Administrator – Blog news https://galafunspin.com/ Mon, 12 Aug 2024 10:18:33 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 Keys to a Successful Merger https://galafunspin.com/keys-to-a-successful-merger/ https://galafunspin.com/keys-to-a-successful-merger/#respond Mon, 12 Aug 2024 10:18:33 +0000 https://galafunspin.com/?p=72378 merger and acquisition business concept, join company on puzzle pieces, 3d rendering
The Endocrine Society’s merger with an academic group ends a “transactional” relationship, allowing it to better focus on its mission.

On July 30, the Endocrine Society announced that it was merging with the Association of Program Directors in Endocrinology, Diabetes and Metabolism (APDEM). On the surface, this seems like a simple arrangement: The leading umbrella organization in a medical field brings in a smaller group working in the same area. But as with many mergers, the reality is more complicated.

Endocrine Society CEO Kate Fryer, CAE, explains that the society has had a long relationship with APDEM, effectively serving as an AMC for it since 1998. But over time, that relationship became more of a pain point than a source of unity. “It had moved into a place that was more transactional—we were having conversations about how many hours staff were spending on this job [of administering APDEM], and how much we were charging,” she says. “It ended up taking conversations away from being about our groups working together, on getting our shared missions accomplished.”

Fryer shared a few ideas about what made the Endocrine Society-APDEM merger worth the effort, and which may apply to associations considering a merger discussion of its own.

Conversations start around the question of, What are we trying to achieve? Let’s blue-sky what the world could look like if we came together.

Endocrine Society CEO Kate Fryer, CAE

Know your purpose going in. Endocrinology has a pipeline problem: Demand for specialists in the field outstrips the number of doctors working in it. The two organizations are both invested in speeding and widening the pipeline, which made the merger discussions easier. “Because APDEM’s focus is on training the next generation of endocrinologists, we felt like this is exactly the partnership to help drive that conversation into a really more transformative space, as opposed to sort of incremental stuff that both organizations have been doing,” Fryer says. “We’re envisioning a world where we can drive many more people into the pipeline.”

Start with trust-building. The process from initial merger discussions to final announcement took two years. Patience with any merger discussion is essential, and Fryer says she’s found that discussions with APDEM succeeded when board leaders across the two groups, rather than staff leaders, led the sensitive conversations. “We’ve found that it works best when it is member leader to member leader for that first outreach,” she says. “Those conversations really start around the question of, What are we trying to achieve? Let’s blue-sky what the world could look like if we came together.”

Respect autonomy. Though the organizations have merged, APDEM maintains its own board, and the Endocrine Society deferred to APDEM leadership on how to approve the merger on its end. The merger was approved by the board, which was required by its bylaws. But APDEM also took the question to its membership, which wasn’t. “It wasn’t a legally binding vote, but it gave them a lot of comfort that their membership was behind this decision,” Fryer says. “And that vote was near-unanimous.”

Recruit for a merger mindset. Like a lot of medical disciplines, endocrinology has a host of subfields and associations representing them, and Fryer says the Endocrine Society is looking for ways beyond the APDEM merger to better connect with them. That may involve mergers, but not necessarily. Regardless, Fryer says she is mindful that good relationship-building starts with board members who are open to building those bridges. “Our nominating committee has been incredibly focused on partnerships and a strategy of not trying to go out into the world to compete with our sibling and partner societies,” she says. “Rather, we want to look at how we can partner, and that skill set has been one of their focuses.”

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The Red Car Theory https://galafunspin.com/the-red-car-theory/ https://galafunspin.com/the-red-car-theory/#respond Mon, 12 Aug 2024 10:17:32 +0000 https://galafunspin.com/?p=72375

This is a short blog with a simple message: Opportunities are all around you, but you have to be looking for them in order to take advantage of them. Here is a 30-second video that illustrates this point.

Joe’s Perspective: I can’t state it any better than she did. “That’s how opportunities work. When you go through life and you are not looking and you are not aware, opportunities just pass you by and you don’t even notice. Anything can turn into an opportunity, but you have to be aware and you have to keep looking.” So, keep your eyes open and be open to new opportunities. This reminds me of a great quote, “Instead of waiting for your boat to come in, swim out to it.” No line is going to form in front of you that says, “Opportunities here, come and get it.” If you want to be successful, you have to be your own advocate. Be willing to take the bull by the horns. Seize the day. Take some risks.

Your Turn: What are your thoughts on today’s blog and how can it positively impact your life?

]]> https://galafunspin.com/the-red-car-theory/feed/ 0 Behind a Winning “Coolest Thing” Contest https://galafunspin.com/behind-a-winning-coolest-thing-contest/ https://galafunspin.com/behind-a-winning-coolest-thing-contest/#respond Mon, 12 Aug 2024 10:13:51 +0000 https://galafunspin.com/?p=72372 Now in its second year, the California Manufacturers and Technology Association’s competition is a helpful advocacy and outreach tool.

