September 2022 Office Technology by Business Technology Association

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On Aug. 22, Office Technology mag azine interviewed Clay Mooring, vice president and general manager for the Americas at Lexmark Inter national. The questions he addressed were requested from and submitted by Lexmark-authorized BTA member dealers.

by Brent Hoskins Office Technology Magazine

Q&A: Clay Mooring

SELLING SOLUTIONS

Compiled by Brent Hoskins Office Technology Magazine

An alternative to an outside director on your board of directors is the creation of an advi sory board, which is a structured and collaborative way for organizations to engage with external advi sors. An advisory board acts as a sounding board for the owners, directors or shareholders of a company.

The salespeople who take the time to invest in themselves, their skills and their ca reers are seldom the ones who ask me price-based questions. That is because they understand how to ask great questions, how to make great presenta tions and position themselves to truly win sales. 29

Recruit, Train & Retain Talent

Building Sales Skills

Volume 29 • No. 3 4 | www.officetechnologymag.com | September 2022 CONTENTS

28 Business Technology Association • BTA Highlights

An Advisory Board Establish one & receive high-quality advice by Robert C. Goldberg BTA General Counsel

The constant news stories we are bombarded with can have an im pact on dealership owners. Will a new superbug take hold? What will happen with interest rates and the stock market? Are we headed for a recession? These are all excellent questions, but without a crystal ball, you may feel helpless. However, there are some practi cal steps you can take to inoculate your business from whatever the future will bring. This article lays out three inoculation strategies to consider.

The best employees are rare. When you are fortunate enough to find them, something magical happens. They do not need to be managed. They make great decisions on their own. They anticipate your needs. They are almost ethi cally driven to go the extra mile. And they positively delight your customers. If you give your employees an environment where they can learn, grow, thrive and earn more, your company (and life) will be enriched in the same ways — just on an exponentially larger scale. Inoculation Strategies

FEATURE ARTICLES

Lexmark VP & GM addresses dealer questions

Increasingly, office technology deal ers are pursuing the managed IT services opportunity. Some are currently starting small. Others are well on their way and going big. Either way, they have seen the light in terms of embracing the opportunity, given the many compelling reasons to diversify their offerings. This ar ticle contains brief profiles of three BTA member deal erships focused on managed IT services. Perhaps they will inspire you to take another look at the opportunity. BTA President’s Message

FEATURE ARTICLES

DEPARTMENTS

Advertiser Index3086

by Dale TechnologySteinAssurance Group (TAG)

10 Managed IT Services Yes, say these three dealers, it is a ‘bright idea’

The inverse relationship between price & selling by Troy Harrison

Fostering loyalty with career paths & growth culture

Protect your business from the potential dangers ahead by Jim ProsperityKahrsPlus Management Consulting

Troy Harrison & Associates

COURTS & CAPITOLS 27

Executive Director’s Page

1 WF-C21000 as compared to similarly featured color multifunction printers with speeds of 45 ppm or greater based on industry available data as of December 2020. Actual power savings will vary depending on usage. | 2 Compared to similarly featured color multifunction printers with speeds of 45 ppm or greater based on industry available data, December 2020. Actual print times will vary based on system configuration, software, and page complexity. For more information, visit www.epson.com/printspeed | EPSON is a registered trademark and EPSON Exceed Your Vision is a registered logomark of Seiko Epson Corporation. All other product and brand names are trademarks and/or registered trademarks of their respective companies. Epson disclaims any and all rights to these marks. Copyright 2022 Epson America, Inc. 75% Epson offers breakthrough printing innovations, like PrecisionCore Heat-Free TechnologyTM, engineered to maximize customer value and help reduce environmental impact. LESS REQUIREDENERGY1 FOR OUR PLANET: Heat-free technology = up to 75% less energy required1 Fewer maintenance parts = less waste Water-based ink vs. plastic-based laser toner Learn more at epson.com/BusinessInkjet ®WorkForceEnterpriseWF-C21000 UP EpsonTOBusiness Inkjet Efficient. Compact. Precise. FOR YOUR BUSINESS: Low total cost of ownership = more value Low intervention = fewer service calls Fastest print speed in its class2

Troy Harrison, Troy Harrison & www.troyharrison.comAssociates

BTA Legal Hotline: (312) 648-2300

To Be Held Oct. 19-20

Executive Editor/OfficeDirector/BTATechnology

The association’s magazine cover 57 years ago this month — the NOMDA Spokesman, September 1965.

Next ProFinance 3.0

Bob Goldberg, General Counsel Business Technology Association

Contributing Writers

6 | www.officetechnologymag.com | September 2022 EXECUTIVE DIRECTOR’S PAGE

Associate Editor Elizabeth elizabeth@bta.orgMarvel(816)303-4060

MembershipMarketingBrisenoDirectorvalerie@bta.orgBrianSmithSalesRepresentativebrian@bta.org

FLASHBACK

The final 2022 ses sion of ProFinance 3.0, the Business Technology Association’s (BTA’s) Oregon.SolutionsBTAwilleducationallongest-runningworkshop,beheldOct.19-20atmemberdealershipYESinPortland,TheOctoberworkshop marks the end of the 22nd year for ProFinance, which is taught by John Hey and Todd Johnson of Stra tegic Business Associates. ProFinance has helped improve the performance of hundreds of dealerships, giving dealership owners and executive-level staff members the competi tive edge that is vital in today’s marketplace.

During the workshop, John and Todd share their knowledge from more than 25 years of industry experience building some of the largest dealerships in North America and advising many of the most successful companies in our industry. They share the industry model — which includes more than 30 key benchmarks — as well as proven sales and service plans, effective management programs and critical organizational strate gies. The model is updated yearly so attend ees are sure to receive the most up-to-date industry benchmarks. BTA members who have been to ProFinance in the past can at tend again to learn about the latest bench marks at 50% off the member price. At the October workshop, the first day will begin at 8:30 a.m. with an overview of the financial model. You will learn the his tory of the model, its principles and appli cation. After a break, John and Todd will introduce the MFP and MPS benchmark model and its components. At noon, at tendees will break for lunch. After lunch, you will learn the details be hind the benchmarks and how to apply them to your business. A problem-solving session will follow, giving attendees sample prob lems and solutions. To wrap up the first day, John and Todd will review the information shared and answer attendee questions.

The second day will begin at 8:30 a.m. with a review of day one and general dis cussion. Next, John and Todd will share sales compensation strategies. After a break, they will teach attendees managed network services and imaging dealer strat egies, and then share their thoughts on leadership and company culture. The work shop will conclude at noon with a review of all the information covered and allow attendees to have any questions answered. Dealer feedback has been overwhelm ingly positive over the years. Following are a couple of recent comments from attendees: n “Being extremely new to this job and the industry, I can say that I leave here more knowledgeable of how the industry mea sures itself than I would have otherwise. Benchmarking only works when data is con sistently applied and you did an excellent job of detailing how to get there.” — Steve Nardo, Cobb Technologies, Glen Allen, Virginia n “I really liked the whole course, but I par ticularly liked the sales compensation portion and the IT insights.” — Michael Piche, Auto mated Business Products, Centennial, Colorado

Dale Stein, Technology Assurance Group (TAG) www.tagnational.com Business Technology Association 12411 Wornall Road Kansas City, MO 64145 (816)www.bta.org941-3100

Photo Credits: Bigstockphoto. Cover created by Bruce Quade, Brand X Studio. ©2022 by the Business Tech nology Association. All Rights Reserved. No part of this publication may be reproduced by any means without the written permission of the publisher. Every effort is made to ensure the accuracy of published material. However, the publisher assumes no liability for errors in articles nor are opinions expressed necessarily those of the publisher.

