5.0   M&A: How to Achieve Sane and Successful Mergers and Acquisitions

… by NetSudsers Gary Dion and Susan Follett, Co-Principals, SugarCubed, Inc., specializing in large-scale change management to achieve product delivery performance. Services include due diligence, merger integration, accelerating operational performance, and project recovery. Contact the authors at 503.579.4735 or either Gary.Dion@SugarC.com or Susan.Follett@SugarC.com.

M&A is a central element of growth strategies for today’s companies who seek market leadership. Despite the importance of M&A:

·    70 to 80% of companies that make acquisitions are not satisfied with their outcomes.

·    Approximately 50% of all acquisitions actually damage the original company.

·    Many turnarounds become necessary when M&A goes bad. Frequently, these fail as well.

What accounts for this dismal success rate? There are a variety of possible contributing factors, including lack of leadership, ineffective due diligence, lack of a plan for merger integration, and failures of execution. To look at any one of these alone, though, is to look at the problem much as the blind men who describe an elephant from their various perspectives.

Just as each of the blind men is correct in his description of part of the elephant, each of these contributing factors is part of the answer. Also, just as the blind men individually fail to understand the elephant, achieving sane and successful mergers and acquisitions requires a big-picture approach.

An article in the McKinsey Quarterly, 2001, issue 4, asserts that “A failure to focus on revenue may explain why so many mergers don’t succeed.” Revenue is the essential ingredient for growth, and growth is the overarching goal of most acquisitions.

What does a revenue focus mean?

Any focus on revenue, whether in times of acquisition or not, must have at its core a focus on product operations – the functional organizations that deliver the products on which the company’s revenue is based. These organizations typically include: product management, marketing, engineering/development, engineering services, and customer services and support.

Despite the criticality of product operations, the focus of M&A is frequently skewed to financial and legal considerations of the deal itself. The assumption is often made that organization, process, technology, and culture integration can wait until the transaction is complete. However, when due diligence and negotiation are not based on a thorough understanding of product operations, results can be disastrous.

Furthermore, merger integration is often limited to corporate systems and processes where cost efficiencies are anticipated. Neglect of product operations at this stage is counter-intuitive, considering that the vast majority of acquisitions are initiated to achieve growth – by accelerating expansion of the product portfolio, entering new markets, or increasing share and revenue from existing markets.

What tools are required to support a revenue focus?

Revenue-focused mergers and acquisitions – those that achieve corporate growth – require two things that organizations such as Intel Capital are beginning to understand and adopt:

·    A well-managed M&A life cycle process

·    A methodology that ensures proper attention to product operations – the revenue-producing engine of the company

Experience has taught such companies two key lessons:

1. The time required to attain the desired operational capability and ROI is as, if not more, important than how long it takes to complete the deal.
2. Failure to invest in M&A process and methodology ultimately costs more – in expensive corrective action efforts and diminished ROI.

Those companies who have yet to understand the importance of a well-managed M&A life cycle process grounded in a methodology that ensures thorough inspection of product operational capability will likely suffer repeated dissatisfaction with acquisition outcomes.

As John Dryden, seventeenth-century English poet and dramatist, so eloquently put it, “Insanity is doing the same thing over and over again and expecting different results.” Dryden’s view applies no less to M&A.

Still not convinced?

Still skeptical? Do any of these describe your company’s M&A experience?

·    This isn’t our first acquisition. But each time one comes up, we find ourselves scrambling to pull together a due diligence team. And we never seem to catch up.

·    After the deal, the “secrets” come out. That’s when we discover the real issues.

·    The acquired company’s chief architect, who seemed like such a nice guy, is now stymieing the effort to produce an integrated product portfolio.

·    Our cultures and processes are so different. It’s been 18 months, and we still can’t work together.

·    The product architectures are incompatible, and we can’t agree on an approach to fix this.

·    On first examination, the company we acquired looked really good. But they can’t deliver to plan, and customer issues keep derailing us.

·    We keep shifting our key people to the new organization. Now we’re putting our own delivery and market commitments at risk.

What does a well-managed M&A life cycle process include?

An efficient and repeatable M&A life cycle process ensures requirements-based action and criteria-based decision-making at key stages that should include: strategic planning, candidate development, due diligence, integration planning, negotiation, and integration.

1. Strategic Planning

Strategic planning yields an acquisition strategy that includes business objectives, requirements, and value drivers for an acquisition.

