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This Is Not the Year to Give NeoCon a Miss
Merchants Office Furniture, Denver Dealer, Celebrates 70 Years and Counting
In Denver, the father and daughter team of Richard and Jynx Sanders at Merchants Office Furniture are celebrating the 70th anniversary of the dealership Richard’s grandfather, Marvin Sanders, founded in 1940. The dealership operates out of a 22,000 sq. ft. showroom and headquarters location not far from the city’s central business district and offers a mix of mid-market new furniture and used product.
Just about two months from now, the doors will open at Chicago’s Merchandise Mart for the 2010 NeoCon World's Trade Fair. If you haven’t yet decided to attend, do yourself and your dealership a huge favor and do it. Now.
At a time when sales of any kind have been tough to find for many dealers, business at Merchants has been “reasonably good,” Richard reports, with customers responding enthusiastically to the dealership’s value-driven business model.
Sure it’s expensive at a time when every dollar is precious. And even though you certainly don’t have to attend all three days, it still takes valuable time away from the business.
Richard is also quick to credit Jynx’s efforts as resident “salesperson extraordinaire” for much of the dealership’s recent success. “In addition to managing our web site, Jynx has been a tireless networker since joining Merchants in January 2008, with membership in several local community organizations and leads groups,” he says.
But consider the downside of staying home this year.
Most of us are still trying to figure out what exactly those changes might mean and right now, there are a whole lot more questions than answers.
America Supports You Update: More Care Packages On Their Way to the Troops, Thanks to San Diego Dealer Last year, we reported on the outstanding efforts of Darles Wilde, CEO of ABI Office Furniture in San Diego. Darles and her fellow volunteers at the America Supports You non-profit spent part of their Thanksgiving holiday putting together some 150 care packages destined for Army and Marine soldiers serving in Iraq and Afghanistan. The need is still there, of course, and so are Darles and her team. Last month, they sent out another 119 care packages. The contents are nothing too special: plenty of travel-sized sunscreen and lip balm, candy and other snacks, books and magazines, even some toothbrushes, razors and shaving cream. But they come with a whole lot more. “This is a program that demonstrates to the young men and women serving far away from home that we recognize and appreciate their sacrifices on our behalf,” says Darles. “Many of our military personnel have no families or are from families that cannot afford this kind of support and our packages are the only mail that they receive. We have received some acknowledgement and know that we definitely make a difference!” The latest shipment went straight to the front line, Darles reports. She and her team actually delayed packing and shipping by a week so that recipients would be in shape to receive goods, as they had been in an active battle space and on the move. continued on page 3 APRIL 2010
By most accounts, we are (hopefully) in the final stages of a lengthy downturn that has brought profound changes to the office furniture industry.
OFDEALER
When are we likely to get back to pre-recession sales levels? What will be the key growth drivers once business does begin to turn around in earnest? How will we need to change our basic value proposition and products and services mix to respond to the new needs and priorities of customers in the environment that’s emerging? There are few places more likely to help you find answers to those questions and others like them than at the industry’s annual gathering of the clans in Chicago. That’s why your attendance at this year’s NeoCon—and later this year, at the OFDA’s own Dealer Strategies Conference as well—is so important. The stakes for your business are just too high not to go. Either you put in the effort now to learn as much as you can about what’s happening and figure out what you need to do to adapt to new market conditions or you keep doing what you’ve always been doing and get left behind. It’s that simple. If you’re serious about the long-time viability of your business, it’s not really much of a choice, is it? See you at the Mart! Simon DeGroot Editor in Chief OFDealer PAGE 2
Dealer News } continued from page 2 Darles’ program, Operation America Cares, is sponsored by the U.S. Department of Defense and the U.S. Postal Service as part of Operation America Supports You. If you’d like to add your own efforts to this worthy cause, Darles would love to hear from you. Just drop her an e-mail at darles@abiofficefurniture.com to get started.
For the second year running, FBI hosted ECO.expo, an event that showcased the latest green products from a broad mix of manufacturers and service providers and offered an opportunity for organizations such as the U.S. Green Building Council and American Institute of Architects to present their own green story.
Corporate Environments of Georgia Sponsors Furniture Fundraiser Life for some folks in need in Atlanta is about to get just a little easier, thanks to the generosity of Corporate Environments of Georgia, who this year was among the sponsors of Chairish the Future, an annual fundraiser in support of the Furniture Bank of Metro Atlanta. Some 200 friends of the Furniture Bank, members of the A&D community and clients and business partners of the Atlanta-based Knoll dealer turned out for a gala event highlighted by an auction of children's play sets designed by local interior design firms, as well as chairs designed and painted by local artists. The event raised an impressive $56,000, with all proceeds going to support the Furniture Bank’s efforts to distribute essential home furnishings to individuals and families in need in the metro Atlanta area. Clients include individuals and families moving out of homelessness, fleeing domestic violence and living with HIV/AIDS. “The Furniture Bank is certainly a worthy cause that’s definitely close to home for Corporate Environments, since we’re in the furniture business ourselves,” said sales associate Tracy Bennett, who coordinated the dealership’s involvement in the event. “We were very pleased with the turnout, everyone had a lot of fun and we’re already looking forward to more of the same next year,” she added.
In Tampa, Florida Business Interiors, Haworth Dealer, Hosts Eco-Friendly Trade Show There aren’t too many dealers these days who don’t tout their commitment to the “green office” movement as a key part of who they are and what they do. But few of them can boast the passion and innovative thinking that were very much in evidence at the Tampa branch of Florida Business Interiors (FBI) last month.