Member Services: (800) 505-2821

Jim Kahrs, Prosperity Plus Management Consulting Inc. www.prosperityplus.com

Valerie

Want to attend ProFinance but the Oc tober dates won’t work with your schedule? 2023 dates and locations have been finalized: n March 8-9, BTA member dealership Novatech Inc., Nashville, Tennessee n June 7-8, BTA member dealership Metro Sales Inc., Burnsville, Minnesota (a Minne apolis suburb) n Oct. 11-12, BTA member dealership Imagine Technology Group, Chandler, Ari zona (a Phoenix suburb) For more information or to register, visit www.bta.org/ProFinance. n — Brent Hoskins

Brent (816)brent@bta.orgHoskins303-4040

Keep your customers’ business flowing beautifully with services from Toshiba. As you’re looking to implement your own managed services, Toshiba is here to help with decades of experience managing customers’ print fleets and document workflows. Our professional services and managed print service experts are available to help dealers win new business and delight customers. Additionally, Toshiba’s cloud-based portfolio enables better serviceability and manageability. Together, we can ensure the highest levels of customer service and satisfaction. See how at business.toshiba.com ©2022 Toshiba America Business Solutions, Inc. Electronic Imaging Division. All rights reserved. OFTHEEMPOWERINGARTSERVICES

8 | www.officetechnologymag.com | September 2022

The event will begin at noon on Thurs day, Oct. 13, with lunch, followed by open ing comments and the first keynote ad dress, “The Death of the People Business,” presented by Derek Shebby of Modern Sales Training. In his keynote, Shebby will explore how to reignite the sales processes that have been proven to work, while at the same time capitalizing on recent methods that will supercharge your performance into the future. A break will follow the first keynote, giving attendees time to visit with peers and exhibitors. Vendor round-table discussions will fol low the first keynote. These round tables will give attendees extra time to learn about the vendors’ offerings in detail and ask questions. A break will follow the round-table discussions.

Warwick, Rhode mboyle@baseinc.comBASEmardry@absne.comIslandMikeBoyleTechnologiesInc.Bethel,Connecticut

2022-2023 Board of Directors

BTA East Mike Ardry Automated Business Solutions

Ex-Officio/General Counsel

Colors in Asheville?

BTA Southeast Debra CarolinaGreenville,CopyProDennisInc.NorthCarolinaddennis@copypro.netJimBuckBusinessEquipment Inc. Columbia, South jimb@cbesc.comCarolina

After the break, the second keynote will wrap up the first day’s educational ses sions. “Personal Branding to Win” will be presented by Rick Lambert of selltowin and In2communications. During his keynote, Lambert will highlight practical steps you (and your team members) can take to el evate your personal brand to create more awareness, boost your consideration rates and generate more sales leads. On Thursday evening, attendees will travel to the historic Biltmore Estate, nes tled in the Blue Ridge Mountains. There they will enjoy a private tour of the Vander bilt family home, completed in 1895. After the tour, dinner will be held at the estate’s Lioncrest Veranda, which has three floorto-ceiling walls of windows looking out into a forest and an open-air courtyard. The second day of the Fall Colors Retreat will begin at 7:30 a.m. on Friday, Oct. 14, with breakfast. The two additional edu cational sessions, breaks and a second set of vendor round-table discussions will be held from 8 to 11:45 a.m. The additional ses sions will be: “Current State of the Industry & Insight Into 2023,” presented by Mike Marusic of Sharp Imaging and Informa tion Company of America; and “Managed IT Strategies, Tools & Profitable Results for Office Technology Dealers,” presented by Chris Ryne of Growth Achievement Part ners (GAP). Closing comments and prize drawings will wrap up the event from 11:45 a.m. to Two-for-onenoon.

BTA Mid-America Brantly Fowler Zeno Office Solutions Inc. Midland, bfowler@zenotx.comTexasGregQuirkJQOfficeEquipmentOmaha,Nebraskagquirk@jqoffice.com

A fter the heat of summer, I know many of you are looking forward to sweater weather and the beautiful colors of fall. With that in mind, I hope you’ll join us at the Fall Colors Retreat, to be held Oct. 13-14 at the Renaissance Ashe ville Downtown Hotel in Asheville, North Carolina. Hosted by BTA Southeast, the Fall Colors Retreat is the Business Technology Association’s (BTA’s) final event of 2022. The retreat will feature two keynote addresses, two additional educational sessions, roundtable discussions with exhibiting sponsors, plenty of networking time during breaks be tween sessions, a private evening tour of the Biltmore Estate and dinner at the Biltmore’s Lioncrest Veranda.

Vice President Adam Gregory Advanced Business Solutions LLC St. Augustine, adam@goabsinc.comFlorida

Immediate Past President Tim Renegar Kelly Office Solutions

Robert C. Goldberg Schoenberg Finkel Beederman Bell & Glazer LLC Chicago, robert.goldberg@sfbbg.comIllinois

Registered for Fall

President-Elect Don Risser DCS Technologies Corp. Franklin, don.risser@dcs-tech.comOhio

President David Polimeni RITE dpolimeni@ritefl.comSarasota,TechnologyFlorida

BTA member dealer regis tration is only $199 and an additional at tendee from the same member dealership is $99. Non-member registration is $249 per person. This price includes the Thursday and Friday educational sessions; Thursday lunch, Biltmore Estate tour and dinner; and Friday breakfast. For more information on the Fall Colors Retreat, see page two or visit www.bta.org/ BTAAsheville. I look forward to seeing you in October for another great BTA event. n — David Polimeni

BTA West Dan Bombard Yuma Office Equipment, a Fruth Group Company Yuma, daniel@yumaofficeequipment.comArizonaMikeMcGuirkProCopyOfficeSolutionsInc.Mesa,Arizonammcguirk@procopyoffice.com

BTA PRESIDENT’S MESSAGE

Winston-Salem, North trenegar@kellyofficesolutions.comCarolina

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10 | www.officetechnologymag.com | September 2022

Yes, say these three dealers, it is a ‘bright idea’

Managed IT Services

Integrated Technologies Today, managed IT services contributes more than half of the revenues at Integrated Technologies, based in Twin Falls, Idaho. “It is the biggest piece of our business,” says Mike McCurdy, who co-owns the dealership along with business partner Scott Wilson. “The revenue generated from IT has surpassed the revenue generated from office equip ment. That being said, the office equipment piece is still veryOfficeprofitable.”equipment may be profitable, but it is lackluster, McCurdy says. “There’s no growth there; it’s a paltry half a percent a year, if we’re lucky,” he says. “But the IT side has been growing at a pretty good clip. In fact, VoIP is probably the number-one thing we’re selling right now.”

Crexendo and Zultys VoIP systems are only a part of the dealership’s IT offerings. The portfolio also includes remote monitoring and remediation by way of ConnectWise, Com pleteCloud from Avatara, network security from Watch Guard and on-site assessments, integration and configu ration offered by the dealership’s team of IT professionals. Integrated Technologies is a full-line HP dealership and also offers Sharp and Xerox imaging products.

