EVENT RECAP

NETWORKING: The term “networking” sometimes carries negative connotations, perhaps even more for women than for men. Yet all of the successful women from whom we heard cultivated strong professional networks and had gained much by being both borrowers and lenders of social capital.

Key takeaways: “Network” is not a bad word. Build and nurture your professional network; relationships matter, and they are often what wins business for you over your competitors.

PASSION: As Sharon Emek suggested, “Build something you are passionate about, because when people see that passion, they will believe in you.” The best leaders often share an unbridled passion for their business that serves as a catalyst for inspiring employees and customers alike.

Key takeaways: Passion is a key ingredient of successful leadership; let your passion drive you… and your company.

CRISIS: Every woman we heard from had at least one story of a crisis, whether professional or personal (or both). Linda Rabbitt said, “The times that I learned the most were the times that I was in the deepest depths of business depression.” Professor Groysberg explained to participants that every organization hits distinct points of crisis as it moves through five stages of growth, saying, “True leadership is anticipating the next crisis and preparing the organization to go through it.”

Key takeaways: Don’t think you will avoid crisis; it is a critical ingredient to growth. Look at crises as opportunities to learn, and for you and your business to become stronger.

WOMEN’S LEADERSHIP FORUM 2016: KEY THEMES AND TAKEAWAYS On September 15, 2016, Gerstein Fisher hosted its third annual Women’s Leadership Forum in New York City. Harvard Business School professor and human capital management expert Boris Groysberg led participants through an HBS case study about Linda Rabbitt, CEO of rand* construction. Ms. Rabbitt, along with our panel of professional women that included Geri Krauss, Owner of Krauss, PLLC; Cathy Choi, President of Bulbrite Industries; and Sharon Emek, President & CEO of WAHVE, shared with the group a number of important and often hard-learned lessons from their own journeys as leaders. What follows is a summary of key themes we explored.

Geri Krauss, Cathy Choi, Sharon Emek

Linda Rabbitt, Boris Groysberg

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Gerstein Fisher Event Recap: Women’s Leadership Forum Page 2

SUPPORT: The leaders we heard from all shared stories of what they gained by asking for support when they needed it. Geri Krauss explained how her mentor worked with her to think through the right path forward when she concluded that she wanted to leave her firm. As Linda Rabbitt told participants, “Asking for help is really powerful.” Cathy Choi argued for a “kitchen cabinet” of trusted advisors you can turn to as a sounding board.

Key takeaways: When you need help, ask for it. Don’t be afraid to accept support and, in turn, be supportive of others in need.

CULTURE: Companies today focus a great deal on culture, but as Professor Groysberg explained, research has shown that “strong culture [alone] is not enough to get results.” High-performing, strong cultures, on the other hand, are consistently successful. There are “I” cultures and “We” cultures, but according to Professor Groysberg, another powerful alternative is the “Wii” culture, which features multiple strong individuals to lead and inspire.

Key takeaways: Fostering a strong, high-values culture in your organization is good, but you need also to ensure a focus on performance to optimize results. Try to balance the yin and yang of “I” and “we” in your culture.

MISTAKES: Our panelists and case study protagonist were forthcoming about the mistakes they made. But in every instance, we heard that great lessons came from these mistakes. Like weathering crises, making mistakes is part of the journey of any leader.

Key takeaways: Mistakes do not equal failure. Sometimes they are necessary for progress, growth (both personal and professional), and ultimately, success.

INTEGRITY: Businesses and their leaders can derive immense success from a reputation of integrity. rand* construction’s Linda Rabbitt made a name for herself and her firm in no small part due to her high ethical standards and fair dealing tactics.

Key takeaways: Operate from a place of integrity and demand the same of your employees/co-workers. In situations of conflict, take the high road; do not denigrate competitors or business adversaries.

ACTION: Our panelists and case study protagonist were all self-proclaimed “doers,” favoring action over inertia even in time of uncertainty. Whether it was her own health crisis or a business crisis, Linda Rabbitt explained how she “…made a list of the things I needed to do, and just worked through my list. I felt that if I was moving the ball down the field, I was taking action. If I was at least making decisions, even if it was inch by inch, it felt like I was moving instead of stuck in a hole.”

Key takeaways: Taking action can cure “analysis paralysis” and provide a sense of direction when it feels there is none.

TEAMS: A critical part of building and running a business is developing the right team to execute on your vision. As part of our case study discussion, we learned about the importance of having the right executive team with the right mix of skills and management styles. Professor Groysberg shared research that points to a direct relationship between happy employees and shareholder value, the so-called “service-profit chain.”

Key takeaways: Every visionary needs an architect. Don’t underestimate the importance of having a person—or a team—who can execute. Making your employees happy and engaged is critical to delivering for your customers, and ultimately (if applicable), your shareholders.

THE RULE OF THREE: Professor Groysberg highlighted tactics for creating “stickiness” with your customers, one of which is getting them into three or more products or services. This, he explained, raises their switching costs, making it harder for them to leave you. It also deepens the client relationship.

Key takeaways: In a multi-product/service organization, aim to provide customers with at least three of your offerings.

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Sage Advice“Always, always come from a position of integrity because that’s what got me everywhere. People believed in me because I was honest, and I cared, and I did the right thing.” – Sharon Emek

“Be kind to people when they leave, because ‘boomerangs’ are really important.” – Linda Rabbitt

“Talk less and listen more.” – Cathy Choi

“Customer service is about relationships… When business is down, what’s going to survive is the relationship.” – Boris Groysberg

“Although people are coming to me as an attorney… and want to know their legal remedies, I don’t think that that’s my only role. I think that that also goes to running a business: you have to figure out who your clients are, who your employees are... and to look at the whole person.” – Geri Krauss

“I felt the best way to grow the business was to build a network, have an industry behind you, have credibility, and become an expert.” – Sharon Emek

“Making [your employees] happy and engaged is one of the most important things for your customer.” – Boris Groysberg

“You have to really, really be comfortable with failure, because so much of learning is failure.” – Linda Rabbitt

“Follow your heart and your passion, because there’s no straight path in life.” – Cathy Choi

Disclosure: This is a publication of Gerstein Fisher & Associates, Inc. an SEC registered investment adviser. A copy of our written disclosure statement discussing the scope of our services, fees and conflicts is available upon request or at www.GersteinFisher.com. Please remember that different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by Gerstein Fisher) or any investment-related or financial planning consulting services will be profitable, or prove successful. Past performance is not an assurance of future results. This is not to be construed as an offer to buy or sell any financial instruments.

About Gerstein Fisher Gerstein Fisher is an investment management firm headquartered in New York City. Founded in 1993 by Chief Investment Officer and Portfolio Manager Gregg S. Fisher, the firm manages assets using a quantitative, Multi-Factor® approach grounded in economic theory and time-tested academic research. Drawing on a deep understanding of both market dynamics and investor behavior, Gerstein Fisher has more than two decades of experience creating innovative solutions for investors

Gerstein Fisher would like to extend a special thank you to our friends and colleagues at Vistage for collaborating with us on this year’s program.