You don't have to be going straight-Just Forward!

I found something called "The Scary Times Success Manual" this week.  It's written by Dan Sullivan who has a company called Strategic Coach.  With so many people facing challenges I thought the this was very poignant.  Here are the 'headlines.'  Let me know if you'd like me to send you a copy of the whole piece.

1. Forget about yourself, focus on others.
2. Forget about your commodity, focus on your relationships.
3. Forget about the sale, focus on creating value.
4. Forget about your losses, focus on your opportunities.
5. Forget about your difficulties, focus on your progress.
6. Forget about the “future,” focus on today.
7. Forget about who you were, focus on who you can be.
8. Forget about events, focus on your responses.
9. Forget about what’s missing, focus on what’s available.
10. Forget about your complaints, focus on your gratitude.

Without knowing that I had been mulling it over, my wife recently surprised me with a Kindle.  I read almost continuously and love books and wasn't sure if I could 'give up' the 'book.'  I love my Kindle. It's great for travel although it's considered 'anything with an on-off switch' by the flight attendants so you have to wait until 10,000 feet and shut it down on landing.  The ones I've read on it so far are:  On the Road, The Crossroads Cafe, Fireflies in December, Still Alice, The Time of My Life, Twenty Thousand Leagues Under The Sea, Last Words, What the Dog Saw....

Our industry colleague, Jim Hime of Lionstone Group has just published his third novel.  This one is called "Where Armadillos Go To Die."  I have not read it yet but I have read Jim's two other books which were excellent mysteries set in the Southwest.  Congratulations Jim.  I'll be picking it up this weekend.

RCA's first U.S. Capital Trends Report of 2010 came out the other day.  While the NY Times had an article today "Further Slide Seen in NY Commercial Real Estate"  I think this opening paragraph from the RCA report bodes well:

The overall universe of commercial real estate players might have shrunk in the downturn, but a significant group of new players have gathered on the sidelines and are waiting to deploy capital. Transaction volume in 2009 was historically low, and accordingly, the number of new entrants into the direct property market was the lowest in years. However, it is clear that there has been a notable pickup in activity by new buyers over the past few months.

In addition we've been seeing more Family Offices showing sincere interest in investing in real estate, many for the first time.  It's just that those entities are hard to find as they like to stay below the radar.  Maybe I would too if I had some serious money!

Photo: This morning.  The Rockefeller Center Christmas Tree's last hurrah.

Restaurant of the Week:  Spice Fusion, 8th Avenue bet. 47th & 48th in Manhattan.  If you walked by this place without knowing about it you probably wouldn't go in.  You should.  (http://www.myspicefusion.com)

On the road.....
Jan. 20-22:  Boston and Connecticut
Jan. 25-26:  Philadelphia and other Pennsylvania spots
Feb. 9-11:  Rancho Palos Verdes, CA to attend IREI's VIP Conference
Feb. 18-19:  Chapel Hill, NC to attend and be a judge at the Kenan-Flagler Real Estate Challenge
Mar. 24-25:  Boston to attend the PREA Spring Conference





These are my views and not that of my employer.

The beginning of a new road

For me, the end of a year is not a time to look back, it's time to look forward. Of course, none of us really knows all that the future (short and long term) hold in store for us. But then there's the idea that we can sculpt our own future to the degree that we choose. Only a few years ago I learned that writing down ones goals for the year (or for any period of time) is more powerful than simply thinking about them. I've been working on my 2010 goals and while I want to make them achievable I also want them to be things that require focus, perseverance, fun and some reach.

In addition to RCA's stats showing increased volume of transactions, there are some other signs of life in our industry. I've gotten more calls from recruiters in the past month than I had through most of 2009. People are hiring again; getting ready for the next cycle or adding people with specialized talent to augment their existing capabilities.

Serendipity Strikes Again: On a recent flight from Montreal to New York I sat next to Vanessa James who with her partner, Yannick Boheur were just named to the French Winter Olympic Figure Skating Team. She's a really nice kid and a beautiful skater. Now I have a reason to watch those games and root for them!

2009 was a challenging year for many of us (dare I say most or all of us?) and while every year offers it's own challenges, this particular one that ends today will probably be remembered mostly as the year we wanted to see end.  But, there were also some special things:  my Dad getting reunited with the WWII plane with which he had a life-long love affair, my grandson Sean being born, my finding support from you guys (and other friends) as my father passed away and simply the joy of being alive and being able to look forward to and make plans for the next year.  We've all had our smiles and tears; after all, that's life.  But as we watch the full moon tonight and raise our glasses to bring in the New Year, I want so share with you something I took from the book, "All I Need to Know I learned in Kindergarten": 

No matter how old you are-when you go out into the world, it is best to hold hands and stick together.

