4 | The Ascent
10 | Women at the Top™
6 | Executive Haberdashery
12 | Gear to Get: The 10 Essentials Find new favorite gadgets
Tamara Sales became a CFO much the same way she reached a granite summit: she started with a strategy, took it step by step, and enjoyed the trek. Transition expert and author Liz Cornish describes seven choices that wildly successful women make.
8 | Start Up to Stand Out
Five entrepreneurs from around the country share the struggles and triumphs they encountered as they began their businesses.
TFW
TM
Table of Contents Unintended consequences deserve attention during the decision-making process, explains executive coach and consultant Regina Barr.
and goodies for the office and at home.
14 | You Unstuck: Creating Your Wow Career
Speaker and author Libby Gill’s interviews with chief executives reveal a unique take on firmly establishing your core values in your mind.
Today’s Financial Women
About TFW – Today’s Financial Women In This Issue – “Can’t” is not a word women know. Agility is a must. Adventure is part of everyday life. TFW will share in celebration of women thriving at the balance of career and personal satisfaction. You’ll gain insights and inspiration from women on their way to reaching their highest goals. Watch for the spring issue of TFW to learn how you can build a new foundation for career success.
Melissa Curzon
Publisher of TFW and President, Triumph Solutions, Inc.
Contact Us: phone 949.837.9154 • fax 949.682.4853 info@triumphsolutionsinc.com www.triumphsolutionsinc.com. Triumph Solutions, Inc., Mission Viejo, CA Postmaster changes to: info@triumphsolutionsinc.com
TFW Staff: Editor in Chief – Melissa Curzon Executive Editor – Nancy Everitt Editor at Large – Ann Kvaal Editor – Cindy Haas Deputy Editor – Annie Lyon Creative Director – Bryan Bollinger Contributing Design Director – Geoff Curzon Contributing Writer – Becky Nelson Winter 2010: Vol 4 No 1, ©2010 Triumph Solutions Inc. All Rights Reserved. Contents may not be reproduced in whole or in part. Editorial content does not necessarily reflect the views of Triumph Solutions Inc. or its officers, agents and employees. Today’s Financial Women (ISSN 1935-7842) is published four times a year by Triumph Solutions Inc., 23031 Cecelia, Mission Viejo, CA 92691
By Becky Nelson An interview with Tamara Sales Bioaxxess, Inc., Chief Financial Officer San Diego, California Standing at the base of Half Dome at 4 a.m., Tamara Sales craned her neck to look up the 5,000-feet-tall vertical granite formation that she would soon be climbing. What she felt was not fear, nor uncertainty, but rather adventure – the adrenaline coursing through her veins, preparing her for the 12-hour trek ahead. She would be navigating strenuous, narrow trails that lead to a cable-assisted vertical climb to the top. The 47-year-old looked around at her friends and family, took a deep breath, and began her steep ascent with one dedicated first step. Only one week earlier, Tamara was sitting in her office, considering not her future attack on Half Dome, but the cash flow of the company where she was director of finance. In an interview with TFW, Tamara explained how being dedicated and focused on life’s adventures can help build a successful career. Page 4 | TFW Magazine | Winter 2010
Uphill challenge: Tamara has navigated through career challenges all along. At one point, she took a break from her own career while supporting her husband on a two-year assignment in Switzerland. Concerned that suspending her career would stifle her ambition, she sometimes questioned her decision. But she took that time to begin her family – and what she did not know was that she was setting the foundation for her future success. “You may never know what the hidden dangers are on your career path; likewise, you may never see a hidden opportunity.” Getting on track: Back in the states, Tamara’s career took off after she earned her Certified Public Accountant (CPA) license and sharpened her technical skills. “That’s when I felt like I had a serious foundation for a career path – not just to be an accountant, but a CFO,” she says. She landed a position with a small biotech firm that had foreign operations in Switzerland, the United Kingdom and Germany. (Coincidentally, the CEO of the biotech firm was from the same village in Switzerland where she had lived.) Tamara worked through several mergers and acquisitions that prepared her for opportunities and required that she travel internationally. She has since made other strategic professional moves, providing her with extensive business
experience in the European and Asian markets. Continuing the climb: In the workplace, knowledge and confidence are key. “Every board meeting I’ve ever been in, I’ve been the only woman – and I could have let that limit me,” she said. “But I don’t feel like I have any limitations. Your limitations are only what you think they are, what you perceive them to be.” Tamara is exploring her options for earning an executive masters in business administration, specializing in international business. “I’m 47, in the midplace of my career. If I could’ve done anything differently, I would have focused on advanced education early on,” she says. “I don’t know that you necessarily need it to do your day-to-day job, but it builds confidence.” Help along the way: Although she doesn’t frequent networking events, Tamara credits other accountants, lawyers and professionals who helped her move up. “Our professional community is really very small, so it’s really important to foster relationships,” she says. She also made valuable connections before she needed them. “Earlier in my career, I built a relationship with a small private bank,” Tamara says. “Later, when I was part of a management buyout, I was able to get a $1 million unsecured loan from that bank that I may not have gotten otherwise.”