This stage allows for acquisition strategies to be developed within the context of the company’s overall business planning process. The acquisition strategy should support business vision and objectives and the growth and market strategy. Along with strategies for internal product development and alliances/partnerships, the acquisition strategy should be an integral component of the corporation’s investment strategy.

2. Candidate Development

Driven by the acquisition strategy, the candidate development stage identifies one or more acquisitions to be pursued.

Target selection requires comparison of candidates in terms of expected ROI; anticipated obstacles, complexities, issues, and risks; intangibles; and an initial understanding of merger integration requirements. In this stage, preliminary due diligence examines broad business, market, financial, and legal considerations. For agreed upon targets, preliminary deal communications and negotiations are conducted.

3. Due Diligence

Due diligence seeks specific, comprehensive knowledge of the candidate’s business, systems, people, processes and tools, products and technology, culture, markets, customers, suppliers, and overall performance capability, for use in guiding negotiation and integration.

The focus of due diligence should be uncovering issues, determining whether or not they are deal killers, and, if not, developing a plan to address them during negotiations and after deal completion. To assist, a gap analysis is performed to assess “what is” against “what is needed.” Recommendations for deal decision-making, terms, and corrective actions are provided to stakeholders and the negotiation team.

A methodology for ensuring a thorough inspection of product operational capability is an essential tool in the due diligence assessment process. (See “What does an operational assessment and integration methodology offer?”)

4. Integration Planning

Guided by the findings of due diligence, the integration planning stage yields a roadmap for achieving the required post-integration business model and associated ROI.

The integration plan addresses all key performance areas, identifying corrective or risk mitigation actions for each gap discovered during due diligence. A core integration team is chartered to develop the plan and lead the integration. The plan may be phased, based on business strategy and priorities, and should include measures of progress, completion, and value. Buy-in from executive management and major stakeholders is essential.

5. Negotiation

The negotiation stage is based on information from strategic planning and due diligence.

Terms of the deal must be defined so as to ensure that business and acquisition objectives, requirements, and value drivers can be achieved. In doing so, priority must be placed on the operational considerations (including people, organization, process, tools, and culture) that are essential for successful integration and ROI.

6. Integration

The integration stage is managed by the core integration team chartered during integration planning.

As the integration plan is executed, regular and consistent measurement of progress, management of issues and risks, and information flow to executive management and stakeholders are essential. Along the way, shifts in business, market, product, or technological strategies may necessitate changes to the plan and must be managed. A post-project review assesses success and identifies process improvement recommendations.

What does an operational assessment and integration methodology offer?

Although problems are not entirely avoidable, the key is uncovering issues early and developing a plan to address them. Therefore, the most successful mergers and acquisitions are guided by a methodology that ensures a comprehensive and thorough inspection of product operational capability.

In our work with companies such as Intel, we use a methodology that:

·    Prescribes a process for preparing for and conducting due diligence and managing findings during negotiation and integration

·    Includes a generic set of performance indicators that can be tailored based on the nature of the deal at hand

The generic performance indicators cover these high-level categories of product operations:

·    Business purpose and market strategy

·    Product and technology

·    Management, leadership, and culture

·    Business operation and organization structure

·    Personnel, expertise, and functional capability

·    Product planning, development, delivery, and support processes and practices

The tailored set of performance indicators is used to generate criteria that define exactly what aspects of the candidate’s operation must be in place for a successful integration and return on investment. These criteria drive interviewing, investigation, and gap analysis during due diligence.

What’s the bottom line?

The most successful mergers and acquisitions are guided – from initial planning through merger integration – by a well-managed life cycle process and a methodology that ensure:

·    Comprehensive and thorough inspection of all aspects of the product technology and operation to be acquired and integrated

·    Decision-making and execution based on an integration plan that directly supports business strategy, objectives, and priorities

·    Early discovery and management of operational and technological issues and risks

In M&A, the “invest now, or pay much more later on” principle is especially true. A sound investment in life cycle and methodology ensures the least disruption to product delivery and sales operations following the transaction. This attention to revenue affords the greatest likelihood of efficiently and expeditiously achieving desired ROI from acquisitions. It’s a formula for sanity and success in M&A.