 Cheers and Happy New Year!

Photo:  (l) TimeWarner Center, New York (r) Sean Felix: On the Road


On the road.....

Jan. 4:  Menlo Park, CA
Jan. 13-15:  Laguna Beach, CA to attend and moderate a session at IMN's Seventh Annual Winter Forum On Real Estate Opportunity & Private Fund Investing
Jan. 20-22:  Boston and Connecticut
Jan. 25-26:  Philadelphia and other Pennsylvania spots
Feb. 9-11:  Rancho Palos Verdes, CA to attend IREI's VIP Conference
Feb. 18-19:  Chapel Hill, NC to attend and be a judge at the UNC Annual Real Estate Conference and Kenan-Flagler Real Estate Challenge
Mar. 24-25:  Boston to attend the PREA Spring Conference
Mar. 25-26:  London to moderate a panel at IMN's European Distressed Real Estate Symposium
Apr. 14:  Dallas to attend the UBS Investor Conference





These are my views and not that of my employer.

The end of the road: 2009

With the kind permission of RCA here is their 'executive summary' of their Global Capital Trends report which was just published today:

Calling the Bottom and Looking Forward to 2010
If there is only one thing for sure, it is that everybody in the commercial real estate industry in the US is looking forward to 2010. Although the industry and the overall economy still face an array of hurdles ahead and no one is giddy with optimism, the year is starting with more clarity and a lot less fear than 2009. Some very positive events just in the past 60 days have helped bolster the spirits of many industry players:
 Transaction activity is increasing
 REITs have been able to de-lever quickly and enjoy unique access to capital
 Foreign buyers are hungry for US assets, particularly since prices in Asia and Europe are already rising
 A reported $75b or more of equity has been raised by opportunistic funds and very little of that has been deployed
 The credit crunch is starting to ease and financing for quality assets and larger properties is becoming more available
 The CMBS market is starting to thaw, with several successful single-borrower issues completed since mid-November
 Fundamentals remain poor and are expected to stay that way in 2010, but the market, expecting the worst, has already priced in the poor operating outlook.
 Bank regulators announced new guidance that could greatly reduce mass defaults and asset sales previously anticipated by the tsunami of upcoming loan maturities

Taken together, these factors point to a 2010 investment market that moves decisively forward. Operating fundamentals, banking uncertainties and political realities in the US and around the globe will all play a hand in keeping the trajectory of the improving market from being too steep over the near term. Farther out, the overhang of so many extended and restructured mortgages also clouds the future. But for now, broad investor sentiment in the US is clearly turning an important corner as the new year approaches.


Lessons Learned from Ted Leary, Crosswater Realty Advisors

( in no particular order)

1. Co-investment by a manager does NOT necessarily produce better performance

2. When you underwrite an Allocator, you need to understand their ability to underwrite & manage Operators.

3. Alignments of interest structures often dissolve and even reverse when markets go bad.

4. Bigger is often “Badder” when AUM reaches the tipping point where AUM revenue is more important to the Manager than performance based revenue.

5. Investors need to keep a close and continual watch on their investments – even in discretionary funds. “Trust, but Verify!”

6. Investors need to have a “Voice and even a Vote” in higher yield/risk strategies

7. If a Manager can’t readily & easily describe its “risk management” process, it doesn’t have one.

8. Beware of Managers who want to go “outside their box”.

9. Leverage doesn’t make an investment a better investment – it simply increases the potential rewards and risks of that investment.

10. “Global real estate expertise” is an oxymoron.

Bonus Lesson: If you want to discover whether a Manager is a “fiduciary” you need to look into their corporate “soul”, not just their numbers.

