what we learned

Drinking Our Own Champagne: What We Learned in 2022

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Having a crisp, clean, and differentiated value proposition for your company is no small task. Being able to speak accurately and authentically about where you are and where you’re going is useful beyond your next networking event. We do this work every day with our clients, and over the last few months, Audacia Strategies went through this process too. I want to give you an inside look into what we learned from putting our money where our mouth is.

Having a value proposition describing who you are today and where you’re going in the future matters. Think about it like sailing: If you’re one degree off, that doesn’t sound like a big deal in the short term, but over a whole voyage, you can end up hundreds of miles from where you were intending to go. Creating a value proposition is about making sure you’re on the course that’s right for you and your business.

How do you begin the task of writing a statement (yes, it needs to be one single statement or talking point) of who you are today, what you believe in, and who you will be in the future? And what it is really like on the inside logistically, professionally, and emotionally? 

The Value Proposition

It’s hard to explain your business and what you offer in 15 seconds over your second glass of wine at a cocktail party. But when you do, it can transform how you talk to customers about both their visions and their pain points. And the way you communicate your value will attract the clients who need what you offer.

Creating the right value proposition is a reflective and often research-intensive task. When we worked with our client, Xator, we spoke to 35 employees from across the company and around the world. We reviewed their customers’ feedback, looked critically at all of their marketing material, and evaluated their top competitors’ message positioning and language. With this research in hand, our team shared our findings and highlighted opportunities for Xator to better define who they are, what they do, and why it matters. You can read more about our work with Xator in this case study. 

The result was a succinct, evocative, and authentic statement of what Xator does—no jargon needed. When you hit the nail on the head, you see the shift: eyes light up, and people get excited to hear an accurate, authentic reflection of who they are and where they’re going. When this process is complete, it feels like magic, and companies know they finally found their secret sauce. It’s empowering to discover the right words to describe what you’re offering to the world. And once you have those words, you want to share them with everyone all the time!

After witnessing several of our clients’ transformations, we knew we needed to experience it for ourselves.

The Opportunities and Sacrifices of Drinking Our Own Champagne

As we enter our eighth year (!), we knew it was time to reconsider how we talk about Audacia Strategies. Our firm has evolved since our launch in 2015. You can’t throw a stone without hitting 12 communication firms of various shades. And while people have an idea of what a communications firm does, Audacia isn’t a communications firm or a PR firm, or a marketing agency. Let’s face it, we don’t fit the standard mold. We choose to see this as an opportunity, rather than a disadvantage, though.

​​Audacia Strategies is an advisory firm helping business leaders build the businesses of the future and uncover opportunities they never thought possible. We do this through a relentless focus on communications. 

Our mission? We help businesses change, lead, and succeed. 

Yep, those sentences sound simple, but an incredible amount of work went into gaining that clarity. 

As I’ve said before, it’s hard to see yourself from the outside. Reflecting on where we’ve been and where we’re going has been a rich experience made possible only by investing and redistributing time, resources, and energy towards this project. Time that would otherwise have been spent on day-to-day tasks was instead filled with reflection, research, dreaming, hard conversations, and lots of listening. We listened to feedback from our clients, our employees, and our leadership about where we make the biggest impact for our clients and the type of work we absolutely love to do.

From the Founder’s Seat

As a leader and founder, one of the hardest parts of this process is letting go of what I thought the company might be at its outset. The dream of Audacia Strategies started on a bus between San Juan del Sur and Managua, Nicaragua in a notebook I just happened to have with me. Revisiting our value proposition presented an opportunity to view the company not for what I expected it to be, but for what it is and what we hope it will accomplish. This is an essential mindset shift for doing this work (more on this in a minute).

In the beginning, I thought we’d bounce from transaction to transaction and focus on M&A. Our original focus on transactions taught me some lessons about how transactions could be done even better:

Leaders must look honestly at their company and whether their vision matches reality. We chose to invest our resources in asking: 

  • Who is Audacia today? 
  • How do we view ourselves aspirationally? 
  • What language can we use to better connect with our clients?

The Emotional Side of Value Propositions

As a founder, I must be willing to take on the challenge of viewing the company not for what I expected us to be, but for what we are. This process sometimes involves mourning what might have been, even if what’s coming is probably (certainly) better. Because I’ve been on the other side of the table sitting across from leaders who needed assistance in moving through this grief, or moving beyond fear or ego, I was (somewhat) prepared for this process.

Getting the reflections needed for accurate self-perception and self-definition requires humility. When I’m in a meeting with customers or employees, I have to remind myself to be present and listen without interjecting and without trying to course-correct. I might think that because I have the vision I have the right answers, but that isn’t necessarily true.

Just like our clients, I have to trust that we will discover the right charter through this process. That taking in every perspective means that we can think bigger about ourselves, and help our clients think bigger about what opportunities we can offer them.

Looking Forward: Finding Your “Why”

In all of this, Audacia had to do what every company we serve must do: find our “why.” Without your “why,” a value proposition is empty.

Companies aren’t people, but company culture is very much built by people. Finding the individual and collective “why” gives companies their secret sauce, and it’s hard-won. This process brings up core questions about identity, value, and security. It’s especially hard to do this process when you’re as emotionally invested as most leaders are.

For me, having our “why” made it easier for me to let go of my early vision for Audacia. I began to look forward with even more clarity. We help business leaders build the businesses of the future and uncover opportunities they never thought possible. Holding to this value proposition—one that speaks to our employees, partners, and clients as much as it speaks to me—allows all of us to look ahead and see the next evolution of Audacia Strategies.

Final Thoughts 

I’ll leave you with a final thought about why we do this. Business is at a turning point right now. While our parents put their heads down and worked, companies demand more of individuals today. In turn, individuals are demanding more from companies. To stay competitive and functional, companies need to be more reflective and insightful.

Serving your clients and employees the way they serve you requires learning how to be authentic in the business world. Society and expectations about work are shifting rapidly. Beyond knowing why you do what you do—a core component of what makes or breaks a sense of purpose—an authentic value proposition helps your clients and employees share your excitement about what you do. Just like coaching or therapy, it’s hard, but it’s some of the most valuable work you can do. Trust us, we’ve been through it.

Ready to take the leap and find the value proposition that speaks to your secret sauce? Reach out to the team today.