reluctant to help other women, when in reality we should be each other’s biggest supporters. I try to mentor, train and teach each person that is working for me. It’s better for them and better for me,” she said. Serious fun: Tamara has never believed in working 80 hours a week. “I take my work very seriously, but I equally take my play time very seriously,” she said. For Tamara and her husband, that has included volunteering countless hours with their children’s school activities, including high school marching band. When she is not golfing, hiking, biking, finding the best microbrews in San Diego, or hanging out with close friends and family, she is vacationing in a littleknown remote country. No novice to the dedication and focus one must embody to be successful, Tamara’s adventurous spirit makes her a success in the workplace and in life. Tamara and Ivan walked away from Half Dome as the only two of their party to complete the treacherous climb to the summit. “I don’t always take the safe or easy path in life,” she said, “and that makes the end result much more rewarding.”
Support system: Tamara credits her parents and her husband’s parents for playing a key role in her career as well. “My son and daughter are very close with their grandparents, and I think that has a lot do to with all those band tournaments and orthodontist appointments they drove them to. Also, my husband, Ivan, has a fantastic career as an engineer but he was a very hands-on dad.” She is proud of the way that she and her husband raised their children, who are now in college. In the workplace, she still finds that women’s support for other women is lacking. “Sometimes women are
More About Tamara Recently read: Cradle to Cradle: Remaking the Way We Make Things by William McDonough and Michael Braungart and Twilight by Stephenie Meyer – “to see what all the hype is about.” Best sources of info: CNN web site; American Institute of Certified Public Accountants Can’t live without: iPhone and golf clubs TFW Magazine | Winter 2010 | Page 5
ultimately became Executive Vice President and now runs the 7+ billion dollar Archers Daniel Midland. Not bad as a runner-up job, eh? Choice #2: They are absolutely committed to the next step
7 Choices of Wildly Successful Women by Liz Cornish What distinguishes wildly successful women – admirals, multi-million-dollar entrepreneurs, CEOs of billion-dollar enterprises – from those who plateau sooner? With similar skill sets and smarts, why do some females cruise through the glass ceiling while others crash into it? While conducting personal interviews of over 300 leaders who shattered the status quo, we discovered seven critical choices that separate highly effective women from their counterparts. Choice #1: They know exactly what they want Lynn Twist was a typical housewife with three young children until the day she learned that hunger is caused not by a shortage of food but a chronic misallocation of resources. She began a life mission, ultimately raising $150 million and training over 20,000 fundraisers in 47 countries. Just as Lynn wants to end world hunger, the other women interviewed knew what they wanted: a female political candidate run for a specific policy change, an entrepreneur was determined to keep her employe working. And their compelling goals often harness the energy of those around them. Did they always get what they wanted? Not necessarily. For example, a young Patricia Woertz was asked her career goals, she responded, “I want to be CEO of Chevron.” She Page 6 | TFW Magazine | Winter 2010
Once they know what they want, superstar women commit. Alice Paul, leader in the women’s suffrage movement, was a simple Quaker with the single-minded commitment to equal rights for women. During the protracted effort to gain the right to vote, she endured imprisonment, physical and verbal abuse and forced feeding. For many of the women interviewed, stepping down or going back was not an option. They leveraged their entire savings, moved cross-country and burned a bridge to their past. Though it sounds a bit over-simplistic, being absolutely committed to the next step can be a challenge for working women. There are still enormous tugs on our time and psyche. We must still be great parents, daughters, friends, volunteers, providers and home nurturers. It’s exhausting. The responsibilities we accept in all parts of our