6.0   Software Cooperatives - A New Paradigm For Rapid, Cost-Effective Development

A group of Twin Cities-based corporations have instituted a new paradigm in the development of software - sharing!  Project Avalanche has become a reality.  For details, visit www.avalanche.coop.  With the legal expertise of the Dorsey & Whitney law firm and a commitment from several large corporation CIOs, the Avalanche Co-Op is setting a model for software development and sharing worldwide.

The bad news - I'm not going to write too much about it here.

The good news - come to the next NetSuds Evening Gathering on June 7 or the Minnesota VC Conference on June 8 and you'll meet the people making it happen.  Details will follow soon!

7.0  National Association of Seed and Venture Funds

A great resource for entrepreneurs, technologists and investors has to be the NASVF weekly newsletter.  See the April 29, 2004 edition below and subscribe at www.nasvf.org. 

NASVF NetNews - April 29, 2004
The electronic newsletter of the National Association of Seed and Venture Funds
Editor: glipper@nasvf.org  

(Please scroll down for the full story)
-- Venture Capital Stays the Course in Q1 with $4.6 Billion Invested
-- First Quarter Venture Investments Up, Down and All Around
-- Venture Capital Funds Start Flowing Freely Again
-- San Diego Angels Lend Financial Wings to Entrepreneurs Needing Cash
-- Silicon Valley Dons a Brave Face, Despite Worries
-- Venture Capitalists Bet on Tried, True Entrepreneurs
-- IPOs: Comeback Is Relative
-- University of Texas Tries New Model with Latest Licensing Deal
-- Crisis Pending as Patents Pile Up
-- Rich to Get Richer if Google Goes Public
-- Scripps' Research Contract Raises Questions for Florida
-- Cigna Spurns New Jersey to Remain in Philadelphia
-- Missouri House Passes Tax Breaks to Encourage Business Growth
-- Banks Support Western Michigan Biotech Initiative
-- New Head of Massachusetts Biotech Council to Take on Drug Price Controls
-- Biotech Firms Are Regaining Allure
-- Rendell Promotes Economic Package to Indiana, PA Audience
-- Finance for First-Timers
-- University of Washington Wins Venture Capital Investment Competition Championship
-- Where the Job Market Is Headed
-- Research R&D Tax Help Could Be Lost
-- Seminars & Conferences
___________________________________________________
Venture Capital Stays the Course in Q1 with $4.6 Billion Invested

Venture capital kept up a steady pace in the first three months of the year. Investments in the first quarter of 2004 totaled $4.6 billion going into 618 companies according to the PricewaterhouseCoopers/Thomson VentureEconomics/National Venture Capital Association MoneyTree Survey. The figure is below the $5.2 billion invested in the fourth quarter of 2003, but above the same period last year when investments in Q1 2003 totaled $4.2 billion:
http://www.nasvf.org/web/allpress.nsf/pages/8860

Ann Grimes of the Wall Street Journal observes that the industry, looking to capitalize on a more-receptive investment climate, is pouring more dollars into later-stage start-up businesses that have weathered the technology downturn -- aiming to position these companies for a public debut or sale:
http://www.nasvf.org/web/allpress.nsf/pages/8834
___________________________________________________
First Quarter Venture Investments Up, Down and All Around

Geography generally determines whether first quarter venture capital investments represent an upturn, a disappointment or a continuing challenge for local entrepreneurs across the country. We compile a list of headlines and highlights across the country:

