If each of us took 10 percent of the time we devote to work and shifted it to relationship building, we’d reap impressive financial and emotional rewards.

Today’s guest post is by Larry Thornton, author of Why Not Win? A Reflection on a 50-year Journey from the Segregated South to America’s Boardrooms — And What it Teaches Us All (CLICK HERE to get your copy).

After more than 40 years of affiliations with prominent corporations, I’ve come to believe that most people could benefit from working a little less and relating to others a little more. Winning in life depends on the efforts of other people to support you and advocate on your behalf and so investing time and energy in relationships with others is a winning strategy.

I’m not advocating for a cynical, Machiavellian approach to relationships. Chances are you’ve run across people in your working life who pretend to befriend people and then seek to manipulate them for their own benefit. To the contrary, I’m suggesting that you build relationships in a sincere way such that respect and rapport come first, and support later follows.

Sometimes a relationship gets off to a shaky start and then becomes incredibly rewarding. My experience with Max Cooper illustrates this path. When I finished the training required to become a McDonald’s franchisee in the early 1990s, I wanted to build a store in my hometown of Birmingham, Alabama. I planned to be the first Black owner of a McDonald’s in the city. This would send a powerful message about the opportunities available to people of color, especially given the central role Birmingham played in the Civil Rights Movement of the 1960s.

I sought advice from Max for getting started. He owned dozens of McDonald’s in the area at the time, but his exclusive rights to the territory were expiring. I thought Max would embrace the chance to help another member of the McDonald’s family. I couldn’t have been more wrong.

After several phone messages went unreturned, I went to Max’s office determined to speak with him. I knew his assistant would be wary of an unannounced visitor, so I fibbed and told her that I was there to personally thank Max for his support of my development. A stand-off arose. Max wouldn’t come out and I wouldn’t leave. In effect, I held him hostage in his own office. But Max had to emerge eventually.

When he did, he was hostile, as I expected. Max offered me some advice, but the advice seemed likely to benefit him, not me. He showed me several locations where I could open outside the Birmingham area. I told him I wasn’t interested in other options. Birmingham was my home, and I was going to own a store there.

I was elated when my grand opening day arrived, but then an uninvited guest arrived — Max Cooper. Max sauntered behind the counter (my counter) while his business partner sneered at me, “You know you can’t run a McDonald’s, don’t you? We’ll own this store in six months.” Stunned by their rudeness, I couldn’t muster a response.

Max returned two months later with a warning that I was doomed to fail. He offered to purchase my store — an offer I declined. A few months later, Max again offered to buy me out. This pattern continued for a year. Each offer revitalized my efforts to succeed.

Because I’d endured discrimination throughout my life, I believed Max’s behavior was a racially driven affront. Eventually, though, I realized it wasn’t a matter of black and white, but rather one of green — as in money. Ray Kroc, who built McDonald’s into a global icon, allegedly stated, “If any of my competitors were drowning, I’d stick a hose in their mouth and turn on the water.” Max adopted this hardline mentality in running his fast-food empire. Had Max’s own grandmother started a McDonald’s in his territory, he might have been just as cut-throat as he was with me.

Over time, mutual respect started to emerge. After I realized Max was simply an aggressive entrepreneur, and after he developed admiration for me and my business acumen, we were on our way to a healthy and productive relationship — one that helped us both win in life. Eventually Max embraced me in the way I’d hoped he would from the beginning. His advice over the years made me a better businessman. We developed a friendship that enriched our lives and strengthened McDonald’s standing in Birmingham. And, in an ironic twist, I eventually bought five of Max’s restaurants.

What if each of us took 10 percent of the time we devote to work and shifted it to relationship building? I think we’d reap impressive financial and emotional rewards. In my case, Max Cooper became a mentor and friend. I was one of the last people to visit him in his office before he passed away at age 99 — the same office where we’d had a spirited debate years earlier.

Larry Thornton is an artist, entrepreneur, and servant leader. Growing up in segregated Montgomery, Alabama, he worked his way from sign painter to advertising manager for Coca-Cola United (CCU). Today, he owns multiple McDonald’s stores and serves on CCU’s board of directors. His book, Why Not Win? A Reflection on a 50-year Journey from the Segregated South to America’s Boardrooms — And What it Teaches Us All (UGA Press, 2019), serves as inspiration for people from all walks of life. In addition, Thornton and co-author David Ketchen’s graphic novel, You Have to Live, Why Not Win? takes his message to young audiences. Larry founded the Why Not Win Institute to share the book’s ideas on leadership, success, and personal accountability. Revenue from the sales of both his books supports the institute’s mission. Learn more at larrythornton.com.     

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Keep these three things in mind when preparing your next pitch.

