphasizes the importance of addressing governance matters, as it can impact a candidate's authenticity and legitimacy. He suggests that exposure to governance can come in various ways, such as attending board meetings, working with the audit committee, or working closely with members of the compensation committee. This exposure can demonstrate knowledge of board culture, functioning, agenda, and what matters within a board. Understanding The Board Environment Ron talks about the importance of understanding the board agenda and what matters, and why it is so difficult to secure a position on the board. Boards create a high bar to ensure that candidates understand their roles and culture, and that they don't bring on disruptive or underperforming individuals. By addressing these issues, candidates can demonstrate their commitment to good governance and the importance of understanding the board environment.Business schools and the National Association of Corporate Directors offer board directors certification programs, which can be helpful for getting on a board. However, it is important to not oversell these programs, as they may not provide the necessary knowledge and experience for decision-makers. Participation in these programs can make individuals more knowledgeable and contemporary in governance topics, making them better interviewers or interviewees. A Focus on Governance To demonstrate a commitment to governance, one can get on a nonprofit board. The type of nonprofit and the specific role on the board should be determined by the individual's passion for the subject matter. Nonprofit boards often have committees that align with the individual's interests and skills. For example, financial experts might be better suited for audit or finance committees, while those with expertise in governance may find the Governance Committee beneficial. Engaging in committees is where the work happens, and it is crucial to find a committee where you can grow and develop. This can lead to being tapped into a corporate board, as people will see you as a leader and a greater amongst equals. Boards are typically staffed over a decade, so it doesn't have to happen on the day you join. If you like the mission, theme, and value add, you will find yourself on committees, running committees, or chairing the board. Vetting Candidates for Board Positions When talking about the process of vetting candidates for board positions, Ron explains that it is divided into two categories: formal and informal. Formal vetting involves light off-the-record background checks, such as FBI police records and business references, to ensure a good understanding of the candidate. The process also includes back channel conversations with board members, who may have connections to the candidate. It is important to understand that every person you interact with or have worked with in the past is a potential candidate, and it is crucial to be aware of these back channel calls. Executive search firms fill about 40% of roles, and it is essential to ensure that candidates are aware of their interest. To do this, resumes should be on file with all major firms, as they are centrally administered and managed. This makes them a shared asset in the board database, which can be used to identify potential candidates for new searches.Joining a board of directors can be lucrative for younger professionals in their 40s-50s. However, it is challenging to position oneself effectively in these roles due to the value placed on experience and life experience. The average age of a first-time director on a publicly traded larger cap board is 58, so it is crucial to understand the circumstances in which you will be effective on the board. Ron shares an example of a public company CEO who overstepped the boundaries of his role as a board member, leading to a crash in his candidacy to illustrate that it is important to think carefully about your involvement and what you bring to the table before you commit to a board position. Timestamps: 00:02 How to get on a corporate board with an insider 05:00 Board composition, skills, and motivations 10:14 Board service for executives nearing retirement age 12:40 Board positions and their requirements 17:01 Networking, marketing, and diversity in boardrooms 20:18 Board diversity and governance expectations 26:50 Board director certification programs and their value 28:50 Board governance and interview process for nonprofit boards 34:49 Board membership requirements and vetting process 38:06 Board member compensation and background checks 44:05 Board positioning and vetting process for executives 49:15 Board advisory roles and expertise Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.

Jill Stoddard, author of Imposter No More, discusses the concept of impostor syndrome, its historical origins, and the impact of modern advancements on its prevalence. She shares techniques for handling the inner critic and explores resources and tips for overcoming impostor syndrome.