Even after merging with the best IT company in the area, McCurdy says it has always been important to have the right partners outside of the company. “Partner with a company that already has the managed services piece figured out — like Collabrance or ConnectWise,” he says, advising his fel low dealers. “They’ve already got the infrastructure figured out. Follow what they tell you to do precisely. Don’t try to change it or think you know better. They’ve been down this road; they know what they’re doing.”

In recent times, McCurdy says the revenue from IT ser vices helped the dealership meet the challenges presented by the COVID-19 pandemic. “We feel very blessed that we were where we were with the IT space and the cloud offerings we provide, because the pandemic actually launched those for ward more quickly than we had sched uled,” he says, emphasizing the monthly recurring revenues generated by the various IT offerings. “I’ve replaced ten fold any of the business or pages I’ve lost in the last couple of years.” Integrated Technologies was cre ated by way of the 2010 merger of Mc Curdy’s previous company, Magic Valley Business Systems, which he pur chased in 2009, and Wilson’s company, Trilogy Network Systems, founded in 1999. “I wanted to get into IT, but I didn’t want to integrate with a failing company,” McCurdy says. “It was not easy to get Trilogy, but it was the best IT company within hundreds of miles. They built a stellar reputation and when I set out to bring IT on, I didn’t want to bring on IT and figure it out. I wanted to bring on IT with the best company in the area.”

Following are brief profiles of three BTA member dealerships focused on managed IT services. Perhaps they will inspire you to take another look at this opportunity.

One of Integrated Technologies’ key partners has been Technology Assurance Group (TAG), a membership organ ization that is guiding office technology dealerships as they enter the managed IT services space. “TAG has significantly changed what we do,” McCurdy says. “They don’t just come in and help you with selling managed IT services — although they are really good at that. They can help you understand what in your dealership is working, what isn’t working and help to pinpoint problems. In our case, we had to go back by: Brent Hoskins, Office Technology Magazine

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Kurt Gudenkauf, managed network services solutions manager at the dealership, joined the company nearly seven years ago, but fully supports the level of focus on the cus tomer that has been the mainstay from the beginning. That focus is apparent in his advice to other dealers. “Listen to your customers; they are going to drive a lot of the conversa tions,” he says. “They are going to determine the direction of where your company is going to go. For example, a few years ago, nobody was talking about Office 365; now it’s a big thing. All of our clients came to us and said: ‘You have to start offering this.’” Managed Solutions Group is not alone in serving its cus tomers. The dealership has partnered with Collabrance LLC, a GreatAmerica Financial Services company based in Cedar Rapids, Iowa, which serves as its network operations center (NOC) and help desk. “We’re offering everything they offer — firewalls, user support, RMM, NOC, security stack, backup, Office 365; we’re doing everything we can with them,” Guden kauf says. “It’s easy to say you’ve got a 24/7 help desk, but when you can say, ‘It’s not only U.S. based, but it’s Iowa based,’ people love that here in eastern Iowa. We are a 17-employee dealership and if a client brings us an opportunity with 120 users, they’re wondering how we are going to do that. We tell them we’re backed by a service desk in Cedar Rapids.”

Repeat Business Systems

Managed Solutions Group

and change our entire sales process because it was nega tively impacting the growth of the managed services side of our Beyondbusiness.”partnering with the right companies, Mc Curdy advises dealers to pro ceed judiciously. “Pick some thing, get good at it and then add something else,” he says. “For example, sell VoIP and get good at it before you add managed IT services or vice versa. If you try to be all things to all people, you’re generally never that great at any of it.”

“IfromdidfewroundingoutservingproviderbecomingportingtransitionedUltimately,environment.”thedealershipawayfromsupthemanufacturertoatraditionalITwithasmallerstaff,customersthroughDubuqueandthesurarea,includingaoriginalcustomers.“Wehaveseveralcustomersthestart,”Siegertsays.cannameseveralofthem

Like essentially all office technology dealerships, when analog copiers became digital MFPs, Repeat Business Sys tems, based in Albany, New York, hired someone to con nect MFPs to networks. However, unlike many dealerships, that was only the start of a significant area of growth at Repeat. “It’s about 20% of our business right now, maybe more,” says Dawn Abbuhl, president of the dealership, “Pick something, get good at it and then add something else. For example, sell VoIP and get good at it before you add managed IT services or vice versa. If you try to be all things to all people, you’re generally never that great at any of it.“

Michael Molony, vice president and co-owner of Man aged Solutions Group, based in Dubuque, Iowa, is quick to emphasize that an effective managed IT services pro vider should not be seen by any customer as an inhibitor of growth because of the monthly fees being incurred. His message to the IT customer regarding the ideal provider: “They actually should be helping you grow your business, to be more efficient, plan better and provide you more uptime. That way, workers are as efficient as humanly possible while at work.”Molony notes that he is confident that customers see the dealership as the type of provider he describes. “We do a good job upfront detailing what they have, sharing our best prac tices and explaining how we see the plan for that company — today, a year from now or a couple of years from now — putting themselves in the best position,” he says. He recom mends that other dealers do the same if they are not doing so already. “If you look at ticket trends within the environment — after you’ve gone in, completed a full look at everything they have and require that they follow your exact recommen dations (however long that may take) — you will start to see the number of tickets go down and the customer’s productiv ity go up, which, for everyone, means more money. If they are working faster, they will look for more services from you.”

The strong focus on customer needs was paramount at Managed Solutions Group from the start. The company was formed by Molony’s father and a business partner in 1991, at the time focusing primarily on providing IT ser vices to a single multibillion-dollar manufacturer based in the Midwest. “We helped the company take all of its busi ness units to where corporate could centrally manage their IT; we were that provider,” says Sheila Siegert, operations manager at Managed Solutions Group. “We went from 32 employees up to 120 to sup port its

12 | www.officetechnologymag.com | September 2022

— Mike McCurdy Integrated Technologies

today that we’ve been doing business with since 1991 in dif ferent facets — some manufacturing, some financial, some whatever. We’ve evolved as they’ve evolved in the type of so lutions that we provided back then.”

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“We do a good job upfront detailing what they have, sharing our best practices and explaining how we see the plan for that company — today, a year from now or a couple of years from now ... “

14 | www.officetechnologymag.com |

While IT is proving to be an area of significant growth at Repeat, its heritage is similar to that of many dealerships. “My husband [John, who serves as CEO] and I started the dealership in 1987,” Abbuhl says. “We started with Sharp fax machines and quickly moved into Ricoh copiers. Today, we offer Quadient mailing solu tions; VoIP, as well as our full IT component; lots of soft ware; back-file scanning; lots of workflow solutions; profes sional services; and, of course, [Ricoh] MFPs and printers, and managed print services.” Abbuhl shares some advice on how other dealers can optimize their level of suc cess when entering the man aged IT space. “The best thing we ever did was to hire the best engineer that we could find; it’s been worth every penny,” she says. “It is also important to make sure that staff members are cross-trained and have expertise on, for example — like in our case — ConnectWise or Datto. You have to make sure that, if someone leaves, is on vacation or whatever the situa tion is, someone else can step in to complete tasks.”