Robert Weisman of the Boston Globe notes a decline in New England: http://www.nasvf.org/web/allpress.nsf/pages/8837
Mike Blahink in the Minneapolis Star Tribune: 'slows to a trickle': http://www.nasvf.org/web/allpress.nsf/pages/8839
'Dallas pool shrinks,' writes Vikas Bajaj in the Dallas Morning News: http://www.nasvf.org/web/allpress.nsf/pages/8840
It's 'Scarce in Utah' according to Mike Gorrell in the Salt Lake Tribune: http://www.nasvf.org/web/allpress.nsf/pages/8841
But Washington 'Bucks the Trend' reports Tricia Duryee of the Seattle Times: http://www.nasvf.org/web/allpress.nsf/pages/8842
Jane Larson of the Arizona Republic notes 'Arizona Sees Progress': http://www.nasvf.org/web/allpress.nsf/pages/8844
'Big Deals Triple Connecticut Investments' - Stacy Wong in the Hartford Courant: http://www.nasvf.org/web/allpress.nsf/pages/8845
'Signs of Recovery notes Christopher Boyd of the Orlando Sentinel: http://www.nasvf.org/web/allpress.nsf/pages/8847
'Fewer Deals, Less Money' writes David Ranii in the Raleigh News & Observer: http://www.nasvf.org/web/allpress.nsf/pages/8849
And a 'Slight Shrinkage' is observed by Getahn Ward of the Tennessean: http://www.nasvf.org/web/allpress.nsf/pages/8850
'IPOs picked up activity in S. California writes the LA Times' Josh Friedman: http://www.nasvf.org/web/allpress.nsf/pages/8851
A '43% Decline' is noted by Roger Fillion of the Rocky Mountain News: http://www.nasvf.org/web/allpress.nsf/pages/8852
But a 40% 'Infusion for Startups' pens the Austin Statesman's Lori Hawkins: http://www.nasvf.org/web/allpress.nsf/pages/8853
San Diego 'Awakens from Slumber, reports Bruce Bigelow in Union Tribune: http://www.nasvf.org/web/allpress.nsf/pages/8854
'Bay Area Rebound Stalls' writes George Avalos in the Contra Costa Times: http://www.nasvf.org/web/allpress.nsf/pages/8863
___________________________________________________
Venture Capital Funds Start Flowing Freely Again

Venture-capital firms, crucial players in the tech industry's growth, are finally in a spending mood again. VCs pumped $5.1 billion into start-ups in the first quarter, says an industry report out Monday. It was the first time quarterly investing topped $5 billion in nearly two years, reports Jim Hopkins in USA Today. Plus, it was the fourth consecutive stretch of quarter-over-quarter gains, says the VentureOne and Ernst & Young report:
http://www.nasvf.org/web/allpress.nsf/pages/8824

John Shinal of the San Francisco Chronicle notes that venture capitalists and other private investors opened their checkbooks wide during the first quarter, much to the benefit of young Bay Area companies:
http://www.nasvf.org/web/allpress.nsf/pages/8827
___________________________________________________
San Diego Angels Lend Financial Wings to Entrepreneurs Needing Cash

Since 1997, the Southern California Tech Coast Angels, whose membership stretches from Los Angeles to San Diego, have invested more than$45 million in more than 60 companies, writes Terri Somers of the San Diego Union Tribune. Angels have traditionally been the largest source of seed and startup capital in the United States. A total of 42,000 entrepreneurial ventures received angel funding last year,a 16 percent increase from 2002:
http://www.nasvf.org/web/allpress.nsf/pages/8832
___________________________________________________
Silicon Valley Dons a Brave Face, Despite Worries

Officially, Silicon Valley leaders are upbeat about globalization. Behind the scenes, however, many of them fret that the cradle of the information technology revolution will soon have to scramble to keep up with global competition. They may not be fretting enough, writes, S.L. Bachman, author of "Globalization in the San Francisco Bay Area":
http://www.nasvf.org/web/allpress.nsf/pages/8864
___________________________________________________
Venture Capitalists Bet on Tried, True Entrepreneurs

In a business environment that has pushed venture capital standards to a new high, only proven entrepreneurs are getting funded. "Three or four years ago, venture capitalists had much higher risk tolerance," says Bob Dorf, general partner at 1 to 1 Venture Partners in Stamford, Conn. Ann Meyer of the Chicago Tribune explores the trend, particularly in relation to the Midwest:
http://www.nasvf.org/web/allpress.nsf/pages/8826
___________________________________________________
IPOs: Comeback Is Relative

In the first quarter of this year, venture capitalists reaped $2.72 billion from IPOs. That's more than all of 2003 and the most in one quarter since the heady days of 2000. Such top line numbers sound like just the cure to the valley's three-year IPO funk. But a look at the numbers tells a more mixed story, writes Sarah Lacy of the San Jose Business Journal:
http://www.nasvf.org/web/allpress.nsf/pages/8830.
___________________________________________________
University of Texas Tries New Model with Latest Licensing Deal

The University of Texas is taking a fresh approach to its latest technology deal. Rather than signing a deal to allow a startup to license its technology, the university, for the first time, is forming a partnership with the company, biotechnology firm Entercel, reports Rebuka Rayasam in the Austin American Statesman:
http://www.nasvf.org/web/allpress.nsf/pages/8818
___________________________________________________
Crisis Pending as Patents Pile Up

