Advice for CEOs

As an advisor to executives, entrepreneurs and investors in the senior care industry, I am always concerned to understand — and try to influence — the public’s and the market’s view of the senior population. This is an enormous market opportunity. A striking statistic about the growth of the senior population: the U.S. Census estimates there will be 834,000 centenarians in 2050. Senior care is a unique industry; it evokes the concern everyone should share that their parents, grandparents and themselves will be in good hands when they reach the latter stages of their lives.

Kinky Boots, the currently touring popular Broadway musical, is based on a true story. When I saw it recently, I was not only entertained by an engaging, heartwarming story. I was also struck by an uncanny parallel to the real world of middle market companies that the firm I am part of, Newport Board Group, is involved in every day.

In the first part of this article, I discussed basic principles of networking and presented the list of my Top 10 Rules of Networking. Below I took this opportunity to go into specifics on what you should know about each of my rules.

Twenty years ago most people if asked to define “networking” might have answered: it’s what communication engineers do using pliers to connect wires and cable. Ten years later the word had taken on the dominant meaning it has now: expanding one’s circle of business contacts and acquaintances as a platform to find new customers, partners and influencers. Now, with ubiquitous social media platforms and “meet ups” a regular feature of the business landscape, networking has become a key business process. Its importance puts it almost on par with business development, marketing and sales—especially in the worlds of entrepreneurial start ups and emerging middle market companies, venture capital, private equity and the service provider ecosystem that serves them. For these sectors networking has become the key business process.