Demographics of Today's Workforce
Who are today’s workers? According to the “Relocation Report” dated July 15, 2007, 49% of today’s workforce is married with dependent children; 23% is single with no children; 19% is married without children; and 9% is single with children. Why are these statistics important? It indicates that each candidate has a very different set of needs and requirements when it comes to relocation. Baby Boomers (born 1946-1964) are generally empty nesters, have an average income of $74.9K. Their common values: competitive, indulgent, work focused, empowered, confident and goal oriented. Relocation Concerns: selling/buying home, retirement location, family roots. Generation X (born 1965-1978) are commonly settling down and starting a family, have an average income of $60.3K. Their common values: independent, family focused, active, entrepreneurial in spirit, balanced, and hard working. Relocation Concerns: spousal income, daycare options, ability to purchase home in new area, proximity to extended family. Generation Y (born after 1979) are commonly straight out of college, this could be their first “career” position, and average income $49.4K. Their common values: optimistic, career growth focused, team oriented, sense of self, success/results driven, tenacious, and confident. Relocation Concerns: location, extracurricular activities, and living on their own.
Companies Are Competing for Top Talent
According to the ERC 2007 New Hire Survey, companies experienced a 12% increase in difficulty in attracting talent from their competitors from 2002 to 2006. Ironically enough, in this “candidate driven market,” the impact from the lack of qualified candidates has only grown 2%. With these two reasons topping the list of challenges for companies hiring practices, it is imperative that companies hire an MRI Consultant not only to source qualified candidates, but to adequately sell their representative company over the competition.
America’s Fastest Growing Suburbs
Are there “hot” spots for moving? You bet. Of the top ten growing cities in the U.S., only one requires you to own a snow shovel. As for the other nine… welcome to sunshine! According to an article in Forbes Magazine (July 16, 2007), Lincoln, California (outside Sacramento) is the nation’s fastest growing suburb, increasing its population 236% between 2000 and 2006. Although living in Lincoln is expensive by national standards, it is a lower cost alternative to living in the Bay Area, San Diego, or Los Angeles. What other cities top the growth list?No wonder Phoenix traffic is horrendous! When looking at regional growth, metropolitan Phoenix has seen the greatest positive domestic growth due to affordable housing, a growing economy, and wonderful winters.
Thursday, August 23, 2007
Wednesday, July 18, 2007
Michael Jalbert CEO of MRI
Michael Jalbert - CEO of Mangement Recruiters International spoke to CNBC recently about the current status of the Job Market. In case you missed it you can click on the link and if you have Real Player or some other software it should play on your computer.
If you have any questions or any critical staffing needs please give us a call. My cell phone is 828-301-3802. We are always interested in hearing from you and getting your comments.
http://switchboard.real.com/player/email.html?PV=6.0.12&&title=Michael%20Jalbert%20on%20CNBC%20%2D%20July%205%2C%202007&link=http%3A%2F%2Fplay.rbn.com%2F%3Furl%3Dmri%2Fmricorp%2Fg2demand%2Fvp1371%2Fvp1371.rm%26proto%3Drtsp
If you have any questions or any critical staffing needs please give us a call. My cell phone is 828-301-3802. We are always interested in hearing from you and getting your comments.
http://switchboard.real.com/player/email.html?PV=6.0.12&&title=Michael%20Jalbert%20on%20CNBC%20%2D%20July%205%2C%202007&link=http%3A%2F%2Fplay.rbn.com%2F%3Furl%3Dmri%2Fmricorp%2Fg2demand%2Fvp1371%2Fvp1371.rm%26proto%3Drtsp
Friday, July 13, 2007
Group Interviewing for Jobs
Group Interviews: How to Impress Everyone
Margaret Steen, for Yahoo! HotJobs
Even under the best circumstances, job interviews can be intimidating. But the group interview -- where you are grilled by a team of potential new colleagues -- ratchets up the tension.
Sometimes companies round up all the interviewers at once for the sake of efficiency. But the company may also want to assess how you perform in a group.
It's About Teamwork
"It's sort of to see if you would play well with others on this team," said Libby Pannwitt, a career counselor and principal of Work Life Design Group in San Carlos, California.
A group interview may be very formal, with a scripted set of questions. Or it could be simply a conversation between the candidate and the others in the room. Many interviews are in between these extremes, with both structured questions and casual conversation.
Before any interview, of course, you should research the company and the job description and consider how your experience could help the company. But a group interview calls for some extra skills in order to make the best impression.
Skills for Your Success
* Prepare if possible. If you're given a list beforehand of who will be there, do as much homework as you can. Find out the names and titles of your interviewers. "That may give you a clue about specific areas of expertise and how they fit in the hierarchy," Pannwitt said.
* Make connections. Address your questioners by name and make eye contact with all of them. "Pay attention to what their interest is in the interview, what kind of things would they be likely to be most concerned about," said David Friedland, president of Friedland & Associates, a personnel assessment firm in Culver City, California.
* Don't play favorites. It's dangerous to make assumptions about which person's opinion matters most in the hiring decision. "I've seen a junior player on a team derail a good candidate," Pannwitt said. Try to make sure you satisfy everyone's concerns.
* Be a facilitator. If you notice that one person seems hesitant to participate, try to draw him or her in. Ask if you can clarify your remarks or if the person has any additional questions. You "can take a little bit of control" of the interview this way, said Marianne Adoradio, a Silicon Valley career coach.
* Be diplomatic. If your interviewers clearly have a disagreement and they're asking how you would resolve it, show that you understand of all their points of view. "Just the fact that you're aware of multiple perspectives will bode well for you," said Patrick F. McKay, assistant professor of organizations and strategic management at the University of Wisconsin-Milwaukee.
* Don't relax too much. In informal interviews, don't let the causal atmosphere keep you from making a good impression. "They may seem informal, but people are voting afterward," Adoradio said.
Finally, remember the good news. If you're being interviewed by lots of people at a company, it probably means you're a finalist for the job. And since interviews are a two-way street, a group interview also offers you insight into what it would be like working in this group. "You have a window looking in at how they'll work together," Pannwitt said.
Margaret Steen, for Yahoo! HotJobs
Even under the best circumstances, job interviews can be intimidating. But the group interview -- where you are grilled by a team of potential new colleagues -- ratchets up the tension.
Sometimes companies round up all the interviewers at once for the sake of efficiency. But the company may also want to assess how you perform in a group.
It's About Teamwork
"It's sort of to see if you would play well with others on this team," said Libby Pannwitt, a career counselor and principal of Work Life Design Group in San Carlos, California.
A group interview may be very formal, with a scripted set of questions. Or it could be simply a conversation between the candidate and the others in the room. Many interviews are in between these extremes, with both structured questions and casual conversation.
Before any interview, of course, you should research the company and the job description and consider how your experience could help the company. But a group interview calls for some extra skills in order to make the best impression.
