Of course it has been a whirlwind day with the Redmond announcement yesterday. Lots of press calls, customer calls, vendor calls and staff. Many congratulations. Some concerns too of course.
The high call and email volume made it almost impossible to move anything forward. I have been through this often so at some level knew to expect this. The purchase negotiation was already very intense and time consuming so I was already taxed going into today.
I continue to learn. To grow, I need to have and rely on good people. I cannot do it all myself (which is my inherent nature). So I fight my impulses and ask for help.
The real work in an acquisition begins after it is completed (in this case April 30th
). The key is to make it smooth for as many stakeholders as possible.
SYNNEX buys Redmond Group of Companies
I have spent a good deal of my time over the past 3 months on this acquisition. Full details:
SYNNEX CANADA ANNOUNCES A DEFINITIVE AGREEMENT TO ACQUIRE THE ASSETS OF REDMOND GROUP OF COMPANIES
Acquisition strengthens the company’s focus on consumer electronics distribution
TORONTO, ON - March 27, 2007 - SYNNEX Canada Limited, a subsidiary of SYNNEX Corporation (NYSE: SNX), announced today it has signed a definitive agreement to acquire substantially all of the assets of Redmond Group of Companies (RGC), including AVS Technologies, an independent distributor of consumer electronics.
"The acquisition of RGC will allow SYNNEX Canada to rapidly accelerate its consumer electronics distribution focus," said Robert Huang, President and Chief Executive Officer of SYNNEX Corporation. "We see consumer electronics as a growth area for SYNNEX and we expect this transaction to enable new opportunities throughout North America for our consumer electronics distribution business. Post restructuring and integration of RGC, we expect this transaction will be accretive to our earnings and capital return metrics."
The sales to SYNNEX Canada is expected to allow our company and its brands to better compete and succeed in this highly competitive marketplace,” said Andy Redmond, Chief Executive officer of Redmond group of Companies, "The brands acquired in this transaction will benefit from SYNNEX Canada’s enhanced capabilities and scale."
"This acquisition expands our depth and breadth in the consumer electronics industry and provides SYNNEX Canada access to additional customers and product lines, including such popular lines like Sandisk, Uniden, Cobra, Citizen and Electrohome," said Jim Estill, Chief Executive Officer of SYNNEX Canada Limited. "We expect the integration of the two organizations to be an efficient transition and we look forward to the employees of RGC joining the SYNNEX family."
About SYNNEX Canada LimitedSYNNEX Canada Limited, a subsidiary of SYNNEX Corporation (NYSE: SNX), is a leading distributor of technology products to resellers and system builders across Canada. Committed to driving growth and profitability for its resellers and vendor partners, SYNNEX Canada offers great product selection at competitive prices and supports customers with dedicated sales resources, unique financial services, expert technical support, progressive e-business tools and fast and accurate delivery with warehouses in key cities. For more information, visit http://www.synnex.ca
Founded in 1980, SYNNEX Corporation is a global IT supply chain services company offering a comprehensive range of services to original equipment manufacturers, software publishers and reseller customers worldwide. SYNNEX offers product distribution, related logistics services, business process outsourcing and contract assembly and works with the leading industry suppliers of IT systems, peripherals, system components, software and networking equipment. Additional information about SYNNEX may be found online at www.synnex.com
Statements in this release that are forward looking, such as expectations of the acceleration of our consumer electronics focus, new opportunities in the consumer electronics distribution business, accretive nature of the acquisition, efficient integration of the acquisition, retention of the revenue run rate and closing of the acquisition, involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance that may be suggested in this release. The Company assumes no obligation to update any forward looking statements contained in this release.
Copyright 2007 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo, and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX and the SYNNEX Logo Reg. U.S. Pat. & Tm. Off. Other names and marks are the property of their respective owners.
Source: SYNNEX Corporation
Running Races or Just Run
I have been remiss in posting lately. Lots of travel, negotiation (which takes time and energy), perhaps jet lag and lots on. I had a good long run today to help release my stress. Not as long as I thought I might do. The Around the Bay
30K was run today. I ran 25K but not in a race. Running a race can kill most of the day by the time you drive, pick up your chip, arrive early, wait around after to see results etc. So I chose to just run on my own.SYNNEX earnings release
late last week was good. The stock price is up nicely which is gratifying to see.