lives can easily erode focus and commitment. Choice #3: They look beyond the problem Every surveyed woman interviewed faced daunting challenges or setbacks in her career: budget cuts, job loss, public relations nightmares, lousy assignments, and destructive internal politics. However, being so focused on their goal (see Choice #1), they refused to let even significant problems stop them. As one health care executive said, “I knew there were those who resented my leadership. I just never let it take up a lot of my attention.” Choice #4: They make the braver decision Many of us host an Internal Board of Directors – the voices that debate “should I or shouldn’t I?” Volunteer for that high stakes assignment? Ask for the raise or promotion? The highly successful women refused to let doubt and fear hold them back. They stepped up, raised their hand and proactively took leadership risks. As one Canadian public executive said, “Jump into the project and learn your way out of it.”
Choice #5: They get the support they need For some, it was a regular gym workout. For others, a professional mentor. Wildly successful women realize that leadership comes with an emotional, spiritual, and physical price tag. They cannot sustain the energy of an organization without replenishing their own. Too many women wrongly place themselves behind employees and family, allowing critical self-renewal activities to fall off the must-do list. Savvy women (1) realize what support they need (2) haggle for it when necessary and, perhaps most importantly, (3) give themselves permission to use it. Whether it’s family time, garden chores or a professional development program, highly effective women negotiate for and use the support.
Liz Cornish of FHD (First 100 Days) Consulting is a popular leadership coach and speaker. She is author of McGraw Hill leadership book Hit the Ground Running: the Woman’s Guide to Success for the First 100 Days on the Job (2006).
Choice #6: They take hits with humor One doesn’t have to be a Sarah Jessica Parker or Ellen De Generes to take a hit with humor. It requires a tenacity to bounce back each time a setback occurs. Note Hilary Clinton’s ability to suffer through the health care reform debacle and her husband’s philandering to ultimately become Secretary of State. Or Martha Stewart’s return to the public forefront following the humiliating jail term. The most effective women avoid “practicing misery” and replace whiny cynicism with results. Choice #7: They banish the inner critic Women are so tough on themselves. And we inadvertently perpetuate it by second guessing ourselves. If we take time to see the soccer game, we feel guilty. If we stay at work late, we feel guilty. We often drown in a sea of “shoulds”. “I should be a more aggressive negotiator. I should volunteer more. I should get more exercise. I should stop saying should.” The internal dialogue is deafening and the self-critic tough to satisfy. The groundbreaking women somehow come to peace with their flaws. They make a decision and move on. They realize they aren’t perfect, are doing the best they can and just let go of the guilt. They’re smart, they’re skilled but ultimately, the success of women who metaphorically “knock it out of the park” is usually due to the choices they make. TFW Magazine | Winter 2010 | Page 7
By Becky Nelson and Melissa Curzon If you’ve checked your bank balance daily, worked seven days a week, didn’t receive a paycheck this pay period, or took your kids to the office in the past month, you’re not alone. In fact, you’re like many women entrepreneurs, particularly during the startup phase. At the same time, you enjoy job satisfaction, continual personal and professional growth, and the ability to call the shots – and that’s why many women say they couldn’t imagine doing anything else. TFW asked four small business owners to describe exactly what it’s like to take the risk and ride out the tough times. Dr. Michelle Rademacher, DDS Enhance, A Center for Fine Dentistry, Eagan, Minnesota Products/Services: Independent dental practice What inspired you to start your business? I knew when I was going to school to receive my doctorate that I wanted to be my own employer. I was an associate for the first year, just to get some experience behind me. Did you have operating experience in your field prior to starting your business? No, and that’s the part that’s been hard. I was 26 years old, a year out of school, had bought this practice and had just had a baby. [My husband and I] discovered that we had been embezzled in the first year of our practice. I found in the office $30,000 in past bills that our employee hadn’t been paying. I had to figure out how to print out a check, reconcile my statements - those kind of operating things. But I’m glad it happened; it taught me at Page 8 | TFW Magazine | Winter 2010
