Groupon is entering a new era.
CNNMoney is reporting that CEO Andrew Mason is out at the company that he founded.
I wrote in November that it was likely that Mason was going to get fired. He survived that quarterly earnings period, but couldn't survive the most recent results.
It's not much of a surprise because of two things. First, they should have taken Google's offer to buyout for some $6 billion. Upon passing on that, they needed to diversify and earn revenue from that diversification fast.
Groupon started to diversify, including such things as a new credit card processing service (a highly watered down market as it is), but it was basically too little, too late.
So where does the company go from here? They will name an interim CEO, but from there the company has a few options.
They are now a major target for a takeover at a huge discount to what Google offered. They may also keep trying to further diversify their offerings and basically 'restart' the company. Third, they may end up going private.
It's a bit too early to say which way the company will go, but we will likely know by the end of the year.
Showing posts with label Failure. Show all posts
Showing posts with label Failure. Show all posts
Thursday, February 28, 2013
Tuesday, May 8, 2012
The coverup is worse than the crime, Part II
A few weeks ago, I wrote about how former Arkansas football coach had an issue with credibility. Sure enough, there is another situation, that has some similarities to what I wrote about.
This time around, it was announced yesterday that the Scott Thompson, CEO of Yahoo, has been caught padding his resume. Today, the board member in charge of hiring Thompson is not going to run for re-election to the board. There is only one step left in this story to have yet happen.
Thompson must resign from his position or the board should fire him.
As it stands, Thompson has zero credibility with any of his employees. Or at least he would have none with me if he were my CEO. His deception is telling all of his employees that it is OK to lie to get ahead.
While it appears on the surface that he is qualified to be the CEO of a large company, if he is willing to lie about the credentials that he has, what else is he willing to lie about?
Yahoo has been a company that has been in trouble for a long time. They need a leader that not only people within the company can depend upon, but those outside. Thompson is not that leader.
This time around, it was announced yesterday that the Scott Thompson, CEO of Yahoo, has been caught padding his resume. Today, the board member in charge of hiring Thompson is not going to run for re-election to the board. There is only one step left in this story to have yet happen.
Thompson must resign from his position or the board should fire him.
As it stands, Thompson has zero credibility with any of his employees. Or at least he would have none with me if he were my CEO. His deception is telling all of his employees that it is OK to lie to get ahead.
While it appears on the surface that he is qualified to be the CEO of a large company, if he is willing to lie about the credentials that he has, what else is he willing to lie about?
Yahoo has been a company that has been in trouble for a long time. They need a leader that not only people within the company can depend upon, but those outside. Thompson is not that leader.
Friday, April 20, 2012
It does get better
I participate in several Twitter chats each week, and while one was going on, I saw someone who said something to the effect of 'I'm jobless and depressed.'
It was a short tweet, but it got the message across. I don't know what the particulars of this person's situation was, and my attempts to find out more to try and assist went unanswered.
But my personal experiences can help you, if you find yourself in a similar situation. The loss of a job or business may feel like the worst thing to ever happen in the moment, but it can be a great opportunity to move on!
I lost my business a bit over six months ago. I was crushed, but I'm only in my 20s. I have a long life ahead of me. I just didn't know where to next proceed. I took a couple of months to not only unwind, but make sure all my legal obligations were taken care of. Once I had that all finished, I needed to figure out what to do next.
If you also lose your business, do the same thing. Make sure your legal obligations are fulfilled before moving onto the next thing. If you lose your job, take a week or two to just unwind, decompress and run through the five stages of grief.
From there, make sure you get your resume in order. In my opinion, a functional resume is best as it puts your skills up front and most likely to be seen when recruiters scan your resume. But what else do you do with your time? It may take months to find your next gig, especially if you are trying to change industries.
The answer is simple: Volunteer.
Find a non-profit that is operating near where you live. They are always looking for help. Whether it is making phone calls, raising funds, trying to reduce costs, public relations and the list goes on and on. Just 10 or 15 hours a week can make a difference not only for that group or organization, but it can help put you in a better mood if you are still down!
In addition, it is a great way to network locally! In addition, you keep your skills fresh and perhaps pick up some new skills you can use moving forward. You may find your next career through the work you do as a volunteer, especially if you meet local business leaders. Or, you may find that the work you are doing for the non-profit is fulfilling and perhaps that becomes your next career. You just never know.
I am currently working for a local non-profit. I certainly enjoy the work, and I have been able to network significantly. I also am keeping my skills fresh and current. I'm not quite sure yet where all of this will lead me, but I am moving on and by doing what I am doing, you can too!