Associations looking to expand their advocacy efforts and building public awareness have known that one popular move is to create a gamified experience. March Madness-style brackets and innovation contests can put a spotlight on a particular industry’s efforts both to legislators and the general public.

That’s particularly true in manufacturing, where state organizations in Illinois, Delaware, and elsewhere. That success prompted the California Manufacturers and Technology Association to launch its “Coolest Thing Made in California” contest last year, which proved successful enough for it to return last week for a second year.

“What we were hearing from our counterparts in different states across the U.S. is that it really helps highlight the diverse manufacturing industry with the public,” said Ananda Rochita, CMTA’s VP of communications. “It’s an opportunity for them to understand our industry and see all the different companies that are making products right in their backyards.”

More than 90,000 people voted in CMTA’s contest last year.

CMTA produces the contest on a shoestring, with Rochita along with two other members of the trade association’s 12-person staff gathering nominations, tallying votes, and encouraging participants to spread the word. The range of manufacturers represented in last year’s contest gave CMTA confidence that it was on the right track: Though Tesla and a pair of aerospace firms were finalists, so was a family business, Carmazzi Caramel Corn, promoting the idea that the state supports both small and large manufacturers. (Another benefit: Carmazzi joined as a member after the contest.)

In addition, the initiative proved successful enough that it attracted sponsorship dollars: This year, the bank JPMorganChase has a naming arrangement with CMTA where its brand is used in all of the association’s promotions of the contest. “It was a year-long process for them to understand us as a brand,” Rochita said. “They’ve attended a few of our events and got a taste of what we bring to the table.”

But the key to the contest’s success is that it’s driven as much by the public as the manufacturers: People are invited to nominate any company that manufactures in the state (it need not be headquartered there), and their votes determine the finalists and winner. Last year, more than 90,000 people voted, and the campaign reached more than 95,000 social media accounts—enough that the state’s lieutenant governor, Eleni Kounalakis, made the official presentation of the award to Tesla last year. 

That experience showed CMTA the importance of strength in numbers, both among the public and members. “We’re the main advocate for the manufacturing industry here, so through this process, we got a lot of attention from legislators,” Rochita said. “We also got a lot of interest among our members and prospects, a lot of manufacturers who weren’t in our membership and that found out about CMTA through the competition.”

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How To Close A Deal That Has Stalled https://galafunspin.com/how-to-close-a-deal-that-has-stalled/ https://galafunspin.com/how-to-close-a-deal-that-has-stalled/#respond Mon, 12 Aug 2024 10:10:28 +0000 https://galafunspin.com/?p=72369

What do you do when your sales process has hit a wall? Your efforts to close a deal that has stalled are important. Thoughtful actions can move the deal forward and over any roadblocks.

Inevitably, sellers will face this situation in their careers, writes HubSpot’s Ben Kassif. It’s vital they know the best way to handle it. 

Some deals hit walls — that‘s just an unfortunate fact of sales life,” he explains.

And the key is to understand why. As SalesFuel points out, being stalled isn’t just a stage.

It’s a situation that needs to be addressed or else the deal may get too far out of reach.” 

According to Kassif, sellers must first analyze their approach. Often, stalled deals result from sellers not addressing the right issues. They may be focusing on a less serious pain point. Or they don’t fully understand the entirety of the problem. 

Misaligned problem-​solving often stalls deals — and not getting to the why behind a prospect’s problems is often where misalignment starts.”

Kassif adds that reps will never close a deal if they don’t have a thorough understanding of a prospect’s business. And they need to understand the details of the challenges they face and their goals.

Take a look at these tips for identifying pain points. They will guide you to uncovering the issues your prospect faces and the root of them.

But don’t stop there. The deal will stay stalled if you can’t demonstrate why your solution is the best choice. It’s simply not enough to tell prospects what’s hurting their business. They must understand how your solution can uniquely help.

If you can’t, “you’re going to have a hard time getting a deal over the finish line,” Kassif explains.

Make sure you share tangible benefits to choosing your solution. And follow these best practices to ensure you do. 

Close a deal by connecting with all stakeholders

A lack of connection with all involved is another cause of stalled deals. It’s easy to get caught up with a single prospect. But rarely are they the only decision-maker. 

LinkedIn recommends identifying and mapping the decision-​making unit (DMU).

The DMU is “the group of people who influence or make the final purchase decision.”

LinkedIn explains that you must understand each individual’s:

Roles

Motivations

Preferences

Objections

Then, ensure you’re not overlooking any of those in your current approach. Sellers must keep in mind that buying groups continue to be a factor in sales. Multi-​threading is a must. 

Tom Erb, writing for Tallann Resources, suggests working with your prospect to engage and build rapport. 

Discuss how you and the prospect can work together to get them the information they need to make the decision.”

Use your relationship to expand your partnerships to ensure all stakeholders are involved. You won’t be able to close a deal if other decision-​makers are left out. 