APRIL 2010
FBI worked on the event in cooperation with the Urban Charrette, a local sustainability-oriented non-profit, to kick off Tampa’s week-long Eco.Lution celebration of green. On display: close to 50 exhibitors who attracted some 275 attendees, including members of the local A & D community, facility managers, commercial real estate brokers and local design schools, as well as the general public. “Putting together an event of this size is a lot of work, but it’s more than worth it,” commented Kevin Baker, president of FBI’s Tampa division. “Hosting ECO.expo really makes a statement about our own commitment to sustainability and generated a tremendous amount of positive local press coverage.” In addition to its role as ECO.expo sponsors, FBI has its own LEED AP-certified designer on staff and is currently seeking LEED certification for its Tampa operation, no small undertaking given its location in a building that dates back to 1886. “When FBI opened in Tampa back in 2007, we were looking for a signature event that would give us visibility in the community,” Kevin explains. “Hosting ECO.expo does all that and more. It not only sets us apart from our competition as leaders in the sustainability movement but there are at least two projects we can point to that came about through our participation.” Understandably, perhaps, Kevin and his team are already hard at work planning for an even bigger and better ECO.expo next year.
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BIFMA February Numbers: Orders Off Six Percent; Shipments Down 15 Percent The Business and Institutional Furniture Manufacturers Association (BIFMA) released its market statistics for February earlier this month and they showed encouraging signs of modest industry improvement. February’s 6% drop in orders (versus January's 15% decline) marked the smallest monthly percentage decline since October 2008. While February faced a modestly easier prior year comparison (-32% in February 2009 versus -25% in January 2009), on a two year stack, February was modestly improved relative to January, analyst Budd Bugatch noted. Importantly, Bugatch said, the prior year comparison will ease further in March and April (-34% and -38%, respectively) and will not be tougher than -30% until November. Consistent with the 15% order decline reported in the previous month, February shipments fell 15%, Bugatch noted. “Net-net, the February statistics were encouraging, and consistent with our view that the industry is approaching a meaningful trough,” Bugatch said. “While the industry's key economic drivers remain mixed, signs of improvement have begun to emerge. Corporate profits are up year-over-year, driven by benefits from cost cutting and patches of revenue growth. Companies have de-leveraged their balance sheets, and business confidence continues to stair-step higher. While the unemployment rate remains elevated, the economy has begun to add jobs, albeit at a modest pace.” Bugatch said weakness in commercial construction is likely to remain a drag on project-related business for the foreseeable future and pointed to the current high national vacancy rate (17% in the fourth quarter of last year) as an indicator that the initial recovery may be driven more by absorption of existing space, and be less dependent on new office construction. At the same time, Bugatch welcomed the continuing positive trend line for the American Institute of Architects’ Architect's Billing Index. The Index, which tends to lead non-residential construction by 9 to 12 months, improved to 44.8 in February, up from 42.5 in the previous month. While Bugatch recognized February marked
the index's 25th consecutive month below 50 (the line of demarcation between expansion and contraction), he said it is significantly improved relative to its trough of 33.9 in January 2009.
NYC Market Outlook Brightens Office leasing and investment sales activity both jumped sharply in Manhattan in the first three months of the year, signaling a renewed confidence among corporate tenants and buyers that the economy is strengthening, according to research by Cushman & Wakefield Inc. that was reported earlier this month by Crain's New York Business magazine. New leasing activity totaled 5.7 million square feet for the quarter ended March 31, an 84% surge from the hugely depressed year-ago period. First-quarter leasing was also up 14% from the fourth quarter of 2009. Meanwhile, investment sales activity for transactions worth $10 million or more soared to $3.3 billion, triple the measly $1.1 billion worth of deals that closed a year earlier, Crain’s reported. In fact, the first quarter total is nearly equal to the $3.5 billion of transactions of that size logged in all of last year. Indeed, eight deals in that price range have either closed or are under contract, compared with seven such transactions in 2009. Despite all the positive signs, however, overall vacancies continue to rise and rents are still falling. In the first quarter, overall vacancy hit 11.6%, up from 9.6% in the year-ago period and 11.1% in the fourth quarter of 2009. Part of that rise in vacancies is owed to Cushman recently adding to its database 11 Times Square, a new 1.1 million-square-foot tower that has yet to sign a single tenant. Overall asking rents fell to $55.38 a square foot, their lowest point in three years. That's down 24% from their peak of $72.97 in the third quarter of 2008. Effective rents, which take into account months of free rent and other landlord incentives, are down even more steeply from the peak. Downtown's performance bucked the trend of increased leasing activity. In that market, leasing activity fell to 755,000 square feet, down 18% from the year-ago period. There were also no deals where rents surpassed $50 a square foot or where the amount of space leased was over 100,000 square feet. continued on page 6
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Industry News } continued from page 5 Mike Paar Named Vice President of Government Sales of Exemplis Corporation Exemplis Corporation announced today that Mike Paar has joined the company as Vice President of Government Sales in a new position responsible for federal, state and local government sales reporting to Rod Ganiard, Executive Vice President. Mike Paar brings a wealth of leadership experience to Exemplis. Paar has been in the contract furniture industry for over 30 years and has worked extensively with the U.S. General Services Administration as well as state and local governments. For the past nine years he was Vice President of Government and Education Sales for The HON Company. Prior to joining The HON Company, Mike managed government sales for Kimball Lodging Group, a division of Kimball International. He holds his Bachelor of Arts in Economics from the University of Northern Iowa, and is certified as a Master Hotel Supplier by the American Hotel & Lodging Association.
government markets and customers supports our aggressive growth agenda. Mike is a strong team player and is going to make a big contribution towards the achievement of our corporate goals.” “I am very excited about the opportunity to join the Exemplis team and help them grow,” said Paar. “Exemplis has a solid record of profitable growth. I’m impressed by their collaborative and customer focused culture. They have a distinctive business model and a clear and focused vision of the future I’m eager to contribute to.”
New VP of Sales for National Office Furniture Kimball International has announced the appointment of Robert E. “Bob” Rohlman to the position of vice president of sales for National Office Furniture.