I've met with a number of people in the past year. Some who are experienced but out of work and others who are coming out of an MBA program and are looking to get into or back into the real estate industry. And on the subject of careers, last week I Googled Nori Gerardo Lietz of Partners Group to find her phone number. What I found in addition was a commencement address she gave to the Fall 2005 graduating class of the MIT Center for Real Estate. I found some of her comments particularly poignant as they resembled some of the things I have both believed in for myself and have counseled others on as well. I'd like to share these passages with you:

"As you evaluate career opportunities think about risk. Don’t accept the conventional wisdom of what are the “safe” jobs. The seemingly safest position today may actually far riskier than might be perceived by the “herd” mentality. What may be perceived as a “safe” job today, may not even exist in 10 years. Think of all the people who went to work for large financial institutions thinking they had a great career path in front of them and were merged out of a job. I’m not trying to be a pessimist, I’m suggesting that you try to identify ALL the potential risk factors and assign probabilities to them occurring.......

Don’t underestimate the importance of serendipity. Seemingly unimportant or random events can have profound impacts so you need to be open to them. I truly believe you have to be open to those serendipitous moments and go with your gut instincts just at that moment. These serendipitous moments can occur in a conversation, a chance meeting or the exchange of ideas that may at the time seem unimportant.......

Lastly, and I think most importantly, expect the unexpected from yourselves. Take risks. Risk is not a bad thing if you understand the risks you’re taking. Take the job opportunity in a place you never dreamed you go. Go to India. Go to Brazil. Go to China. Do something scary: take the assignment that you know absolutely nothing about, and neither does anyone else, and master it. Figure out how to become indispensable in the company for which you work. That’s the ultimate job security and risk mitigation. Become an entrepreneur. I started PCA when I was 31. I asked myself at the time, what’s the worst thing that could happen? The company might fail. That didn’t that mean I’d be a failure. I’d find another job. So can you. Push yourself to a place farther than you ever thought you could go.

Expect the unexpected from yourself and you never know what might happen."

So with that, I wish you all a Merry Christmas and Happy and Healthy New Year. We've all been through a tough year and it's likely that things are not going to change from gray to blue overnight as the we turn the calendar to January 1. But we can change our attitude about things and "Push ourselves to a place farther than we ever thought we could go". And, as always, I appreciate your support of this weekly column. Thanks a lot.




These are my views and not that of my employer.

Probitas Partners published an excellent white paper this week, "Real Estate Private Equity Fund Investing: Profound Changes for the Road Ahead." These are the primary trends they see:

• The real estate sector has not yet reached bottom and will not until perhaps late 2010 or early 2011, with capital markets “normalcy” returning perhaps by 2013.

• No new development will materialize in the foreseeable future.

• New acquisitions will occur at discounts to replacement cost, many at deep discounts depending on the physical condition of the assets and leasing.

• The downturn will be significantly deeper and worse than the 1980s/Resolution Trust Corporation (“RTC”) crisis; many fund sponsors will restructure or disappear. And like the RTC era, successful groups will persist and new groups will emerge, with some of the most successful teams taking full advantage of these market dislocations.

• Investors will return to an emphasis on fundamentals and a focus on operational expertise; initial strategies will include debt repurchases, asset rehabilitations, releasing, debt restructuring, acquisition of fund interests or general partnerships, etc.

• There will be attractive investment opportunities — in direct investments and secondaries —
but investors will need to focus on fundamental asset valuations and stable teams capable of executing on operational business plans to achieve the return potential, since this will take some time.


Another piece just published is in the current issue of "RICS Property World" magazine, Marc Louargand, of Saltash Partners writes in an article titled, "Are We There Yet?":

• The outlook for the near term is not better.
• We will again have a flat bottom for an extended period as we enter a period of mixed results.
• It could take as many as five years to regain the jobs lost to date.

Falling Cap Rate Scenario or Rising Cap Rate Scenario?

"It will likely be both. Persistent high cap rates for a period of at least 12 to 24 months, followed by cap rates falling on a relative basis to Treasuries. The initial phase of recovery will see few if any jobs created, thus investors will lack confidence that they will be able to fill empty space in the short run so that they will rely on in-place revenue and be subject to reduced leverage opportunities. At some point, however, the massive liquidity created by stimulus packages around the world will escape the liquidity trap and inflation will come roaring back. Monetary policy response will lead to higher reference rates from central bank actions or from investor pricing....So, after a period of persistently high cap rates investors will come back into the market in sufficient volume to put downward pressure on cap rates and force them to price inflation into their expectations rather than into the cap rate."

This kind of stuff definitely gives us food for thought but as with all input, it's up to us to absorb, ponder, inquire and come to our own conclusions. For the past 18 months or so, a number of long-term real estate investors have just decided to sit on the sidelines rather than venture out in uncharted waters. My question is: Will the sea be any calmer or more predictable in 2010 than it has been and who really knows the answer?