Photo credit: Group Of People Raising A Toast by Scopio from NounProject.com

reading

Reading, Listening, Watching – Your Prescription for Recharging

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As the year comes to an end, I’ve been reflecting on all the hard work the Audacia team has put in over the last year. I love what I do, I love the work my team and I do together, and I also love getting the chance to step into other universes of information and story through books, podcasts, and TV. The ROI from learning, relaxing, and enjoying is always worth it. Here’s what I’m reading, watching, and listening to this winter.

Reading

Corporate Rehab

Corporate Rehab is about building a business that isn’t toxic. Jennie Blumenthal talks about how leaders can become addicted to the hustle culture, the steps we can take to recover, and how to lead at the next level without losing yourself in the process.

 The author, Jennie, was my coach for a period of time and I learned so much from her. I was anxiously waiting to read her book and it does not disappoint! I have been devouring this book. Jennie interviewed 300 female executives, and her book presents their stories, lessons learned, as well as the REHAB framework we can all learn from. 

I cut my teeth in large corporations and while I’m grateful for the opportunities, my mentors, and the friendships over the years, the hustle culture discussed is real. Jennie’s work has inspired me to look inside myself, understand my story, and articulate my values. As a leader, I’m thinking deeply about building culture and how I show up for the Audacia team and our clients. I’m being helped along in this process by my awesome coach, Clay Parcells. Thanks Clay!

Instagram

By reading here, I mean not reading! For the past several months, I have put myself on an Instagram diet where I allow myself only 1 min of Instagram Monday through Thursday. It’s been AMAZING for my productivity and my mental health and leaves more time for… well, life!

Listening

Do Hard Things 

This book by Steve Magnus popped up on my Instagram feed so I added it to my Libby account and I’ve been listening to the audiobook (personally, I find it easier to listen to business books than to read them). This book presents stellar research and storytelling about the science of performance, toughness, and resilience. It has helped me rethink how I work, tap into my instincts, and build greater resilience.

Private Equity Deals with Capital Allocators Podcast

I was really struck by the conversation and depth of this episode of Private Equity Deals with Capital Allocators. This one is perhaps a little niche-y – Bain Capital has been a wonderful Audacia partner and Zelis is one of our awesome clients. Still, it’s a great conversation about strategy and financing. It talks about how Zelis is addressing some of the most abrasive aspects of the healthcare system including pricing, explaining, and paying for healthcare claims.

It was incredible to hear the backstory on Zelis from the folks that were (and are) “in the room.”

I learned a ton from the episode and now I’m looking forward to listening to more. I have the first episode in my queue for the holiday break. I’m fascinated by the impact that employee ownership can have on a business and Pete Stavros, Co-Head of Americas Private Equity at KKR, is doing impressive work on this front.

Watching

The Bear

OMG this show. It’s incredibly intense and for those who have ever worked in the food service business at any level, it’s probably bringing back memories (or nightmares) of being “in the weeds.” It’s about a young chef from the world of fine dining who comes home to Chicago to run his family’s sandwich shop after the suicide of his older brother who left behind debts, a rundown kitchen, and a diverse and chaotic staff.

Behind the food and frenetic chopping scenes, this is a story about character building and relationships. It’s stressful but compelling and an awesome escape at the end of the day, which is really all I want from a television show.  

Elf

I can’t help it, it’s my favorite! I love the pure joy of the movie and the many quotable moments. “SANTA! I know him!” My preschoolers aren’t ready for the movie but there are many moments where their pure joy for the Christmas holiday reminds me of Buddy the Elf, and it never fails to make me smile. 

I don’t know about you, but I’m ready for this holiday break! I’d love to know in the comments what you’ll be reading, watching, and listening to during your downtime. From all of us at Audacia to all of you, we wish you a restful and healthy holiday break. See you in 2023!

Photo credit: Scopio from NounProject.com

growth

Growth, Reflection, and Change in 2022

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How quickly a year goes by! It feels like we were just in the thick of it with new transitions and M&A deals. Suddenly, it’s all in the rearview mirror. 

At the end of the year, many of us who take time to reflect have the tendency to skip to the resolutions for next year. As humans, we have a bias toward the negative. We zoom in on what didn’t work as well as we hoped, and with the best of intentions, we immediately focus on resolutions for next year. This bias means we don’t always take time to feel pride and satisfaction about what we accomplished.

So, I’m going to give it to you straight: 2022 has been a phenomenal year for Audacia. 

Our seventh year of business was transformative for us. Our business grew in more ways than one, we got clear about who we are, and we thought hard about what our priorities mean to us. While this sounds simple laid out in a list, an enormous amount of work went into all of this. Let me share some of our 2022 highlights with you.

Business Growth

We’ve had an incredible and growth-filled year for our business. We grew our team to 14 strong and growing (check out these interviews with Sarah Deming and Sarah Gershman). Together, we worked to create the same culture of trust and transparency we work to instill in our clients. Because I trust my team, I’m able to focus my energy on big-picture strategy. 

On the numbers side, we doubled our top-line after multiple years of phenomenal growth. In addition to growing our team and top-line, we’ve been lucky to benefit from a growing community of supporters, partners, and subcontractors. We entered into many new rewarding subcontractor relationships and have received the benefit of expertise in everything from value propositions to executive presence. 

We also had the opportunity to work with wonderful clients like Xator. In just a few months, we helped them craft a succinct, evocative, and authentic statement of what Xator does—no jargon needed. We got to watch the internal and external transformation that happens when employees can speak authentically and accurately about what they do. 

And make no mistake, we worked hard to get to this point. We interviewed employees, read reviews, analyzed their competitive market positioning, and critically examined the marketing materials of both Xator and their competitors. If you want to hear more about this process, stay tuned for a case study in January!

Audacia’s Value Proposition

In addition to working with clients like Xator on their value proposition, we invested time, resources, and energy into working on our own value proposition. Our firm has evolved and changed since our launch in 2015. While people have an idea of what a communications firm does, Audacia isn’t a communications firm, or a PR firm, or a marketing agency. Let’s face it, we don’t fit the standard mold. In the midst of our evolution and growth, we needed to revisit how we talk about what we do. We chose to see this challenge as an opportunity to walk the walk.

In other words, we went through the same process we used for Xator and other clients: the ultimate act of putting our money where our mouth is. The process was rich: we learned so much about ourselves, about our clients, and we gained insight into how we’ve changed. And what did we learn?