It was a short tweet, but it got the message across. I don't know what the particulars of this person's situation was, and my attempts to find out more to try and assist went unanswered.
But my personal experiences can help you, if you find yourself in a similar situation. The loss of a job or business may feel like the worst thing to ever happen in the moment, but it can be a great opportunity to move on!
I lost my business a bit over six months ago. I was crushed, but I'm only in my 20s. I have a long life ahead of me. I just didn't know where to next proceed. I took a couple of months to not only unwind, but make sure all my legal obligations were taken care of. Once I had that all finished, I needed to figure out what to do next.
If you also lose your business, do the same thing. Make sure your legal obligations are fulfilled before moving onto the next thing. If you lose your job, take a week or two to just unwind, decompress and run through the five stages of grief.
From there, make sure you get your resume in order. In my opinion, a functional resume is best as it puts your skills up front and most likely to be seen when recruiters scan your resume. But what else do you do with your time? It may take months to find your next gig, especially if you are trying to change industries.
The answer is simple: Volunteer.
Find a non-profit that is operating near where you live. They are always looking for help. Whether it is making phone calls, raising funds, trying to reduce costs, public relations and the list goes on and on. Just 10 or 15 hours a week can make a difference not only for that group or organization, but it can help put you in a better mood if you are still down!
In addition, it is a great way to network locally! In addition, you keep your skills fresh and perhaps pick up some new skills you can use moving forward. You may find your next career through the work you do as a volunteer, especially if you meet local business leaders. Or, you may find that the work you are doing for the non-profit is fulfilling and perhaps that becomes your next career. You just never know.
I am currently working for a local non-profit. I certainly enjoy the work, and I have been able to network significantly. I also am keeping my skills fresh and current. I'm not quite sure yet where all of this will lead me, but I am moving on and by doing what I am doing, you can too!
Monday, April 2, 2012
You and your management team are killing your company
Yes, you and your management team are killing your company.
By no means does that mean your company is in imminent danger of collapse or failure, but you must take a hard look at what you are doing to improve your companies long term chance of success.
All too often, I see managers doing what they think is best by toeing the company line by checking the box when it comes to how they manage their teams. From being a gatekeeper regarding information going up or down the management ladder, doing what is required regarding employee evaluations or just hanging out in the corner office and not engaging your team.
By living in the box, you don't see the forest through the trees. You really have no idea what your employees on the front lines are experiencing on a day to day basis. Sure you see the numbers, but you don't see what is really going on. C-level executives never see what is going on because they rarely see the front lines, if they ever even go see what goes on at the ground level. First level managers are too busy fighting one fire after another to truly see what goes on with their people. Middle management tends to act as a go-between.
Here is what you can do to help get through that mess: Meet with your people! Far more often than you are doing now!
If you are C-level, especially in a large company, go meet with your front line workers. I'm not talking by sitting in a room with 200 of them and have a Q&A session once a month or quarter (but if you are doing that now, keep this going). Go on the front lines. Work on the assembly line. Sit in a cubicle with procurement. Engage those workers. They are the ones who know what happens on a daily basis and you need to know what they are experiencing. They have the answers to the problems your company doesn't know it has. Try to spend 8-10 hours a week by meeting and working with these employees. Your time will be well worth it in both the short and long run.
If you are a first-second level manager, not only should you have a brief conversation daily with each of your employees, but you should sit down to review goals and aspirations far more often than once or twice per year (mid-year and end-year reviews). Have a half-hour meeting every two weeks to discuss issues and see how personal and organizational goals are progressing. This keeps those goals front and center and it makes it much more easy to make changes as the year progresses if necessary. In addition, you will have a greater working knowledge of what is going on, and will have to go fight fires less often.
Middle management needs to take a hybrid approach to the above. Meet and work with the front line workers, but also engage regularly with the managers you oversee. Make the changes you learn about from those engagements and meetings, and use your position to make sure those above you are able to make those changes happen. By being actively engaged in your company, you make yourself that much more valuable and more likely to move up to the C-level. Just passing emails back and forth and not getting out there doesn't makes you less valuable to the organization and more likely you have hit your ceiling.
So get out there and engage your people. Checking the box and doing the minimum might be enough to make everyone happy. However, it won't let you be informed and aware of things that could be going on that need your attention can make your company suffer. Engagement can make your company better, make current and potential customers take note and improve your company's long term prospects!
By no means does that mean your company is in imminent danger of collapse or failure, but you must take a hard look at what you are doing to improve your companies long term chance of success.