a very early time in my practice that I needed to know how everything was done. Did you research competition before launching your business? I did some research, but whether it was naïve or confident, I knew what I wanted and I knew what my end result was going to be. If the bank would give me the [$500,000 loan], it would be OK. Was there a time when you considered closing up shop and working for someone else? Oh, absolutely. I set up the business by borrowing from the bank so I’m servicing a lot of debt at the start of my business. We were cash-poor a lot. Everyone else needs to be paid, but you can’t pay yourself. Sometimes you think, ‘I just want to go to work, punch in, get my paycheck, go home and be with my family.’ What was the most difficult aspect of starting your business? Cash flow, making sure you have a full schedule, and knowing your patients are still taken care of. Then there’s the personal stress that you can’t share with your colleagues. A lot of us work by ourselves, and you just kind of figure it out as you go along. Anna Luisi, CPA Luisi & Luisi Manalapan, New Jersey Products/Services: Accounting and tax preparation How did you manage your cash flow? I prioritized what was absolutely necessary versus the conveniences that would be nice to have. We budgeted, with the objective of not incurring debt. Was there a time when you considered closing up shop and working for someone else? I did, and it peaked for me when my husband – my business partner – and I decided to get divorced. I had no self-confidence and I doubted myself as a woman in business. I delegated, and I got rid of a client,
which was the right thing for me and for them. I had an epiphany when I realized it’s OK to have an off day and even more than one off day. We’re not robots. Looking back, what would you do differently? I would never work 80 hours a week all year long. I would never forget about me. Now that I have some health issues, I have learned to delegate more. I realized that I could not continue to do everything from A to Z and maintain and grow the business. What has helped you be more successful? More structure and a better-defined work schedule are helpful. Being your own boss gives you the freedom to change your hours to accommodate some personal needs, but it can also cross over into your home life if you’re not disciplined. Marnie Ochs Raleigh CEO Evolve Systems, Roseville, Minnesota Products/Services: Merchant card processing and web site development What inspired you to start your business? My husband worked for a company that created web site applications for large organizations back when it was very expensive to have a web site. We knew that web sites were going to evolve into something similar to a fax machine – if your business didn’t have one, you weren’t considered a viable business. We created technology that enables small- to medium-sized businesses to make changes to their web sites themselves. Did you create a formal business plan prior to launching? We did, but we are way off from that today. Being a small business, you need to be extremely nimble to match your clients’ needs. What was the most difficult aspect of starting your business? When we originally started, we invested $40,000 in a turnkey operation. They went bankrupt and we had to start over with nothing. Finances are one of the top hurdles for entrepreneurs. How did you manage through that first step? We did it in a way that I don’t know I’d recommend to other people. We pulled out money from both of our 401(k) plans and took out a second mortgage on our house. We didn’t have an outside income, and we went for about three years without taking a paycheck. We went into well over $100,000 of personal credit card debt for things like gas and food and shoes for the kids. Last December we paid all of our credit card debt off, and to this day we do not have credit card debt for personal or business.