— Michael Molony Managed Solutions Group NV. Data Center Services

September 2022 regarding the revenue gener ated by its managed IT ser vices department. “I would really love to see it between 30% and 50%. Certainly, I think that our future is head ed in that direction.” Much of the growth in IT services at Repeat since the arrival of that lone connec tivity technician is the result of acquisitions. “Sometimes the acquisition was for talent, sometimes it was for market ing and sometimes it was for technology experience,” Abbuhl says. “We’ve done many acquisitions; I think our first IT ac quisition was about 15 years ago.”

Partnering for Success Visit our Booth at the September BTA Event in Las Vegas,

www.officetechnologymag.com | September 2022 | 15

“I get excited about every new technology, but when something new comes out, we make a plan, beta test it, get trained, and establish marketing and commission strategies. The whole thing has to be fleshed out in a systematic ... way.“

— Dawn Abbuhl Repeat Business Systems

In addition, dealers should not rush into taking on new IT-related technologies, Abbuhl advises. “Don’t start selling something before you’ve been completely trained, crosstrained, tried it a ‘million times’ and are really an expert at it,” she says. “I get excited about every new technology, but when something new comes out, we make a plan, beta test it, get trained, and establish marketing and commission strategies. The whole thing has to be fleshed out in a system atic and organized way.” Abbuhl says Repeat’s success with managed IT also il lustrates the need to have the right partners. As noted, her dealership partners with ConnectWise, a provider of IT management software and services. “In 2020, we ac quired a company in the western part of New York that had been using ConnectWise for almost 20 years,” she says. “We had tried a variety of different solutions and were never that excited about any of them. However, be cause that acquisition was so familiar with ConnectWise, we definitely wanted to implement it in all of our loca tions. It is really increasing our productivity and helps us with the quality of our service, giving us more control over everything. We do use ConnectWise’s remote moni toring and management tool, but my favorite is its docu mentation module, because, to me, the most important thing is to have very good records. That way, if someone is out, the next person will be equally adept at knowing exactly what’s been done.” Customer satisfaction with Repeat IT services offerings is very high, Abbuhl says. “I go to sleep happy and proud ev ery day with my IT company,” she says. “We can give people hundreds of references knowing that if you call them randomly, you will always get the same story.” n Brent Hoskins, executive director of the Business Technology Association, is editor of Office Technology magazine. He can be reached at brent@bta.org or (816) 303-4040.

Many business owners try to time the sales of their busi nesses to coincide with the peak of an economic cycle. The reasoning is they will get the best price for their business when the economy is booming. While this is true in theory, when you sell your company, you need to do something with the money. Perhaps you will consider investing in real es tate or buying stocks. Most investments are impacted by the same macroeconomic environment your business enjoys, which means you will be buying into an inflated market.

Many owners in our industry have felt intense pressure to diversify. Industry pundits say things like: “If you don’t get into managed services, you’ll go out of business.” While diversifying may be an excellent strategy for some, it is not in the best interest of every dealership.

The way to immunize yourself against whatever the econ omy may be in the years ahead is to sell when you are on a winning streak and are prepared to move through due dili gence quickly and confidently.

Inoculation Strategies your business from potential dangers ahead

These are all excellent questions, but without a crystal ball, you may feel helpless. However, there are some practi cal steps you can take to inoculate your business from what ever the future will bring. Following are three inoculation strategies to consider.

The alternative to timing the market is to consider selling when your business meets three criteria:

Strategy #2: Pick Your Lane

16 | www.officetechnologymag.com | September 2022

(3) Do not start the process before you are fully pre pared to survive due diligence. After you agree to terms with an acquirer, he (or she) will need some time to verify your business is as advertised. A sophisticated buyer will look into every aspect of your operations, including your finan cials, service contracts, leases, employee agreements, sales and marketing approach, and just about every other facet of your business. Most business owners are not prepared for how deep the dive will be and how invasive it will feel.

(2) Time your sale around your personal goals. The biggest mistake some business owners make is selling the business without a solid plan for what they will do next. Sell ing because you are burned out or bored rarely ends with a positive outcome. In addition, while it may be appealing to sell when the market is strong, if your intention is to exit in five, 10 or more years, any premium you could get today will pale in comparison to the profits you can realize over time.

Strategy #1: Stop Trying To Time The Market

(1) If your company is on a winning streak, it will command a premium compared to average perform ers in the industry. Pick a time to sell when your revenue is growing, EBITDA is strong, employees are happy and cus tomers are satisfied.

You cannot wait until the start of due diligence to pre pare. The volume of questions you will receive will eat up too much of your time. React slowly to an acquirer’s request for information and “deal fatigue” will set in. This malaise happens when an acquirer loses confidence in an operation because it is taking too long. Deal fatigue often leads to an acquirer walking away.

There are a couple of problems with diversifying too broadly. First, many dealers who have diversified into other

by: Jim Kahrs, Prosperity Plus Management Consulting Inc.

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A vision board is a display of images that illustrate where you want to be in the future. Create one by grabbing a stack of magazines and cut out pictures or print images from the internet that appeal to you and communicate the life you want to lead.

In the end, the success of your exit will be determined by understanding your goals and staying true to them. It is easy to fall into the trap of following others or trying to ac complish what others think or say you should accomplish. Inoculating your business from the dangers ahead will be very much dependent on setting and staying on the course you choose, regardless of what others are doing or saying. n

The problem is, it can be challenging to leave a success ful business. Your lifestyle needs are satisfied through your company, so why go? That is where a vision board can be handy. It allows you to decipher the difference between be ing happy and merely content. When you find yourself feel ing comfortable, but not necessarily happy, that might be the perfect time to sell — regardless of what is happening in the economy at the time.

Jim Kahrs is the founder and president of Prosperity Plus Management Consulting Inc., which has been collaborating with companies in the office technology industry since 2001 building revenue and profitability, and planning successful exit strategies. Prosperity Plus has helped more than 500 dealerships. Kahrs can be reached at (631) 382-7762 or jkahrs@prosperityplus.com. Visit www.prosperityplus.com.

Think about a time when you were happiest. You were probably doing something new — perhaps in a new place with new people — learning, contributing and growing. Most owners are happiest when they are starting and grow ing their businesses, but when their companies mature, they can feel stifled.

A vision board is a compelling way to immunize yourself from the stagnation that can set in once the startup years of your company are behind you. When you are no longer fighting to close the next customer or solving day-to-day problems, running a business may become less exciting.

Remember that acquirers prefer to buy what they cannot quickly build themselves. If you are going to diversify, make sure your new offering is growing and profitable. An acquirer can get startup-level results on his own without an acquisition. No matter what the economy has in store for the years ahead, do one thing better than anyone else and you will always have a ready pool of potential ac quirers for your business. If you are going to diversify, put in the time, money and effort to make it successful.

offerings like managed network services (MNS), IT, LED lighting, water coolers, office furniture, etc., do not realize they are losing money in the new offering. Any new offering has a learning curve. Without the right game plan, some never leave the early learning stage. If you are going to diversify, make sure you have the tools to Diversifyingsucceed.canalso make your busi ness less attractive to an acquirer. Many acquirers shy away from businesses that have divisions they are not well-versed in. We have had too many occasions where we had to sell the divisions of a company separately, leading to extra work and expenses, and a lower overall value.

18 | www.officetechnologymag.com | September 2022

Strategy #3: Create a Vision Board

... Acquirers prefer to buy what they cannot quickly build themselves. If you are going to diversify, make sure your new offering is growing and profitable.