Skills for Your Success
* Prepare if possible. If you're given a list beforehand of who will be there, do as much homework as you can. Find out the names and titles of your interviewers. "That may give you a clue about specific areas of expertise and how they fit in the hierarchy," Pannwitt said.
* Make connections. Address your questioners by name and make eye contact with all of them. "Pay attention to what their interest is in the interview, what kind of things would they be likely to be most concerned about," said David Friedland, president of Friedland & Associates, a personnel assessment firm in Culver City, California.
* Don't play favorites. It's dangerous to make assumptions about which person's opinion matters most in the hiring decision. "I've seen a junior player on a team derail a good candidate," Pannwitt said. Try to make sure you satisfy everyone's concerns.
* Be a facilitator. If you notice that one person seems hesitant to participate, try to draw him or her in. Ask if you can clarify your remarks or if the person has any additional questions. You "can take a little bit of control" of the interview this way, said Marianne Adoradio, a Silicon Valley career coach.
* Be diplomatic. If your interviewers clearly have a disagreement and they're asking how you would resolve it, show that you understand of all their points of view. "Just the fact that you're aware of multiple perspectives will bode well for you," said Patrick F. McKay, assistant professor of organizations and strategic management at the University of Wisconsin-Milwaukee.
* Don't relax too much. In informal interviews, don't let the causal atmosphere keep you from making a good impression. "They may seem informal, but people are voting afterward," Adoradio said.
Finally, remember the good news. If you're being interviewed by lots of people at a company, it probably means you're a finalist for the job. And since interviews are a two-way street, a group interview also offers you insight into what it would be like working in this group. "You have a window looking in at how they'll work together," Pannwitt said.
Monday, July 9, 2007
Boomers Retire to a New Role in the Workforce
BABY BOOMERS RETIRE TO NEW ROLE IN THE WORK FORCEEmployers Tap into Their Wealth of Knowledge and Experience
Philadelphia -- According to U.S. Census reports, 7,918 people turned 60 every day in 2006, which amounts to 330 every hour. Contrary to prevailing belief that retiring baby boomers will decimate the work force, however, MRINetwork™, one of the world’s largest search and recruitment organizations, is observing a trend that may ease the pressure at least temporarily. It seems that many baby boomers are taking retirement only to return to work in the role of consultants, mentors and part-time employees. A recent survey by AARP found that 79 percent of boomers plan to work in some capacity during their retirement years, and many employers are ready to welcome them back.
“There’s growing awareness that important institutional knowledge may be lost as large numbers of mid-to-upper-level managers retire,” says Michael Jalbert, president of MRINetwork. “It’s not just a matter of the job functions they perform, but rather the impact their loss can have on the foundation and culture of their companies.”
For the baby boomers, conditions have to be right to induce them to continue working after they take retirement. “I retired early because I want the freedom to do some of the things I put off during my career,” said Harry Huhndorff, a former design engineer with Eveready Battery in Cleveland. “No one was more surprised than I to discover I could actually earn serious money working as an independent design consultant for companies right in my area. I can take on as many projects as I like, turn down the ones that are not interesting or challenging, and work primarily from home – or wherever I happen to be.”
Part of the demand for Huhndorff’s services is due to his practical, hands-on experience. “I’m working with people much younger than I who can work magic with a computer, but they have a hard time with things like creating packaging or housing designs that are functional and can be manufactured cost-effectively. They’ve never worked in a shop with real materials.”
Jalbert notes that an increasing number of the candidates his company places, particularly in contract situations, come from the ranks of retired baby boomers. “This is due not only to the crunch created by the growing gap between new job creation and new entrants into the work force, but also because companies are seeking people with the skills, experience and work ethic of the baby boomer generation.”
Although workplace analysts and observers have been discussing the effect of large-scale baby boomer retirements for the past several years, Jalbert says many companies have not prepared for the reality. “It’s vitally important that businesses develop bench strength. Forward-thinking senior management is focusing on hiring people, especially in their mid-to-upper level ranks, who are promotable to jobs two or three levels above their current positions.”
For the time being, the job market has never been better for people like Huhndorff, who pilots his own plane, plays tennis three or four times a week, and spends a chunk of the Cleveland winter somewhere warm. “I feel more valued for my contributions now than I ever did during my 35-year career,” he says. “I see myself doing this for a long time to come.”
About MRINetwork:Management Recruiters International, Inc., branded as MRINetwork (www.mrinetwork.com), is a subsidiary of staffing and outsourcing leader CDI Corp. (NYSE:CDI), a global provider of engineering and information technology outsource solution and professional staffing (www.cdicorp.com). MRINetwork has nearly 1,100 offices in over 35 countries.
Philadelphia -- According to U.S. Census reports, 7,918 people turned 60 every day in 2006, which amounts to 330 every hour. Contrary to prevailing belief that retiring baby boomers will decimate the work force, however, MRINetwork™, one of the world’s largest search and recruitment organizations, is observing a trend that may ease the pressure at least temporarily. It seems that many baby boomers are taking retirement only to return to work in the role of consultants, mentors and part-time employees. A recent survey by AARP found that 79 percent of boomers plan to work in some capacity during their retirement years, and many employers are ready to welcome them back.
“There’s growing awareness that important institutional knowledge may be lost as large numbers of mid-to-upper-level managers retire,” says Michael Jalbert, president of MRINetwork. “It’s not just a matter of the job functions they perform, but rather the impact their loss can have on the foundation and culture of their companies.”
For the baby boomers, conditions have to be right to induce them to continue working after they take retirement. “I retired early because I want the freedom to do some of the things I put off during my career,” said Harry Huhndorff, a former design engineer with Eveready Battery in Cleveland. “No one was more surprised than I to discover I could actually earn serious money working as an independent design consultant for companies right in my area. I can take on as many projects as I like, turn down the ones that are not interesting or challenging, and work primarily from home – or wherever I happen to be.”
Part of the demand for Huhndorff’s services is due to his practical, hands-on experience. “I’m working with people much younger than I who can work magic with a computer, but they have a hard time with things like creating packaging or housing designs that are functional and can be manufactured cost-effectively. They’ve never worked in a shop with real materials.”
Jalbert notes that an increasing number of the candidates his company places, particularly in contract situations, come from the ranks of retired baby boomers. “This is due not only to the crunch created by the growing gap between new job creation and new entrants into the work force, but also because companies are seeking people with the skills, experience and work ethic of the baby boomer generation.”
Although workplace analysts and observers have been discussing the effect of large-scale baby boomer retirements for the past several years, Jalbert says many companies have not prepared for the reality. “It’s vitally important that businesses develop bench strength. Forward-thinking senior management is focusing on hiring people, especially in their mid-to-upper level ranks, who are promotable to jobs two or three levels above their current positions.”
