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Find the latest news stories from National Post on the topic FP Executive. |
 FP Executive blog has movedHello readers, Our FP Executive blog has moved to a new home, over here: http://business.financialpost.com/category/executive/There will be no more updates at this location, so please change your bookmarks to the address above.We hope to see you soon!
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 Re-visit social networking policiesI'm a big believer in the development of personal social networking policies. Fairly standard operating rules you create that help you to manage your brand and help others to understand how to best build mutually beneficial relationships with you. These policies are all about how you are going to communicate, and many times, are created when a situation occurs that has the potential to be...touchy. What if your Facebook and LinkedIn worlds collide? How are you going to respond to generic invitations? What if someone you wouldn't necessarily provide a work reference for asks you to endorse them online? How do you ask someone you know at a second or third degree for an introduction to someone in their connections?I've written before about the importance of personalizing LinkedIn invitations and am now in a position where I find myself having to refine my policy of not accepting generic invitations. Just last week, an individual who saw me speak about leveraging LinkedIn for career management contacted me by email and we immediately found small ways we could assist each other professionally. It seemed the next natural step was to Officially Connect on LinkedIn. In less than 48 hours, I had two invitations from people in his network. The invitations read something like this:"I read your profile with interest, and I'd like to connect" and "I received your contact information from a formal networking group, and I'd like to add you to my professional network" Hmmm. What to do? Technically these invitations aren't generic, we share a connection, and both of these individuals seem to have robust profiles and appear to be interesting people. Yet, based on the invitations, I am still skeptical. To be honest - I feel a bit preyed upon. I wonder did these people let our mutual connection know that they were going to reach out to me? Why exactly do they want to connect with me and what do they have to offer for their part of the equation? What specifically was of interest in my profile? Who at the formal networking group referred me and why? I feel protective of my connections and am not sure I'm comfortable allowing these people access to my network. Not because I think they will abuse my contacts...but because I don't know for sure that they won't.All of these nagging questions have caused me to re-think my policy on accepting invitations. It has become clear to me that I require a certain amount of context and degree of comfort with anyone I am going to connect with online. My solution is to respond to their invites with a message asking to have a phone conversation - or better yet, meet in person - so that we can get to know each other a bit better before connecting on LinkedIn. Social networking policies are complex and evolutionary. As we continue to weave the tapestry of our brand and navigate the world of social media and networking, our 'code of conduct' also needs to evolve and adapt.
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 How decisive are you?I read a really great quote by T. Boone Pickens the other day: "Be willing to make decisions. That's the most important quality in a good leader. Don't fall victim to the 'ready-aim-aim-aim syndrome. You must be willing to fire."This quote got me thinking about how important it is for people to see you as confident and decisive, and trust that you make the best decisions to steer them/the company/department in the right direction. The issue is that the definition of decisiveness is relative. Who is making the judgment? Your boss? Peers? Team? Are they evaluating how fast you make decisions? The amount and source of the information you base your decisions on? How steadfast you stand once you've decided something? Whether the outcome is Good vs. Bad - and who measures that?Is it any wonder why some leaders may not want to pull the trigger?In today's ever-changing business world, you will probably have to make decisions without having as much information as you'd like. This is where judgment, experience, and confidence factor in. In these situations draw on your past experiences, look for root causes, assess the situation and the possible outcomes, and surround yourself with smart people (and listen to them). Factor as much trending data, insight, and opinion as possible into your final decision. The reputation for being decisive is usually earned when one isn't afraid to make the call in the absence of all the information, and confidence comes from taking action. Of course, if you have the luxury of being able to wait until the answer becomes clearer, take the time and get it right. As you build your track record, not only will your decision-making ability and confidence increase, so will others' confidence in you.Ready. Aim. Fire.
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 Financial Post's MBA portfolio challenge: How the teams didThe Financial Post MBA Portfolio Management Competition pitted students from 15 of the country's top MBA programs against each other. The University of Victoria was the runaway winner in this year's Financial Post MBA Portfolio Management Competition after chalking up a 43% return. The challenge pits students from 15 of the country's top MBA programs against each other. Each team gets $100,000 in pretend money to buy, sell and even short any stock or exchange-traded fund listed on the TSX, NYSE, Nasdaq or AMEX during regular trading hours.Here's how they did. 
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 HP to buy PalmHP is buying Palm for an enterprise value of $1.2 billion. Smart move from HP who is coming up with more and more consumer friendly products and most importantly it has established itself as a serious player in the Smartphone space. The key asset in this acquisition is Palm's Web OS operating system and hopefully HP can monetize that for its younger and non-business customer segment. We will always wonder whether RIM should have acquired Palm. I am looking at my CNBC screen and Palm is trading higher than HP's offer price. May be there are other parties still interested in Palm!