I went to the Association of Canadian Chinese Entrepreneurs
award dinner last night. One of my fellow YPOers
was honoured - Hilton Ngo
from Accolade Group
. But that's
not the reason I was there. I was invited by one of our customers and of course I saw many of our other customers and suppliers there.
Will be a busy week although I am in Ontario all week so that should make it easier.
The Zero Time Work Out
I am in Fremont at board meetings. Off to an HP conference in San Diego.
I find when I travel I am less productive. Contributing to this are time zones, not having all the same tools, not having the people I want to interact with etc. What I realize though is much of it is about systems. When I travel, I do not have good enough systems. So I am working on polishing them (sort of a constant refrain in my life).
I also find I do not work out as much when I am on the road. Especially when I am in California. I like to work out early in the morning but because my schedule later in the day here tends to be less fixed, I know the only time I schedule calls is 9 or 10 AM EST which is 6 or 7 AM in California so I tend to work early and often there are dinners and meetings so I work late also. Poor planning.
As far as working out goes though, this is only a matter of discipline. I have long been of the view that short workouts take no time. If I run or lift weights for 25-30 minutes, it takes perhaps 45 minutes including a shower etc. If I schedule that to involve little travel (like on the way to work or in my hotel etc), then no additional travel time. And taking this 45 minutes easily allows me to sleep 20-25 minutes less. And I will easily be brighter and crisper so can gain more than 20-25 minutes during my day. So there you have it - working out takes no time (just perhaps a bit of planning and discipline)
I am in the lounge in Toronto waiting for a flight to California.
I am sore from a 2 1/2 hour run yesterday. It was probably just procrastinating from doing what I should be doing. On the other hand, I can justify it as balance. Of all the vices, I think running would not rank high on the list of bad ones.
I read a great book called Social Intelligence
by Daniel Goleman. In the interest of time and because the following is a good review, I share with you Michael Sposato's
review off Amazon
. I do not know him or endorse him. I do know he reads even more books that I do. And he writes good reviews. His Review:
With Goleman's Social Intelligence, every page was fascinating. I literally had difficulty putting it down. This whole book is jam-packed with fabulous and interesting information on topics, which I feel are important to all of us as human beings. Some of this material has been covered in other places in other ways. When Goleman covers it, it seems so fresh.
His work seems to indicate that as human beings, we are DESIGNED FOR SOCIALIBILITY. Our emotions are CONTAGIOUS. Now there's a thought I have never thought about. You can catch a cold; we all know that. What I didn't know is that I could literally catch somebody's emotional state.
Yes, I know that classically trained psychoanalysts go through "transference issues" with their patients. That's not the point. What about being in a room with a group of very down people, and your soul picks up on it and accommodates them by making you depressed. This is what Goleman is writing about, and he gives example after example. The difference is that the author uses the phrase, "TOXIC PEOPLE".
I have been fortunate in many of the friendships I have formed through the years. One of my friends is among the brightest people on earth. He is categorized as Mensa, Mensa, the top 1% of 1% of geniuses on earth. Several years ago when I was describing a relationship I had with another person, he said something so profound that it transformed me immediately. He said, "You know, you think you can reach down into the murk, and pull that person out. You can't, you never will, THEY PULL YOU IN." He was so right, so penetrating, so spot on dead accurate. You can't change TOXIC PEOPLE, and Goleman writes about this. They change you. You simply have to AVOID THEM.
I loved Goleman's story of "Yacht Envy". He talked about being on a magnificent yacht in the Mediterranean Sea. Each person on board had a room fit for a king. The yacht was a converted commercial vessel of some kind, but beautifully decked out. On the coffee table in each room was a copy of a very special book on the world's most beautiful yachts. There was a piece of paper pointing to a certain page in the book, and on that page was a multiage color layout of the very yacht you were on. Goleman talks about how everybody felt so fortunate to be on this beautiful craft. Suddenly one morning, as the guests climbed the stairs to the deck, they saw this other yacht four times longer than the yacht they were on, close by. It absolutely dwarfed the ship they had all thought so highly of, and then there was the tender. The tender is an auxiliary ship used to service the yacht they were looking at. It brings provisions and other goods to the yacht. The tender was bigger than the yacht they were on.
