Archive for category General
Lehman Brothers Bankruptcy Fees: Are You Kidding Me?
Posted by Mike Paffenback in General on September 1, 2010
This has nothing to do with branding and brand touchpoints. It’s more of a rant.
Interesting article in the September 6th print edition of Fortune Magazine about former Lehman Brothers CEO Dick Fuld. The article about Fuld was interesting enough, but the sidebar about the Lehman bankruptcy fees being racked up floored me: $918,000,000 paid so far to 30 law firms, advisers, banks, and consulting firms to settle the mess. Nearly $1 billion, and (presumably) counting!
It amazes me how these firms are assured of getting paid, unlike the many good-faith creditors involved who’ll likely get zilch or less. The amounts are astronomical ($212,000,000 alone paid to Weil Gotshal, lead bankruptcy attorney) given what they’re trying to do which is… what? Ensure all the creditors get paid back? Ha!
I’ve seen it many times before, having been an unsecured creditor (like most of us in business are) in other banckruptcies and getting nadda. The logic of it all sickens me: the court appoints a bankruptcy team to secure as much cash as possible in order that creditor claims can be settled. I assume because these bankruptcy professionals are highly skilled (at what?), the court guarantees they’ll be paid handsomely. In fact, they’re the only folks who are absolutely sure to be paid. Yes, secured creditors will get something, but most likely not their 100 percent, unlike the bankruptcy team. Then, as if anything would be left, the unsecured creditors will get their cents on the dollar.
It’s an imperfect system at best, and something else at worst. But it is the system.
I’m in the wrong business.
Branding Is Like Flying A Kite
Posted by Mike Paffenback in General on August 19, 2010
To fly high, a kite must constantly fight against the wind.
Not sure who to attribute that quote to, but I like it. It pertains to life, to business, and to branding. A constant, difficult battle, with the goal of flying higher.
Onwards and upwards, folks.
An Innovation Definition I Really Like
Posted by Mike Paffenback in General on August 11, 2010
“Never do the same thing once.”
I really like this quote about innovation by Marty Neumeier in his slideshare presentation The Brand Gap and book by the same title.
He also says you’ll know it’s an innovation “when it scares the hell out of everyone.”
I like that, too. And can’t add much more to it other than to suggest you must constantly innovate or your business will stagnate. Innovation is a great way to differentiate your brand from your competitors, and it’s a business lifeline you should always be reaching for.
10 Questions To Ponder About Your Business
Posted by Mike Paffenback in General on August 3, 2010
The economic pendulm continues to swing, though I’m not sure in what direction exactly. As things start to gear up in the aftermath of the economy of mass destruction, here are ten questions to consider for your business’ health and long term well-being:
- Could we be selling more of our “stuff”?
- Have we defined exactly how we want our brand(s) to be perceived in the real world?
- Have we clearly communicated this to employees?
- Are all of our operations — from manufacturing to sales to customer service to admin — aligned with how we want our brand to be perceived?
- Do we know which of our brand touchpoints drive long-lasting customer relationships?
- Do we track what our customers, prospects, and influencers really think of us?
- What is the benefit users receive from each of our brands — our value proposition?
- How are we distinctive from our competitors?
- Are we generating the most return from the customer lifecycle?
- What’s getting in the way of achieving our business goals and objectives?
Chew on these for a while. When you’ve answered the questions and formalized your action plan that I’m certain will result, you’ll be well on your way to business health and long term success. Happy pondering.