Mike serves on the Government Affairs Board of OFDA - the Office Furniture Dealers Alliance – where he works with dealers and other manufacturers to address industry issues within the government marketplace.
Rohlman will assume the position and duties previously held by Kevin McCoy, who was recently promoted to general manager of the National Office Furniture brand.
“It’s a great pleasure to welcome Mike to the SitOnIt and Ideon team,” said Rod Ganiard. “Mike fits with our performancedriven culture and his comprehensive understanding of
Rohlman, 49, has over 25 years of experience in the office furniture industry, including eleven years with National in a division manager role. continued on page 7
We Can Help You Reach the Summit x
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OFDEALER
billkuhn1@cs.com 303 303--322 322--8233 PAGE 6
Industry News } continued from page 6 Teknion Announces New Seating Agreement with Girsberger
Global Total Office Introduces BRIDGES Work Tables
Teknion Corporation has entered into an agreement with Girsberger Industries Inc. to market, sell and support the Swiss furniture company’s seating products in North and South America.
Global Total Office has introduced BRIDGES, a versatile new line of work tables designed to enhance communication and collaboration. BRIDGES tables and components work in unison to address the needs of various environments, from team-oriented open concepts to private offices, boardrooms or training rooms. The line also includes a variety of side tables, privacy screens and accessory items and is available in a wide variety of finishes and colors.
Teknion will introduce several new seating lines designed and engineered by Girsberger in 2010. The first products will launch in April with additional Girsberger-designed seating products due to be showcased at the upcoming NeoCon World’s Trade Fair.
New Showroom Space for Bretford at Merchandise Mart Bretford Manufacturing has moved into a new showroom (#355) at Chicago’s Merchandise Mart, just in time for the upcoming NeoCon World’s Trade Fair. The new showroom is located on the same floor as Bretford’s former space. “Our new showroom will focus on training room solutions for higher education and corporate environments, which is where a majority of our products are used in the contract market,” explained Bretford CEO Chris Petrick.
continued on page 8
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Industry News } continued from page 7 Focus is on Growth and Opportunities at 2010 WorkPlace Furnishings Conference The office furniture industry may be going through some of its most challenging times in recent history, but there are still opportunities out there and powerful new resources available to help dealers weather the storm and start gearing up to make the most of the recovery when it comes. That was the message that came through loud and clear last month at the 2010 National Conference of the WorkPlace Furnishings dealer organization (WPF). “These are tough times and we certainly should not underestimate the difficulties we face but there is still much to be thankful for and many ways we can strengthen our dealerships and move forward to find new opportunities,” WPF president and CEO Greg Nemchick told the group. In addition to a much-expanded educational program and the traditional one-on-one meetings between WPF dealers and their supplier partners, this year’s conference saw the introduction of several new programs and services from WPF. They included: u A new business development program by which WPF has sent its members over 830 new leads during the past six months
u A new online hiring tool that tests the aptitude of potential job candidates in key areas of dealer operations such as sales, design and project management u New strategic alliances with PoweredByOI, an innovative technology company that offers a new approach to managing key dealer business processes, and Corporate Workplace Services, a nationwide network of service providers for out of market installation and other furniture-related services. u An expanded selection of vertical market and specialty product marketing pieces, targeting the most important growth areas in the market today. Also at the meeting, WPF members honored their Dealer and Manufacturer of the Year. The Dealer of the Year Award, named in honor of former WPF president Dennis J. Insogna, went to Creative Office Pavilion, Portland, Maine, while Manufacturer of the Year honors went to Safco Products Company, New Hope, Minnesota. In addition, the group presented its highest honor, the Nathan M. Loth Award, to WPF legal counsel Irv Katzman, who is retiring this year after over 35 years of service to the organization.
WPF VP of marketing Vic Maffe; Mark St. Clair of Creative Office Pavilion, Dealer of the Year; Nathan M. Loth Award winner Irv Katzman; Kevin Jordan of Safco Products, Supplier of the Year; WPF president and CEO Greg Nemchick, and Terry Wilson and Ron Redding, both of Safco.
APRIL 2010
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New Jersey Treasury Agrees that DEPTCOR Must Halt ‘Pass-Through’ Sales In response to a January 8 letter from OFDA’s attorney in New Jersey, the acting director of the state’s Division of Purchase and Property has agreed that the Department of Corrections’ DEPTCOR unit must cease all “pass-through” sales of articles and supplies, including furniture products, to state departments and agencies. Such sales are inconsistent with New Jersey’s statute (N.J.S.A. 30:4-95), which mandates that items sold by DEPTCOR be manufactured, produced or assembled by its inmate work force. OFDA and its New Jersey members contend that DEPTCOR has been selling significant volumes of “pass-through” furniture items to state departments and agencies that do not meet the clear requirements of N.J.S.A. 30:4-95. After an internal investigation, the New Jersey Department of Corrections agreed that such practices should be stopped and recognized a Purchase Bureau contract cannot override this statute. OFDA is continuing to work with legislators and the newly elected governor and his administration to challenge New Jersey’s dysfunctional procurement system as it applies to the sale of office furniture and its installation in that state (see last month’s OFDealer). Most industry dealers and manufacturers that also have state government business in other states highlight that New Jersey is the worst in terms of doing business.
In today’s difficult market, securing full knowledge of how your business performance and structure stack up versus the competition is more important than ever. OFDA’s DFC is a valuable diagnostic tool for dealers of sizes, whether aligned with a major systems manufacturer or not. Its line-item P&L focus generates the level of detail essential for understanding the evolution of your business and determining which high-impact management actions will improve profitability. The more dealers participate, the more they individually and collectively benefit from this valuable industry resource. Visit www.ofdanet.org and follow the link to OFDA’s DFC survey for full details on the survey or click the ad below to participate. Billie Zidek bzidek@ofdanet.org can answer any questions you may have regarding this widely respected benchmarking program.