Audacia Strategies is an advisory firm helping business leaders build the businesses of the future and uncover opportunities they never thought possible. We do this through a relentless focus on communications. 

It might sound simple, but it took us months of work to get here. We’ll tell you more about how this process looked on the inside early next year.

Learning to Prioritize

I know my clients get overwhelmed by their day-to-day and that can keep them from achieving their strategy. Over the last year, it often felt like we were more often ruled by the urgent than the important, and we spent a lot of time thinking about this. Here’s what we learned.

First, our urgent is usually our clients’ important and urgent. What we do means we’re on call for a corporation when there’s a new CEO or when there’s a significant transaction. It isn’t necessarily a bad thing to prioritize the urgent, and it’s part of doing business when you work with companies in transition.

Second, although it often felt like our days were ruled by the urgent, an imperfect devotion to the important still allowed us to prioritize our value proposition. It’s hard for companies to prioritize such reflective and research-intensive work, hence the need for external comms teams. But despite the days that felt ruled by the urgent, we managed to step back and do this important and clarifying work.

As we look to 2023, we’re thinking about how to attend to the urgent without letting it pull us off track. What are the changes we need to make in terms of our operations, staffing, and management to ensure we can balance the urgent and the important? How can we set realistic expectations for both ourselves and our customers? As much as we want it all done tomorrow, it doesn’t work like that. At Audacia, we want to continue to focus on dreaming big about the outcomes we want and work backward from there. The smartest way to invest your time is to start from where you are rather than where you wish you were.

Closing the Year With Gratitude

In reflecting on all the growth Audacia experienced this year, I want to offer gratitude for our clients, our team members, our business partners, and all of those who have referred business to us and supported us along the way. It feels like just yesterday that we started, yet here we are entering our eighth year of business. We are incredibly grateful for all of our supporters, and we are so lucky to do what we do. 

On behalf of the Audacia Strategies team, we wish you a joyful holiday season and a healthy, happy new year. Let’s make 2023 Audacious!

Photo credit: Jacob Lund Photography from NounProject.com

external communications team

Outside-In: Why Your Organization Needs An External Comms Team

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It’s hard to see ourselves from the outside. As much as we try to think about how other people see us, interpret us, and receive us, it’s nearly impossible to get a more “objective” view of ourselves. The same is true for our organizations, and it is especially true for our communications.

When it comes to achieving business goals, anyone familiar with Audacia’s work knows our stance: communication is everything. To make the case for an external communications team is to make the case for better communications.

  Many organizations say that they are committed to radical honesty about their strengths and weaknesses. While they might mean it, organizations don’t always have the bandwidth to systematically assess what’s working and what’s not. An external firm can take on Voice of the Customer or Voice of the Employee, speak truth to power about market positioning, and work across organizational silos. For these reasons and more, your firm should consider how an external team could elevate communications across the organization.

The Case Against Hiring an External Communications Team

People get sideways when they think about investing in communications. I hear leaders say, “I communicate all day long — why do I need to have a specialist for this? I can spew thousands of words before my second cup of coffee. What could an external team do for me that I can’t do on my own?” But there’s a huge difference between speaking and communicating.

When leaders argue against hiring an external communications team, there are usually three things they are not seeing. First, effective change – whether it’s a growth mandate, an acquisition, or a massive strategic pivot – requires time, money, and emotional energy. Without an on-point strategy to engage your stakeholders, you’re leaving potential value on the table, at best. At worst, you’re potentially losing trust with your most important stakeholders. So the real question is can you afford not to communicate well?

Second, while your internal team is undoubtedly great at what they do, they may not have the experience needed to seal a crucial deal. When taking on big initiatives, bringing in a team that’s “been there, done that,” knows best practices like the back of their hands, and can steer you around the common pitfalls is invaluable. 

Third, we can’t see what we can’t see. Just as people hire coaches to see some of the problems (and solutions) they may not be able to see in their own life, organizations that are committed to their company’s culture, progress, and perception hire external communications advisors.

The Case for Hiring an External Communications Team

So, we can’t see ourselves from the outside, and at the same time, we have big goals for our companies. We want to reach new audiences and benchmarks, retain our best team members, and prove we’re worth investing in. How can external communications help us do this?

1. Communication has legs

Communicating isn’t just about having a strategy. It’s about being intentional about what you are saying, to whom, when, and how it is received by other parties.

An external communications team can help you be aware of your stakeholders. What are the conversations you want to have, and with whom? What is the outcome you’re driving toward? Great communications is about being proactive and in shaping the conversation, rather than letting others take the lead. When you have control over your message and can anticipate where the conversation might lead, you have a distinct advantage.

 2. It’s not just what you say — it’s where you say it

We recently worked with a client who had several executive transitions across the C-suite. They consulted us about how to have a smooth transition and how to maintain the trust of their employees and investors in the process. 

We advised them — in the middle of lockdown — to provide ample opportunities for new executives to talk about who they are and what they value. They offered small group Zoom calls, email, newsletter, and 30-minute coffee talks as opportunities for executives to share about themselves and hear the perspective of employees, investors, stakeholders, and community partners. 

Open channels for feedback — especially when facilitated by a third-party (for example using Voice of the Customer or Voice of the Employee studies)  — can facilitate the honesty necessary to craft communications tailored to your audiences. Further, effective communication can ensure your message is preserved when talk goes beyond your direct stakeholders.

3. Moving the organization forward

Strategic communication is about finding ways to move your organization forward. This is hard to do. Without a plan, you’re Elon Musk and no one knows what you stand for. When building and maintaining relationships, you don’t want your stakeholders to be confused about who you are. One of the most important things any organization can do is figure out who they are and how to communicate that to the world.

We recently wrapped up a project with a highly-acquisitive company trying to find — and communicate — their special sauce following numerous acquisitions. Audacia Strategies interviewed 35 employees across the company and read their customer reviews — the good, bad, and the indifferent. We analyzed their market, their aspirational peers, and identified opportunities to authentically differentiate and grab the attention of the market.

Audacia helped this company coalesce around a forward-looking and exciting message. When we presented our recommendations to the executive team and then to their business development team, the room was riveted. 