Americans have always been inventive, but only lately has our fixation with patents grown to toxic proportions, according to a new study from the National Research Council. Compared to previous decades, patents are now more zealously sought, vigorously asserted and aggressively enforced, the report said. Jon Van of the Chicago Tribune writes that each year the U.S. Patent and Trademark Office gets some 300,000 patent applications:
http://www.nasvf.org/web/allpress.nsf/pages/8816

And Mike Himowitz of the Baltimore Sun observes that since early 1990s, the Patent and Trademark Office has been handing out patents for a wide variety of "business processes" that involve no inventions, or even specific software, but applications of real world practices. In fact, behind almost every new technology there's a patent, and armies of lawyers fighting over them. Patents have become a critical commercial tool - largely to shut out the competition, but just as often to extort money from the weak:
http://www.nasvf.org/web/allpress.nsf/pages/8821

And Jason Gertzen of the Milwaukee Journal Sentinel notes that thousands of innovations, including medical treatments, may fail to reach the market unless U.S. patent officials get help with a flood of applications:
http://www.nasvf.org/web/allpress.nsf/pages/8846
___________________________________________________
Rich to Get Richer if Google Goes Public

The question of if and when Google, the world's most popular search engine, might finally proceed with an initial offering of shares to the public has captivated Silicon Valley in recent days. That is because it nears a deadline this week to provide a financial disclosure document required under the 1934 securities law. Gary Rivlin of the New York Times reports that the company has not declared its intentions, but Google is the most anticipated public offering since the dot-com bubble burst four years ago:
http://www.nasvf.org/web/allpress.nsf/pages/8820
___________________________________________________
Scripps' Research Contract Raises Questions for Florida

Although state officials have been wooing bioscience firms to Florida to work with The Scripps Research Institute, about half of the biomedical discoveries by Scripps' scientists go to a giant Swiss pharmaceutical firm. Under a contract with Scripps, Novartis AG gets first crack at licensing up to 47 percent of the drug research coming out of Scripps' La Jolla, Calif., laboratory each year. Stephen Pounds explores whether Novatis also gets first claim on discoveries made in Florida, as well:
http://www.nasvf.org/web/allpress.nsf/pages/8819
___________________________________________________
Cigna Spurns New Jersey to Remain in Philadelphia

Cigna Corp., spurning an offer to move to Camden said to be worth $100 million, said yesterday that it would keep its corporate headquarters at Two Liberty Place in Philadelphia. Henry J. Holcomb of the Philadelphia Inquirer writes that the decision by the health insurer keeps 1,500 jobs in the city and brings to an end a year of worry about potentially huge jobs losses:
http://www.nasvf.org/web/allpress.nsf/pages/8838
___________________________________________________
Missouri House Passes Tax Breaks to Encourage Business Growth

A Missouri economic development bill drew fire from across the political spectrum Thursday before gaining final approval in the House. The measure would make it easier for cities to set up "enterprise zones" and give tax breaks to new and expanding businesses, writes Virginia Young for the St. Louis Post Dispatch:
http://www.nasvf.org/web/allpress.nsf/pages/8811
___________________________________________________
Banks Support Western Michigan Biotech Initiative

The Kalamazoo Gazette reports that eleven banks are joining together under a new initiative to boost the area's emerging life-sciences sector and to foster more growth. The consortium is the first of its type in the state, and possibly in the nation. It's unusual because bankers typically regard startup businesses with great caution, although financial services are key to ensuring the startups' success.:
http://www.nasvf.org/web/allpress.nsf/pages/8861
___________________________________________________
New Head of Massachusetts Biotech Council to Take on Drug Price Controls

Una S. Ryan, set to become the new chair of the Massachusetts Biotechnology Council at its annual meeting today, spoke with Globe reporter Ross Kerber last week about the future of the industry and the trade group:
http://www.nasvf.org/web/allpress.nsf/pages/8833
___________________________________________________
Biotech Firms Are Regaining Allure

After several tough years, interest in biotechnology companies is starting to heat up on Wall Street and among venture capitalists, industry officials say. That could help Arizona's small biotech companies, which are seen as a linchpin in high-tech economic growth in the state but needing cash to develop products and markets. David Wichner of the Arizona Daily Star reports:
http://www.nasvf.org/web/allpress.nsf/pages/8807
___________________________________________________
Rendell Promotes Economic Package to Indiana, PA Audience

