Weekly Waite-O-Gram (Release 1.0)

Start me up!

The last time I started up my own business I was seven years old. I had decided to become a paperboy. It was pretty straight-forward. In terms of capital investment, you needed a bike with a basket and alarm clock to get you up at the crack of dawn. You also needed a good memory... to keep track of who got what...among your five morning newspapers...and 54 customers. Most weeks I made $10 to $12...in no small sum at a time when a Coke was 6-cents...and a movie cost a quarter. So here I am today...more than 50 years later...after having nestled in the bureaucratic bosom of some of the world's largest corporations...setting out solo once again. Observations? Small business is hard work...and I miss my Schwinn!

What's in a name?

One of the things I had to figure out pretty quickly... was what to call my company. And I had some great ideas. Or at least I thought they were great ideas...until I ran them by the folks who were doing my corporate identity work. I still think "Chaos Limited" would have been an excellent choice (certainly better than "Chaos Unlimited", for example.) But the experts finally prevailed upon me to call the firm "Waite + Co." Not "Waite & Company", nor even "Waite and Company"... but "Waite + Co." The "Waite" part had to do with brand equity...and the use of the "+" apparently gives the name a "very contemporary look and feel". (They never did explain the use of "Co." vs "Company" -- I am guessing there is currently a world-wide shortage of m's, p's, a's, n's and y's.)  So there you have it -- Waite + Co.  A little immodest for my taste... but that's probably exactly what Ignaz Schwinn was was saying way back in 1895.

Murder (getting) incorporated

Picking a name is of course just the beginning -- then you have to clear it with the Government of Canada. My lawyer at one point called me to say that we'd have to give up the name... unless I would certify that I would not in future be going into the filling station business in Saskatchewan. You don't want to close any doors... but I finally agreed. Then the accountant came back and said it would be better for tax purposes if the company was owned 100% by my wife, Karen. "You see, you have dual US - Canadian citizenship, while she just has Canadian. This structure could save you a whole world of hurt from the IRS. Plus it makes things very clean from a survivorship perspective." Being a great believer in cleanliness, I quickly agreed. The only part I'm not too crazy about is the title she took: "Il Duce" just seems so last century.

Proping up the Globe & Mail

Next came "the launch". I was thinking in terms of letters and e-mails to friends and prospects. Those who know more about these things...said that to reach my "target audience"...I should definitely place a "Reader Announcement" in the Globe & Mail's Report on Business section. These are those skinny and often long one-column ads...that proclaim that so-and-so...has been named to be such-and such...and that the company is the best thing since the invention of the padded bicycle seat. You pay through the nose for these ads...far beyond normal rate card rates...much as you do for the (somewhat eeirely) similarily designed "Death Notices" in another section of the paper. Coming from the States, where news of business promotions is carried free in publications, I have always made fun of these ads..and counselled against using them. Now I was being advised that it was the single most cost-effective way to reach the people I needed to reach.  "OK", I finally said, "But let's make it the shortest Reader Announcement in history. Do it in haiku." Those you know me will know that it was done tongue firmly in cheek...and those who don't...won't.

Do I Hear $1 Billion?

Speaking of Report on Business, I couldn't help but be amused by articles written by Andy Willis last week speculating that Canaccord Capital might be acquiring privately-held Genuity Capital Markets. It is well known that Willis is close to Genuity founder (and former CIBC World Markets CEO) David Kassie, so one can only assume the reporter is getting some inside skivvy. But what was fascinating was the way each successive story, one day after the other...had a new spin on what price Canaccord should be paying. First story, it was $150 million. Then Canaccord's stock tanked... and the next day (after a phone call from Canaccord?) the estimate was more like $100 million. Then, a day later (after a phone call from Genuity?), the valuation skyrocketed to $250 million. Who needs investment bankers? It appears this whole transaction could be completed as an open auction...in Andy's column!

First Release

This Gram is the first from a new web site and e-mail address (although some of you may be receiving it from my old e-mail address, as I port over the distribution list.) My new e-mail address is robert@waiteandcompany.com and my new website is www.waiteandcompany.com. (It is interesting that the people who control domain names...do not seem to find "+" and proper substitute for "and".) If you want to continue receiving the Waite-O-Gram, you can go to my web site (after Wednesday) to sign up or you can simply send me an e-mail (now) at my new address. Having written these musings since my IBM days in the early 1990's, I have lost count of the number sent out, but it is certainly north of 1,000. However, as is my practice with each career move, I have pushed the reset button -- we are back to RELEASE 1.0. The one thing that will not change is the little disclaimer:

(The views expressed are those of the author, who is solely responsible for any errors, omissions, misstatements or major faux pas. Anyone wishing to take legal action is invited to contact the President, CEO and 100% shareholder, Karen ("Il Duce") Shigeishi-Waite. Operators are standing by.)