For the time being, the job market has never been better for people like Huhndorff, who pilots his own plane, plays tennis three or four times a week, and spends a chunk of the Cleveland winter somewhere warm. “I feel more valued for my contributions now than I ever did during my 35-year career,” he says. “I see myself doing this for a long time to come.”
About MRINetwork:Management Recruiters International, Inc., branded as MRINetwork (www.mrinetwork.com), is a subsidiary of staffing and outsourcing leader CDI Corp. (NYSE:CDI), a global provider of engineering and information technology outsource solution and professional staffing (www.cdicorp.com). MRINetwork has nearly 1,100 offices in over 35 countries.
Thursday, May 31, 2007
Placing & Relocating Generation X'ers, Y'ers and Boomers
Placing & Relocating GenerationY
This is the first time in US workforce history that there are four generations in the workplace at the same time: Traditionalists, Baby Boomers, Generation Xers, and the newest group, the Generation Y’s. The MRI tagline of placing “impact players” involves placements of Gen Y candidates. They are part of the 75 million U.S. adults born between 1977 and 1995. This age group has a much different perspective on the economy, business practice, family values, and priorities than their preceding generations.
A few things to think about:
1. A global vision: Gen Yers are technically savvy, access information quickly and efficiently; have spent time abroad; and feel they can easily interface with someone 9000 miles away. The challenge is that Gen Yers think that they know more than they actually do. Just because they read it “on line” or heard someone explain something, the brass tacks of things such as cultural differences are usually overlooked.
2. Career Advancement: It’s not always about the money. Gen Yers are motivated by money, but that’s not all. They also seek positions allowing flex time, remote location work, and the ability to blend work with their personal life activities. The one problem is that many Gen Yers are not loyal to companies for long term career opportunities. They thrive in situations involving multi-tasking and challenge as they look for advancement. So if a current position isn’t moving forward, they will be looking for one that is.
3. Relocation: Many Gen Yers move solo, don’t have the family of five, the colonial house at the end of the cul-du-sac, the yellow lab, and the two cars. They are fairly mobile, able to adapt to most areas, and look to move to areas that are active and have nightlife that will sooth their social itch. As long as their personal needs can be met in the new location, they are willing to go. Many Gen Yers think they can handle the relocation themselves.. no sweat. But, they usually have a rude awakening.
Chris and Laurie are currently conducting training sessions on “Relocating the Generational Workforce.” Cross-generational information can help you identify both candidates and clients by generational culture, and provide tools to bring awareness for both parties during the interview and relocation process. Most will agree that Baby Boomers and Gen Yers typically don’t see eye to eye. Call your FAS Account Manager to schedule your office training today!
Top Relocation Benefits for Attracting New Hires
According to a survey conducted by the Employee Relocation Council of approximately 180 companies ranging from Fortune 100 to small organizations, the most valuable relocation benefits to attract new talent are: assistance with home sale, home finding, and movement of household goods.
Fast Facts about Moving...
Did you know that the summer months of June, July and August are the busiest months for moving? About 40 millions Americans move each summer. About 18% of all moves are solely about moving to a nicer house, better neighborhood, or some other nice perk. What is interesting is that 17.6% of Americans move for job related reasons, and that’s where we come into the picture. Job opportunities increase exponentially when a candidate will consider looking outside their immediate geographic area. On the flip side, companies have a much greater pool of talent choices if they are willing to relocate someone into their marketplace.
Among those that move: 29% are in their 20’s; 17% are in their 30’s; 12% in their 40’s.
61% of people who moved in 2005 moved into a rental unit; 39% bought homes right away.
Occupations that account for the greatest percentage of moves: education, health, sales, hospitality, and leisure.
Article statistics sourced from USA Weekend May 11, 2007
This is the first time in US workforce history that there are four generations in the workplace at the same time: Traditionalists, Baby Boomers, Generation Xers, and the newest group, the Generation Y’s. The MRI tagline of placing “impact players” involves placements of Gen Y candidates. They are part of the 75 million U.S. adults born between 1977 and 1995. This age group has a much different perspective on the economy, business practice, family values, and priorities than their preceding generations. A few things to think about:1. A global vision: Gen Yers are technically savvy, access information quickly and efficiently; have spent time abroad; and feel they can easily interface with someone 9000 miles away. The challenge is that Gen Yers think that they know more than they actually do. Just because they read it “on line” or heard someone explain something, the brass tacks of things such as cultural differences are usually overlooked. 2. Career Advancement: It’s not always about the money. Gen Yers are motivated by money, but that’s not all. They also seek positions allowing flex time, remote location work, and the ability to blend work with their personal life activities. The one problem is that many Gen Yers are not loyal to companies for long term career opportunities. They thrive in situations involving multi-tasking and challenge as they look for advancement. So if a current position isn’t moving forward, they will be looking for one that is. 3. Relocation: Many Gen Yers move solo, don’t have the family of five, the colonial house at the end of the cul-du-sac, the yellow lab, and the two cars. They are fairly mobile, able to adapt to most areas, and look to move to areas that are active and have nightlife that will sooth their social itch. As long as their personal needs can be met in the new location, they are willing to go. Many Gen Yers think they can handle the relocation themselves.. no sweat. But, they usually have a rude awakening. Chris and Laurie are currently conducting training sessions on “Relocating the Generational Workforce.” Cross-generational information can help you identify both candidates and clients by generational culture, and provide tools to bring awareness for both parties during the interview and relocation process. Most will agree that Baby Boomers and Gen Yers typically don’t see eye to eye. Call your FAS Account Manager to schedule your office training today!
Back to top
Top Relocation Benefits for Attracting New HiresAccording to a survey conducted by the Employee Relocation Council of approximately 180 companies ranging from Fortune 100 to small organizations, the most valuable relocation benefits to attract new talent are: assistance with home sale, home finding, and movement of household goods. Fast Facts about Moving...Did you know that the summer months of June, July and August are the busiest months for moving? About 40 millions Americans move each summer. About 18% of all moves are solely about moving to a nicer house, better neighborhood, or some other nice perk. What is interesting is that 17.6% of Americans move for job related reasons, and that’s where we come into the picture. Job opportunities increase exponentially when a candidate will consider looking outside their immediate geographic area. On the flip side, companies have a much greater pool of talent choices if they are willing to relocate someone into their marketplace. § Among those that move: 29% are in their 20’s; 17% are in their 30’s; 12% in their 40’s. § 61% of people who moved in 2005 moved into a rental unit; 39% bought homes right away. § Occupations that account for the greatest percentage of moves: education, health, sales, hospitality, and leisure. Article statistics sourced from USA Weekend May 11, 2007
This is the first time in US workforce history that there are four generations in the workplace at the same time: Traditionalists, Baby Boomers, Generation Xers, and the newest group, the Generation Y’s. The MRI tagline of placing “impact players” involves placements of Gen Y candidates. They are part of the 75 million U.S. adults born between 1977 and 1995. This age group has a much different perspective on the economy, business practice, family values, and priorities than their preceding generations.