The author ends the story by saying, "Is there such a thing as YACHT ENVY."
What you will learn from this book will blow you away. Some of the topics that I find fascinating and covered in detail in Social Intelligence include:
· Nourishing relationships
· Reshaping our brains with enriching personal relationships
· Forthrightness is the brain's DEFAULT response
· People lying begin verbalizing 2/10ths of a second later than truth tellers
· A new explanation for Jung's concept of synchronicity
I will leave you with this thought. You are probably familiar with MRI. The doctors use them medically to find tumors and so forth. There is a more complex machine called an fMRI which brain investigators are doing mind-boggling research with. As an example if you are wired up, and all of a sudden are expressing anger over something, a researcher can look at an MRI and see precisely what parts of the brain are lighting up during the emotional outburst. You can just guess at the possibilities of this work. It is covered thoroughly in this book as is over 100 other fabulous concepts. Read it, delight yourself, and don't put it down. Social Intelligence is COMPELLING.
What Got you Here Won't Get you There.
Busy days. Too busy. I am setting myself a set of strict rules for the next 90 days to allow me to handle the volume. More on that later.
I read a book on the flight back from San Francisco that a friend recommended called, "What Got You Here Won’t Get You There
" by Marshall Goldsmith.
I was particularly intrigue by the title because often self-help books say things like, "If you do what you have always done, you will get what you have always got". My variation of that is… "If you do what you have always done, you will go bankrupt". The reason self-help books say things in those words is that they are trying to appeal to people who don’t think they are as successful as they can be. What I like about this book is that he is appealing to people who are already successful.
The book runs through a list of 20 habits that can hold people back. Often these habits are rooted in high success. Many of them can be thought of as common arrogance (success can breed arrogance) and this is all something that we have to fight - not only as individuals but as companies.
Some of the habits:
Habit 12, making excuses, this often comes down to people answering the "why" question when what really needs to be answered is "how" – not why did it fail; but how could it succeed?
Habit 17 was failing to express gratitude. I think many people could be more grateful.
Habit 18 – punishing the messenger. Nobody likes to hear bad news but if you punish the messenger, you will not get any news and find out about things too late.
There was an entire chapter on the 21st Habit called Goal Obsession.
"By itself, goal obsession is not a flaw. Unlike adding value or punishing the messenger or any of the other twenty annoying habits, goal obsession is not transactional; it’s not something you can do to another person. But it is often the root cause of the annoying behavior. Goal obsession turns us into someone we should be.
Goal obsession is one of those paradoxical traits we accept as a driver of our success. It’s the force that motivates us to finish the job in the face of any obstacle – and finish it perfectly."
"A valuable attribute much of the time", but taken too far, it can become a blatant cause of failure.
The book has a section on how we can change for the better and even has a seven step method.
I would recommend this book to anyone who is successful and is willing to grow and learn.
Thoughts on Constant Learning and Growth
I am in the San Francisco airport lounge. Flying back from quarterly executive meetings an a day of relaxation in Sonoma
Valley. Weather was beautiful. I did a relaxed cycle tour (Does not count for triathlon training) of a couple of wineries and a cheese factory with a group of SYNNEX
executives. Also managed to fit a short run in for the first time in a few days yesterday. The schedule of the executive meetings is too aggressive to allow for staying on top of calls and emails, let alone squeeze in much exercise.
I just completed a self evaluation based on 20 core competencies SYNNEX
has identified as important. Although I constantly self review, this was enlightening
since I usually do not do it against this list.
absence from the list which we need to add is constant learning, adaptability and growth. Of course this is one of my core success values. I believe we our ability to grow and learn is the primary factor in future success. The world and what we need to succeed will constantly change - so must we.
Top 10 Reasons to Have a Blog
I usually do not use my notebook on a plane and allow that time for reading and reflection. For some reason, I felt inspired to use it on this trip. I am typing this on a plane (but of course will need to post it later)
I find time for reflection can be my most powerful time. There is power sometimes in doing less. This is tough for me to say since I have worked so hard on doing more for as long as I can remember. It is something I am still learning.
And to follow through on my earlier post.