William Magnuson, a professor at Texas A&M Law School and former Harvard University professor, discusses his book For Profit: A History of Corporations. The book covers eight different corporations throughout history, illustrating different facets of corporations. William chose these eight corporations because they were relevant to the modern world and their importance in shaping society. He aimed to explore the origins of corporations, focusing on foundational moments in corporate law, such as ancient Rome's tax-gathering entities, and the Medici bank. He talks about how studying corporations over 2000 years brought to light trends and why today's citizens are more impacted by corporations than at any other time in history. William considered including the Soviet Union, which was one of the world's great experiments in trying to structure and economy without corporations. However, he did not include any consumer packaged goods or retail companies on the list. He also considered researching other major tech companies like Apple, Google, and Microsoft, but ultimately chose not to include them. He also considered adding Japanese corporations, as there is a long history within corporate law scholarship that has similarities with US law but also some major differences. He highlights the importance of understanding the legal concept of corporations and the evolution of their features over time. He also acknowledges the potential for further research into other cultures and corporations, such as Japanese corporations, which could provide valuable insights into corporate law scholarship. Common Characteristics of the Modern Corporation The concept of a corporation has its roots in various ancient cultures, including the Incas, Chinese, and Japan. Europe was largely based on the Roman model, which outsourced government services to private individuals or organizations. This model was copied in Renaissance Italy and eventually moved up to the joint stock era in the 1600s. Japan has a long history of large conglomerate organizations, which are family-oriented and have evolved over time. The American corporation is largely based on the European tradition. Some common characteristics of modern corporations include limited liability, professional management class; single entity operation, and immortality, where a corporation never dies or ceases to exist, unlike partnerships, which end when one partner dies. This is important because historically, partnerships ended when one partner died, which was problematic for tax gathering in ancient Roman republics. Corporations are immortal, meaning they continue to exist even after the death of a single member or stockholder. The Birth of the Corporation The Roman Republic's Fabian strategy, which involved avoiding set battles and using private enterprise, played a significant role in the creation of corporations. In 218 BC, during the Punic War between Rome and Carthage, the Roman commander Cornelius Skipio wrote to the Senate, asking for supplies to continue the war. The Roman senate ran out of money, they made a plea to Roman citizens for support, and in return they asked for several terms, and this led to the idea of private enterprises as a solution to the problem, and legal rights for specific entities. In the Roman Republic, corporations had to have certain institutions in place to function effectively. These institutions included the Senate passing laws, corporate attorneys, banks, and other infrastructure. The rule of law was crucial for these entities to thrive, as it allowed them to enforce contracts in court. This rule of law was a key factor in the rise of the corporation in Renaissance Florence, where fragmented policies and conflicts between duchies, barons, kingdoms, empires, and city states were prevalent. The Medici bank, for example, created a rule of law within the city of Florence, creating separate entities with 15 branches, each serving as its own entity. This allowed them to create a rule of law in a world that didn't have it. Cities and Religious Organizations as Corporations Religious organizations, such as monasteries, were also considered corporations, but they were not in the same line of business. Cities, on the other hand, were outliers in the history of corporations, as they sought to protect their liberties and rights. Cities were able to benefit from incorporation, as they were protected by the Magna Carta. Corporations are flexible entities that can be used for various enterprises. William explains the element of limited liability, which is a fascinating element of corporations. It provides risk protection for owners, allowing them to gather capital and launch larger enterprises. However, the concept of limited liability was not always clear, and some statutes are still ambiguous. For example, the East India Company, which was one of the first corporations to adopt limited liability, was a case study that illustrates the importance of limited liability in the early years of corporations. Early Ideas of Governance in Corporations William discusses the concept of governance in corporations, focusing on the separation of owners and managers and how to align them. This separation is crucial for modern corporations with hundreds of thousands of shareholders, as it prevents conflicts between managers and shareholders. One example of this is Ford Motor Company, founded by Henry Ford in the early 1900s. Ford was known for his fiddling around and raising money from wealthy investors, but faced criticism from shareholders who were concerned about his financial performance. This led to a conflict of interest between Ford and his shareholders, which eventually led to the foundational concept of fiduciary duty in corporate law. William also discusses the history of shares trading hands, mentioning that in ancient Rome, there were physical certificates representing stock ownership. However, there is little evidence on the exact structure or form of the stock market. Today, the system is moving towards an electric electronic system, making it more complex. William teaches a class on the settlement of trades, which is one of the main focuses in FinTech and other research interests. He also discusses the evolution of the stock trading system, highlighting the importance of understanding the complex nature of the process of trading shares. The History of Corporate Advisors William discusses the history of corporations using professionals outside their four walls to advise them. He cites KKR, a private equity firm, as an example of a corporation that uses an ecosystem of professionals to help it