A few things to think about:
1. A global vision: Gen Yers are technically savvy, access information quickly and efficiently; have spent time abroad; and feel they can easily interface with someone 9000 miles away. The challenge is that Gen Yers think that they know more than they actually do. Just because they read it “on line” or heard someone explain something, the brass tacks of things such as cultural differences are usually overlooked.
2. Career Advancement: It’s not always about the money. Gen Yers are motivated by money, but that’s not all. They also seek positions allowing flex time, remote location work, and the ability to blend work with their personal life activities. The one problem is that many Gen Yers are not loyal to companies for long term career opportunities. They thrive in situations involving multi-tasking and challenge as they look for advancement. So if a current position isn’t moving forward, they will be looking for one that is.
3. Relocation: Many Gen Yers move solo, don’t have the family of five, the colonial house at the end of the cul-du-sac, the yellow lab, and the two cars. They are fairly mobile, able to adapt to most areas, and look to move to areas that are active and have nightlife that will sooth their social itch. As long as their personal needs can be met in the new location, they are willing to go. Many Gen Yers think they can handle the relocation themselves.. no sweat. But, they usually have a rude awakening.
Chris and Laurie are currently conducting training sessions on “Relocating the Generational Workforce.” Cross-generational information can help you identify both candidates and clients by generational culture, and provide tools to bring awareness for both parties during the interview and relocation process. Most will agree that Baby Boomers and Gen Yers typically don’t see eye to eye. Call your FAS Account Manager to schedule your office training today!
Top Relocation Benefits for Attracting New Hires
According to a survey conducted by the Employee Relocation Council of approximately 180 companies ranging from Fortune 100 to small organizations, the most valuable relocation benefits to attract new talent are: assistance with home sale, home finding, and movement of household goods.
Fast Facts about Moving...
Did you know that the summer months of June, July and August are the busiest months for moving? About 40 millions Americans move each summer. About 18% of all moves are solely about moving to a nicer house, better neighborhood, or some other nice perk. What is interesting is that 17.6% of Americans move for job related reasons, and that’s where we come into the picture. Job opportunities increase exponentially when a candidate will consider looking outside their immediate geographic area. On the flip side, companies have a much greater pool of talent choices if they are willing to relocate someone into their marketplace.
Among those that move: 29% are in their 20’s; 17% are in their 30’s; 12% in their 40’s.
61% of people who moved in 2005 moved into a rental unit; 39% bought homes right away.
Occupations that account for the greatest percentage of moves: education, health, sales, hospitality, and leisure.
Article statistics sourced from USA Weekend May 11, 2007
This is the first time in US workforce history that there are four generations in the workplace at the same time: Traditionalists, Baby Boomers, Generation Xers, and the newest group, the Generation Y’s. The MRI tagline of placing “impact players” involves placements of Gen Y candidates. They are part of the 75 million U.S. adults born between 1977 and 1995. This age group has a much different perspective on the economy, business practice, family values, and priorities than their preceding generations. A few things to think about:1. A global vision: Gen Yers are technically savvy, access information quickly and efficiently; have spent time abroad; and feel they can easily interface with someone 9000 miles away. The challenge is that Gen Yers think that they know more than they actually do. Just because they read it “on line” or heard someone explain something, the brass tacks of things such as cultural differences are usually overlooked. 2. Career Advancement: It’s not always about the money. Gen Yers are motivated by money, but that’s not all. They also seek positions allowing flex time, remote location work, and the ability to blend work with their personal life activities. The one problem is that many Gen Yers are not loyal to companies for long term career opportunities. They thrive in situations involving multi-tasking and challenge as they look for advancement. So if a current position isn’t moving forward, they will be looking for one that is. 3. Relocation: Many Gen Yers move solo, don’t have the family of five, the colonial house at the end of the cul-du-sac, the yellow lab, and the two cars. They are fairly mobile, able to adapt to most areas, and look to move to areas that are active and have nightlife that will sooth their social itch. As long as their personal needs can be met in the new location, they are willing to go. Many Gen Yers think they can handle the relocation themselves.. no sweat. But, they usually have a rude awakening. Chris and Laurie are currently conducting training sessions on “Relocating the Generational Workforce.” Cross-generational information can help you identify both candidates and clients by generational culture, and provide tools to bring awareness for both parties during the interview and relocation process. Most will agree that Baby Boomers and Gen Yers typically don’t see eye to eye. Call your FAS Account Manager to schedule your office training today!
Back to top
Top Relocation Benefits for Attracting New HiresAccording to a survey conducted by the Employee Relocation Council of approximately 180 companies ranging from Fortune 100 to small organizations, the most valuable relocation benefits to attract new talent are: assistance with home sale, home finding, and movement of household goods. Fast Facts about Moving...Did you know that the summer months of June, July and August are the busiest months for moving? About 40 millions Americans move each summer. About 18% of all moves are solely about moving to a nicer house, better neighborhood, or some other nice perk. What is interesting is that 17.6% of Americans move for job related reasons, and that’s where we come into the picture. Job opportunities increase exponentially when a candidate will consider looking outside their immediate geographic area. On the flip side, companies have a much greater pool of talent choices if they are willing to relocate someone into their marketplace. § Among those that move: 29% are in their 20’s; 17% are in their 30’s; 12% in their 40’s. § 61% of people who moved in 2005 moved into a rental unit; 39% bought homes right away. § Occupations that account for the greatest percentage of moves: education, health, sales, hospitality, and leisure. Article statistics sourced from USA Weekend May 11, 2007
Friday, March 9, 2007
Building Effective Relationships with Recruiters
Building Effective Relationships with Recruiters
From Abby Locke
Guest Author Abby M. Locke, president of Premier Writing Solutions, is a Certified Executive Resume-Writer and Personal Brand Coach who supports senior-level finance, accounting and technology professionals in career transition with the development of customized, branded executive resumes and career marketing documents. Her resume samples have been published in Nail the Resume! Great Tips for Creating Dynamic Resumes and Same-Day Resumes.
Building Effective Relationships with Recruiters
Today’s highly competitive job market requires you to employ various strategies when conducting a job search. One such method is partnering with a recruiter which can help maximize your efforts. If you have never built an effective relationship with a recruiter, it is not too late to start.
Before you jump out there and start calling or emailing every recruiter listed on the Internet, here are some quick facts you should know about recruiters and their daily job responsibilities:
• They spend about four to five hours a day on the phone
• They make contact with about 500 people every week
• They can receive anywhere from 500 to 1,000 emails every day
• They rely on their network for current industry information and market trends
• They are compensated for finding the right candidate for their client companies
Now that you have a mental picture of a recruiter’s daily challenges, here are some highly recommended strategies you should use in order to get a recruiter’s attention.