Top 10 Reasons to Have a Blog
1 - Owning the power of the press is good. A blog is a media and this allows influence. Influence allows me to accomplish my goals faster and easier. Medias if well used can also be used for promotion (EG – I have many resumes for my new warehouse jobs, many customers and vendors read my blog)
2 - It challenges me to act the way I want to act.
3 - It increases communication. This is almost always a good thing. I originally started it to help dispel mystery for my staff. I also wanted to increase communication with them. It spread from there.
4 - Fame. It increases profile. Increased profile helps me to get things done.
5 - It is a good discipline. Discipline in one area tends to create it in other areas.
6 - It keeps me aware and crisp. I am always looking for interesting blog topics.
7 - It is cool and as the leader of SYNNEX, a high tech company, I like cool and futuristic things like blogs. (of course when I started 18 months ago, it was more cutting edge)
8 - Sometimes it inspires someone. One of my purposes in life is to help as many people be the best they can be and this blog helps this.
9 - It helps people to know me. And people tend to help those they know.
10 - It is a great way to keep in touch with many people. Of course I would like to call and email all my friends and contacts all the time but do not have the time. This is particularly the case when people subscribe to have the blog emailed to them (just click on the box on the right side and fill in your email to get this)
For every positive, there is always a negative. All upsides have downsides.
Top 10 Reasons NOT to Blog
I am in my Ronson office. Missed my workout due to scheduling issues which is never good. I am flying to Vegas today for a meeting at the Digital Photography show then on to California for executive meetings.
One of my time tips was picked up by the Globe and Mail
. Good press.My Top Ten Reasons Not to Blog
1 - Legal: most lawyers will advise that it is not a good idea.
2 - Time: of course I am a real time guy which is why I have my blogging time down to about 20 minutes per post. But there is still replying to comments and emails etc on top of that.
3 - ROI: the return on investment on a blog is very hard to measure
4 - Privacy: it makes you more public and being more public can make life more difficult
5 - Anonymous commenters can flame you
6 - Does the world really need more information?
7 - There is an obligation or pressure to keep posting
8 - It can tax the creativity to keep coming up with things to post
9 - As with any technology, things do not always work perfectly which can be frustrating
10 - It can waste other people's time. Is the information I offer of high enough value to warrant their time?
It has been a week since my last post. First time I have been so remiss. So of course, my usual excuse - I have been super busy. More travel and more hectic schedule this week.
I was interviewed on a podcast
by Stuart Crawford. Did not go particularly well. I had been up most of the night. Flight arrived at 2 AM. Sat on the tarmac for an hour waiting for a gate. Then an hour wait for a taxi. So 4:10 in the morning I arrive at work. Not a fun day. But perhaps an adventure.
I read a book recently that my mother recommended called, "The Sociopath Next Door
" by Martha Stout. Why my mother is reading about sociopaths is beyond me!
The definition in the book of sociopath is someone with no conscience and it goes on to site some appalling statistics like one in 25 people are sociopaths.
The chilling part about sociopaths is how do you deal with someone who has no consience because they will not act at all similar to what you would expect.
One short exerpt from the book is, "Good people question themselves constantly, reflexively, and subject their decisions and actions to the exacting scrutiny of an intervening sense of obligation rooted in their attachments to other people. The self-questioning of conscience seldom admits absolute certainty into the mind, and even when it does, certainty feels treacherous to us, as if it may trick us into punishing someone unjustly, or performing some other unconscionable act."
One short story from the book was, "A wise woman who was traveling in the mountains found a precious stone in a stream. The next day she met another traveler who was hungry, and the wise woman opened her bag to share her food. The hungry traveler saw the precious stone and asked the woman to give it to him. She did so without hesitation.
The traveler left, rejoicing in his good fortune. He knew the stone was worth enough to give him security for a lifetime. But a few days later he came back to return the stone to the wise woman.
"I've been thinking," he said, "I know how valuable the stone is, but I give it back in the hope that you can give me something even more precious. Give me what you have within you that enabled you to give me the stone."
Although the book was excellent and challenging and talked a lot about you can deal with the damage that sociopaths have caused, it did not explain how to deal with sociopaths or what sociopaths should do to gain a conscience.