When you no longer need to draw on your creativity and problem-solving skills, one day may flow into the next and you can become content, but perhaps not truly happy.

“80s” Versus “20s”

One day, Vilfredo Pareto was in his garden and noticed that 20% of his plants had produced 80% of the healthy pea pods he harvested. This got him thinking and, eventually, he discovered that this phenomenon extended into other areas of life. In effect, he discovered that 80% of the outputs came from only 20% of the inputs. We see this in virtually every area of life: n Twenty percent of the population owns 80% of the wealth.

Which is the greater risk? Potentially overinvesting in your team to the point where your company churns out so many high performers that a few occasionally leave you while your company simultaneously gains a reputation as being like rocket fuel for professional excellence, attracting every “20” in town? Or underinvesting in your team to the point where you accidentally normalize a company culture of mediocrity — where your employees show up to a mediocre company where they make mediocre contributions for mediocre pay at a mediocre pace to satisfy a mediocre vision?

Do you know any fellow business owners who have ei ther overinvested or underinvested in their teams? Does this explain their results?

There is a formula to develop high performers or “20s”:

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n Twenty percent of players on a sports team generate 80% of the points scored. n Twenty percent of the tasks we complete determine 80% of our results.

The key to a thriving company is to surround yourself with “20s,” which is Technology Assurance Group’s (TAG’s) nickname for these rare, valuable types of individuals who produce 80% of the results. When you are surrounded by “20s,” you gain so much momentum that your dreams for the company stop feeling like fantasies. In stead, they feel like eventual certainties. It is thrilling to work with “20s.” How ever, “20s” know they are in high demand and, consequently, they expect a lot from their employers. They crave training. They demand growth. And, for some, if they are honest, they will admit they want to grow so much that, one day, they want to take over your job (which is a good thing if you ever want to retire).

And, yet, despite the obvious benefits of surrounding your self with high performers, we still hear this common concern from every business owner with limited resources to dedicate to employees: “Is it intelligent for me to invest so heavily into my employees if one day they could just up and leave?” Yes, it is a risk. However, before you answer that question, ask yourself this: “If I weren’t the business owner but, instead, a high-performing employee, would I work for myself?”

Recruit, Train & Retain Talent

by: Dale Stein, Technology Assurance Group (TAG)

A Formula to Satisfy & Develop High Performers

n Twenty percent of a company’s customers generate 80% of the company profits.

The “fires” fizzle out or, at a minimum, decrease signifi cantly. A stream of fantastic ideas starts flooding through the business. Innovation booms and, to borrow a catch phrase from Steve Jobs, it is almost like everything “just works.”

Fostering loyalty with career paths & growth culture

n Twenty percent of sales reps generate 80% of the sales.

This type of talent expects you to invest heavily in their training, their certifications, their skill development and their compensation. In fact, most of the time they are already investing their personal time and resources to grow person ally and professionally, whether you know about it or not.

It is incredible to experience, but this phenomenon is not mysterious. In fact, an Italian economist in the late 1800s dis covered the universal mechanism behind this type of thriv ing. He named it the “Pareto principle” or the “80/20 rule.”

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High performers are drawn to train ing because these programs increase their skills. This increases their capacity to contribute (to any organization), which they know they will be eventually rewarded for (whether those rewards re side within your organization or elsewhere). So, instead of ignoring this formula, we can use it to cre ate a structure that satisfies and further develops high per formers. This means there needs to be a direct link between training and rewards. So more training needs to be associ ated with higher pay, even if it is blended with other factors.

Once managers have that information at their disposal, they can combine it with an employee’s performance on spe cific KPIs and then adjust his (or her) salary accordingly.

But why do people leave companies? And why are so many leaving through the great resignation? It is not just compensation. You need to create an environment where you train people, reward them financially for training and do everything you can to advance their career growth. That is a competitive advantage.

There are two annual reviews to complete with employees: (1) The Compensation Review — This review is con ducted once per year and should focus solely on employee compensation. Ideally, the company will utilize some form of a learning management system (e.g., IT PRO TV) — soft ware that informs management of which trainings employ ees have completed over the last 12 months.

The Great Resignation & Remote Revolution

... Take leadership and ownership in assisting your employees along their professional growth paths. This is where mentors are separated from mere bosses.

Many employers have been scratching their heads at where the great resignation and the remote revolution (the increase in demand for work from home) came from, but it is merely a response to the aforementioned breakdown in workplace relations. The remote workforce mentality is the next gen eration’s strong, unified demand for massive changes in how business operates. While it is understandable for business owners to resent this societal shift, they can either harness it for their benefit or be annoyed at its existence.

Training —> Skills —> Capacity —> Re ward. The high-performers in your orga nization are already seeking out more education and training, you just might not be aware of it because they do it in their personal time. We recommend allo cating at least two hours per week of paid time toward their professional growth.

Remember, a “20” knows that one of the fastest ways to increase his salary is to jump ship to a new company every two to three years and negotiate for a slightly higher salary every time. He does not necessarily want to do that, so in stead of forcing his hand, lay out a clear performance path for him to achieve that end. Ensure he understands the vi sion, mission and values of the company, and then let him try things.

We recommend that instead of resisting the changing tide, business owners should grab all the materials they need to build superior “boats” before everyone else realizes they need

(2) Career Planning Review — This review is conducted once per year and focuses on this question: “Where do you want to go in your career and how do we help you get there?”

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Ironically, many business owners who struggle to grow their companies tend to be indifferent toward the growth of the individuals inside of their businesses. Even worse, some business owners hope their employees stop wanting to grow which, again, ironically ends up weakening their businesses because that stagnancy remains trapped inside of their companies. Do not be like that. Instead, take leadership and owner ship in assisting your employees along their professional growth paths. This is where mentors are separated from mere bosses. If you are serious about positively impacting the lives of your employees, then this is the review to make that happen. This review often raises a concern: “But what if he wants to go in a differ ent direction than where we want him to go?” If an individual is going to do bet ter somewhere else, why on earth would you ever want him to stay put? If you need someone to blame, blame yourself for not creating the perfect opportunity for him within your company. This is the visionary’s job. This philosophy of the visionary is how I helped grow an organization from six to 900 employees in only eight years.

Creating “Career Paths” With Annual Reviews

Over the years, we have consulted with hundreds of companies collectively representing nearly $800 million in products and services. We have noticed one surprising com monality among struggling business owners: They are really proud of underpaying their employees. “I’m only paying $45,000 for a tech,” they will boast in pri vate conversations, assuming that this is a good thing. How ever, this illustrates a massive misunderstanding. While they think this proves how clever they are, it is actually just a signal that the company is likely full of unhappy employ ees who are actively seeking alternate employment — and sometimes doing it at work. These employees are not grow ing professionally and will leave the company at the first op portunity they find. It is also a leading indicator of turnover issues and customer dissatisfaction on the horizon.

n Compensate on the training program via the afore mentioned annual reviews. One should be strictly finan cial, while the other is to help the employee’s career path.

The best employee is the one who says, “I want your job.”

The best employee also makes mistakes, because if he is not making mistakes, he is not trying anything new — which is precisely what you need for a thriving organization. These attitudes force you to keep growing, too. Even at the top of the organizational chart, we need to surround ourselves with something that pushes us forward so we reach new heights ourselves.