Have Specific Job Targets
Recruiters are usually specialized by industry and/or function. For example, a recruiter may only work with healthcare professionals while another may specialize in placing Executives in all industries. A recruiter’s primary goal is to make a placement, so if you are unclear about your job targets or you are open to any opportunity that comes up, a recruiter is probably not your best option.
Have a Well-Defined Message
Whether your first contact with a recruiter is by telephone or by email, you must be able to quickly articulate your core competencies and qualifications, describe the value you bring to the table and provide evidence of your career achievements. Prepare and practice your 30-second elevator pitch.
Develop a Comprehensive Resume
Regardless of what highs and lows your career progression may have taken, recruiters need to know the details about every position you held ¬ even the ones that only lasted three months. While you may choose to minimize employment gaps on the resume you send directly to employers, you need to be upfront and honest with the recruiter about everything. Your resume should have the dates for every position (starting and ending) and the graduation years in the education section despite your age. Top tier degrees should be listed on the first page of the resume and use a bulleted format to highlight your quantifiable accomplishments. Tip: If you are concerned about revealing too much, you can create a separate resume that is just for recruiters only.
Use a Table in the Cover Letter
When responding to a listed advertisement, inserting a table with two columns in a cover letter will allow the recruiter to quickly scan the document and decide whether you are match. Use one column to list the job’s required experience and qualifications and list your corresponding qualifications in a second column. With over 500 candidates competing for the recruiter’s attention, don’t leave anything to chances.
Develop a Compelling Subject Line
A compelling subject line message will increase your chances of getting the recruiter to open your email right away. Use something to make an immediate connection - if you were referred by someone or met the recruiter recently at a networking event, put that in the subject line.
Think Twice About Email Blasts
Technology can be both your friend and enemy in your job search. The high volume of email received by recruiters has prompted high levels of email filtering and bulk mail settings. While you may have the opportunity to send your resume and cover letter to 500 recruiters, there is no guarantee that it will be seen. In addition, there are some recruiters who may choose to ignore resumes sent through bulk mail as they view the candidates as being unfocused.
Be Honest
There are consequences to lying, omissions and misrepresentations made to a recruiter. First of all, a majority of recruiters use Google, LinkedIn, ZoomInfo and other business and social networking sites to learn more about candidates. Consequently, being dishonest and hiding critical facts are the fastest ways to ruin a relationship with a recruiter.
Have Something to Offer
A relationship with a recruiter is like any other relationship and there needs to be equal give and take. If you have qualified contacts, industry insights or current market news that the recruiter can use, be the first one to offer a helping hand - you will reap the benefits in the long run.
From Abby Locke
Guest Author Abby M. Locke, president of Premier Writing Solutions, is a Certified Executive Resume-Writer and Personal Brand Coach who supports senior-level finance, accounting and technology professionals in career transition with the development of customized, branded executive resumes and career marketing documents. Her resume samples have been published in Nail the Resume! Great Tips for Creating Dynamic Resumes and Same-Day Resumes.
Building Effective Relationships with Recruiters
Today’s highly competitive job market requires you to employ various strategies when conducting a job search. One such method is partnering with a recruiter which can help maximize your efforts. If you have never built an effective relationship with a recruiter, it is not too late to start.
Before you jump out there and start calling or emailing every recruiter listed on the Internet, here are some quick facts you should know about recruiters and their daily job responsibilities:
• They spend about four to five hours a day on the phone
• They make contact with about 500 people every week
• They can receive anywhere from 500 to 1,000 emails every day
• They rely on their network for current industry information and market trends
• They are compensated for finding the right candidate for their client companies
Now that you have a mental picture of a recruiter’s daily challenges, here are some highly recommended strategies you should use in order to get a recruiter’s attention.
Have Specific Job Targets
Recruiters are usually specialized by industry and/or function. For example, a recruiter may only work with healthcare professionals while another may specialize in placing Executives in all industries. A recruiter’s primary goal is to make a placement, so if you are unclear about your job targets or you are open to any opportunity that comes up, a recruiter is probably not your best option.
Have a Well-Defined Message
Whether your first contact with a recruiter is by telephone or by email, you must be able to quickly articulate your core competencies and qualifications, describe the value you bring to the table and provide evidence of your career achievements. Prepare and practice your 30-second elevator pitch.
Develop a Comprehensive Resume
Regardless of what highs and lows your career progression may have taken, recruiters need to know the details about every position you held ¬ even the ones that only lasted three months. While you may choose to minimize employment gaps on the resume you send directly to employers, you need to be upfront and honest with the recruiter about everything. Your resume should have the dates for every position (starting and ending) and the graduation years in the education section despite your age. Top tier degrees should be listed on the first page of the resume and use a bulleted format to highlight your quantifiable accomplishments. Tip: If you are concerned about revealing too much, you can create a separate resume that is just for recruiters only.
Use a Table in the Cover Letter
When responding to a listed advertisement, inserting a table with two columns in a cover letter will allow the recruiter to quickly scan the document and decide whether you are match. Use one column to list the job’s required experience and qualifications and list your corresponding qualifications in a second column. With over 500 candidates competing for the recruiter’s attention, don’t leave anything to chances.
Develop a Compelling Subject Line
A compelling subject line message will increase your chances of getting the recruiter to open your email right away. Use something to make an immediate connection - if you were referred by someone or met the recruiter recently at a networking event, put that in the subject line.
Think Twice About Email Blasts
Technology can be both your friend and enemy in your job search. The high volume of email received by recruiters has prompted high levels of email filtering and bulk mail settings. While you may have the opportunity to send your resume and cover letter to 500 recruiters, there is no guarantee that it will be seen. In addition, there are some recruiters who may choose to ignore resumes sent through bulk mail as they view the candidates as being unfocused.
Be Honest
There are consequences to lying, omissions and misrepresentations made to a recruiter. First of all, a majority of recruiters use Google, LinkedIn, ZoomInfo and other business and social networking sites to learn more about candidates. Consequently, being dishonest and hiding critical facts are the fastest ways to ruin a relationship with a recruiter.
Have Something to Offer
A relationship with a recruiter is like any other relationship and there needs to be equal give and take. If you have qualified contacts, industry insights or current market news that the recruiter can use, be the first one to offer a helping hand - you will reap the benefits in the long run.
Wednesday, March 7, 2007
Merger + Acquisition Activity by MRI Hendersonville
1. MRI Hendersonville has been asked to be a “finder or an adviser” regarding some Merger + Acquisition Transactions. This is an attempt to outline (Roadmap) the M+A Process.
2. Managing the Client Relationship and Other Ethical Issues
a. Who is the Client?