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 AIMCo in talks to acquire CandoverJust picked up on Financial Times that Alberta Management Investment Corporation (AIMCo) is in discussions to acquire Candover, a British private equity investment firm that was founded in 1984. According to Candover's website, their geographical focus is Western Europe and from offices in London, Madrid, Milan and Paris, it actively seeks opportunities across Europe. By acquiring Candover, AIMCo can instantly establish its presence in Europe. AIMCo in recent months has been looking at Europe quite seriously and most recently acquired a significant stake in TNT, a Dutch mail, post and logistics group. I personally think that this is a smart way for AIMCo to expand its footprint in Europe.
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 Replay Smart Shift's online forum on management solutions for health care Health care reform has been on the public agenda in Canada for years. What hasn't been is how better management can improve care and save money. This week Smart Shift's live forum looked at management solutions to pressing health care issues in Canada.Our expert panel included Amin Mawani, director of the Health Industry Management Program at the Schulich School of Business at York University, and Ann McKibbon, left, director of an interdisciplinary eHealth MSc program at McMaster
University in Hamilton, Ont.For more on management solutions for health care visit Smart Shift. Click below to replay the online forum.
<a href="http://www.coveritlive.com/mobile.php/option=com_mobile/task=viewaltcast/altcast_code=78c75f0a76" >Management solutions for health care</a>
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 Leaders, are you a topic of conversation?This week, I ran into someone I used to work with and as we talked about the comings, goings, and still goings on in her office, the name of her boss came up. She told me how the tone in the office shifted depending on the pressures the leader had, what the volume was like when the boss left early to go to her son's baseball game (she knew the son's name as well), how she managed her performance review meeting, and what her live-in partner said about her annual measurement goals. The last part got me to thinking....this person's partner, family, and friends probably all know the boss by name - even if they have never met them in person. This leader may very well be a regular topic of discussion in this woman's household. Even more so, I wonder if the reverse is true? Do the leader's family and friends know this woman by name? Do they discuss her on Sunday evening after dinner as they start to prepare lunches for the next morning? I promise you this: if you lead people, you are a topic of conversation in several households. Do you think the majority of those conversations about what you do for people, or what you do to people? You will never be able to completely control what is being said about you or how your reports might feel about you on any given day, but you can do some simple things to encourage and create a relationship that is genuine and reciprocal. Here are a few things that every leader should know about their people:Who is the most important person in their lives? Remember their name (even if there's more than one).What do they do when they're not at work? This information will help you to relate to them better. It will provide you with context (remember when you were young; how thrown off you were when you ran into your teacher at the grocery store and realized she didn't vaporize when the school bell went off?) You may also be able to connect the dots from a work project to something they care about outside of the office. What are they passionate about? What motivates them & gets their juices flowing? Sports? Music? Politics? Volunteering? I remember discovering that one of my direct reports could sing like a bird and was very active in the local theatre scene. I learned how to tap into that creativity and confidence in the office. What do they want to do with their lives? There are too many insights here to count, so I'll ask you to imagine: what if you have the ability to make someone's dreams come true? Can you help them get that additional education/international posting/exposure to people in the next department/etc?Making a true effort to know the people who work for you makes you a better leader - and everyone wants to work (hard) for a good leader. Genuine interest in others also increases your chances of being associated with the "yay - ice cream for dessert!!" part of dinner, as opposed to the "liver and onions again?!" part. Always a good thing.
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 Resist temptation - stay focused on your goalsI met with an executive client last week who has spent his entire career in the industry he loves. Since leaving his former organization, he has been searching diligently and is currently interviewing for senior positions with two companies - one in his industry, and one in a different industry. The interview processes are both going well and to help him prepare, we have run through a number of different outcome scenarios. My client's first choice is the position in the industry he is familiar with. It is a thriving field and a step up in terms of title and salary. The other position is in a changing field where there is a lot of room to set new benchmarks; however, the role would not stretch or challenge him in the immediate future (aside from familiarizing himself with the industry, lingo, etc). In the perfect world, he will receive an offer from his first choice, and gracefully bow out of the running for the other position. Since we don't live in a perfect world, I challenged my client to think about what he would do if his top choice didn't come through, and the other company offered him a position. His immediate reaction was "I could take the job, get back into the work world, bank some cash, and look for anther job in the industry I love" - another perfect world scenario. Here are my concerns with this strategy:Once you accept the offer, you actually have to show up and do the job. And do it well. Every day. If you can't muster at least a lukewarm enthusiasm for the role, industry, or company, you are doing everyone (including yourself) a disservice. Assume you do start to look for a position in the industry you left. What is your story going to be? How are you going to respond when networking contacts and interviewers ask why you left the industry (especially in this particular client's situation, where he wouldn't be leaving to gain additional skills or competencies) or why you are looking for another position so soon after landing?With a new position in a new industry to contend with, how are you going to stay abreast of current events, maintain momentum in your network, and make time to proactively search in the original industry? It can be tempting to go for the easiest solution or to grab what is right in front of you. Staying focused and true to your values and goals will pay off (for everyone) in the long run. AS T. Boone Pickens said: "If you're hunting elephants, don't get off the trail to chase a rabbit."