Sit down with each employee and ask him what he wants his career path to be. Help him in the ways that you wish someone helped you ... www.officetechnologymag.com

Specific Action Steps n Develop a training plan for each department or employee. If your training plan is by department, include your most senior employees in the creation of the plan. This demonstrates respect and also fosters buy-in to a culture of mentoring. If you are custom-tailoring a training plan for each individual employee, ask him to create a “Life Business Plan,” whereby he lays out his personal and professional goals so you (1) know what motivates him and (2) know how to assist him in the most meaningful ways possible. Then all of his professional performance connects back to his per sonal desires. For technical training, utilize the right tools — like learning management systems or other services — that track training progress. Once an employee achieves certain training certifications, make sure it affects his com pensation to reinforce the culture of perpetual learning.

n Sit down with each employee and ask him what he wants his career path to be. Help him in the ways that you wish someone helped you when you were in his shoes. You will learn a tremendous amount about him and you will also lay the foundation for a trust-based relationship.

As in all things in life, we receive what we give. If you give your employees an environment where they can learn, grow, thrive and earn more, your company (and life) will be enriched in the same ways — just on an exponen tially larger scale. n Dale Stein is co-founder of Technology Assurance Group (TAG), an organization of managed technology service providers (MTSPs). Collectively, TAG’s members do $800 million per year in IT, operationsHeTAG’s780,000surveillance.telecommunicationscybersecurity,andvideoTheyarelocatedin148citiesacrosstheUnitedStatesandCanada,andarepresentlyservingmorethanSMBs.Heisresponsiblefordevelopingstrategicplanningandguidingitsbusinessdevelopment.Inaddition,SteinisthemanagingpartnerforTAG’sMTSP,i-NETT.isresponsiblefori-NETT’sdailyandservesasitspresident.SteinalsofoundedWestecSecurityCorp.andservedasitsCEO.Hecanbereachedatdales@tagnational.com.Visitwww.tagnational.com.

| September 2022 | 23

“boats,” too. The intelligent move is to reposition your company and its culture so it attracts a disproportionate number of high performers to your organization. Then you can take your pick from the cream of the crop before your competitors even realize there has been a change they must adapt to. You can harness the wave or shout at it before getting clobbered — even if that resentment is justified. Imag ine how disruptive it would have been if you offered remote work positions within your company 20 years ago? And, yes, the technology existed to support it.

The Best Employee

In his role, which he has served in for two years, Mooring has ultimate respon sibility for Lexmark’s BSD (Business Solu tions Dealers) Channel. He is responsible for meeting the needs of the company’s customers and partners in North America and Latin America for products, supplies, solutions and services.

Compiled by: Brent Hoskins, Office Technology Magazine

Dealer: When will Lexmark resume some sort of reasonable delivery schedule of products to the BSD Channel?

The recovery will be different by tech nology, so color versus mono and singlefunction versus MFP; those will return at different rates. Color MFPs continue to be the most challenging segment of ourThisbusiness.projection is based on what we know today. What we also know is that things change rapidly. I am a little bit worried about how we get into the win ter months, and if there are COVID-19 shutdowns in China, that would certainly slow the recovery that we are predicting.

Mooring has been with Lexmark for more than 23 years, joining the company in 1999 as a cor porate finance analyst. Through the years, he has served in such roles as market intelligence manager, director of worldwide sales execution and sales director, North Amer ica annuities. Prior to becoming vice president and general manager for the Americas, Mooring served as vice president of global annuities.

Mooring: This is a question we get every day and, to be honest with you, probably six to eight months ago I did not expect to still be talking about this. I think we all thought things were on a path to a faster recovery. What I try to do is not pick a date because I will be wrong. I try to pick trends and identify trends. What I would say is production for BSD devices will double in the second half ver sus the first half of the year. We are going to see improvement in availability. Will we still have back orders at the end of the year? Yes, but it will improve from what I am seeing today.

Dealer: What is the long-term plan for Lexmark? Is Lexmark changing its business model toward solutions and away from hardware?

On Aug. 22, Office Technology mag azine interviewed Clay Mooring, vice president and general man ager for the Americas at Lexmark Inter national. The questions he addressed were requested from and submitted by Lex mark-authorized BTA member dealers.

Lexmark VP & GM addresses dealer questions

Dealer: Regarding Lexmark’s extensive backorder situation, if you feel this has caused some “distance” between Lexmark and your dealer

Q&A: Clay Mooring

24 | www.officetechnologymag.com | September 2022

Mooring: I know the underlying intention of this ques tion has to do with some of our recent announcements on our Optra IoT solutions, which is looked at — a little bit — as adjacent to our core imaging business. I think what is most important for me to say is we are not moving away from printers. These initiatives are a focused effort to expand our business. We will continue to invest in our A4 platform to en sure we continue to be the A4 standard in the industry. That is our goal. It continues to be our number-one goal, but we have always used emerging technologies to help provide val ue to our customers and the Optra IoT offering is just that. It is really a natural extension of what we do already with our MPS business. There are a lot of synergies between our IoT offering and our core business. They both leverage the same platform and they focus on the outcome of connected devices. There are a lot of similarities even though, on the surface, maybe it looks like it is a totally different direction.

Below are some of the dealer questions submitted to Of fice Technology and Mooring’s responses.

Dealer: When will the color products become more readily available? We have been waiting up to a year for models XC8163 and CX820de.

community, what is the plan to return to being “close” with the dealers? Many dealers had to seek alternative vendors during this time.

Mooring: One of the most challenging processes we have is the allocation part. That is a difficult job when you are in front of partners; all are important to us. How do you pick one over the other? We try not to take an approach of “this part ner gets this much, this partner gets that much.” We try to look at opportunities with our partners. We typically try to prioritize competitive displacement over a Lexmark refresh. We ask a lot of questions when we are talking about opportu nities with our dealers: “Is there an opportunity here to may be delay? Is there an opportunity here for us to potentially extend a contract or defer it through a discounted extended warranty or a parts warranty?” We also offer to walk into any customer location with our partner, arm in arm, to help answer questions on why there are supply-chain challenges and come up with creative ideas for alternatives to getting a new device. But the alloca tion process is extremely complex. We do not look at it at the partner level. We try to look at it at the opportunity level.

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Dealer: I would like to know when Lexmark expects to resolve its chip supply-chain issue. Apparently, the company was very dependent on Texas Instruments producing most of its chips. Does it have plans to add alternative sources?

Mooring: That is a very good question; a lot of good in sight there. At Lexmark, we own our own A4 technology and that has been an advantage for us as we integrate some changes into our products, as well as our supply-chain strategy. When we are in R&D designing our products, we design for supply chain in addition to designing for function and cost. Over the past year, we have made 500 engineer ing changes to swap out parts that are unavailable for parts that are available. Certainly, there have been certain issues with semiconductors, but there have been issues beyond semiconductors. I think one of our major challenges was a voltage regulator. So, there are really just simple compo nents that are causing issues beyond just semiconductors. We are trying to get that sub-tier level five down to get vis ibility to plastic, molds and metals so we can start to predict when things upstream are going to get impacted, but I can assure you, this will not be the last crisis. Lexmark is focused on what we can do today from an R&D and supply-chain standpoint to simplify our strategy and make sure that we de sign even more for supply chain than we have in the past, because it had not been quite an issue.