operate in the world. The role of these professionals has become more important as corporate law and the corporate form become bigger and more complicated in the modern world. Institutional investors have also played a role in the venture capital industry, often spearheading companies with the interests of venture capitalists. Facebook's structure and story are shaped by its funding model, which was honed into the idea that venture capitalists would take bets and try to reach rapid growth to create a platform effect. This model is emulated by many other startups today. There is a big debate about the corporate purpose, whether they should focus on profit or consider environmental, social, or governance issues. Throughout his research, William was surprised to find that the structure of corporations has always been similar to the debates within society, and major corporations have always led to major changes in how they are regulated. For example, mass production, oil production, and concerns about too big to fail have led to new issues being raised when there is mass production or oil production. Misconceptions about Corporations and Their Role in Society William discusses the misconceptions about corporations and their role in society. He argues that corporations were created to promote the common good, not just profit, although what could be debated is what the common good means. This idea is based on historical evidence, such as the creation of the Florentine government and Queen Elizabeth England. He also discusses the debate surrounding fiduciary duties and the role of boards of directors, managers, and officers in determining the interests of shareholders. He disagrees with some scholars about the role of fiduciary duties and the broad discretion granted to managers to consider other interests beyond shareholder profit. He believes that this broad discretion has been informed by his research into the history of corporations and the factors that have led them to thrive. William's next book is on the history of law, focusing on foundational moments in time when the way we think about law, the rule of law, the Constitution, judges, and democracy have changed. He goes back to ancient Athens, ancient Rome, and the development of the code, moving up through the US Constitution Magna Carta to the current draft of the 1964 Civil Rights Act. Links: Some additional book recommendations on corporate history from Professor Magnuson: Ernst Badian, Publicans and Sinners: Private Enterprise in the Service of the Roman Republic Raymond de Roover, The Rise and Decline of the Medici Bank William Dalrymple, The Anarchy: The Relentless Rise of the East India Company John Micklethwait & Adrian Wooldridge, The Company: A Short History of a Revolutionary Idea CONTACT: Twitter: @profmagnuson LinkedIn: https://www.linkedin.com/in/william-magnuson-56479473/ Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.

In this episode of Unleashed, Will Bachman talks to Scott Ratliff, who is a principal at the search firm Beecher Reagan. Beecher Reagan is a specialty retained executive search firm that works across three industries: professional services, digital and technology services, and private equity. As a principal at Beecher Reagan, Scott leads the commercial excellence sales and marketing practice, focusing on growth roles across these industries. Scott talks about commercial leaders within professional services, specifically in three forms: true Hunter BD people, who are responsible for going out into the market, setting meetings, driving revenue, and bringing in new logos; a hybrid, who owns client relationships, farming large accounts, finding new lines of business within those accounts; and a commercial operations type of role, who sets up and builds out a sales structure, identifying the right people to process technology to build or develop a sales culture within a firm. Depending on the size of the firm, its growth journey, and the talent available, firms may have specific roles specific to one of these verticals or firms looking for someone who can come in and play across. Scott explains that some types of professional services firms have people who are separate from the actual delivery teams brought in as commercial salespeople effect. The traditional model in consulting involves starting as an analyst and working your way up to the manager level, where you shift into being commercially wired and focused. However, there has been a spike in commercial leadership in several places, such as the lower middle market, high growth, emerging market, and larger firms looking to build out new functional capabilities or geography. In addition to selling services, commercial leaders should also understand how to sell services specific to that functional area. This helps firms continue to supercharge growth and drive revenue. The Roles of Hunter/BD People in High Growth Firms Scott discusses the roles of Hunter/BD people in high-growth firms. He explains that these roles can range from five to $10 million firms looking to grow organically to $25 million and potentially leverage M&A. The role involves understanding prospective clients, targeting companies, gathering data for an effective approach, outreach, scheduling meetings, and creating a lead generation engine. The Hunter BD person's role is crucial in identifying potential clients and building relationships with them. They are responsible for taking initial calls, developing relationships, and deciding whether to bring in a partner or subject matter expert. Different firms have different compensation structures, with some expecting the sales leader to close business and the delivery team to execute or the role may be to generate meetings. There are two types of Hunter BD profiles: those who understand the business well enough to take the sales cycle from start to finish, build relationships, understand the selling proposition, and close deals. Another version of the role involves supercharging what partners do well, pitching services, and understanding the problem statement of potential buyers. Scott suggests that the effectiveness of each role depends on the business's needs at its current stage of growth and the resources available. It is important to consider the business's staffing and talent requirements when choosing between meeting setters and sales leaders. Sales Success Strategies Scott emphasizes the need for a combination of strategies to achieve success in sales. First, a strong strategy is needed. Second, having the right technology in place to generate strong leads is crucial. He shares a few steps