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 Medical Research in an Entrepreneurship Blog? What Gives?Emerging from a winter hibernation in Winnipeg, it's time to get back on the horse. For the spring I want to focus a bit more on another part of my life; a part that relates directly to the Entrepreneur focus of this column.Aside from being a wanna-be entrepreneur, I have aspirations to start a research career in orthopedic surgery. That means a lot of work putting together proposals, recruiting patients and looking for funding. Now, in the coming months I want to start to demonstrate that my entrepreneurial side isn't dormant while I'm working on research. I'm going to look for some examples of entrepreneurial researchers to outline the type of character that succeeds in academic environments...these people may not be too different from an innovator in the private sector struggling to start an enterprise.I also want to talk about research proposals: The Pitch - for geeks. I'll write about the need for good pitching skills in terms of getting grants and securing support.I'm sure that I will find other parallels too. I'm going to set this all in the context of a new trial of cryotherapy that I'm starting in Winnipeg. I can't wait to get back to writing and put down some of the agony and ecstasy of running a research trial.Glad to be back behind the...keyboard.
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 Tiger Effect on Wall StreetApparently the trading volume went down by 40% during Tiger Woods' press conference at Augusta today. Also, price of 30 second ad spot during Masters with Tiger is $500,000 and without Tiger is $350,000. Link to Tiger's Press Conference on Youtube
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 Cracking that MBA DebtWith B-School tuition continuing to climb, it is not uncommon for a freshly-minted MBA grad to come out with debt surpassing $100k especially if you attend a tier-1 school. Add one or two years of lost salary (for a full time program), and the cost of doing an MBA is more expensive than ever. Most MBA grads dream of a quick return on investment (ROI), but the reality is that many MBA graduates are stuck under a mountain of debt for a long time to come. With interest rates poised to rise over the next couple of years, MBA grads can expect their monthly student loan repayments to rise as well - the question is how does one crack their MBA debt? Here are a few ideas to consider: 1. Plow that tax return into your debt: Debt is not the only plentiful thing that accompanies graduation; most MBA grads have a ton of tuition credits waiting to be used as a deduction against their future post-MBA salaries. Tuition credits include your tuition itself, a specified amount for every month that you were in school (different amount for full-time versus part-time), as well as amounts for text books. These credits can be applied against your income and one can expect a fairly sizable tax return in the first year of work following graduation. As an example, attending a one year MBA program with a tuition of $65k can amass to a tax return of $10-15k in your first year of work - plow it back into your MBA debt! 2. Signing Bonus & Annual Bonus: Many MBA grads get a signing bonus upon accepting a new job, often in the range of 5k-20k. Many others, depending on the industry, receive annual performance bonuses. These bonuses are quick sources of cash that can be used to tackle a portion of your MBA debt. 3. Get Creative with your Professional Line of Credit: Most student MBA debt comes from a Professional Line of Credit that is pre-approved upon acceptance into an MBA program. These credit lines typically are at low interest rates: prime + 0.5% is typical and often don't require principal repayment until 12 months after graduation; therefore allowing for a fairly long grace period before having to pay down the debt. It is common for these credit lines to convert to a ten year term loan at prime + 0.5% following the expiration of the 12 month grace period. Here's an idea for those that have room left on their credit lines and aren't afraid to take some risk: i) Before the 12 month grace period expires take out the remaining funds from your credit line, ii) invest these funds into a dividend paying (monthly distribution) ETF or Income Fund that has a low beta and is well diversified (i.e. not very volatile), iii) use the monthly dividend distribution to help make your monthly payments on your student debt, and iv) use any appreciation on the ETF or Income Fund itself to pay down debt when you sell. There are plenty of dividend-paying ETFs out there that pay monthly-distributions. Here are a couple of ideas (Disclosure: I own both): i) FIE.A (Claymore Canadian Financial Monthly) which pays about 6.7% in dividends annually, and distributes on a monthly basis - the beta is 0.75 which means that this ETF is less volatile than the TSX market itself and it is not leveraged meaning that one doesn't have to worry about long term leaking by holding on for long periods of time. This ETF is well diversified in the Canadian financial sector with holdings in the big banks and insurance companies. Another one to consider is Pembina Pipeline Income Fund (PIF.UN) - it distributes 8.9% in annual dividends, payable monthly and has a beta of only 0.28 (i.e. not very volatile). This fund has a long history of consistent dividend payments and the fund itself has appreciated significantly over the year. A former mentor of mine once told me that the value of an MBA must be considered as a long term investment - so for those of you that are stuck under that MBA mountain of debt, remember that in the long term your investment in your education is likely to pay dividends....hang in there and keep cracking away at that debt!