From what I hear, debt is back, in a big way. But then again, competition for 'good' properties has heated up also. Hmmmm. Are we back to 'things as usual?' Not quite and maybe not for a long time. Don't forget that the key to income producing real estate is.....income. And the way it looks, it's getting harder and harder to keep properties fully leased (or even leased enough to generate any cash flow). I don't think anyone really knows how things are going to begin shaking out in 2010 but I'm hearing from too many institutional investors that they can see themselves pretty much sitting on the sidelines through 2010 and are talking about 2011 as being the year they get back into new allocations to real estate. Having said that I also believe that there's still a lot of investors who are unhappy with how the managers of commingled funds have handled themselves and are looking at that structure with very critical eyes going forward. It seems that there may be more interest from investors in club deals (where they feel they will have more say at the table aka more control) or one-off transactions.

We have all paid tolls to cross bridges or go through tunnels. It could take us from one part of a city to another, across state lines or from one country to another. Tolls (apologies to the infrastructure investment community) don't go down: they go up, sometimes, as New Jersey did with it's Garden State Parkway and Turnpike, dramatically. And, while sometimes we pay tolls to go to and from work or school, or on holiday, the fact is is that there is always a price to pay to get from here to there. But, "there" may be a new job, a girlfriend, a new home. Or it could be that we are taking the bridge or tunnel to get away from our past or a life that has changed for the worse. Taking flight does not always involve boarding an airplane and today, in the United States, there are a lot of people who have run or are ready to run to the nearest bridge and tunnel and hope that there's something better on the other side. Even in our industry, with all the talk about hoping that 2009 would end so that we can get cross that bridge to 2010 when things will be 'back to normal' is popular talk. But I am here to report (sounds official doesn't it) that things in the institutional real estate world have and are changing right before our very eyes. And the changes are not minor nor are they temporary (whatever that means). Some investment management firms will disappear. Others will merge. Investors will be much slower to come back to the game than we'd all like to think and when they do they will be talking a different talk than before. Sometimes tolls require small change and those tolls are easier for us to accept but others, perhaps most tolls, require big change and those tolls cause us to mutter, "Whathfok." But change is what life is about and we can either choose to change or be left out in the cold or left behind, choose your saying. Sometimes, in the day to day effort to grab the brass ring or even to meet the goals (some reasonable, others unreasonable) that have been established for us to achieve, we do not take time to step back to actually see what is going on. But some folks that I speak to are big picture people and when you combine that attribute with them having been around the industry for a while it's worth listening and learning from them because even though the bridge we're all crossing may look like a bridge we're familiar with, it's a lot different.

Last week I had a real treat. A joined a group of friends from Real Capital Analytics to go see "Memphis" on Broadway. Charlie Williams, son of Steve Williams of RCA is in the show. First of all, the show is really fun. But it was especially special to see Charlie, dancing, singing and simply having the time of his life on that stage in front of a sold-out house. The proudness and joy that his Dad felt was something we could all feel as well. Your son on Broadway: Priceless!

Lots of us say we'd like to write a book. One of our industry friends did just that. Craig Thomas, formerly of Torto Wheaton Research and currently with PNCBank has recently released, "Econosphere." I've read it and really like it. Here's a random comment on the book on Amazon: "As someone who has read his share of economics books, I can tell you that its seldom if ever you can find a book on the subject as well written and entertaining as the Econosphere. Even more rare is a book that can be enjoyed by professional economists and economic newbies alike, but this is it. Craig has a natural gift for explaining complex issues in a clear, concise and engaging manner. Well done!!!" A nice holiday gift (for yourself or someone else) can be found here.

Getaway find of the week: Vacation rental in San Diego (La Jolla), California (72 and sunny all year 'round). Owned by a friend. Very special. Check it out here.


Photo: Rockefeller Center Tree






These are my views and not that of my employer.