How Does Your Dealership Compare? Compare your company’s financial performance to the industry’s best players by participating in the OFDA’s free online
Dealer Financial Comparison & Benchmarking Guide Survey Participating dealers can compare revenue & expense structure, and profitability with: Top 10% of most profitable dealers
Please contact Chris Bates, OFDA president with questions or comments at cbates@ofdanet.org or 703-549-9040, x 100 .
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Aligned vs. non-aligned dealers Dealers with equivalent service revenue shares And, receive a FREE custom report aligning your data with relevant benchmarks for easy use in improving performance!
Dealers who complete the survey receive a detailed report on the results, which provide specific P&L, balance sheet and productivity benchmarks that are broken out by dealer and market size, dealer profitability, and other relevant comparison factors.
To participate, click this ad or call 800.542.6672
Members of OFDA also receive at no charge a custom profile of their businesses’ revenue, expense and profitability aligned with the most relevant industry benchmarks for comparison with their business situation. APRIL 2010
OFDEALER
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Have You Determined the
Future of Your
Business? By Bill Kuhn
Bill Kuhn, principal of William E. Kuhn & Associates, is a noted industry consultant, writer, and speaker with over 35 years of industry experience. In addition to his contributions to OFDealer, he also authors a regular column in INDEPENDENT DEALER, our companion publication on the office products side of the industry www.idealercentral.com. His topic for the June INDEPENDENT DEALER: business valuation For more information, contact Bill by phone: 303-322-8233, fax: 303-331-9032, or e-mail: BillKuhn1@cs.com. APRIL 2010
Strategic planning and leadership development have a direct correlation to the success of a business. A third component—succession planning or, more appropriately, succession management—also directly impacts business performance. All three of these areas require that you address the skills and qualities that your business has and that your business will need in the future—getting the right skills in the right place at the right time. This was brought home to me two years ago at a strategic planning retreat I was facilitating. The client principal—a highly enlightened visionary and outstanding leader—surprised us all by suddenly asking his team of managers a series of questions: “Who wants my job in the future? Why? And if not, why not? Are you prepared to take it today? What additional leadership qualities and skills do you need to take my position?” This resulted in a half-day discussion and proved to be the most important part of the two-day planning retreat. The team had been performing well. However, when those questions were raised, the calmness,
openness, yet probing approach by the president brought the managers to the realization that at some point in time, each of them could succeed in one significant way or another. Within a little over a year, the team’s performance moved to the next level and became absolutely outstanding in terms of growth, market power, profits and leadership. That same period saw several internal career transitions. The managers became a highly motivated and committed team, who grew and developed with additional responsibilities and challenges and who were rewarded with bonuses (and stock options for some) for their performance. Watching the president and his team perform has been one of my most satisfying business experiences. As the owner and principal of your dealership, have you come to terms with the fact that one of your primary responsibilities is the development and cultivation of the future leaders of your organization? Do you have a program of succession management for your dealership and an exit strategy for yourself? continued on page 13
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JUNE 14–16 THE MERCHANDISE MART CHICAGO NEOCON.COM
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Cover } continued from page 11 Time is Critical With today’s economy and industry challenges, including the unknown of when recovery will occur, planning your business perpetuation or exit strategy is as important to your dealership as any of the other compelling issues currently consuming your time. Fighting the second severe industry recession within a decade has created opportunities for some, but illiquidity and risks to survival for many others. This has brought dealers face-to-face with tough and unanticipated succession issues or exit strategies. Action in the present is required to position you, your key people, and your dealership. If you want to sell to an outside party, you should be positioning yourself now to meet the criteria of a likely buyer. If you want to transition to new ownership and leadership from among current managers, you should be evaluating options for structuring a mutually attractive deal as well as ensuring that the full range of competencies needed for success is being developed by your successors. If you want to hold on for the foreseeable future or indefinitely, you must identify the skills and qualities and the corporate reserves (i.e., cash) that you will require to ensure perpetuity.
Timing is Critical
Benefits of Having a Succession Plan Dealers frequently overlook the very significant benefits of an exit or business perpetuation strategy that can be put in place now to ensure a highly successful transition to new management or ownership in the future, whatever the circumstances. A succession plan: n Ensures the perpetuation of your business n Meets your obligations to employees, other owners, family, customers, your community, and other organizations including creditors, manufacturers and lenders n Paves the way for continued quality ownership and management (including management retention)
In his book, A Guide to Perpetuating Your Business, financial consultant Dickson Buxton writes that while some companies have been built by a steady succession of leaders, most companies are not perpetuated; they are sold, wound down, or liquidated.
n Safeguards against unforeseen events such as the death or disability of an owner or an unexpected opportunity to sell to an outside party
Not planning ahead means you won’t be in the driver’s seat when you’re ready to move on and you may not end up with the financial outcome you anticipate.
n Becomes a vehicle for leadership development and the transfer or expansion of responsibilities
Building an exit strategy, choosing successors, and perpetuating your business may necessitate the most important decisions you’ll ever make.
n Identifies talent and future leaders
The right decisions mean the rewards for the passion and toil you have spent in building a business can continue to return to you and your family, your customers and employees, and your community for years to come. Sadly, research studies reveal that while companies believe in the necessity for succession planning, very few have a plan. And yet, I am continually asked: What’s the potential and future for my business? Should I tough it out or should I acquire, be acquired, merge, transfer ownership—and when? Call it what you like—exit strategy, leadership development, ownership succession, business perpetuation—the key is to make this a component in your planning process.