Mooring: Due to the complexity of the design of our highest end of A4 color, MFPs primarily, the number of com ponents and technology that are in those devices is superior to others and, so, that just leads to more issues with com ponents. So, it is with high-end color MFPs where we ob serve the most challenges through the end of the year. In the spirit of transparency, I cannot really predict when we will be back to full availability on the high-end color. My guess would be in the first half of 2023.

Mooring: Certainly, this has added pressure to even the strongest partner ships when you are talking about the supply-chain disruptions. First, I want to apologize to the dealer community for the disruptions in their businesses, impacting their ability to serve their customers. I know it has been extremely difficult and, while it is an industrywide issue, we own our own challenges; we have our own unique challenges that we are working through from a back-order standpoint.

I just spent a week with 20 of our top BSD dealers at a performance recognition event. I spent that week asking them what we needed to do better. That is my goal; to con tinue to get feedback directly from the dealer community on what specific challenges to tackle. From the early onset of the supply-chain crisis, we strived to be transparent and not make commitments that we cannot keep. I felt like that was the biggest threat; to make commitments and not be able to live up to them. This can lead to frustration about “What are the delivery dates? When am I going to get my stuff?” We are trying to work that balance of transparency and give enough information for our partners to be able to run their businesses, but we do not take the issue lightly and we are working every day to make it better.

Dealer: Is there any way for BSD dealers to receive service referrals/dispatches? We have never We try not to take an approach of “this partner gets this much, this partner gets that much.” We try to look at opportunities with our partners.

Dealer: Can you explain your policy for allocating equipment to dealers? How do you mitigate handling the demands of small dealerships that lead with Lexmark versus meeting the demands of large dealerships that have Lexmark among their three to four MFP offerings?

Our partner can get real-time visibility to the onserviceadvancedstatus,firmwareaswellaspredictiveanalyticsthefleet.

I would add that we have an exciting new language translation application that will be available in the fourth quarter. We have demoed that to some partners, primarily in some SLED [state and local government, and education] opportunities that are very excited about the ability to have a document in a foreign language translated on the spot, as well as distributed as needed with capture software.

If you bundle that with our secure print, then you have one cloud tool to manage your entire fleet.

Mooring: We do, in pockets where there are certain opportunities, require specific SLAs, and we can have a partner ship with a dealer in that region who can provide that SLA. Then, we will certainly provide those leads, but what I would say is that if a dealer out there has a specific ask or desire for more opportunity with us, get with us, get with your TSM, we will get together. We will talk about what that opportunity is. In the end, our BSD program was built in 2007 based on listening to the needs of the dealer community. If we are not doing it today and it is a desire, then we need to get together and work as a group on how we can help serve that.

Dealer: I know Lexmark has designed its A4 devices with all sorts of security features and can speak to this need very well. However, I keep hearing about how HP has a unique HP Endpoint Security application that it is selling very hard. Our HP dealer competition will run security assessments and look for devices that do not have the latest firmware updates. I would be curious if Lexmark has something like this, allowing us to do the same. We have lost a few key accounts to competition that does a very good job selling HP’s security offering, with these security audits as the baseline.

Dealer: How does Lexmark’s new cloud solution offering remote monitoring and print release stack up or differentiate itself from other offerings?

Mooring: This is exciting for us. We continue to evolve our cloud services platform. We started with kind of basic device management tools like toner lev els and page counts, and now we have actually enhanced it to a point where we can get real-time visibility. Our partner can get real-time visibility to the firm ware status, as well as advanced predic tive service analytics on the fleet. With some of the sensors within the fleet, we can get signals as to whether or not there is wear and tear on that sensor and service action might be needed.

Dealer: How does falling under the same ownership umbrella as Ninestar and Static Control help or hurt Lexmark OEM toner sales? [Lexmark is owned by a consortium of investors led by Apex Technology Co. Ltd. and PAG Asia Capital.]

Mooring: In today’s market, security has a lot of marketing wrapped around it and, sometimes, it is difficult even for us to digest what is real, what has value and what is more market ing-driven messaging. But, from a security assessment stand point, we have these tools; we have security consultants; we do this in our enterprise direct business today; and we will le verage those with our partner community. Again, reach out to us and we can help with assessment strategies and the tools that we use in our enterprise space to look at firmware levels.

I would say the other important piece is looking at Lex mark Cloud Fleet Manager. That is an important tool in keeping firmware up to date on your Lexmark-installed base, so that other dealers do not take a similar approach on your Lexmark installs. Cloud Fleet Manager is fundamental to keeping your firmware up to date on your Lexmark de vices, and that is the key from a security standpoint.

Mooring: That is an absolutely great question and some thing that we focus on here. I would say there are obvious benefits. When you are owned by the world leader in the aftermarket, it certainly supports Lexmark’s industryleading supplies loyalty; our partners benefit from that supplies loyalty of capturing a higher percentage of OEM toner sales. So that is certainly a benefit given Ninestar is the market leader.

There are other things. For example, Static Control just released Elevate Imaging, a line of high-quality [cartridges] — kind of a built-to-OEM-spec, IP-safe alternative to OEM cartridge offerings. Lexmark partners can benefit program matically by participating in leveraging the Elevate offer ing as well as being a Lexmark partner. Those synergies together with Static’s offering — what we view as a worldclass aftermarket offering — along with the Lexmark BSD offering, we feel are very attractive to partners and we pro grammatically design things to make it beneficial. It is one of the many ways that we think Static Control and Ninestar provide a competitive advantage for us. n Brent Hoskins, executive director of the Business Technology Association, is editor of Office Technology magazine. He can be reached at brent@bta.org or (816) 303-4040.

26 | www.officetechnologymag.com | September 2022

received any service business from Lexmark other than what we generate ourselves.

by: Robert C. Goldberg, BTA General Counsel

Have an advisory board engagement agreement prepared and entered by each participant. The agreement should es tablish a term with the ability of either party to withdraw at any time. The expected duties of a member should be set forth. Compensation needs to be stated. Most importantly, there should be a requirement of confidentiality and an absence of any conflict of interest. The agreement should establish the advisor as an independent contractor. This step ensures the individual is not considered an employee of the company en titled to all employee benefits.

structure — sales and service — could provide a wealth of in sight. Keep the board small, focused, organized and on subject. Provide advisory board members with compensation for their time. Compensation can be a set amount for meetings or a yearly stipend. Any out-of-pocket expenses should be reimbursed.

COURTS & CAPITOLS www.officetechnologymag.com | September 2022 | 27

R ecently, I was fortunate to hear a presentation By Dr. Steven Shepa rd. He spoke of “blind spots” that exist in every business. These are often issues that interfere with growth, work flow and efficiency. They are blind spots because, in our day-to-day operations, we are too close to see the impediments. For years, I have suggested having a member of your board of directors who comes from outside the organization. This individual can ask the “Why?” of certain business practices and suggest alternative solutions from the outside. Being an outside director raises some matters of concern. As a member of a board of directors, an individual has a fiduciary duty to the corporation as well as the shareholders. If an issue arises that the board approved, it is possible that the members of the board will be sued. Likewise, if an event oc curs that the board should have been monitoring, liability may be imposed. This exposure can be overcome by directors and officers insurance, but the risk may discourage an individual from accepting the role. A very viable alternative to an outside director is the cre ation of an advisory board, which is a structured and collab orative way for organizations to engage with external advisors. An advisory board acts as a sounding board for the owners, directors or shareholders of a company. It is a group of experts who provide advice to the board of directors and members of senior management. Advisory boards have no formal author ity and responsibility, and their members are not company directors. Advisory boards do not take part in corporate gov ernance; they only provide advice. Unlike a board of directors, the members of an advisory board are not authorized to act or make binding decisions on behalf of the organization, and they do not have any fiduciary responsibility.