On the Road with Kid Patience

My uncle had a nickname for me when I was very small. "Kid Patience." Now this is not as picturesque a nickname as Kid Gallavin (the boxer), "The Comeback Kid" (John Elway) or even "Kid Rock." But it definitely fit me then and for many years, given that Type A personality shows itself very early on, it was totally appropriate. But with a lot of hard work (which continues), I have discovered the importance of patience and the ability to engage patience in decision making. The tools that Type A rehabilitation offers are healthy ones, designed to help you avoid having a heart attack. But it's not easy to fight off those Type A demons that are trying to drag you into the whirlpool of time urgency, free-floating hostility and the like. Certain events in our lives suggest that action be taken. And most of the time, those instincts are probably right-it's just the 'when and what' that are key to the right decision on action. As the end of the year that most people want to forget rapidly approaches and people start thinking about their plans and goals for next year (I may have told you at some point that this idea of writing down one's goals really makes a difference) perhaps some of us are thinking about what changes we may want to see in our lives, whether it be work related, relationship related, money related, project related or dream related. But take it from "Kid Patience", the brilliant person who coined the phrase "Patience is a virtue" was 'dead-on balls accurate' (I watched part of "My Cousin Vinny" again last night) and "All we need is a little patience' (Guns 'n Roses) when considering important things in our lives.

Last night I attended the only holiday party that I get invited to hosted by Real Capital Analytics. It's really a great cross-section of the commercial real estate community. I got a chance to have some really good talks with JC Goldenstein (Creopoint.com), Marty Nass (CT Partners), Ed LaGrassa (Chilton Capital Management), Zoe Hughes (Private Equity Real Estate), Patric Dolan (Reed Midem), Susan Kane (RCA), . I was also introduced to the fellow who is heading up Bloomberg Real Estate (but he didn't have a business card). This is a great time of year and it's like an annual reunion of sorts. Quite a few folks mentioned how sorry they were to hear that my Dad had died and that they had been following that situation through this column. I don't think I've really grasped the enormity of no longer having any parents alive and that I am now the elder statesman of our family. But from what many of you have told me, it takes time (and patience) to get through this type of traumatic event. So thanks again to all of you for your support and good wishes. I appreciate you all very much.

Howard Forman is a friend in Montreal who I have known for the better part of a long time. He is a truly accomplished musician who spent a number of years in the shadows of the hit making machine in Muscle Shoals, Alabama as a highly sought after guitarist sideman. Howard's band, "The Groove Kings" has had some commercial success, particularly in Canada but their recently released CD, "Blood Red" is a 'killer.' Here's the haunting title track, "Blood Red." But the album as a whole is truly worth your time and support (and let's not forget to share this link with others who you know love music).






These are my thoughts and not that of my employer.

We're all "On the Road" to Somewhere

I heard an interesting speaker this week. She's Henry Kissinger's partner in their consulting business. I asked her a question: "In the past year what questions have your clients asked you that have been surprising?" After complimenting me on it being a good question the first thing she mentioned was that they get calls from their clients when the client has read some news on a wire service (she said there's one in particular that is really bad) and they want Kissinger to tell them if that info is correct. She said that the amount of unreliable (i.e. wrong) information that is floating around on the web and wire services is a bad thing (I agree that responsible journalism of any sort is an oxymoron).

She also talked about the global issue of "food security" (a country having enough food to feed it's population) and about a trend that was news to me of a foreign country buying farmland in another country to grow crops to export back to their homeland. She asked us to visualize how we'd feel about any country buying farmland in Iowa and putting a fence up around it. Clearly the issue of feeding humanity is big and sadly, as it seems it is with many big problems, there's a lot of talk and little action to prevent so many people, especially children from dying each day/week/month/year.

The more I think about it the more I'm sure: life is simply a series of decisions. Of course, when we're young, we don't get to make the decisions ourselves but it's not all that many years into our lives when we do start, if not making them, influencing them. Some are decisions on big things and some on small things although looking back some of the decisions I made on small things ended up having big impact (or consequences as it were) on my life. And throughout our lives, decisions keep putting themselves in front of us, sometimes when we least expect them. I've been thinking about my own decision-making process knowing that I have definitely made some bad ones and hoping to not repeat them. Sometimes I go off and just think, all by myself. Sometimes I will fold a paper in half the long way and make a list of the pros and cons (this actually is a good exercise especially when it's a career related decision). Sometimes I'll speak with people who I trust and who I know care about me. Sometimes I'll reach out to someone who I know has been through a similar situation and ask their advice (or at least have them relate their own experience). But no matter what the process and where you choose to get input (could be from books or a spiritual advisor as well) when it comes down to it, at the end of the day, the decision is yours to make.