Was there a time when you considered closing up shop and working for someone else? At the three-year mark we were so exhausted that we asked ourselves, is this really worth it? But if we gave up we wouldn’t reap any of the rewards for all our sweat equity. Dr. Nancy Gade, MD and Dr. Priya Iyer, MD Wilton Internal Medicine, Wilton, Connecticut Products/Services: Retainer-based medical practice Describe your unique business model. Our patients pay us an annual retainer and we’re available to them for the next 365 days. We make house calls, we go to nursing homes, and if patients come down with an illness, we research the best specialists for them. We make use of our medical expertise to a much higher degree in this sort of practice because there isn’t much time spent on filling out paperwork or arguing with insurance companies. Under 2 percent of the industry uses this kind of model. Did you create a formal business plan before launching your business? Yes. We used an outline available on the Small Business Administration web site (www.sba.gov). That’s an amazing resource. Our bank was very impressed with the plan. Managing cash flow is a constant concern for most entrepreneurs. How do you manage your cash flow? We look at reports frequently. We use QuickBooks online – even if you’re not in the office, you can look at it. What does success look like to you? Shortly after we opened the economy took a nosedive and not as many patients signed up as we had hoped, so that was very discouraging. But things will improve as the economy improves. Right now we are two-thirds of the way to where we would like to be. All of the women that TFW interviewed advised other entrepreneurs to start out small and feel out the market first – but think big for the future. Read biographies of successful business owners for inspiration; interview the owners of similar companies; and join a professional association and attend conferences. Melissa Curzon is the publisher of TFW and owner of Triumph Solutions, a business management firm based in Mission Viejo, California.
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by Regina Barr
Unintended consequences seem to be all around us these days. When the cash for clunkers program was launched by the Federal Government last fall, it was deemed a great way to support the U. S. auto industry and the environment all in one fell swoop. On paper, everything looked great. After the fact however, non-profit organizations that relied on refurbished clunkers to provide their constituents – many of them single, working mothers – with transportation to and from work sang a different tune. The unintended consequence of the cash for clunkers program was a shortage of used cars. Unintended consequences can happen when you make career decisions too. Sometimes you may compromise on things that seem trivial on the surface. For example, you accept more responsibilities but you neglect to negotiate for a title promotion. You figure that you got a merit increase so it really doesn’t matter if you have the title or not, right? Or you receive a promotion entitling you to a coveted corner office, but you decide to remain in your cubicle so as not to displace the person already ensconced in that office. After all, you can do your work anywhere and you don’t really need all that space, do you? Or, maybe you are a business owner who just signed a new client. You are so excited to get the project even though you learn that your male counterpart at another firm is earning 20% more than you are for the same type of project work. Grateful to have the opportunity in this economy, you don’t mention this fact to anyone let alone to the client that hired you. After all, having client work at any price is better than Page 10 | TFW Magazine | Winter 2010
having no project at all, isn’t? Is it any wonder then, that we have so little representation of women at senior levels in business? It may have to do with unintended consequences. Consider these statistics published by Catalyst, a non-profit organization focused on expanding opportunities for women and business. U.S. Women in Business: • Fortune 500 CEOs 3.0% • Fortune 500 top earners 6.2% • Fortune 500 board seats 15.2% • Fortune 500 corporate officers 15.7%
According to the Department of Labor, Bureau of Labor Statistics, women comprise 46.5% of the labor force. That’s almost half the labor force. Why then do women continue to be excluded from the most senior level positions or receive less pay? A 2008 Women at the Top™ study revealed that women in the largest community banks held only 23% of seniorlevel positions. Whether you are in banking or not, what may interest you is the anecdotal feedback received while conducting the survey. Human Resources managers – desperate to showcase their company in a better light – frequently indicated that they definitely had women doing the senior level work. However, those women just didn’t have the titles. Which brings me back to the issue at hand: unintended consequences. If you are doing the work, you need to be paid fairly for your work whether you work for yourself or someone else. If you don’t value yourself who will? If you accept new responsibilities get the title to go along with it. Why? Because the title is often linked to office space, pay, bonus, stock options, budgets, expense accounts, corporate credit cards, company car and other important perks like
access to an executive coach or memberships in clubs and associations. The bottom line? Unintended consequences are a big deal when it comes to business. Your decisions impact not only you but all the women behind you. Let’s start making decisions we can all live with. Regina Barr is a leadership development consultant, executive coach, speaker and writer. Follow Regina at www. twitter.com/reginabarr or connect with her at www.linkedin. com/in/reginabarr. Contact Regina at info@ theWATTblog.com or at 651-453-1007.
Women at the Top is a trademark of Red Ladder, Inc. All rights reserved.
