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Using Investor Relations to Maximize Equity Valuation
If a chief executive officer or chief financial officer wanted to hire an outside agency to help management more effectively interact with sell-side analysts, investment bankers, and portfolio managers, it would seem obvious that the best person to hire, especially if the shareholder implication of the decision were really thought through, would be someone who had senior-level, firsthand experience as a sell-side analyst, an investment banker, or portfolio manager. At least that’s our view, one that seemed obvious. Yet, almost every day, corporate America’s best management teams make the decision to put investor relations in the hands of professionals who don’t have the appropriate background.
Choosing the wrong investor relations support can add risk to the already risky business of dealing with Wall Street. After almost a decade of seeing corporate communication blunders that lose shareholders billions of dollars in value, we became convinced of the tremendous need for a more professional, strategic, and capable approach to IR.
Along with John Flanagan, our lawyer and founding partner, we started Integrated Corporate Relations in 1998 in a small office above an antiques store in Westport, Connecticut. We’d both been senior-level equity analysts on Wall Street and covered exciting industries while enjoying the opportunity to become experts on specific companies and industry sectors. Similar to most equity research analysts during the 1990s, we worked long hours under stressful conditions to be the go-to guys who knew the companies, the management teams, and the underlying fundamentals that would presumably move our stocks.
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