Where to Begin Begin by answering three critical questions:
Where is the business going? Answering this question means spelling out your purpose, articulating a well-defined vision and defining the direction your company will take, which APRIL 2010
OFDEALER
n Assures the best individuals will be selected ahead of time n Typically enhances the value of your company n Provides the vehicle (such as an ESOP) for owner retirement n Provides for an orderly approach to transfer of ownership within the family, management, or outsiders n Is the vehicle and exit strategy for existing owners n Provides an added comfort level to your banker and to your major manufacturer who wants or requires its key dealers to have an exit strategy continued on page 14 PAGE 13
Cover } continued from page 13 ties directly to your strategic business plan. Your answer also emphasizes the importance of professionally managing the business for either management succession or an outright sale.
What is the value—the worth—of your dealership today and what is your targeted optimal value? For example, what would be the value you project at the time of your anticipated departure? Answering this question requires a realistic valuation, using some of the guidelines the IRS spells out, including its Revenue Ruling 59-60 that specifies the factors to consider when determining the appropriate value of a company in a closely held corporation. Too often, dealer principals hold unrealistic expectations of the value of their company right up to the time they wish to sell or retire, and then are shocked by
the results of a professional valuation. Gaining a realistic understanding of the true value of your business allows you to make better decisions now about how to increase your company’s value and position it more favorably for the future. Some dealers set their exit plan based upon a point in time (e.g., age 65); others base it upon a dollar amount they want to realize at the time of their departure. There is always the possibility of an unplanned departure due to health issues, including anxiety or “burnout.” family problems or unexpected financial challenges.You don’t always get to choose when you leave; however, succession planning minimizes the negative consequences of unforeseen events. Dealers should be re-valuing their company on an annual basis and have it as an integral part of an owner’s business plan.
One Dealer’s Approach to Valuation “Once we began the process of valuation, we saw the benefits of doing a valuation annually as well as projecting our value three years into the future. We not only evaluate our tangible assets and profitability, we also look at the goodwill intangibles, including our personnel strength, customer account base, product/service mix, and any unique or competitive advantages that might be viewed as a strategic fit to a potential buyer. On that basis, we determine what our price to an outside buyer might be. Our value has become an integral part of our strategic plan with a specific goal of the company’s worth for each coming year.” continued on page 15
Because customers demand more every day, we’re prepared for whatever comes your way. Need 10 offices in 10 business days or less? What about 20 chairs? Or maybe 10 tables? No problem and at NO premium, our Quick Delivery program, To You In 10 Days or Less, IBT you covered. Contact your National District Manager or visit us online for additional information, or to learn more about our high quality, stylish products. 800.482.1717 www.NationalOfficeFurniture.com
APRIL 2010
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Cover } continued from page 14 Who has or may have the skills and abilities to get your business where you want it to be? Answering this question requires an assessment of your employees’ existing leadership and managerial qualities, behavior and performance and evaluating characteristics including awareness, self-confidence, the desire to achieve, a sense of urgency and the abilities to inspire, empower, establish trust, earn respect and execute. Family members should understand that opportunity will be afforded only to strongly qualified professionals, whether family or non-family, and taking into consideration what is required for the perpetuation of the company. This is an aspect of succession planning that too few families adequately address. Business is too tough and complex today to run it with anything but the best talent you can find, and the best talent will rarely be attracted to or remain with an operation that compromises success for the sake of the family. You must be willing to ask any family member, “Why should anyone be led by you?”
Steps in the Succession Planning Process
a formalized plan. Obvious perhaps, but lack of emotional commitment often derails the plan. Even if you don’t see yourself leaving for 20 years, succession planning will benefit your business.
2. Set criteria and objectives for business perpetuation (management succession) or for a sale (ownership succession). For example: 4 Provide for perpetuation of the organization, including adequate corporate reserves, and increase in value. 4 Plan for income continuity and optimum payout to owners, enhancing ownership value over a buyout period. 4 Develop a positioning plan to maximize future shareholder value that will make ownership highly attractive. 4 Base management succession and ownership on performance. 4 Provide an orderly transition of management and ownership succession, minimizing organization disruption.
3. Commit the succession plan to writing including responsibilities and time frames.
One Dealer’s Way to Address Abilities for the Future “I was ready to move on, relinquish my presidency and ultimately my ownership, to be able to pursue interests I have always wanted, as well as freeing up time for extensive travel. I’ve been fortunate in having talented family and non-family managers, but I wasn’t sure who would be the best to take over the business. Before identifying my replacement, I gave my key managers additional responsibilities that, for some, were a radical departure from what they had been doing. With outside help from consultants and advisors, we developed programs for preserving wealth and for leader- ship training along with various tools for measuring performance, behavior and peer review.
Succession planning is a complex process. These steps should be helpful as you develop the plan. Plans and approaches vary depending upon the dealer.
The plan should include details of ownership transfer, valuation of the business, and the assessment, selection, and development of future leaders and owners.
Considering family issues, this process has not been easy and the transition has taken more than three years.
1. Acknowledge the need for succession planning and commit to the process.
4. Focus on leadership development.
Nevertheless, selections were made including my replacement and replacements for other key positions. The final transition of ownership is not finalized; however I now have time to begin pursuing my other interests and personal goals.”
Committing to the process means setting aside the time and energy required. It’s a lot more than the general thoughts a dealer principal may have, such as, “I plan to turn it over to my kids.” The increased complexity of a dealership today and the skills required for success make it all the more important to develop
To enhance value, commit to learning, development, and understanding. Succession planning is not merely identifying promising employees and the slots that each might fill. Unfortunately, this is the focus of many dealers. Instead, the focus should be on developmental activities, combining training
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Cover } continued from page 15 and real-life exposure. Stretch your staff by increasingly challenging roles and assignments. Successful examples I’ve seen include broadening roles, switching roles, dropping some functions, taking on others (sometimes unrelated).