Pennsylvania Governor Ed Rendell brought his rolling executive office bus to Indiana, PA. to tout the recently signed-into-law package of grants, loans and guarantees that is his economic stimulus package. "Why did we do this?" Rendell rhetorically asked. "Patching our economy no longer was good enough -- we needed to jumpstart the economy," Rendell answered. Rick Stouffer of the Pittsburgh Tribune Review reports:
http://www.nasvf.org/web/allpress.nsf/pages/8805
___________________________________________________
Finance for First-Timers

Recent economic news is mixed. Unemployment is up, but new jobs are being created. IPOs are being completed, but fledgling companies still are scrambling for cash. Lawrence Gennari of the Boston Business Journal writes that for first-time entrepreneurs, the task is particularly daunting, and many business founders who lack a proven "track record" are looking for answers:
http://www.nasvf.org/web/allpress.nsf/pages/8804
___________________________________________________
University of Washington Wins Venture Capital Investment Competition Championship

The University of Washington edged out seven other top programs for national bragging rights and $15,000 in prize money at the 2004 VCIC® (Venture Capital Investment Competition) national championship April 15-17 at The University of North Carolina's Business School. The University of Pennsylvania's Wharton School won second place; the MIT Sloan School of Management took third; and the University of Virginia's Darden School received the Entrepreneur's Choice award:
http://www.nasvf.org/web/allpress.nsf/pages/8831
___________________________________________________
Where the Job Market Is Headed

It was a nice, headline-grabbing statistic when the U.S. economy added 308,000 jobs in March, but the future growth of the job market is likely to hinge on three factors: venture capital, small businesses and optimism. There are mildly encouraging signs in all three areas, writes Dave Murphy for the San Francisco Chronicle:
http://www.nasvf.org/web/allpress.nsf/pages/8817
___________________________________________________
Research R&D Tax Help Could Be Lost

Congressman Robert Matsui joined the semiconductor industry, the U.S. Chamber of Commerce and others in warning that the economy could be weakened if Congress fails to extend a federal tax credit for research and development, reports David Whitney in the Sacramento Bee:
http://www.nasvf.org/web/allpress.nsf/pages/8812
___________________________________________________
Investor and Entrepreneur Seminars & Conferences

Salt Lake City, UT
November 10-12 - Annual Conference of the National Association of Seed & Venture Funds
Save the dates: More details shortly

St. Louis, MO
May 3-5, 2004
BIO Mid-America VentureForum
http://www.bio.org/midamerica

St. Louis, MO
May 5-6 - InvestMidwest Venture Capital Forum
http://www.investmidwestforum.com

Indianapolis, IN
May 5-6 - Indiana Venture Conference
http://www.indianaventureconference.org

Albuquerque, NM
May 11-12 - Technology Ventures Corp. 11th Annual Equity Capital Symposium
http://www.techventures.org/NewMenuTechVentures/TVCNM/NMSymposium/NMsymposium.htm

Golden, CO
May 18-19 - NREL Technology Day
http://www.nrel.gov/technologytransfer/tech_day.html

Woodinville, WA
June 4 - 4th Annual Northwest Venture All Stars
http://www.ventureallstars.com

Minneapolis, MN
June 7-8 - Annual Minnesota Venture Capital Conference
http://www.mnvcc.com

Minneapolis, MN
June 9 - Annual Minnesota M&A Conference
http://www.mnmac.com

Ann Arbor, MI
June 15-16 - 23rd Annual Michigan Growth Capital Symposium
http://www.MichiganGCS.com

Houston, TX
July 29 - 2004 Nano Summit Conference
http://www.nanotechfoundation.org/events/ticket.php4

8.0  Guest Writers for This Report

I have opened up the Monthly NetSuds Report to guest writers. If you have a passion for a topic, and you can write (at least no worse than me), send an email to me matt@netsuds.com.  You can even send copies of your work.  It needs to be on "com and .com" topics and can include entrepreneur/investor activities.  Good information from our service providers and vendors is also welcome so long as it is not a "commercial" for any one company or individual.

If you are aware of others who would like to receive the NetSuds Report, ask them to visit http://www.netsuds.net/mail.htm to subscribe or unsubscribe.

Please send your comments and feedback regarding this issue of the NetSuds Report to matt@netsuds.com.

Matt Noah

980 Lake Susan Hills Drive
Chanhassen, MN  55317

612.605.5252
fax:  612.677.3934
matt@netsuds.com

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