I. Sell-Side Representation
II. Buy-Side Representation
b. Addressing the Conflicts
I. Obtaining Informed Written Consents
II. Taking on a New M+A Client
III. Accepting and M+A Project for an Existing Client
c. Documenting the Engagement
I. Identification of the Client
II. Role of Counsel
III. Payment for Services
IV. Expected Role of MRI Hendersonville
d. Communication with the Client (Buy Side) and the Customer (Sell Side)
3. Forming A TEAM
a. The Client Team
b. The Customer Team
4. Dealing with Other Constituencies
a. Employees
I. Severance Issues and Resulting Liability
II. Retaining/Binding Key Employees
III. Shifting Loyalties
IV. Unions
V. Employee Benefits and Human Resources
VI. Effective Communication and Confidentiality
b. Customers and Suppliers
I. When to notify
II. Who bears the Risk of Lost Relationships?
c. Other Contracting Parties
d. Creditors
5. Planning for a Sale
a. Conducting a Presale Examination
b. Assessing the Need for and Finding an Intermediary
I. Types of Intermediaries
II. Factors to Consider
III. Finding an Intermediary
IV. Terms of the Engagement
c. Marketing Materials
d. Employee Retention Arrangements
I. Stay Bonuses
II. Severance Arrangements
III. Tax Considerations
e. The Type of Buyer
I. Understanding the Seller’s Motivation
II. Selling to Employees
III. Selling to a Third Party
6. Embarking on the Sale Process
a. Selecting the Method of Sale
b. Identifying Potential Buyers
c. Identifying Potential Sellers
d. Maintaining Confidentiality
I. Maintaining Confidentiality of the Deal
II. Maintaining Confidentiality of Shared Information
e. The Negotiated Sale
I. Letter Soliciting Indications of Interest
II. Letter Regarding Facility Visit, Data Room Visit and Review of Accountants’ Workpapers
7. Business Valuation – multiple of EBITDA or some other method MRI defers this to others we can act as a facilitator to get the basic information. We can also go back and forth between the parties to get answers to financial questions. MRI Hendersonville does have access to a Forensic Accountant, CPA that could assist with this activity.
8. Negotiating the Deal
a. Acquiring Background Information
b. Negotiating the Price
I. The Parties and Their Representatives
II. Personalities
III. Client Priorities
IV. Internal Factors Affecting Price
V. External Factors Affecting Price
VI. Closing Price Adjustments or True-Ups
VII. Earnouts
c. Negotiating the Structure
I. Substance of the Transaction
II. Stock vs. Assets
III. Nature of Buyer
IV. Legal form of the Target
V. Form of Consideration
VI. The Speed of the Transaction
VII. Psychology of the Transaction
VIII. Existing Impressions
IX. Liabilities of the Target
X. Ownership of Assets
XI. Financing
XII. Guaranties
XIII. Existing Agreements
XIV. Substantive Law Issues (Canadian and USA and Mexico and China and Possibly European)
XV. Other Regulatory Issues
9. Pacing the Deal and Negotiation Impediments
a. The Pace of the Deal – “Time Kills All Deals”
b. Negotiating Impediments and the Human Element
I. Your Team
II. Difficult Team Members (Legal Counsel) on the Other Side
III. The Obstreperous (hostile and argumentative) Client
10. Conducting Due Diligence
a. General Observations
I. The Objective of Due Diligence
II. Technology Advances; Virtual Data and Deal E-Rooms
III. Due Diligence in a Nutshell
IV. Factors Affecting the Extent of Due Diligence
V. Game Theory and Due Diligence
VI. Professional Risks in the Due Diligence Process
b Sell Side Due Diligence
I. Risks to a Seller
II. Objectives and Strategies of a Seller
III. Seller’s Presale Due Diligence
IV. Putting Together the Data Room/Responding to a Due Diligence Request
V. Running the Data Room
VI. Coordination of Seller’s Due Diligence/Preparation of Schedules
c. Buy-Side Due Diligence
I. Risks to a Potential Buyer
II. Objectives and Strategies
III. Initiating the Due Diligence Process
d. The Due Diligence Team
I. Assembling the Team
II. Agreeing to the Objective
III. Communications
IV. The Due Diligence Checklist
V. Properly Tailoring the Due Diligence Checklist
VI. Pre-Visit Requests Regarding the Data Room
VII. The Responses to the Due Diligence Request
VIII. The Data Room Visit (Establishing Data Room Procedures)
IX. Reviewing Documents (in the Office or the Data Room)
X. Management Presentations and Site Visits
XI. The Review Process: Next Steps
XII. The Due Diligence Report
XIII. The Result of the Process
XIV. What Happens After the Due Diligence Report is Made?
XV. Continuing Due Diligence
XVI. Review of the Disclosure Schedules
XVII. Post-Signing Due Diligence
XVIII. Post-Closing Due Diligence
11. Preparing The Acquisition Agreement and Related Documents
a. Understanding the Client’s Objectives
b. Preparing the Agreement (In-House or Contract Lawyers will do this)
I. Who Prepares the First Draft?
II. Sources of Precedent
III. Preparing the First Draft
IV. Deciding on the Approach
V. Arranging for Review Before Distribution
VI. Distributing the First Draft
VII. Reviewing and Responding to the First Draft
VIII. Bluelining and Other Customs and Courtesies
c. Negotiating the Agreement
I. Who Will Negotiate the Terms?
II. Coordinating the Negotiation
III. How and Where Negotiations Occur
IV. Resolving Issues
V. Negotiating Tactics
VI. Iterative Process
VII. How Negotiations Are Broken Off
VIII. How Negotiations Are Successfully Concluded
d. Recurring Issues in an Agreement
I. The Parties
II. Conventions
III. Exceptions and Qualifiers
IV. Representations
V. Pre-Closing Covenants
VI. Post-Closing Covenants
VII. Conditions
VIII. Termination
IX. Remedies
X. Miscellaneous Provisions
e. Schedules to the Agreement
I. Exceptions to the Representations
II. Approaches to Schedule Preparation
III. Preparing the Schedules
IV. Establishing General Principles
V. Delivering the Schedules
VI. Supplementing the Schedules
f. Related Documents
I. Third Party Consents or Approvals
II. Side Letters
III. Ancillary Agreements
IV. Satisfaction of Additional Obligations
V. Execution of Documents
12. Getting from Agreement to Closing
a. Avoiding the Post-Signing Let Down
b. Contemplating the Closing
c. Practical Issues Not Covered by the Acquisition Agreement
d. Organizing the Closing
e. Conferring with the Client
f. Covenants
I. Bridging the Gap – Best Efforts
II. Access and Due Diligence
III. Confidentiality
IV. Adjusting the Business Being Purchased
V. Operational Covenants
g. Satisfying Closing Conditions
I. Consents
II. The SEC Process
III. HSR Filings
IV. Shareholder Approvals
V. Real Estate Matters
h. Financing Contingencies and Dealing with Third Party Funding Sources
13. Coping with The Troubled Deal
a. Walk (Termination) Rights and Limitations
I. Negotiated Termination Rights
II. Liability Claims Limited by Contract
III. Resisting The Assertion of Termination Rights
b. Judicial Limitations on Contract Remedies
I. Recourse of the Terminated Party
c. Assessing Alternatives When a Deal Is Faltering
I. Formulating Strategy – The Not Yet Failed Deal
II. Mutual Fault
III. Preparing for Litigation
d. Pre-Closing Discovery of a Breach
I. Discovery by the Breaching Party
II. Discovery by the Non-Breaching Party
e. Failed Deal Clean-Up
I. Communications
II. What Happens to the Deposit?
III. Return or Destruction of Documents
IV. Break Up Fees
14. Closing the Deal
a. Planning the Closing Process
I. Get Ready for Some Fun
II. Preparation for Closing – The Client
III. Preparation for Closing – The Other Side
b. The Closing Agenda
I. Where’s My List?
II. When Should It Close? The Closing Date and the Timetable
i. Are You Ready?