Employees were excited to give their elevator pitch. The pitch was authentic because it came from them and from what they were hearing from customers already. An external perspective helps your organization generate energy and excitement about who you are and what you do. That energy is contagious. 

Final Thoughts

The same way that a good coach can help you get an objective perspective on the different aspects of your life, an external communications team can help you more thoroughly anticipate the impact of what you say. While you might know your organization inside-and-out, you’re immersed in the culture. As the saying goes, fish don’t know they’re in water. An external communications team can help you see the bigger picture.

Contrary to what some may believe, strategic communications is not just for communicating during a crisis. It’s about starting at the outcome and reverse engineering how to get there. It’s about asking:

  • What do we want to happen?
  • What do we want our stakeholders to think?
  • How do we hope they feel?
  • What should they take action on?

Finding the answers is how Audacia Strategies can help you see your organization from the outside. Are you ready to take action? Let’s talk!

Photo credit: Team Of Television Reporters In Boardroom by Jacob Lund Photography from NounProject.com

executive transition

Smart Planning for Executive Transitions: When Time Is Not On Your Side (Part 2)

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This is the second part of our two-part series on executive transitions. If you missed the first one, you can read some tips for handling a planned executive transition here.

Transitions are high stakes for both companies and investors. It’s emotional, especially if an organization has seen a lot of executive turnover in a short time. In fact, 70% of CEOs and managers—i.e., people leaders—are considering quitting. Experts suggest that emotional burnout, the stress of the pandemic, and the shifting labor market and economy are all likely contributing to this trend. 

Executive turnover brings up a variety of reactions. While some employees get very anxious about having to manage or “break in” the new leader, others—like those who were “quiet quitting” before it was a thing–check out entirely. Neither extreme is healthy for individuals or companies.

In Part 2 of our Executive Transition Series, we’ll consider a situation that’s a bit different than the planned exit of a long-term CEO. 

Imagine it’s three years into the pandemic, and your current leader, who has been with the company for two years, has admirably faced the challenges the pandemic brought to all organizations. Although she has managed quite well, another opportunity comes up and she submits her two weeks’ notice.

Without a transition plan in place, the company could be thrown into chaos. Some employees may have come to the company only to work with her, and others might be suspicious of how leaders are going to handle the change, or whether the company has a future at all. Executive  transitions are emotional and complex, and the fact is that there isn’t always time to prepare.

In a case like this, context will drive a strategic communications plan. What’s the context around the exiting CEO? What is the plan for the interim leader? Are we looking internally or externally? Most importantly, how do we set up a new leader for success and demonstrate stability to our employees?

4 Tips for Unplanned Transitions

 1. Storytelling

 This tops our list again because storytelling is how humans best connect and communicate. That doesn’t mean telling fairytales—employees can tell when a communication is bullsh*t or hiding the truth. It is important, as much as is professionally appropriate, to be honest about why change is coming. 

Tell the truth and allow room for employees to both have and share their thoughts and feelings about what’s happening. You’d be surprised at how much it helps to have leadership acknowledge that a particular situation is really challenging. Otherwise, you risk making employees feel as if they’re being gaslighted. Transitions are inherently challenging, and employees need to know they’re not alone in feeling it.

2. Due diligence

You’ve made space for the feelings, and now it’s time to do your due diligence. This has two parts: finding your next leader, and continuing to achieve your goals.

Finding a new leader will be your utmost priority. Most likely, your Board of Directors will take the lead to determine an interim leader and initiate a search for the next leader. You’ll need to announce and introduce the interim leader while also giving employees, customers, and partners a sense for the plan to find your new executive.

Finally, you want to help your team keep their eyes on the prize, whether that’s increasing sales or another goal for this quarter. Transition can be a major distraction. While it’s okay to acknowledge feelings of uncertainty, it’s also important to support your team in moving forward. 

As the saying goes, companies are bigger than one person; success is shared vision and collective action. By providing the right support, you can empower your team to keep pursuing the strategy. This will not only help maintain a sense of stability and continuity, but it also ensures you avoid larger business problems if performance falls off.  

 3. Fact finding

This is related to storytelling, but it’s different because this is not just about providing employees with a narrative that they can understand. It’s also about addressing any unanswered questions that may surround the circumstances of the exiting CEO and the changes that are coming.

People should be able to ask questions and feel they’re being heard. They should be able to say, “you’re the third CEO in three years, why should we trust that you’ll stay?” The sooner you get it all out there, the sooner you can move on. 

If you don’t answer the questions your employees have, they will fill in the blanks. It is better to be transparent and to provide honest answers to the difficult questions. Sometimes the honest answer is, “we don’t know yet” or “we’re still looking into it.” That’s okay. Better to be honest and give a sense for what you expect to be a timeline to an answer. This will build trust and, if done well, help with employee retention. 

4. Introducing New Leadership

As with planned transitions, employees want to know who the new leader is. In an unplanned transition, and especially a fast one, there might be more skepticism and suspicion. Being as transparent as possible about the new leader’s background and vision are crucial. What’s her background? Does she prefer to hire from specific universities? What’s her vision for the next five or ten years? 

Offer employees a variety of opportunities to talk with and about the incoming leader, and keep in mind that everyone has different levels of comfort with asking questions. Consider holding “Donut Wednesdays,” fireside chats, and other informal channels where leadership and teams can connect. You might also offer webinars where more introverted employees can submit questions virtually. As much as you can, provide ample time and spaces for teams to have conversations with transitioning executives as well.

The Need for Strategy

 Executive transitions—whether planned or unplanned—require strategy and careful planning. Storytelling, transparency, and diligence can help ease the growing pains of your company. However, it’s important to note that there are important and subtle differences in strategy for planned and unplanned transitions. 

For instance, employees are far more likely to feel insecure about their job and the future of the company amidst an unplanned transition. And without careful communication, rumors are more likely to distract from workplace goals. Honesty, diligence, and insight into company culture and employee needs are key for maintaining normalcy and retaining your valued employees.

 In all cases, I recommend you use a variety of channels and venues to soothe your most anxious employee and to engage your most checked out employee. Hold fireside chats, host Q&A sessions, send email updates from the hiring team, and create spaces for leadership to connect with their teams.

 Transitions can be chaotic, but they can also be opportunities to engage employees, customers and partners. A smart executive transition can open up a gold mine of insight into how these stakeholder sets are feeling about the company more generally. With the right support, you can use the transition as an opportunity to zero in on your systems and communications. If you’re willing to be present with the process, the results can be better than you ever imagined.