Over the years, I've had ideas about things I wanted to do but for one reason or another, at that time in my life, I was not in a position to be able to do them, generally due to responsibilities. But then, as things evolve, or as time goes on, in some ways it seems we have more responsibility to ourselves than to anyone else. You also have to like yourself and make a decision that you have only one life to life and how you do it is up to you. But decisions are not easy...is anything these days? And things tend to get complicated (even if you try your best to Simplicate™). Sometimes getting away from things, the proverbial mountaintop, where it's just you and the earth and the sky is the answer. But too often, what seems to happen is that we just put our heads down and keep on with what we've been doing and push the decision off until it's too late or until we just give in and accept our lot in life. I guess it's all a matter of decisions and whether we want to have regrets about not doing something when it really becomes to late. I guess "in the end, the love you take is equal to the love you make." And it's up to each of us to love and respect ourselves because when the sands run out the only person we can look to and say 'shoulda done this or that' is the person we see every morning in the mirror.

Feedback: Someone wrote me about last week's column suggesting that it was insensitive to follow a paragraph about a friend committing suicide with content about real estate and other stuff as in a matter of fact way. I agree and apologize to anyone else who might have been disturbed by this.

Although I've lived in Napa, CA for more than 10 years I only really know three wine guys personally. They all make good stuff. After a tough year why not treat yourself to something special:

1. Whetstone Wine Cellars (http://www.whetstonewinecellars.com/index.htm)-Michelle & Jamey Whetstone

2. Larkin (http://www.larkinwines.com)-Sean Larkin

3. Patz & Hall (http://www.patzhall.com)-Donald Patz

Photo: Sean Felix's first 'piano.'

On the Road: California & Stevie D.

Stevie D. died a couple of weeks ago. Unless you've been a regular a The Fillmore in San Francisco in recent years (and even if you have been) you probably don't know Stevie D. I know him because he was my son Brian's roommate for two years when Brian's band OM Trio relocated from Talent, OR to the City by the Bay. They shared what was ambitiously referred to as a one-bedroom apartment in The Mission but the 'bedroom' was actually a closet with no window (which Stevie D had) and Brian slept in a part of the living room. The whole place wasn't any bigger than 1/3 of a NY subway car. But Bri was on the road a lot anyway in those days. Stevie D. was a hard worker who took interesting jobs because he liked them. He was huge into music and was a loyal friend to OM Trio. He was always upbeat and enjoying whatever moment he was in. I saw him over the years at various venues where we had a 'shot' tradition whenever we saw each other. It was always just a question of who was buying. When I heard the news I was frozen. Here's a kid (probably 30ish) who no one had ever seen down or sad and no one believed he was a closet depressed type of guy. No one yet knows if there was ever a history of suicide in his family and no one knows if there were any drugs involved (although he was not known as a user). No one seems to know much other than Stevie took his own life but we don't know if he was in his right mind at the time. Why do these kinds of things happen? He was so happy working The Fillmore. It's very, very sad. I'll be having a shot and toasting Stevie D.'s life. It's all so precious.

Will somebody please tell me what's going on? A friend of mine told me this week that she has tried to buy three properties from three different lenders and none of them have even returned her calls! These are (a) properties that have already been foreclosed on, (b) are in markets where the it will take a month of Sundays for the market to come back and (c) are residential (in a market where there are now and going to be more residential units on the market than there are corn stalks in a Kearney, Nebraska cornfield). So I don't get it. Something seems terribly wrong.

I found an article that gave me a great marketing idea. The article, It’s the Scent That Tickles the Memory, reports that only recently companies have begun assigning smells to everyday products: frangipani-scented sewing threads, tires that smell like roses. A paper soon to be published in the Journal of Consumer Research confirms the wisdom of this tactic, finding that scented products linger in the memory.

“The human memory for smell is very strong, and researchers have known all along that people remember smell. What we’re saying is, it’s not just the smell that people remember. It’s other things associated with the smell: the brand name, or the shape of the product’s box.” Maybe this can work with service marketing as well. So what I'm going to do is decide on a scent that I would like to be associated with. Not something where people will say, "You smell" or worse, "He smells" (or even worse not say something period) but rather something subtle, that doesn't get mentioned but could help me differentiate myself, in a positive way, from others in my field. Of course, the key is what scent will I be? So next time we run into each other, while I won't encourage a sniff test, you may find something about me that will make me unforgettable (for a reason other than some I've been unforgettable about in the past). Pretty interesting isn't it; human senses; human behavior.

Thank you: So many of you sent me beautiful emails about my Dad's death; I can't begin to tell you how much that meant to me. Thank you all for your support.