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by Libby Gill Odds are you spend plenty of time thinking about how to provide value to others, whether that’s to internal corporate colleagues, customers or clients. But you probably don’t spend much time thinking about the value your career is providing to you. I want to help you remedy that by looking at some ways you can create a WOW career, starting today! For my new book You Unstuck, I spoke with Tony Hsiesh (pronounced shay), CEO of online shoe giant Zappos.com, who knows a lot about delivering the wow. Surprisingly, Tony contends that Zappos isn’t really in the shoe business. He says they’re in the customer service business and just happen to sell shoes. I asked Tony what made Zappos so successful in such a short period of time. (Incidentally, he sold his first company to Microsoft for $265 million at the tender age of 24, so he knows a thing or two about success.) Tony told me that he and his team had put a great deal of emphasis on “getting the culture right.” If they established the right kind of corporate culture, he was convinced, everything else would fall into place. That “everything else” included creating what the Zappos crew now calls “delivering a WOW through service.” It takes a lot of work to get to wow, however, including strategic hiring practices, top-notch training systems and a foundation of meaningful core values. According to Tony, developing a list of core values against which performance, skills and attitude could be actively assessed has been critical in building both the business and the culture of Zappos. Although creating corporate
values statements often means giving lip-service to lofty goals barely fit for a wall plaque, Tony’s team determined that Zappos’ values would be simple, useful and authentic. See how well they did below: The Ten Core Values of Zappos.com • Deliver WOW through service • Embrace and drive change • Create fun and a little weirdness • Be adventurous, creative and open-minded • Pursue growth and learning • Build open and honest relationships with communication • Build a positive team and family spirit • Do more with less • Be passionate and determined • Be humble One of the most interesting things about that list, besides the fact that it is totally devoid of corporate-speak, is how relevant it is in determining and sustaining basic priorities. Those values enter into practically every daily activity that happens within the organization from handling sales calls to recruiting new hires. How Do You Create Core Values for Your WOW Career? The Zappos team takes their core values very seriously, albeit with some fun and a little weirdness. Now, let’s focus on your core values. Take a moment to reflect on your work life,
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looking back at some high and low points you’ve experienced over the years. Now imagine letting go of the lows and focusing on the highs. Take a few deep breaths and conjure up a vision of the career you really crave. A career that puts your skills, passions, strengths, temperament and personality to work. A career that includes just the right balance of people, projects and environment you need to flourish. It doesn’t matter if you see yourself as the owner of a oneperson dog-walking service or part of a mega-corporation. What’s important is, well, what’s important to you. Before we get started on your list, take a look at the following and see if any of these values describe your career core values. Don’t worry if you’re not experiencing each stated value on the job right now. I just want you to be able to identify the values that are important to you overall. Later, you’ll want to determine how present those values are in your current work situation to see if you can either infuse more of them into your work or use them when it’s time to look for your next career opportunity. • Be authentic, real and respectful • Give great value to your customers • Help people learn and grow • Collaborate and communicate as a team • Take risks and innovate • Be open to change and growth • Build robust relationships • Be creative and resourceful • Laugh and have fun • Care for friends, family and community
By the way, the list above represents my core values of the things that are most important to me professionally. You’re welcome to borrow from it or use it as a basis for creating a list of what you care deeply about in your profession. Now, write out your core values list, which should include about 610 items. Make sure you’ve got enough on your list to cover your career bases, but not so much that you lose your focus or end up trying to be all things to all people. Sit with your values list for a day or so. If you have trusted allies on your team ask for their feedback. Does your list of core values truly seem authentic to who you are at the deepest level? Does it reflect what you care about? Does it encompass the value you bring to your work? Does it honor your strengths, skills and passions? If necessary, make any tweaks or revisions. Now post your core values list proudly where you can reflect upon it often. Remember that it is not meant to be a laminated plaque on your wall. It’s a living document that should inform all your choices and actions – especially the tough ones. Congratulations on taking a giant step toward creating your WOW career! Libby Gill is an executive coach, international speaker and the author of bestselling You Unstuck: Mastering the New Rules of Risk-taking in Work and Life. You can learn more about Libby at www.LibbyGill. com and join her community at MyAccountabilityClub.com.
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