5. Identify your successors. For years, I followed the basic premise —espoused by many—of identifying successors early in the process, followed by their development. There are times when this may be required, but my experience has now shown that the best result typically occurs when the focus begins with development. In due time, the role to be filled by a successor, and the qualifications and strengths required in a potential successor, will become a key staffing decision for which you are prepared. Keep in mind that any good plan includes not only those being groomed for succession, but also the people who will replace them. Identify the qualifications for your potential successor and clearly define the role to be filled. Assess and profile the strengths and further development needs of any potential candidate. Look closely at where your talent lies; leadership talent is often overlooked or the wrong people are identified as having the talent. When identifying successors, professional advisors and others can— and should—assist in determining whether potential candidates have the experience, skills, and vision to lead the company into the future.
6. Discuss succession with those directly affected. Often, succession planning is shrouded in secrecy, hindering the process due to APRIL 2010
lack of communication and confusion about the company’s direction.
One Dealer’s (Very Successful) Credo for Succession Planning
Key players need to know where they stand and what is expected of them. Openness, honesty, and dialogue are essential components. Rumors can run rampant; it is equally important to communicate with the entire staff about the purpose, vision, and direction of the company.
As owners, we:
7. Continually monitor and reward performance.
3. Will develop a written plan including responsibilities and time frames. The plan will include details of ownership transfer, valuation of the business, assessing, selecting and developing leaders and estate planning of current owners.
Measure progress regularly, and include an ongoing evaluation of the successors who have been selected. Ascertain whether the right people are moving into the right positions at the right time. Determine which jobs within your organization are most critical to achieve the vision and direction you desire, and identify any shortcomings in your leadership development and succession management. Objectives, priorities and staff change over time; the plan should be flexible enough to adjust to conditions that may arise. Those who lead—and will lead—want rewards, both financial and non-financial. They are motivated by challenge, added responsibility, and empowerment. The best ones want to continually learn more about leadership and management. But more importantly, they are motivated and will stay with your company because they know they have an important stake in the future of your organization. The future is often closer than we think. Act now to create the future you want. The more focused the effort, the more you stand to gain from you business now and at the time of your expected departure.
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1. Have committed to the need for succession planning. 2. Will inform other key managers— potential future owners—about our intentions and their roles in the succession planning process.
4. Will set goals and develop a positioning plan to maximize future shareholder value to make ownership highly attractive. 5. Will seek advice and counsel of outside consultants, attorneys and CPAs. 6. Will communicate the plan to key managers and family members. 7. Will have open dialog with identified successors to discuss anxieties, aspirations, as well as intellectual and emotional concerns they may have. This will include our evaluation of the interest, commitment and “passion” of each identified successor. 8. Will establish leadership training and development programs for each future leader. 9. Will communicate with other managers and our entire staff regarding our purpose and vision for the company. 10. Will incorporate aspects of the succession plan into our business and financial plans.
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PR JECTPROFILE Open
Collaboration Personal Privacy Combine By Alicia Ellis The television newsroom is a unique work environment. To be successful, producers must combine the split second timing of many cameras with anchors and reporters while engaging editors, fact checkers and graphic artists to generate a flawless broadcast. It’s an environment that places a premium on the need to support collaboration on a grand scale, while still recognizing the need for privacy to write, design or edit. Balancing those two requirements and creating a look that also showcased a modern, progressive aesthetic was the challenge Cincinnati Kimball Office select dealer OstermanCron found itself facing recently, when it learned through a networking connection that a local newsroom was looking for new furnishings. WXIX, Fox 19 needed an office solution that provided sufficient workspace, could accommodate several monitors, was sleek enough to be viewed on high-definition television and encouraged lively discussion while still allowing for some form privacy. “Working in a newsroom is a unique office environment because there’s both a collaborative need and the need to work privately,” said Steven Ackermann, news director at WXIX. “These two things can go back and forth often in a matter of minutes. Furnishings must accommodate multi-tasking because that’s what the people are doing and we have to have shared workspace. Every desk is used by at least two and in some cases three people throughout the day.” After a brief discussion, partner and co-founder Keith Cron, principle of OstermanCron, was invited to tour the newsroom to get a better idea of what the station was looking for. “I have never seen an environment with such a high energy level,” said Cron. “There were people having discussion while others right next to them tried to focus on writing. Everyone was moving and there were a whole lot of different activities going on.” According to Cron, the dealership faced three main challenges APRIL 2010
to overcome in order for the project to be successful:
1. Creating a space that was functional for collaborative and individual work. 2. Incorporating large monitors and above average amounts of technology that would be used by a team into the layout. 3. Visual considerations and attractiveness of the furnishings for broadcast on the air. Within minutes of his visit, Cron seized on Kimball Office’s collaborative desking system, Hum. Minds at Work., as the foundation of his solution. In order to showcase the capabilities of Hum, Cron and a Kimball Office rep invited a team of five representatives from the station to his showroom. “Trying out the system, the FOX team reenacted their daily routines; simulating group meetings, collaborative efforts, seating arrangements and private time,” said Cron. “Hum’s unique design allowed for various levels of interaction and permitted each member of the newsroom staff to have their own space and maintain visual and audible communication with
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Project Profile } continued from page 17 fellow team members, without worrying about distractions or interruptions,” he explained. “Raised terraces give people the means to organize work, the ‘See Me’ screens with openwork pattern filter distractions without isolation, and ‘Meet Me’ spaces create a natural collaboration point for teammates.” Also a plus for Cron and his team was Hum’s wire management trough and the ability to position large monitors on the top of the terrace. “We were able to create a great looking environment that was fully functional,” he said. A color specialist was called in to help develop a color scheme that would meet broadcasting needs yet not distract from reporting activities. “After a lot of back and forth, the blue wave pattern was chosen by a vote of 3-2 for the ‘See Me’ panels and coordinated accessories,” said Cron. Less than two days was needed to completely install the project which included 21 workstations and 21 chairs. “The station was extremely pleased with the results,” said Cron. “There is a new atmosphere in the newsroom and a progressive image to go along with it. We have earned their trust and been rewarded for our efforts with great recommendations and even more work from them. We were able to understand their needs and give them a solution to suit all their needs.”