Want an experienced set of eyes to help guide your executive transition plan, or don’t know where to begin? Audacia can help. Reach out to us for a consultation here.

Photo credit: Young Businesswoman Receiving Praise From Her Colleagues During A Meeting In A Modern Office by Jacob Lund Photography from NounProject.com

executive transition

Smart Planning for Executive Transitions: When You See It Coming (Part 1)

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Transitions, including executive transitions, are high stakes for companies for obvious reasons. They bring about logistical, bureaucratic, professional, and emotional challenges for everyone involved. That’s why we’ve created a two-part Executive Transition Series to help you out during seasons of change in your company. 

Executives can be a powerful retention mechanism, or the reason people leave. Consider the old adage, people quit bosses, not jobs. Alternatively, sometimes employees come to a company to work with a particular leader. What happens when that leader leaves? And what about when veteran employees have worked with the same leader for multiple years, and a new leader radically changes the culture? These are tough questions, and not ones you can sweep under the rug.

The key for dealing with executive transitions is communication. It’s important to tailor your strategy to the kind of transition you’re facing. On the one hand, you might be facing a planned transition—one that’s been on the horizon for months or years. On the other hand, you might have a leader—maybe one who hasn’t even been around very long—give two weeks notice. These are two very different situations, and having a strategic communications plan can help you make it through either one.

In this two-part series, we’ll consider both situations. First, we’ll consider some tips for handling a planned transition.

4 Tips for Planned Transitions

Executive transition is a specialty of ours here at Audacia Strategies. Let me share one of my favorite engagements and biggest client wins when supporting a client through a planned transition. Recently, Audacia was brought on board to help with an executive transition in a software company. The outgoing senior executive was the founder of the company and also an avid, talented guitarist. A low key rockstar, if you will. The company culture was centered around music: leadership documents were full of music analogies, guitars were given as gifts, leaders put their favorite song in their website bio–you get the picture.

The leader planned his exit and helped to identify a new CEO. The new CEO was brilliant—he had run billion-dollar organizations and grew up playing chess blind-folded! While this new CEO was a great fit to guide the company to its next phase of growth, he was different from the founder-CEO. An executive transition is one thing, but the reality is that the company was also about to undergo a cultural transition.

How do you manage the exit in a case like this? Here’s the playbook we advised.

1. Storytelling

As long as people have been around, they have connected over stories. We made space for the outgoing CEO to share his story, and time to celebrate his work with the company. Just like a graduation or retirement party, this allows for closure and creates appropriate professional space for processing the (big) feelings that come with transitions.

 2. Getting to know the new leader

 In addition to telling the story of the outgoing CEO’s time, we worked with the incoming CEO to help him identify and share his story. This humanized an ultra-smart leader and gave employees a chance to get to know him and understand his priorities and what makes him tick. 

We also advised on creating plenty of opportunities and multiple channels to engage with the CEO and ask questions. Unanswered questions can leave employees feeling ungrounded and many may be too intimidated to ask the hard (or even simple!) questions. 

We always advise to be as open as possible and provide opportunities for interaction in multiple formats (in-person, online, large group, small group, 1-to-1). Transparency and accessibility are key for maintaining and building trust.

3. Working with the team

The logistics and bureaucracy involved in a transition are not to be underestimated; however, it’s also important to work closely with the team. Share the transition plan, let your executive team know what is coming and let them weigh in on what they and their teams need. And, practically speaking, set expectations about which responsibilities will be redistributed, who will be responsible for training whom, and so on. Executives have questions too–give them time to process the transition and bring their questions to the new executives or trusted confidants. 

4. Mind your communications

We trade a lot in written word, scripts, and talking points. Emails and other written messages are important artifacts that preserve institutional memory long after the transition. Because everyone can look back and see where leaders followed through and where they didn’t, it’s important to be consistent across multiple mediums (video intros of a new CEO, webcast town hall, in-person meet and greets, welcome letter, and so on). 

Perhaps even more importantly, organizations should make sure messaging is consistent across informal communications as well. During times of transition, employees will first bring their worries and questions to direct supervisors and peers. The executive team and their team needs to be on the same page so they’re ready to help their teams navigate organizational changes. During times change most employees and customers will turn to their line manager or customer success contact for reassurance, make sure these critical team members have the information, resources, and support they need to succeed.  

Concluding Thoughts

 Planned transitions are admittedly easier than unplanned transitions; however, planned transitions can still be destabilizing to company culture. At worst, transitions can result in employee turnover, loss of trust, lost business momentum, and a decline in workplace climate if you don’t go in with a strategy. It’s important to keep in mind both the emotional and logistical challenges of executive transitions.

We often think about corporations as faceless entities, but in moments of transition, we are reminded that corporations are made up of people who have hearts and minds. The more you share your story honestly, transparently, and thoughtfully, the more you can weather this season of transition while building long-term trust and continuing to achieve your company goals.

If you don’t have the luxury of a planned transition and are facing an imminent unplanned transition, read the next part of our two-part series where we’ll discuss tips for handling an unplanned executive transition.

If you’re facing a transition—planned or unplanned—and you’re trying to find the right strategy, Audacia has you covered. Reach out to us here to schedule a consultation.

Photo Credit: Black Male And White Female Business Associates Shaking Hands In Hallway by Flamingo Images from NounProject.com

Lessons learned

Reflecting on the Evolution of Audacia: 3 Big Changes and Lessons Learned

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In business, there is often a tendency to set goals, chase them down, and then set more goals. Rinse. Repeat. Taking a step back from this relentless pursuit of achievement to take stock of lessons learned, though, is critical. 

We see this tendency all the time with our clients working through big transformations. If they become overly focused on getting through what they think of as the “hard part” – the merger, the transition, the restructuring – without picking their heads up, they can miss what’s even more important. Without understanding how that big transformation fits into the overall strategy, there’s a risk that you’re simply going through the motions, making change for change’s sake. There’s almost nothing worse than a checklist untethered from a strategy.

At Audacia, we periodically reflect on where we’ve been, so that we can move forward with our eyes wide open. In that spirit, let’s look at the biggest changes and lessons learned from the past (almost) seven years.  