c. Place and Time of Closing
I. My Place or Yours?
II. May I Come to Your Party
III. Have the Details Been Arranged?
d. The Pre-Closing
I. The Cure for the Chaotic Closing
II. Can We Spend All Week Doing This?
III. Do We Really Have to Close?
IV. But there Are Still Issues Out There! The Messy Closing
e. The Closing Itself
I. An Advisor’s Utopia (The Lawyers Like it Also)
II. Is That All There Is?
f. The Closing Statement and Alternatives
I. Does the Closing Statement Matter?
II. If This Is So Important, Why Wait Until the End?
III. Is It Binding?
IV. Potential Waiver of Conditions
g. Mechanics of Closing
I. Did I Sign That?
II. All We Need Is Signatures
III. Paper Clips?
IV. Trust Me
V. Is That Really Your Signature?
VI. Why Do We Need These Legal Opinions, Anyway?
VII. Was I Supposed to Bring The Money?
VIII. Weekends Are for More Than Golf
IX. Facing and Funding Deadline
X. Is It My Business Now?
h. Deals Not Ready to Close
I. This Just Isn’t Happening
II. Who Do You Trust, and for How Long?
III. Yet Another Agreement to Draft
i. Non-Legal Aspects of Closings
I. While You’re at It
j. Common Pitfalls – Legal Activity
k. What Is the Agreement?
15. Handling Post Closing Matters
a. Post-Closing Considerations
I. Expect the Unexpected
II. Living with the Deal
b. Immediate Post Closing Matter
I. Deal Cubes and Closing Dinners
II. Closing Documentation Clean Up
III. Announcements
IV. Post-Closing Filings and Loose Ends
V. True-Ups
VI. Closing Binders and Files
c. Longer Term Post-Closing Matters
I. Implementing Lessons of Due Diligence
II. Document Retention and E-Discovery
III. Expiration of Claim Periods and Termination of Escrows
d. Indemnification and Other Remedies
I. The Aggrieved Buyer
II. Preparing the Claim
III. Responding to the Claim
IV. Third Party Claims
V. ADR or Litigation
VI. Non-Indemnification Claims
e. Earnouts
f. Post-Closing Covenants
I. Transition-Related Covenants
II. Covenants That Protect the Value of the Transaction
III. Transition Services Agreements
g. Appraisal Proceedings
2. Managing the Client Relationship and Other Ethical Issues
a. Who is the Client?
I. Sell-Side Representation
II. Buy-Side Representation
b. Addressing the Conflicts
I. Obtaining Informed Written Consents
II. Taking on a New M+A Client
III. Accepting and M+A Project for an Existing Client
c. Documenting the Engagement
I. Identification of the Client
II. Role of Counsel
III. Payment for Services
IV. Expected Role of MRI Hendersonville
d. Communication with the Client (Buy Side) and the Customer (Sell Side)
3. Forming A TEAM
a. The Client Team
b. The Customer Team
4. Dealing with Other Constituencies
a. Employees
I. Severance Issues and Resulting Liability
II. Retaining/Binding Key Employees
III. Shifting Loyalties
IV. Unions
V. Employee Benefits and Human Resources
VI. Effective Communication and Confidentiality
b. Customers and Suppliers
I. When to notify
II. Who bears the Risk of Lost Relationships?
c. Other Contracting Parties
d. Creditors
5. Planning for a Sale
a. Conducting a Presale Examination
b. Assessing the Need for and Finding an Intermediary
I. Types of Intermediaries
II. Factors to Consider
III. Finding an Intermediary
IV. Terms of the Engagement
c. Marketing Materials
d. Employee Retention Arrangements
I. Stay Bonuses
II. Severance Arrangements
III. Tax Considerations
e. The Type of Buyer
I. Understanding the Seller’s Motivation
II. Selling to Employees
III. Selling to a Third Party
6. Embarking on the Sale Process
a. Selecting the Method of Sale
b. Identifying Potential Buyers
c. Identifying Potential Sellers
d. Maintaining Confidentiality
I. Maintaining Confidentiality of the Deal
II. Maintaining Confidentiality of Shared Information
e. The Negotiated Sale
I. Letter Soliciting Indications of Interest
II. Letter Regarding Facility Visit, Data Room Visit and Review of Accountants’ Workpapers
7. Business Valuation – multiple of EBITDA or some other method MRI defers this to others we can act as a facilitator to get the basic information. We can also go back and forth between the parties to get answers to financial questions. MRI Hendersonville does have access to a Forensic Accountant, CPA that could assist with this activity.
8. Negotiating the Deal
a. Acquiring Background Information
b. Negotiating the Price
I. The Parties and Their Representatives
II. Personalities
III. Client Priorities
IV. Internal Factors Affecting Price
V. External Factors Affecting Price
VI. Closing Price Adjustments or True-Ups
VII. Earnouts
c. Negotiating the Structure
I. Substance of the Transaction
II. Stock vs. Assets
III. Nature of Buyer
IV. Legal form of the Target
V. Form of Consideration
VI. The Speed of the Transaction
VII. Psychology of the Transaction
VIII. Existing Impressions
IX. Liabilities of the Target
X. Ownership of Assets
XI. Financing
XII. Guaranties
XIII. Existing Agreements
XIV. Substantive Law Issues (Canadian and USA and Mexico and China and Possibly European)
XV. Other Regulatory Issues
9. Pacing the Deal and Negotiation Impediments
a. The Pace of the Deal – “Time Kills All Deals”