Be honest

While not the most pleasant option, honesty may be necessary. Kassif recommends resorting to blunt honesty, especially if the contact has gone quiet.

Call out the fact that you feel that this deal is no longer a priority,” he suggests. 

You can do this politely without coming across as accusatory. Coming from a place of curiosity can prevent prospects from feeling defensive. Reinforce yourself as someone who genuinely wants to help. Explain you’d like to continue the process but have concerns they don’t.

And hopefully, you’ve established a strong relationship, based on trust and credibility. This will make this conversation easier for you and the prospect. 

Lean on that, and let them know you’re sensing a dip in interest,” Kassif adds.

And if you’re anxious about the topic, here’s some advice for navigating tough conversations.

When faced with a deal that has stalled, implement these suggestions to get it moving. And for more tips, check out these from SalesFuel.

Photo by Berkeley Communications on Unsplash

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3 Most Important Attributes in a Teammate https://galafunspin.com/3-most-important-attributes-in-a-teammate/ https://galafunspin.com/3-most-important-attributes-in-a-teammate/#respond Mon, 12 Aug 2024 10:06:48 +0000 https://galafunspin.com/?p=72366

I have to be honest.  I have no idea who this guy is. My guess is he is a special forces guy in the military. My guess is he is part of an elite fighting force. My guess is he has had more training and leadership development than any of us will ever receive.

Given all that, he says there are three things that he looks for in a teammate. 1) Dependability – be where you say you are going to be when you say you are going to be, 2) Skilled – that you are very good at completing the task that you are charged to do, & 3) Selflessness – making sure the needs of others are taken care of before you take care of your own.

And, the one he says is the hardest to do and the most important to do is selflessness. Putting the needs of others before yourself – not once in a while or when it is convenient, but when it matters.

Your Turn: On a scale of 1-10, how selfless are you? How well and how often do you put the needs of your teammates/classmates/friends/family ahead of your own?

]]> https://galafunspin.com/3-most-important-attributes-in-a-teammate/feed/ 0 Survival Tips for #ASAE24 https://galafunspin.com/survival-tips-for-asae24/ https://galafunspin.com/survival-tips-for-asae24/#respond Mon, 12 Aug 2024 10:03:36 +0000 https://galafunspin.com/?p=72364 Business people, woman and team applause in conference, tradeshow and support feedback of success. Happy employees, audience and clapping in celebration, praise or winning award at seminar convention
Navigating the ASAE Annual Meeting and Expo can be overwhelming, especially for first-timers. Some advice for how to make it both meaningful and fun.

Every time I’ve set foot in the home for the ASAE Annual Meeting and Expo, I stress out a little. There are a lot of people, a good amount of noise, and a lot of things going on. Looking at the lineup of education sessions and events, it’s easy to feel like I want to be—need to be—in at least three places at once.

Some of that reaction has to do with me being an introvert. But talking with attendees over the years and in preparation for the onsite newspaper, the Daily Now—make sure to pick up a copy while you’re there—I know it’s a common feeling. So as you get set for the coming days, here are a few tips that I and others have found helpful when navigating Annual. Please add your own suggestions in the comments.

Arrive with one question you want answers to. Are you trying to improve as a leader? Dealing with a difficult board? Anxious about your association’s financial position? It’s a lucky association executive who’s only dealing with one problem, but think of Annual as a set of recommendations and panel of experts to address your biggest one, packaged just for you. As you scan through the list of sessions and workshops, design a schedule that puts you in front of the people and ideas who can help.

Have a team. You don’t run an organization alone, and learning works best in groups too. If you’ve arrived with a group of people from your association or company, make plans to check in regularly about what you’ve seen and learned. If you’re flying solo, you can connect with a colleague on-site, or gather information with a mind to bounce ideas off of staff or volunteer leaders when you make it back to the office. 

Annual is a place where, unlike many of your relatives, thousands of people understand exactly what you do for a living.

Take a chance on something. People have very strong opinions about the structure of education sessions. (I’ve joked that the most frightening words in the English language are, “Now, please turn to a person seated next to you…”) Sessions are too long, too short, too fluffy, too PowerPoint-y, too interactive, not interactive enough, and on and on. Sometimes these strong opinions are rooted in nothing more than one or two disappointing past experiences, so Annual is a good opportunity to reset and try a learning format you’ve long resisted.

Ask questions—and answer them too. I’ve lost track of the number of times I’ve heard stories about people meeting friends and longtime professional colleagues through simple questions like, “How do you like working at the Widget Association?” or “Where do I catch the shuttle bus?” Attendees and presenters alike are great repositories of knowledge and reassurance—make use of them, and do the same in return. The Annual Meeting is a place where, unlike many of your relatives, thousands of people understand exactly what you do for a living, and often savor the opportunity to talk shop. Be a little nosy for the next few days—just be ready to share what you know too.

If you’re looking for more, we’ve collected some advance reading recommendations for #ASAE24. The meeting is an exciting opportunity to learn and do more—even if you have to turn to the person seated next to you to do it.

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