1. The Team is Growing

One of the most visible changes that we’ve made over the years is our growing team. In the beginning, it was hard to think about bringing others on. Sure, I was happy to quietly partner with people I had worked with throughout my corporate career, but the thought of developing my own team… shudder, at least in those early days.

As I’ve mentioned in previous posts, entrepreneurship doesn’t run in my blood, and the idea of being responsible for other peoples’ livelihoods was scary at first. But, of course, the stories my mind invented were much more terrifying than the reality.

In fact, building out our team of experts, partners, and employees has been one of the greatest joys of running the business. Today we’re 14 strong and growing. Together, we have created a culture of trust and transparency. Because I can trust my team, I have more space to think strategically, and I can focus on the big picture without getting lost in the details.

Not only that, but we’re also able to leverage our collective experience and talent to deliver bigger and better solutions for our clients. And diversity of thought, experience, and perspective, enables us to deliver those solutions to a broader range of clients. 

This is not to say we’ve got it all figured out; we are a work in progress. But I’m really proud of the progress we’ve made and excited to see where our path takes us next.

Lessons Learned:

  • We are better together.
  • Don’t let fear hold you back from making a bold move. (I’m still a work in progress here!)
  • Building a reliable support system is one key to being successful as a business owner.

2. We’re Getting Clearer About Who We Are

This change may be less visible from the outside, but it is crucial to finding ideal clients, honing our service offerings, and boosting our credibility – not to mention, strengthening our messaging. Getting clearer on our superpowers and how our values express themselves through the work we do has allowed us to back away from saying “yes” too often.

Over the years, we have zeroed in on what we do and how to position ourselves in the market. Living through pivotal moments in our business has helped us figure out how to help our clients through pivotal moments in theirs as well. We can confidently talk about how we work with organizations experiencing structural transitions including: 

These types of transformations have internal and external ripple effects to be aware of from the beginning, but those effects can be invisible to teams on the inside. Our team comes in, gets the lay of the land, and develops a coherent communications strategy to carry you through the transition and beyond.

We provide much more than a coherent communications strategy, though. Developing such a strategy requires you and your team to think through crucial details about the transition and the fundamental changes on the horizon. In strategy sessions with Audacia, clients have breakthroughs that improve operational efficiency, usher in a new era of cultural transparency, and spark innovative ideas that lead to even bigger transformations.

Lessons Learned:

  • If you want prospects to understand what you do, you need to be clear about what you do.
  • Having a coherent communications strategy is about so much more than communicating well.
  • Teams that know their value deliver above and beyond their value.

3. We Answer Client Concerns Before They Have Them

Perhaps the most important change Audacia has made over the years has been the way we approach our clients’ needs. In the beginning, we were mostly reactive. When a prospect reached out to schedule a consultation, I listened to their concerns and devised a solution connecting all of the dots. There’s nothing wrong with this approach. It’s one that yields success for many, including Audacia in the early stages.

However, we’ve evolved beyond this reactive approach. Today we are more proactive, anticipating our clients’ needs even before they have them. When I sit down with a prospect, I listen. I want to hear not only the text, but also the subtext. Our advisory is unique to each client and their situation. We are constantly formulating and reformulating strategies to present solutions for clients in all different stages of transformation.

As a result, we’re adding more strategic value to our clients and we’re more engaged across their transformation journey. Our average client engagement has grown from three months to six months. 

We’ve also seen more repeat business in recent years as clients come to value our strategic perspective, ability to “get *ish done,” and tangibly/actually move them forward. Because we have been around the block, we are well positioned to lead our clients through the shifting sands of transformation, and having access to that kind of reassurance in the midst of chaos or crisis can be absolutely priceless.

Lessons Learned:

  • Helping clients see around corners is the cornerstone of a true partnership. Often solving one problem leads to another and organizations need help recognizing when this is the case.
  • Small shifts in the way you think about client work can have outsized benefits.

Looking back on the early days of Audacia, I can’t help but feel gratitude for what we’ve built. Here’s to setting more goals and chasing them down, but also taking time to reflect and learning from the past.

Photo credit: Business Associates Sitting In Board Room Having A Meeting With Coffee And Tablets by Flamingo Images from NounProject.com

Meet the Team: Sarah Gershman, Executive Presence Partner

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Building a strong business is all about building strong relationships and at Audacia Strategies, we love to say, “it’s not ‘just business.’ It’s about people working together toward a common goal.” That’s why partnering with the best is a top priority. I’ve known many of our partners for years. They’re not just business associates, they’re people I’d sit down with for a casual dinner (and probably an adult beverage or two). I’m proud to know, partner, and collaborate with each of them. 

In a previous article, we introduced you to one of the Sarahs on Audacia’s team, our Manager of Business Operations, Sarah Deming. This time, we’re introducing Sarah Gershman who is our Executive Presence Partner.

Interview with Sarah Gershman, Executive Presence Partner

At Audacia, we are all about strategic communications and strong communication is all about getting the key players within an organization to stay on message. This starts with leaders and this is where Sarah Gershman shines.

Sarah is an executive speech coach and CEO of Green Room Speakers, a communications firm based in Washington, DC. She is also an adjunct professor of communications at the McDonough School of Business at Georgetown University and the Johns Hopkins University School of Advanced International Studies, where she lectures to students from around the world.

As Audacia’s Executive Presence Partner, Sarah puts her specialization to work helping leaders deliver high-stakes and complex messages with clarity, authenticity, and conviction. Having coached executives at organizations including Microsoft, General Dynamics, Booz Allen, Lockheed Martin, Eli Lilly, the Office of the Secretary of Defense, the US Department of Commerce, the US Department of Justice, and the US Department of Labor, Sarah brings a wealth of experience to the table.

Below are highlights from Sarah about the valuable contributions she makes to our team.

Q | Can you describe your role at Audacia Strategies and how you fit into the team?

As an executive speech coach, I help leaders elevate their executive presence as they grow their businesses. In practice, one of my roles at Audacia is to get to the core of what a leader needs to communicate to their target audience. When one of Audacia’s executive clients needs to be prepped for an engagement like a critical speech, townhall, investor presentation, I come in to coach them on how best to communicate key messages. So I spend a lot of time helping leaders think through mission critical messaging.