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Employee Assessments The View from 10,000 Feet By Tom Davis
In most organizations, personnel costs usually come in among the largest budget line items. Given the array and urgency of business challenges facing today’s CEOs, organizations need their leaders, managers, and people aligned and working together at the highest levels of performance. Employee assessments can give organizations and managers consistent, in-depth, and objective information about their people. This construct includes the employee’s:
gut instinct and empowers them to make smarter people decisions based upon objective criteria. Specific benefits include: n Selecting people most likely to succeed in a job n Accelerating time for people to become fully productive in a new role n Improving alignment and communication between managers and employees
n Fit with organizational culture, job, manager and team
n Reducing workforce conflict and improving employee satisfaction
n Knowledge, skills, job performance and developmental needs
n Maximizing each employee’s contribution to the organization
n Increasing overall workforce capability, productivity, and agility Although an HR department may manage the day-to-day administration of an assessment program, these initiatives thrive in the organization when sponsored by senior leaders who are committed to building and retaining a highly productive, performance oriented workforce. Assessments immediately reveal much more consistent, in-depth, and objective information about employees than most managers could uncover on their own.
n Integrity, reliability, work ethic and attitude towards substance abuse
n Reducing frequency and cost of theft
Many factors inhibit organizations and managers from acquiring both enough information and the right information about their employees to make the best possible decisions for the organization and the individual. There are three reasons for this:
n Response to conflict, stress, frustration and likelihood of aggression
n Increasing sales performance and customer loyalty
1. Employees have a tendency to embellish their qualifications.
n Preferred learning and communication style
Information uncovered from assessments helps leaders and managers rely less on
n Reducing employee absenteeism and turnover
n Enabling strategic workforce management and succession planning
According to the Society of Human Resource Management (SHRM), 53% of resumes they reviewed contained continued on page 20
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Employee Assessments } continued from page 19 false information. And others who don’t embellish their resumes may lie during a job interview. The workplace is full of people vying either to get hired or to get promoted to the next level. In a game with relatively high-stakes, many people will ignore the risks of lying in order to compete for a position. 2. Managers have a tendency to “filter and scrub” employee performance reviews. In our litigious culture, few former employers will provide a negative reference about a job candidate. Even performance reviews are filtered through an employee’s immediate supervisor, who, though well intentioned, may be less than fully objective. We’ve known supervisors who felt threatened by rising stars, and who downplayed their subordinates’ talents, accomplishments and potential. And we’ve seen those who, fearing they’d lose a good employee to a promotion, quietly sabotaged their own people’s upward mobility. 3. People are just plain difficult to read. Employee behavior is often compared to an iceberg—about 90% of our behaviors are explained by factors that, on the surface, cannot be easily observed or understood in a meaningful context. Without advanced training in psychology, many of these behaviors are difficult—if not impossible—to detect, and the manager is at a disadvantage. Valid assessments can uncover truthful information about the employee in a very cost and time effective manner.
What if your employees came with an instruction manual? Think about the cost of your organization’s last few hires. Aside from salary and benefits, there’s the cost of advertising for the job, the investment in training, and the price of getting a new worker up to speed. An organization wouldn’t spend $40,000, $50,000 or more on a piece of equipment without a careful understanding of what the equipment can do, a rigorous selection process, proper training, documentation, guarantees, and warrantees. Before you purchase equipment, you want to know how it works and whether it’s right for you. Before you operate that equipment, you’ll probably want to look at a user’s manual.
Yet, every day we see businesses hire and deploy employees with little or no thought to helping managers understand how these employees work and whether they are a good fit. Organizations don’t seem to appreciate that employee assessments can serve as a valuable “user’s manual” for managers to get the most from their people. For this reason, we believe anyone who manages people or runs a business should know about the value of employee assessments. If your organization is like most, your most valuable assets are your people. You invest a lot in them, and they give a lot back. They’re the company’s public face, its lifeblood. Of course, you need to know them… but that is easier said than done.
Common applications of employee assessments 1. Screening n Good pre-hire assessments will quickly screen out applicants who lack the fundamental qualifications and behaviors the employer is seeking. n Some skills assessments fall into this category, as do assessments that provide insight into an applicant’s work ethic, reliability, integrity, propensity for substance abuse and attitudes toward theft—including property, data and time. n Pre-hire assessments should be cost-effective, easy to administer and provide immediate results.
2. Selecting n Assessments are commonly used to better evaluate prospective employees, or current employees who are being considered for promotion or redeployment. n Selection assessments often support other related activities such as resume reviews and interviews. For example, the assessment can highlight areas into which a manager should probe during the interview, thus setting up the manager to ultimately make a better hiring decision. n Selection assessments can also help organizations identify high-potential candidates and place them on specialized career tracks. Next month we will discuss various types of employee assessments and the use of assessments once you hire someone.
Tom Davis is Senior Consultant for Comprehensive Search. Prior to that he held executive leadership positions with dealerships in Central and South Florida representing manufacturers such as Steelcase, Knoll, The HON Company, Kimball Office and National Office Furniture. Davis can be reached at 888.801.6550 or via email at tdavis@comp-search.com Comprehensive Search is the endorsed Search firm of the Office Furniture Dealers Alliance. They represent assessment products of Profiles International who contributed to this article. APRIL 2010
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S A V E
T H E
D A T E
OFDA 2010 CONFERENCE
October 9-12 Hyatt Regency Coconut Point Resort and Spa Bonita Springs FLORIDA
Are you
By Kama Weinberger
LinkedIn is a social media networking site that was launched in 2003 but has really taken off in the past few years. There are currently in excess of 60 million users utilizing LinkedIn worldwide. It is often referred to as the resume for the 21st century, but it is much more than that and can be a valuable resource for your business.
the new page appears, click on “Add a Company”. As with your personal profile, make sure that you make this as complete as possible adding (i.e., expertise, services, products, etc).
