ACG Recap: Harlow, Williams and Wood Share Strategies, Experience

Turnout was tremendous and discussion lively at the ACG Cincinnati Deal Maker panel discussion and luncheon February 14, 2007. Despite inclement weather, more than 160 gathered in the second floor lounge at the Queen City Club to hear Pat Harlow, Contech President, CEO and Chairman of the Board; Dave Williams, Chemed VP and CFO; and Frank "Bo" Wood, Secret Communications CEO share their experiences. Moderator Jack Wyant of Blue Chip Venture Company asked the distinguished panelists for three "reasons" for their success, missteps in deal-making, and advice they would offer those interested in the profession. Pat Harlow's three attributions for success were defining market segments, knowing one's limitations, and maintaining a management structure that has a burning desire to win. Of mistakes made, he jokingly said, "My tenure -- none so far," following up with an informative anecdote about having been too conservative. He advised pursuing appropriate and judicious synergies, and consistently delivering and executing.

As learned through 17 years and 25 acquisition efforts with Chemed, Dave Williams' best practices for success are:

1. Be prepared to walk. Chemed seeks out "diamonds in the rough," and walks away from deals that veer in any other direction.
2. Avoid "I just bought you so I must be smarter than you" thinking. Moving too quickly can destroy some of the market advantages just purchased, and deals bring more results when people are treated honestly and with respect.
3. Once informed and ready, move quickly. An initial study period is highly advisable, but once strategies and processes are in place, move decisively.

As for missteps, Williams cited having unnecessarily bought the competition over which his company had already gained market share. He advised strongly against ever creating or customizing your own software.

Frank "Bo" Wood, now with Secret Communications, but known by many from his previous prominent role in radio with stations such as WEBN, cited differentiation, recognition of people's boredom, and maintaining close, somewhat egalitarian relationships with those who work for him. "Wear a tee-shirt once in awhile," he advised.

Wood's mistake: "The 60's and memory loss from that time of my life, I think." He intimated that there's not enough time for lists of "could've, should've, would've" but that all of life is a learning experience. He advised that it's better to sell too early than too late, and holding out for more money can often cost you more in stress, tough negotiations, and energy that could be better spent on the next deal. "Too many things can happen that will devalue your offering, and then you really lose."

Wyant closed the presentation by thanking the panelists, and recapping words and themes which had emerged, including "Respect the people and the process."

To learn more about ACG Cincinnati or to join online, please visit http://www.acg.org/cincinnati/.

Return to Barr Corporate Success -- http://www.barrcorporatesuccess.com