There are steps to be taken prior to establishing an advisory board. The company should have a clear vision and a mission that are followed in all aspects of the business by all employees. Reach out to your network to find possible members for an advisory board. Your current legal counsel and banker may not be as valuable as someone with no prior knowledge of the or ganization. Businesspeople who have companies with a similar

An Advisory Board

Establish one & receive high-quality advice

An effective advisory board, properly composed and struc tured, can provide non-binding but informed guidance and serve as a tremendous ally in the quest for superior corporate performance. Nobody can build a great business alone, and whether you are a startup or an established industry leader, having access to high-quality advice can en hance your company. Consider establishing an advisory board to infuse knowledge from out side our industry. n

Robert C. Goldberg is general counsel for the Business Technology Association. He can be reached at robert.goldberg@sfbbg.com.

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For the benefit of its dealer members, each month BTA features two of its vendor members in this space.

A full list of BTA vendor members can be found online at www.bta.org.

BTA would like to welcome the following new members to the association: Dealer Member AAA Business Systems Inc., Little Rock, AR CBS of Colorado, Arvada, CO Eagle Business Machines Inc., Elmsford, NY Infonaligy Partners Inc., Allen, TX JCM Copiers, Miami, FL Legacy Business Solutions, Fremont, CA Office Technologies, Pottstown, PA Simple Office Technologies, Fullerton, CA Southwest Office Systems Inc., Dallas, TX Tera Consulting Inc., Hicksville, NY Vendor Member Evo Security, Liberty Hill, TX M-Files Inc., Dallas, TX For full contact information of these new members, visit www.bta.org. For more information, visit www.bta.org. 28 | www.officetechnologymag.com | September 2022

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BTA HIGHLIGHTS

n Has your salesperson asked and understood the custom er’s definition of success for the purchase?

Building

I have been interviewing candidates for a client of mine. The position is highly paid and is attracting mid- and senior-lev el candidates. A question I often ask is: “What’s the last sales book you read?” Normally, the answer I get is either a blank stare or an honest, “I don’t read sales books.”

n Has your salesperson gotten the customer to explain how he sees an advantage in buying from him?

The inverse relationship between

n Has the customer agreed that your salesperson can achieve this success?

SELLING SOLUTIONS www.officetechnologymag.com | September 2022 | 29

n Has your salesperson shown the customer how he can solve the customer’s needs and achieve this success?

“OK,” I say. “How do you develop your skills?” Again, I get blank stares. I find this both concerning and disappointing, and it ties to the most frequent question I get when I speak at conventions.Themostcommonly asked questions I get are how to deal with price. More specifically, it is along these lines: “Troy, I con stantly have a problem with customers taking my (lower) price and using it to get their current suppliers to drop their prices. Then I don’t get the sale. How can I protect myself from that?”

Sometimes I become concerned about the state of the great profession of sales. Specifically, I worry that the av erage salesperson is less invested in his (or her) profes sion and less skilled than the average salesperson from a cou ple of decades ago. Why? More and more, I see “cheap price” substituted for “selling skills.” I started my sales career in 1990, selling new cars in Tope ka, Kansas. As you would expect, I was not very good at first. But although the environment was pretty cutthroat, I worked hard to develop my skills. I listened to a set of tapes that the dealership had (lousy). I went to a car sales training school (not much better). Then I started reading sales books. Some of those were car-oriented (“Customers for Life,” by Carl Sewell, is still on my bookshelf and is one of the best sales books I have ever read) and some were not. What was interesting was this: I was surrounded by salespeople who did the same. We bought sales books. We read sales books. We traded sales books. And we worked hard at getting better at our profession.

Entirely too many salespeople ask a few rote questions, try ing to find a common problem in their industry, and then fire off a proposal assuming this will make the sale. Most of the time it does not. It is lazy and unskilled selling.

If your salesperson is not doing these things, he is not position ing himself to truly “win” sales. He is cranking out quotes and hoping they are good enough. And then he is probably complain ing that the customer took his price to the supplier he wanted to buy from all along, since the salesperson did not persuade him that he would achieve a better result by buying from him instead.

Pardon me while I sigh and roll my eyes for a minute. OK, here’s my answer. There is a little secret in sales and here it is: Customers buy from who they want to buy from. If that is not you, your price does not matter. If it is you, your price might matter, but it is far from the only thing that does. If low prices are your only sales tactic, you are not a salesperson. Period. “But Troy, all that my customers care about is a low price,” salespeople wail. Utter nonsense. If everyone was paying the absolute lowest price possible for everything, there would only be one provider of any given service in any given market. Before you think about allowing a salesperson to offer “the cheapest price,” ask yourself these questions:

So, how does this tie back to my original point about sales books? It is simple. The salespeople who take the time to invest in themselves, their skills and their careers are seldom the ones who ask me price-based questions. That is because they understand how to ask great questions, how to make great presentations and position themselves to truly win sales. If your people are getting wrapped around the axle about price all the time (or even if they are not), maybe it is time for them to get serious about this great profession of ours. Have your salespeople read books and articles, and watch Sales Skills price & selling by: Troy Harrison, Troy Harrison & Associates

videos. Get them to be serious about the art, science and skill of selling. Then, based on what they have learned, try one new skill per week. Maybe it is coming up with a new question. Maybe it is presenting in a different way. Your customers will tell you — quickly — what works and what does not. You can drive this as a manager. Here are some easy ways to do it: n Assign reading and reporting. Or, better yet, assign training. Pick a sales person every week and have him find a sales article that speaks to an issue he is dealing with. Then have him present it to the team and train on the key concept in the article. This can be even better than you driving the team’s training.

n When salespeople come to you asking for a price dis count, make them give you two specific reasons the cus tomer said he would prefer to buy from your company. If your salespeople cannot do that, do not give a discount.

n Have salespeople come up with one new question to ask customers each meeting. Try them out in actual sales calls and report on the results the following week. You will end up with a great master list of questions.

n This might be the most important point. Say no to bad deals. Period. Even if the salesperson comes in with a signed contract, if the deal is bad, make him go back and get more money. This is a pain ful experience for a salesperson and he will not want to repeat it. If you say “no” to a bad deal twice, the salesperson will train himself to get better pricing. As I stated in the beginning, if your team members are not skilled, you will have to use giveaway pricing to get business. Why not build their skills instead? Create a culture of sales skill improvement and your job will be more profitable and more fun. n

Troy Harrison is the author of “Sell Like You Mean It!” and “The Pocket Sales Manager,” and is a speaker, consultant and sales navigator. He helps companies build more profitable and productive sales forces. To schedule a free 45-minute Sales Strategy Review, call (913) 645-3603 or email troy@troyharrison.com. Visit www.troyharrison.com.

Say no to bad deals. Period. Even if the salesperson comes in with a signed contract, if the deal is bad, make him go back and get more money.

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