and mentions how important relationships are in selling services. People who have worked in the industry and built up a network can leverage their network to sell directly to potential buyers or introduce them to potential buyers. The best salespeople are not only doing one or the other, but also setting the engine, pursuing cold outreach, getting their story out there to the right people, and leveraging their own network and relationships. The typical background of successful salespeople is in the digital and technology services space, where they have exceptional sales training programs. However, when hiring commercial talent into professional services, it is important to see their experience in selling services and speaking to different types of customers. In conclusion, a combination of strategies, including cold calling and cold outreach, is necessary to achieve success in the sales world. It is essential to find individuals with a strong sales DNA and experience in both sales and professional services to ensure a successful transition into the industry. Evaluation Process for Sales Candidates Scott emphasizes the importance of communication skills and the ability to quickly connect with people within an organization. He also emphasizes the importance of talking in numbers and making things simple for clients. The typical compensation range for salespeople is typically between 150,000 and 250,000, depending on their experience level. However, at the high end, senior sales people typically earn between $350 and $400,000. Scott talks about attracting talent. One of the most common questions asked by candidates is whether they are ready to walk away from their current position with existing relationships and recurring business. To help incentivize or help with the ramp period, firms should focus on having someone who can bring existing relationships with buyers who are fit for the role. This could include senior executives, civilian clients, or heads of business units at large companies. In summary, Scott emphasizes the importance of communication skills, numbers, and a strong understanding of the company's business processes when evaluating candidates for sales roles. Support Teams and Building a Commercial Team Scott suggests that hiring someone at this level should build a commercial team around them. This could include someone handling marketing, leveraging LinkedIn, and generating leads through marketing. A research person is also crucial in this team. In a professional services firm, the number of people involved in lead sales is considered a team number. The first 30-60 days should be spent identifying the right setup of the team and finding ways to make the most out of their resources. The sales leader or Chief Commercial Officer would lead the team in lead generation, research, and building lists for target audiences. The research capabilities may include using tools like LinkedIn Sales Navigator to build lists and target different businesses. The audience for the firm will impact the size of the research function, but it is essential to leverage existing technology for lead generation and segmenting for cold outreach. By targeting the right people and buyers, the team can create targeted messaging and drive sales growth. Compensation for Sales Leaders Scott discusses the compensation for sales leaders in a professional service firm, including the process metrics for hiring salespeople, such as meeting frequency and revenue generation. For a salesperson at a higher level, the goal is to generate millions of dollars in revenue. However, the number of meetings may vary depending on the size of the deal and the industry. For a sales leader at a 150,000 base, the typical number of meetings would be two meetings per week. The number of meetings depends on the size of the deal and volume expectation. If the salesperson is selling large deals or farming accounts, the number of meetings may decrease. However, the goal is to maintain double-digits of meetings once the business is up and running. When hiring a sales leader, professionals should consider their organization's capability to handle downturns and be agile in their offerings. Scott believes that hiring a sales leader can help the company adapt to market changes and build new capabilities. By identifying different markets and products, the sales leader can help the company handle downturns and rapid changes. The best sales leaders are creative and can sell their product in various places, allowing the firm to hire against these expectations. This approach allows the sales leader to continue growing and function in challenging times. Incentive Compensation for Commercial Leaders Scott shares what a company should address before bringing in a sales leader. He discusses the normal rates of success expected in a sales leader and the incentive compensation for commercial leaders, and the different ways firms structure it. He talks about the various models for building a strategy, how long the new logo belongs to the salesperson, and how much of that is shared with the partner who delivers the work, leading to recurring business. Some firms have a higher volume, a less consolidated sales model where the income is going elsewhere, while others focus on maintaining relationships and expanding on new accounts. Scott emphasizes the importance of paying attention to the core DNA of successful salespeople, which includes competitive spirit, motivation, commercial mode, and strong communication skills. The best salespeople are motivated, commercially awaited, and have a piano driver of their own success and fulfillment through their work. They also have strong interpersonal skills and a sense of people. By testing for these qualities and the experience of the sales leader, organizations can feel comfortable in the value they can bring to their organization. Timestamps: 00:40 Recruiting commercial roles in professional services firms 01:49 Commercial leadership roles in professional services firms 06:14 Sales roles and responsibilities in consulting firms 12:04 Sales strategies for professional services 17:56 Evaluating sales candidates for consulting roles 20:38 Sales compensation and ramp time for high-potential salespeople 25:32 Building a commercial organization for a consulting or professional services firm 31:15 Hiring a sales leader for a professional service firm 36:25 Sales leadership and incentive compensation strategies Links: Website: https://beecherreagan.com/ CONTACT: LinkedIn: https://www.linkedin.com/in/scott-ratliff-0294362b/ Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.