Because users fill out a profile that includes employment and educational histories, LinkedIn is often useful when looking for potential new employees but it can also be used to promote business through participation in industry-related groups and discussions. The most important thing is to make sure your profile is complete and you have a photo of yourself. In your profile include details on your company (i.e. expertise, services, products, etc). This is how people and groups can find you on LinkedIn. A photo is very important. Someone might know you but if you don’t have a photo they may not be able to confirm it is you when making a connection.
Getting Started on LinkedIn The first step is to sign up. This is very simple by going to www.LinkedIn.com. You will now need to build your professional profile. Note your company may not be listed at this time, but you can input it manually. LinkedIn will then ask if you want to search your email contacts to find people you may know. This can be done during sign up or later on. If you wish to do it later, simply click “Skip this Step”. The system will send you an email to confirm who you are and to activate your account. Once your account is activated you can update your profile by logging into your account. As mentioned before, the first thing you should do is add a photo of yourself. The information should be as complete as possible with current and past positions. Also make sure to add in your education, company or vendor web sites and Twitter accounts, if you have them. After you complete your personal profile you will want to build a company profile. This is done by going to the “More” tab, and then selecting “Companies” from the drop down menu. When
Building your network is the first step and can be achieved in a few ways. 1. Connect with people you know or have worked with in the past 2. Connect with people within your industry 3. Join groups including school alumni, trade or industry sites By increasing the number of people in your network you are not only connected to them but also to the people they know through degrees of connection. Whenever someone accepts your connection request, they become your 1st degree contact. Thus your connection’s connections become 2nd degree connections and even further your connections’ connection’s connections are 3rd degree connections. You can also have “Group” connections. Regardless, your relationship is distinguished to the right of any person’s name and also on their profile. When you ask to connect with someone, you are given several options to choose from relative to your knowledge of the person. continued on page 23
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LinkedIn } continued from page 22 They include: n Colleague n Classmate n We’ve done business together n Friend n Group Member You can choose from the above options to connect with someone, but you must be able to back up your connection with support documentation from your profile. For example, if you say you want to connect with someone because they are a former classmate, you will be asked to select from a dropdown menu that lists your education and which school you went to with that person for verification purposes. You can also choose the “Other” connection category, which will prompt you for the person’s email address, or you can select “I don’t know” but beware of connecting with too many people that you don’t know or who you are only acquainted with. Linkedin only allows a certain number of requests to people you don’t know before they will take away your rights to unsolicited contacts. A better way to reach those second or third degree connections is to request an introduction through your first level contact. LinkedIn always suggests people you may know and want to connect with on your home page. Under the suggestion, you can click “See More” to get even more possibilities. I would recommend going through these every few weeks.
Ask for recommendations
Recommendations are an important element of Linkedin and allow your connections to comment on the type of person you are, how well you worked together on a particular project or how you performed in a position. Don’t be afraid to ask people in your network for recommendations. This is very beneficial when trying to get new business. Many people who are searching for potential service providers look at the recommendations that people give. LinkedIn makes it very easy to ask for a recommendation. Simply go to the “Profile” tab, and then click on “Recommendations” from the drop down menu. When the new page appears, simply click on “Request Recommendation.” You can send out recommendation request for a particular job or up to 200 people in your network.
Joining Groups As mentioned above, joining groups is a great way to build your network and share your company’s expertise. A search bar will allow you to type in the names or people or groups to connect with. Almost every organization has a group on LinkedIn—OFDA, IFMA, IIDA, etc. Interact with these groups as much as possible. As a member of a group, you can share news, create discussions, send private messages and post jobs. If someone asks a question and you have an answer, post it. If you have an area of expertise and there isn’t a group, form one. It is a great way to get your company’s name out there. It is also a good way to share and gain valuable information. You can even start your own group; I stated the group “Social Media for Office Furniture Dealerships” that now has 150 members and OFDA has its own group with more than 600 members.
Ways to Promote Your Company The easiest way to do this is by updating your status. This is very simple to do under “Network Updates” on the home page. If you are working on a new project share it. If you have come across a new product or article share it. You can also share this information with the groups you belong. Additionally, you can share presentations and completed project photos on your profile. This can be done easily by going to the “More” tab and “Application Directory” on the drop down menu. LinkedIn offers two presentation applications, Google Presentation and SlideShare Presentations which are as easy as uploading a PDF file. Getting your company expertise out there is the best way to promote your company on LinkedIn. continued on page 24 APRIL 2010
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LinkedIn } continued from page 23 Connecting Your Other Social Media Platforms with LinkedIn
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LinkedIn makes it easy to connect your other social media platforms. Your status updates can also be sent to Twitter simply by checking the button next to “Share”. Additionally, you can add a Tweet application to your home and profile page, which can be found under the application directory. With the Blog Link or WordPress application you can add your blog to your LinkedIn profile. Whenever you add to your blog it will automatically show up on your LinkedIn page. These are ways to interlink your social media marketing campaigns.
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You may ask who in your company should be managing your LinkedIn account. While you should probably update and check your own personal accounts, anyone who is handling your social media marketing can certainly manage a company listing. Updates can be made on a daily basis or at the least a couple of times a week. By integrating your social media campaigns, i.e., Twitter, Facebook, Blog, etc., this can be a one step process.
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LinkedIn can be a valuable tool in your social media marketing campaign. Every week people will view your profile to gain information about you and your company. Using the tools to integrate Twitter and Blogging into your profile can simplify the social media process and get information to more potential customers.
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