Lavonne Zdunich, Keyera Corp.
As we all know our President's, CEO's, CFO's or other SVP's time is extremely limited and therefore we must make the most of our roadshows. They should be efficient, effective, reasonably priced – and why not sprinkle a bit of fun on top? This is not difficult to accomplish if you are prepared. Below are five things to consider to help ensure you make the most of your roadshow. 
Setting Expectations – Not all Presidents are created equal and therefore you need to ensure that you are aligned on the expectations for the roadshow. For example, does a ‘day’ of meetings mean a jam-packed schedule from 8 a.m. to 5 p.m. plus a breakfast meeting and evening dinner? Days like this are for the ‘Energizer Bunny’ Presidents and, if this describes yours, you might want to pack energy bars to ensure that you make it through the day. You also need to establish how many days the roadshow will be. While some Presidents are comfortable out of the office for a week, others may have a two or three day maximum. Don't make assumptions; have the conversation with your President to ensure you are both on the same page.
Picking Your Broker – While each broker will promise you the moon, having a successful roadshow requires you to do your own due diligence. The bottom line is that you need good quality meetings and a full dance card. Consider how well known the broker is in the cities you are visiting. For example, does the broker have offices there? As well, consider the broker's view on your company. Does the broker understand your business? Does the broker have a ‘Buy’ recommendation on your stock? Remember, this is a marketing trip so the ideal broker should know your business and have a favourable view of your company. All in all, your best intel will likely come from conversations with fellow IROs, so pick up the phone or send an email to arrange a coffee. I guarantee IROs won't be shy to tell you about positive and negative marketing experiences.
Packing the Emergency Kit – You won't know its value until you need it, which I guarantee will happen eventually. I strongly suggest your emergency kit should include: an electronic copy of your presentation on a memory stick, just in case you need to reprint; a handful of presentations just in case yours don't show up where they are supposed to be; a Tide pen just in case your President spills coffee or soup or whatever on his dress shirt; local currency for cash-only transactions such as cabs; and snacks in case your President doesn't have an opportunity to eat during the day and begins to fade. While you may think I'm kidding, I'm not. Who wants meetings without presentations or handouts, a President with a dirty shirt, no money to pay the taxi cab driver, or a President struggling to stay awake? Another helpful tip is to have a complete itinerary of the roadshow so you can answer all questions the President will ask about the flights, car arrangements, hotel reservations, meeting schedules and plans for dinner. Yes, you've sent it to him or her but they are busy people and likely have not even opened your email.
Reducing your Costs – Organizations continue to be pressured to cut G&A…and investor relations costs are no exception. Over the years, I've learned a few tips and tricks to help reduce roadshow costs. First, consider having your broker print your presentations. Coloured presentations are expensive and heavy to ship or carry so why not ask the broker to print them for you. Brokers are usually happy to provide this service if you ask. Secondly, consider a ‘reverse’ roadshow, where investors come to you rather than you going to them. A broker may bring a group through your office or you may go to one central destination where investors from a number of different cities come to you. This method has been gaining popularity in the past couple of years as it not only reduces your travel costs but also improves your roadshow's efficiency by providing more time for meetings, given less travel time.
Sprinkling Fun on Top – As I mentioned earlier, not all CEOs are created equal so what is fun for one may not be fun for another. Fun can mean an afternoon workout, dining in a great restaurant, attending a sporting event, visiting a popular tourist attraction or simply having the time to meet up with family or friends in a city you are visiting. Get to know your President and weave a bit of fun into the trip. The little things can make the road seem enjoyable rather than a grind.
For an IRO, a botched roadshow can be a career-limiting move but this can easily be avoided by: setting expectations early; picking the right broker; planning a well organized trip; and having that emergency kit on hand. Sprinkle a little fun on top and you won't have trouble getting your President on the road again!
Lavonne Zdunich is a Chartered Accountant with over 20 years of finance and investor relations experience in Calgary and abroad. She is currently the Director of Investor Relations and Communications at Keyera Corp. in Calgary, Alberta.