It’s still LP Meeting season in private equity and hedge fund land, and I keep running into basic errors.
Here’s Mistake #99: Not rehearsing together.
I just came back from a meeting in which the Founder spoke first, followed by the President of the firm. They had not rehearsed together.
The Founder had been planning to discuss the macro-economics of the horrible year past. Unfortunately, he also elaborated on various aspects of the investments in the portfolio.
When the President (the next speaker) reached the lectern, he had to do some quick thinking to rearrange his comments, since his fearless leader had stolen much of his thunder.
This was partly the Founder’s fault for changing his talk at the last minute; partly the President’s for not insisting on a joint rehearsal; and partly mine for rehearsing with them both privately and not anticipating the need to collaborate and coordinate.
The price they paid for this error was a low buzz of complaining about the length of the meeting and the repetition of information.
It could have been worse. Limited Partner Meetings are a key branding opportunity. If the teamwork between Founder and President isn’t seamless, what does it say about the decision-making process in the firm?
Could faulty teamwork lead to a much bigger mistake?
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