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 Leadership Thoughts: "Priority versus Urgency"Time management is such an important skill as one climbs the ranks - you've got so much more to do with so much less time. A former mentor of mine used to tell me that it was all about priority versus urgency. He was a firm believer in Steven Covey's Seven Habits of Highly Effective People, and would label every task with an urgency (high/low) and a priority (high/low). I admit that I've never read the book but he used to tell me that effective leaders would spend most of their time in the high priority/low urgency quadrant avoiding the temptation of constantly fire-fighting tasks in the high priority/high urgency box. He told me that 'fire-fighting' was addictive and often necessary but that it was the high priority/low urgency projects that would gain you the visibility and that would allow you to add value to the organization as a leader. Based on my experience, focusing a significant percentage of my time on the high priority/low urgency objectives has contributed to far more career wins than being a hero for a day after solving a fire-fight (high priority/high urgency)....some food for thought.
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 Replay our chat on water: Are we wasting our most valuable resource? With only 0.5% of the world's population, Canada collects 7% of the world's renewable fresh water, making it the envy of the world.But are we taking our abundant supplies for granted? With one of the highest water usage rates in the world, Canadians' efforts to conserve water are actually decreasing. It's not that Canadians don't value their water. A recent survey found that Canadians believe water is the country's most valuable resource, more valuable than oil and gas.The problem is that there is a serious disconnect between what Canadians think about water and how they actually use it.Read our online forum when the Smart Shift panel looked at Canadians' attitude towards water.   Our expert panel included Len Coad, director of energy, environment and technology policy at the Conference Board of Canada; and Lynn Patterson, director of corporate responsibility at Royal Bank of Canada, and sponsor of the 2010 Canadian Water Attitudes Study.
Click below to replay the forum
<a href="http://www.coveritlive.com/mobile.php/option=com_mobile/task=viewaltcast/altcast_code=f2c8f8be70" >Canadians' attitude towards water</a>
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 Turn a no into a yesI tuned in to this season's premier of Celebrity Apprentice just in time to see Carol Leifer hear those famous words You're Fired. My stomach dropped when I heard her say "Can I ask something?" I thought "No Carol - don't do it! Now is not the time to plead your case!" Imagine my surprise when instead, she asked The Donald to make a donation to her favourite charity. Trump promised her a personal cheque for $10,000 and she was escorted to the elevator. Definitely a gutsy move, and one that paid off. It got me thinking about someone I know who recently found out he was the runner up for an executive leadership position that he really wanted (and would have excelled at, I might add). After receiving the news, he wrote thank you notes to the internal recruiter and the person he would have reported to and asked something from each of them. From the recruiter, he asked for feedback and from the almost-boss, he asked for a referral. He got both. Most of us have been raised to believe it's rude to ask for something after you've been told no. I believe it can be the best time to ask for things. Most people don't like saying no to people, and if given the chance, will try to redeem themselves by saying yes to whatever they can. My friend made it through seemingly endless rounds of interviews with various stakeholders and had become intimately familiar with the organization and the challenges it was facing. In the end when he wasn't selected, he wished the successful incumbent luck, thanked the company for their time and energy, and then said "given what you now about my experience, leadership style, and the type of position I'm looking for, if you know of any other opportunities I should be investigating, a referral would be greatly appreciated." What's rude about that, I ask you? This tactic works on many levels. If you are having difficulty getting a network meeting with someone who is proving to be too Busy And Important to make time for you, try something like this in your next message: "I understand how busy you must be, and I'm wondering if there is someone else within your organization who would be able to spend 15 minutes talking to me about XYZ. If so, I would greatly appreciate an introduction." If you can't get that recruiter to consider you for that position you know you'd be perfect for, ask them if they would be willing to give you some feedback on your resume or presentation style instead. Did your current boss just tell you that you didn't get the promotion? Set up some time to discuss career goals and development plans, and think about asking if the company will kick in a few dollars to help pay for the additional training you'll be pursuing. No is a difficult word to hear, but it doesn't have to be a show-stopper. You're bound to run into a wall or two when running a maze. It doesn't mean you can't continue - it just means you have to find another corner to go around.
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