b. Negotiating Impediments and the Human Element
I. Your Team
II. Difficult Team Members (Legal Counsel) on the Other Side
III. The Obstreperous (hostile and argumentative) Client
10. Conducting Due Diligence
a. General Observations
I. The Objective of Due Diligence
II. Technology Advances; Virtual Data and Deal E-Rooms
III. Due Diligence in a Nutshell
IV. Factors Affecting the Extent of Due Diligence
V. Game Theory and Due Diligence
VI. Professional Risks in the Due Diligence Process
b Sell Side Due Diligence
I. Risks to a Seller
II. Objectives and Strategies of a Seller
III. Seller’s Presale Due Diligence
IV. Putting Together the Data Room/Responding to a Due Diligence Request
V. Running the Data Room
VI. Coordination of Seller’s Due Diligence/Preparation of Schedules
c. Buy-Side Due Diligence
I. Risks to a Potential Buyer
II. Objectives and Strategies
III. Initiating the Due Diligence Process
d. The Due Diligence Team
I. Assembling the Team
II. Agreeing to the Objective
III. Communications
IV. The Due Diligence Checklist
V. Properly Tailoring the Due Diligence Checklist
VI. Pre-Visit Requests Regarding the Data Room
VII. The Responses to the Due Diligence Request
VIII. The Data Room Visit (Establishing Data Room Procedures)
IX. Reviewing Documents (in the Office or the Data Room)
X. Management Presentations and Site Visits
XI. The Review Process: Next Steps
XII. The Due Diligence Report
XIII. The Result of the Process
XIV. What Happens After the Due Diligence Report is Made?
XV. Continuing Due Diligence
XVI. Review of the Disclosure Schedules
XVII. Post-Signing Due Diligence
XVIII. Post-Closing Due Diligence
11. Preparing The Acquisition Agreement and Related Documents
a. Understanding the Client’s Objectives
b. Preparing the Agreement (In-House or Contract Lawyers will do this)
I. Who Prepares the First Draft?
II. Sources of Precedent
III. Preparing the First Draft
IV. Deciding on the Approach
V. Arranging for Review Before Distribution
VI. Distributing the First Draft
VII. Reviewing and Responding to the First Draft
VIII. Bluelining and Other Customs and Courtesies
c. Negotiating the Agreement
I. Who Will Negotiate the Terms?
II. Coordinating the Negotiation
III. How and Where Negotiations Occur
IV. Resolving Issues
V. Negotiating Tactics
VI. Iterative Process
VII. How Negotiations Are Broken Off
VIII. How Negotiations Are Successfully Concluded
d. Recurring Issues in an Agreement
I. The Parties
II. Conventions
III. Exceptions and Qualifiers
IV. Representations
V. Pre-Closing Covenants
VI. Post-Closing Covenants
VII. Conditions
VIII. Termination
IX. Remedies
X. Miscellaneous Provisions
e. Schedules to the Agreement
I. Exceptions to the Representations
II. Approaches to Schedule Preparation
III. Preparing the Schedules
IV. Establishing General Principles
V. Delivering the Schedules
VI. Supplementing the Schedules
f. Related Documents
I. Third Party Consents or Approvals
II. Side Letters
III. Ancillary Agreements
IV. Satisfaction of Additional Obligations
V. Execution of Documents
12. Getting from Agreement to Closing
a. Avoiding the Post-Signing Let Down
b. Contemplating the Closing
c. Practical Issues Not Covered by the Acquisition Agreement
d. Organizing the Closing
e. Conferring with the Client
f. Covenants
I. Bridging the Gap – Best Efforts
II. Access and Due Diligence
III. Confidentiality
IV. Adjusting the Business Being Purchased
V. Operational Covenants
g. Satisfying Closing Conditions
I. Consents
II. The SEC Process
III. HSR Filings
IV. Shareholder Approvals
V. Real Estate Matters
h. Financing Contingencies and Dealing with Third Party Funding Sources
13. Coping with The Troubled Deal
a. Walk (Termination) Rights and Limitations
I. Negotiated Termination Rights
II. Liability Claims Limited by Contract
III. Resisting The Assertion of Termination Rights
b. Judicial Limitations on Contract Remedies
I. Recourse of the Terminated Party
c. Assessing Alternatives When a Deal Is Faltering
I. Formulating Strategy – The Not Yet Failed Deal
II. Mutual Fault
III. Preparing for Litigation
d. Pre-Closing Discovery of a Breach
I. Discovery by the Breaching Party
II. Discovery by the Non-Breaching Party
e. Failed Deal Clean-Up
I. Communications
II. What Happens to the Deposit?
III. Return or Destruction of Documents
IV. Break Up Fees
14. Closing the Deal
a. Planning the Closing Process
I. Get Ready for Some Fun
II. Preparation for Closing – The Client
III. Preparation for Closing – The Other Side
b. The Closing Agenda
I. Where’s My List?
II. When Should It Close? The Closing Date and the Timetable
i. Are You Ready?
c. Place and Time of Closing
I. My Place or Yours?
II. May I Come to Your Party
III. Have the Details Been Arranged?
d. The Pre-Closing
I. The Cure for the Chaotic Closing
II. Can We Spend All Week Doing This?
III. Do We Really Have to Close?
IV. But there Are Still Issues Out There! The Messy Closing
e. The Closing Itself
I. An Advisor’s Utopia (The Lawyers Like it Also)
II. Is That All There Is?
f. The Closing Statement and Alternatives
I. Does the Closing Statement Matter?
II. If This Is So Important, Why Wait Until the End?
III. Is It Binding?
IV. Potential Waiver of Conditions
g. Mechanics of Closing
I. Did I Sign That?
II. All We Need Is Signatures
III. Paper Clips?
IV. Trust Me
V. Is That Really Your Signature?
VI. Why Do We Need These Legal Opinions, Anyway?
VII. Was I Supposed to Bring The Money?
VIII. Weekends Are for More Than Golf
IX. Facing and Funding Deadline
X. Is It My Business Now?
h. Deals Not Ready to Close
I. This Just Isn’t Happening
II. Who Do You Trust, and for How Long?
III. Yet Another Agreement to Draft
i. Non-Legal Aspects of Closings
I. While You’re at It
j. Common Pitfalls – Legal Activity
k. What Is the Agreement?
15. Handling Post Closing Matters
a. Post-Closing Considerations
I. Expect the Unexpected
II. Living with the Deal
b. Immediate Post Closing Matter
I. Deal Cubes and Closing Dinners
II. Closing Documentation Clean Up
III. Announcements
IV. Post-Closing Filings and Loose Ends
V. True-Ups
VI. Closing Binders and Files
c. Longer Term Post-Closing Matters
I. Implementing Lessons of Due Diligence
II. Document Retention and E-Discovery
III. Expiration of Claim Periods and Termination of Escrows
d. Indemnification and Other Remedies
I. The Aggrieved Buyer
II. Preparing the Claim
III. Responding to the Claim
IV. Third Party Claims
V. ADR or Litigation
VI. Non-Indemnification Claims
e. Earnouts
f. Post-Closing Covenants
I. Transition-Related Covenants
II. Covenants That Protect the Value of the Transaction
III. Transition Services Agreements
g. Appraisal Proceedings
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