Today’s guest post is by Donna Griffit, author of Sticking To My Story: The Alchemy Of Storytelling For Startups (CLICK HERE to get your copy).

Startups spend A LOT of time tweaking their pitch, their numbers, and (they should be tweaking) their story before meeting investors. Often, though, they miss out on a huge opportunity – how to speak to what investors really listen for.

Humans process information in steps – it goes through our mind by various questions popping up, seeking answers; then it starts traveling to our heart; and finally, our gut – which is where we truly make decisions. It would seem that the “top of mind” questions are the most important part to address with investors. That’s true – but we can’t ignore the other parts as well.

In my experience, there are three things investors really listen for throughout the entire pitch. And if you can point to at least one of these on each slide – you will be creating an entirely different dimension of communication. In my new book, Sticking To My Story: The Alchemy Of Storytelling For Startups, I detail how to prepare each and every aspect of an investor pitch. I want to give you a peek into these three very important things:

Credibility – This is where your numbers and preparation come into play. You must be able to prove beyond a shadow of a doubt that you know what you’re talking about, you are an industry expert (even if you didn’t start off in your industry) with the numbers, the credentials and the evidence to back up your words.

Also, credibility is proven through your stellar team, who should be experts with unique knowledge and experience in their domain and preferably some in your startup’s industry as well. Highlight their unique skills, talents and experience that give your startup an “unfair advantage” over your competitors.

This can also help answer the question I often am asked: Where to put your Team slide. Beginning? End? Somewhere in the middle?

Ask yourself if your team adds to your credibility. Do you have serial entrepreneurs with exits under their belts? Former C-Levels from well known companies who have now joined you? Recognizable names or industry leaders on your Advisory Board? If you answered yes to any of these, definitely put the Team slide at the front. And make sure to add logos of big companies they’ve worked with or organizations they’ve been affiliated with.

If you just happen to be a nice group of scrappy, hard working, first-time entrepreneurs (not that there’s anything wrong with that!), wait til a bit later when you have grabbed their attention with your fabulous pitch.

This is not the place for false modesty – you and your teams’ accomplishments are one of the biggest assets you have as a startup – so be ready to showcase them.

Likeability – Investors aren’t just scrutinizing your company; they are scrutinizing you. They want to see that you are “mensches” – meaning good people with strong integrity. They want to know that you are people they can work with. It’s not being a yes-person; it’s showing that you are coachable and have a flexible mindset, that you won’t fight them on every suggestion or criticism that they have. They aren’t there just to write a check, they want to be able to bring value to your company in other ways – and if you aren’t open to that, it will deter them from investing.

Remember, you’re going to spend many years together, through thick and thin, sickness and health – for better and for worse – and if this sounds a bit like a marriage, you’re right! You are in a committed relationship with them for a period of time that very well might last longer and have a better outcome than many marriages today!

How do you show likeability? Is there a slide for that? A VC once told me that he sees so many good companies that he started looking for reasons to say “no” rather than “yes”. And it can be one of the seemingly most benign reasons – like a founder glancing at their phone during a meeting. This was a red flag for him, and a strikeout for the company. Sounds a bit extreme? Maybe – but they view your behavior during a meeting as a sneak peek into how you will interact with them in the future – and they should take precedence over phones.

So be present, listen more than you speak, answer questions, take notes! (Actual written notes on a pad and paper, not on your phone or computer – this shows active listening.) And please – do not argue with them! It’s ok to disagree, but arguing will definitely put you on the no list.

Momentum – This is the “rubber meets the road” moment. Investors look for winners. You need to prove that you are on a winning trajectory, scaling to new heights and they have a once in a lifetime opportunity to join your company at this stage.

This is where numbers come into play: Growth in users, in revenues, strong partnerships, an impressive pipeline, loving testimonials from users, IP or regulatory process – anything that proves you are a solution that people want and are willing to pay for or be part of. This can be shown early on in a “Brag Slide” – where you showcase your biggest and most impressive numbers if you have them, or later on in a “Traction Slide” – where you simply show your accomplishments and the phase that you’re at in product, projections, pipeline, partners and more.

If you constantly keep Credibility, Likeability and Momentum in mind and in play as you are pitching, you will definitely increase your chances to raise funding, or at the very least, forge a relationship with an investor who might come on board when you’re a bit further along.

Donna Griffit, author of STICKING TO MY STORY: The Alchemy Of Storytelling For Startups, is a world-renowned Corporate Storyteller and Pitch Alchemist. She has helped over 1000 startups, corporates and investors raise over one billion dollars and accelerate their sales with a personal touch and unmatched messaging savvy, in any industry, at any phase. For more information, please visit www.DonnaGriffit.com

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