All too often, I see managers doing what they think is best by toeing the company line by checking the box when it comes to how they manage their teams. From being a gatekeeper regarding information going up or down the management ladder, doing what is required regarding employee evaluations or just hanging out in the corner office and not engaging your team.
By living in the box, you don't see the forest through the trees. You really have no idea what your employees on the front lines are experiencing on a day to day basis. Sure you see the numbers, but you don't see what is really going on. C-level executives never see what is going on because they rarely see the front lines, if they ever even go see what goes on at the ground level. First level managers are too busy fighting one fire after another to truly see what goes on with their people. Middle management tends to act as a go-between.
Here is what you can do to help get through that mess: Meet with your people! Far more often than you are doing now!
If you are C-level, especially in a large company, go meet with your front line workers. I'm not talking by sitting in a room with 200 of them and have a Q&A session once a month or quarter (but if you are doing that now, keep this going). Go on the front lines. Work on the assembly line. Sit in a cubicle with procurement. Engage those workers. They are the ones who know what happens on a daily basis and you need to know what they are experiencing. They have the answers to the problems your company doesn't know it has. Try to spend 8-10 hours a week by meeting and working with these employees. Your time will be well worth it in both the short and long run.
If you are a first-second level manager, not only should you have a brief conversation daily with each of your employees, but you should sit down to review goals and aspirations far more often than once or twice per year (mid-year and end-year reviews). Have a half-hour meeting every two weeks to discuss issues and see how personal and organizational goals are progressing. This keeps those goals front and center and it makes it much more easy to make changes as the year progresses if necessary. In addition, you will have a greater working knowledge of what is going on, and will have to go fight fires less often.
Middle management needs to take a hybrid approach to the above. Meet and work with the front line workers, but also engage regularly with the managers you oversee. Make the changes you learn about from those engagements and meetings, and use your position to make sure those above you are able to make those changes happen. By being actively engaged in your company, you make yourself that much more valuable and more likely to move up to the C-level. Just passing emails back and forth and not getting out there doesn't makes you less valuable to the organization and more likely you have hit your ceiling.
So get out there and engage your people. Checking the box and doing the minimum might be enough to make everyone happy. However, it won't let you be informed and aware of things that could be going on that need your attention can make your company suffer. Engagement can make your company better, make current and potential customers take note and improve your company's long term prospects!
Monday, February 6, 2012
Why I am writing what I am writing about
I was miserable.
I spent several years working for a giant corporation and I was nothing but a number. I did not like what I was doing and foolishly didn't think there was a good way out or to improve my situation.
So, that lead to a mistake. A big one. I bought what I thought was a good business, but it lead to me being bankrupt at the age of 28. And without a job.
As a result, I am going to try and find my way hopefully doing something I enjoy. This is a good start.
I plan on writing about several things. Politics, economics and globalization will be the main focus. I will also write about my experiences in the professional and political worlds that will give some credence to what I am saying.
Why am I qualified to write about these topics? I grew up in a middle class family outside of a 'Rust Belt' city. I ended up obtaining a Bachelors degree and M.B.A. from a Big 10 school. I've worked for a Dow component company. I had an internship for another through a small company. I've not only worked for a small company, I've owned my own small company. I ran for public office twice, and won twice.
Needless to say, I have done a lot and experienced a lot. I want to put that to good use. I will say things that go against the conventional wisdom and will probably be controversial at times. But there is no use in trying to hide my thoughts or censor myself for no good reason. Enjoy what you read. Hopefully you will learn something. I would love to hear your thoughts.
I spent several years working for a giant corporation and I was nothing but a number. I did not like what I was doing and foolishly didn't think there was a good way out or to improve my situation.
So, that lead to a mistake. A big one. I bought what I thought was a good business, but it lead to me being bankrupt at the age of 28. And without a job.
As a result, I am going to try and find my way hopefully doing something I enjoy. This is a good start.
I plan on writing about several things. Politics, economics and globalization will be the main focus. I will also write about my experiences in the professional and political worlds that will give some credence to what I am saying.
Why am I qualified to write about these topics? I grew up in a middle class family outside of a 'Rust Belt' city. I ended up obtaining a Bachelors degree and M.B.A. from a Big 10 school. I've worked for a Dow component company. I had an internship for another through a small company. I've not only worked for a small company, I've owned my own small company. I ran for public office twice, and won twice.
Needless to say, I have done a lot and experienced a lot. I want to put that to good use. I will say things that go against the conventional wisdom and will probably be controversial at times. But there is no use in trying to hide my thoughts or censor myself for no good reason. Enjoy what you read. Hopefully you will learn something. I would love to hear your thoughts.
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