I also coach leaders through communicating big changes within the company. This can be especially challenging because there is a need to tell a coherent story that bridges the gap between the firm’s past and its future. Often, finding that story takes stepping back to look at all the current messaging and making connections that might not be immediately obvious to leaders themselves. Together with others on Audacia’s team, I provide much needed perspective.

Q | What is your favorite part about working with Audacia?

There is something so exciting about working specifically with companies in transition. Audacia’s clients are taking bold risks, making big changes, and going through high stakes transformations. As the leader of an organization experiencing rapid change, communication skills are a top priority. If you can’t get the message across, you lose buy-in from stakeholders.

I love the excitement of helping organizations in these critical moments. It lends an added pressure – in a good way – to the coaching I do. 

And I love the people! Katy has put together an incredible team that attracts incredible clients. It’s a privilege to work with everyone.

Q | Can you describe a win or highlight from your time working with Audacia?

The example that comes to mind is working with a CEO in transition as he stepped into his new role. Although he had been a leader within the company with a strong reputation, he had never been a CEO, so he understandably needed guidance around executive presence.

When we first met, the CEO had a harder time commanding the room. Part of the challenge was that he was replacing a beloved CEO who was a rockstar, literally. We needed to find a way for the new CEO to tell his own story.  

In just a couple of sessions, we helped him find his message, own it, and connect much more deeply with his audience. It turns out that the new CEO loves chess, so we helped him tease out what that says about leadership and his personal leadership style. Once he connected those dots, he stepped more fully into his role, quickly earning the trust of his team and investors.

Q | Are there best practices associated with your role that you’d like to share?

One of the skills that makes me successful is listening. It may seem simple, but it actually requires a lot of practice. When I’m meeting with an executive, I listen deeply, and I ask a lot of questions.

Coaching an executive to have presence, charisma, and to communicate clearly requires not just hearing what is being said, but also the unspoken message underneath. I try to discover my client’s motivations on a deeper level. When I know what makes you tick, then I can figure out how to leverage that information to help you truly engage your audience. So I’ve trained myself to listen for those things.

My goal with every executive I coach is to get them to think through their story and their messaging themselves. It’s not good enough for me to tell you what your message should be. If you don’t feel it at your core, your words won’t feel authentic to your audience.

Sarah is one of a handful of experienced and talented strategic partners I’m proud to call part of Audacia’s team. Together, she and I have over 20 years of experience working with executives and investors. 

We recently put our heads together to write an article for Harvard Business Review about the three big questions investors ask themselves when evaluating a CEO. Reading it will give you insight into why our executive clients always walk away from sessions with Sarah feeling more confident and ready to own their messages. 

Is your firm going through a big transition? Are you a leader who needs support as you develop your communications strategy? Our team is here to help. Contact us to schedule an initial consultation.

watching

Reading, Listening, Watching – Your Prescription for Recharging

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Is it just me or does the bad news seem inescapable? You don’t need to answer that. I know it’s not just me. Sigh. That’s why we have to find good reasons to step away from the bad news. This list is my contribution to that cause.

Here’s what I’ve been reading, listening to, and watching lately:

Reading

On Leadership Skills

A few months ago, I came across this article: “Curiosity, Not Coding: 6 Skills Leaders Need in the Digital Age,” from Harvard Business School, and I’ve been re-reading bits and pieces ever since. It’s the third article in a series on Leading in the Digital Era – all three are worth checking out.

A survey of 1,500 executives in 90 countries highlighted in this article asked leaders to identify the leadership traits most critical to success. 71% said that adaptability was the most important trait. Respondents also ranked creativity (47%), curiosity (48%), and comfort with ambiguity (43%) as highly desirable traits. The article goes on to detail six recommendations based on the research.

My big takeaway here: So-called “soft skills” are the key to effective leadership, and these are the traits your people are talking about when they evaluate culture. Instead of worrying about having a regimented plan in place, ask how you can be more adaptable and comfortable with ambiguity. I’m a work-in-progress here. 

How to Avoid Meeting Overload

As Audacia continues to grow, I’m struggling to find more time to GSD (get sh** done) – it’s easy to let the urgent overtake the important. I’m especially resonating with the idea of using meetings as commitment devices and encouraging better meeting hygiene with agendas, outcomes, and commitments and sharing those back after the meeting. But, sticking to the routine is hard when you’re in back-to-back meetings, so… this is all the more reason to get some of those meetings off the calendar!

Despite the fact that managers in one survey reported that 83% of the meetings on their calendars were unproductive, organizations seem to be addicted to endless check-ins, Zooms, and all-hands. This article does a brilliant job of digging into the psychological reasons behind meeting overload.

“How to Forget About Work When You’re Not Working”

Work-life balance seems to be outmoded now that most of us spend at least some time working from home. One thing I’ve been working on is disconnecting from work when I’m done working and setting good boundaries around both work and personal life. 

I have a hard time shutting off my phone entirely (How do I take photos of my kids? What if my husband or parents or camp calls?), but I have set up a custom Do Not Disturb when I get home. It makes a difference.

I’m also going to try some of these small actions from this Harvard Business Review article:

  • When work thoughts creep up during down time, have a plan. Read a novel, do a crossword puzzle (Wordle is fun), or phone a friend.
  • If something is really bothering you, take 10 minutes to write down whatever it is. It’s often helpful to get whatever is bothering you out of your head.
  • Turn your devices off – yes, all the way off!
  • Set up one designated space at home where you will never do work. Use the space exclusively for non-work activities, e.g., yoga, reading.
  • Notice that disaster doesn’t strike when you set healthy boundaries for yourself. Leave your email unchecked for a whole weekend (gasp!) and discover that others managed just fine without your response.

Untamed

I’m late to the Glennon Doyle party, but if you also missed reading this NYT #1 bestseller when it came out, I recommend you circle back. Doyle offers a refreshing way of looking at the world. While I was frustrated by some seemingly revisionist history in the book, I am reflecting quite a bit on how much our children are watching us, how much language and actions matter, and how I show up for and around my girls.

Listening

Capital Allocators Podcast with Chris Voss

This podcast episode rocked me. I’ve listened to it twice now, and I’ll likely listen to it again on my next walk. The host interviews Chris Voss, former FBI agent and founder of the Black Swan Group. Their discussion covers techniques in listening and conversation that evolve from Voss’ deep understanding of human nature. They talk about setting the stage, mirroring, labeling, decision fatigue, “no” oriented questions, and overcoming fear. Then the conversation shifts to preparing for a negotiation, reconciling negatives, and positive demeanor.

The episode has given me great insight into managing myself, my team, and my clients. My next step is listening to Voss’s book, Never Split the Difference.

Watching

WeCrashed

This docudrama on Apple TV+ is all about the rise and fall of WeWork and is based on the podcast WeCrashed: The Rise and Fall of WeWork. Inspired by actual events, this series tells the story of how WeWork grew from a single coworking space into a global brand worth $47 billion in less than a decade before dropping to $40 billion in less than a year. It was hard to look away – lots of teaching moments here.

Lincoln Lawyer

This is one of my favorite shows when I want to relax and wind down. The Lincoln Lawyer reminds me of late 90’s detective shows like NCIS. Watching it, I’m not prompted to analyze world events and there’s absolutely no existential angst. It’s just an interesting story with a diverse cast who knows how to play “regular people.” Also, it’s a good reminder that we’re more alike than we are different.

Only Murders in the Building

I finished season 1 of Only Murders in the Building just in time for the premiere of season 2. If you haven’t watched this delightful gem on Hulu, it’s a great weekend or vacation binge. Steve Martin, Martin Short, and Selena Gomez have amazing on-screen chemistry. The story will keep you guessing, and if you’re a fan of true crime, it’s an opportunity to laugh at yourself, just a little.

I’m sending out all the good vibes for a respite – no matter how brief – over the next few weeks. Whether you’re heading off the grid or staying home, let’s all find a way to recharge so we can return with more energy and better ideas because we took some to relax or at least regroup.

Photo credit: Jacob Lund Photography from NounProject.com

IPO Roadmap

The IPO Market Won’t be Frozen Forever. Prepare for Your IPO with Audacia’s Roadmap

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After two HOT years for Initial Public Offerings (IPOs), the IPO market was due for a cooling period – and cool it has. “There’s an inverse correlation between market volatility and IPO activity,” said John Tuttle, vice chairman of Intercontinental Exchange’s ICE NYSE Group. The combination of rising interest rates, geopolitics, and shifting investor expectations have had a chilling effect on new listings. 

And while the IPO market is quiet – for now – it’s unlikely to remain that way for too long. In fact, many companies are taking this time to assess their readiness to enter the public markets. A great move, if you ask us. The Initial Public Offering (IPO) process is one of the most complicated and demanding events a growing company can go through. You need an IPO roadmap to be ready to deal with investors, auditors, lawyers, investment bankers, and accountants, among others. And then there’s the paperwork…

If you’ve never taken a company public before, you’re probably wondering what lies ahead of you. Never fear, with our IPO Roadmap you’ll be thinking three steps ahead. 

Audacia Strategies’ IPO Roadmap

We’ve talked about this before:  in a 3-part series, I broke down the process into three parts: developing your IPO story, building an IR team, and living with your IPO. Taken together, these three stages make up Audacia Strategies’ IPO Roadmap. Here are the highlights from each part.

1. Developing your IPO story.

Your IPO will include multiple filings that describe your business, your risks, and your opportunities. While you’ll speak with several different financial audiences (e.g., institutional investors, credit rating agencies, sell-side analysts, etc.), it’s important to develop a coherent story. We call this your investment thesis. Learn it, live it, love it. It is the core of your discussions with financial stakeholders and especially investors. Consistency is key.

After you have agreed on the  investment thesis for your business, it’s time to develop a narrative arc that answers the question: “Why buy this stock?” Make sure that you tell your story – not your competitor’s story – and that it goes beyond the numbers. Remember, investors are human. They respond to a real story like anyone else.

If you’re going public, that means you’ve spent some time honing your value proposition. Now is the time to expand upon and refine this message. Explain what makes your company unique? What’s your “why?” Think about where you can connect with investors in an authentic way and lean into that story.

Ideally, your story establishes your credibility and proof points and sets reasonable expectations. Keep the following in mind: your first few earnings announcements following the IPO will be closely watched to see how the company’s performance matches expectations set during the pre-IPO roadshow and how the management team characterized the firm’s performance in its S-1 (i.e., your initial registration statement with the SEC).

2. Building an IR team.

Once you have your investment thesis and narrative, it’s time to get operational. Put together your dream IPO team and make sure your team includes people with investor relations (IR) experience. 

Having a solid investor relations plan will guide your IPO discussions and ease your transition to life as a public company. The most important job? Establishing and building corporate credibility with your stakeholders through transparent and consistent communication.

And yes, there are some tools of the trade you’ll need to run an effective IR program:

  • An IR website: A place for investors, analysts, and the public to see your investment story. This should be easily accessible from your company’s primary website. 
  • An IR platform: A tool to track consensus estimates, trading patterns, analyze your shareholder base, research and target new investors, review ownership trends, etc.
  • Stock surveillance (optional): While not a requirement – it can be pricey – this type of information can be incredibly helpful to understand the ebbs and flows within your shareholder base. It can also be a lifesaver when your CEO sticks their head in your office and says, “what the heck is going on with our stock today?!”

Your IR team will ensure that you don’t stumble out of the blocks and set you on the road to building long-term trust with shareholders.

3. Living with your IPO.

Yes, Virginia, there is life after an IPO. I know it may not seem like it now because you’re so focused on preparing for the IPO that it’s hard to think past next week. But trust me, your future self will be glad you thought about this third and final stage ahead of time.

Don’t get me wrong, going public is an achievement in itself. By all means, take your victory lap. But also realize that having an IPO opens you up to a whole new level of public scrutiny. This is good news, but it means you need to follow through on your public commitments, keep telling your story (even after a 15-hour day of investor discussions), and continue to educate and build your shareholder base.

The key to a successful life after the IPO can be broken down into four simple steps:

  1. Set reasonable expectations.
  2. Tell stakeholders about them.
  3. Execute on those expectations.
  4. Tell stakeholders about that.

When your company goes public, you step into the spotlight. Yes, the stakes are higher during life after the IPO. But it’s nothing you can’t handle. You’ve got this!

Nervous about prepping for your IPO? Audacia Strategies has your back! Contact us to schedule your consultation.

Photo credit: Close Up Of Multi-ethnic Group Working Together Around A Laptop by Flamingo Images from NounProject.com