Kyle McQuighan, a high performing business development professional, makes an encore appearance on the podcast to talk about what he has learned since his January appearance.
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Guest - Kyle McQuighan
Host - Carl Grant
Producer - Seth Grant
Kyle McQuighan, a high performing business development professional, makes an encore appearance on the podcast to talk about what he has learned since his January appearance.
Join the Rainmakers Network on LinkedIn
Guest - Kyle McQuighan
Host - Carl Grant
Producer - Seth Grant
I'm here with Kyle McQuighan. Let's do that title again, Kyle. It's a mouthful. What is it? This strategic relationship manager,
Kyle McQuighan:Strategic relationship manager. Yeah, you got that Right.
Carl Grant:All right, I didn't want to say it wrong. So Kyle was back was on back in January, and was, you know, probably the youngest in his career person on the podcast, and my son who produces the podcast, Seth Grant, who's going to be listening to this, don't be embarrassed, I mentioned his name. Listen, and he said, you really should have Kyle back on, you should track his career and have him back on in six months or so. So it's been about six months, and figure out what he's learned. Because, you know, you're on that steep learning curve, where you're doing a lot of new stuff and innovating and, and so we covered back in January, the basics of relationship building, and, and all of the stuff that we both went back and listen to the podcast. So if you want to hear that old podcast, go back and listen to the January podcast with Kyle. But let's let's fast forward, it's been six months, a lot has changed in six months, Kyle, we were completely locked up in COVID mode six months ago, some of that is changing, not 100%. But you know, it's different in different parts of the country. So So talk about how things are looking in this new era, and how your what you've learned and what you're doing.
Kyle McQuighan:Sure. Thanks for having me back on Carl. And I appreciate that Seth found at least some of the content that I put out to be helpful. It felt elementary at the time recognizing I was preaching what the master IE you taught me to do when I first got into business development. But I am glad I was able to add some value, at least to some folks that listening to the podcast. So yeah, getting to your point about what I learned what's happened, I've got a few trends that I've picked up on over the last six months that have really dramatically impacted the way that I'm operating in a business development capacity for my firm. And the first thing I'd like to highlight, and I apologize for the Microsoft background, background noise there, try to mute my computer. Anyway, I would like to highlight that yeah, here at least in the Greater Washington DC region, the world is reopen, I went back to my first in person networking event, or I guess one of my first in person networking events last night. And the VC community, the entrepreneur, community, service providers, like myself and others were back out in full force, there had to have been three or 400 people out at this event last night. And my thesis was interesting in that I used to be out at every in person event before the pandemic. And now what I realized is honestly, last night was great, because I was able to see a lot of familiar faces that I've connected with over zoom in many calls during the pandemic, but I hadn't seen in person. However, in terms of net new relationships, I didn't really meet anybody, and I lost, not lost, it was still time well spent. But it took about 10 hours out of my day to get out to Virginia have a meeting or to go to the event, get home from the event spend time at it. And I didn't have a lot to show for it. Historically, in the pandemic, I always tried to set KPIs. In any event, I went to that if I'm going to go, I want to be at least two or three people that are very qualified in the communities where I spent time either as prospects or very uniquely involved as advisors in that community. And last night, I probably ran into at least 40 or 50 people that I know incredibly well. But in terms of net new relationships, I walked away with none. And it helped me realize that wow, in this environment, yes, I still need to get out I need to show face and see old friends and spend time but I do anticipate I will do a lot more from behind my keyboard moving forward. Because the productivity is significant. I can have a lot of calls and put out a lot of different emails and points of contact in an eight hour day behind my computer rather than a 10 hour day slogging around the Beltway, which at least here in the DC area tends to be pretty congested and filled with traffic.
Carl Grant:Hmm. So do you think you're deepend into any of those relationships by seeing them in person?
Kyle McQuighan:Yeah. And that's the thing that you just you can't get away from that point, right? The quality and the depth of relationship and the randomness of it. I ran into two folks that I hadn't seen in quite a while and we just talked about a few things and I was able to getting back to my fire podcast make two introductions for them that I do believe are likely to be pretty helpful. And had we not seen each other and just caught up about something completely off topic that somehow related to a company I know, those introductions never would have happened. So I'm not going to say I'm going to be sitting in my basement all the time. When I'm an extrovert. I just like being around people, but also, it's there's things that you can't take away from the randomness of the conversation when it's, you have no agenda, you're just running into someone you haven't seen in a while, and you kind of volleyball conversation and topics back and forth to each other. Instead of, again, the set, hey, let's connect for 30 minutes, boom, boom, in and out our business, no randomness, and you kind of lose some of that magic that you do get in person.
Carl Grant:Well, I had the opposite experience. When I went to an event. On Monday night of this week, I was invited by one of my new contacts in town, who was actually introduced to me by your old boss, Angie, Angie and he invited me to an event. I could I was I've been so busy Kyle, that I couldn't even get to the original invitation you sent me had to send it to me again. But I gotten an Uber on a Monday night and went downtown and, and he proceeded to start introducing me to people at the event, it was actually at an event, downtown Austin overlooking the state capitol, where they were welcoming a group from Raytheon, who's going to be moving here from the DC area. And some, so many people are new here to Austin, that I was meeting like the new head of the state Chamber of Commerce, who has only been here for four months. So he's new, right? The some of the people I met had just moved here in the last week or two. And so I was meeting lots of new people, lots of kind of connectors in the community, these Chamber of Commerce types are our major connectors. And they know a lot of business leaders. So I think it was very helpful to meet all of these folks, like the army futures command was there, I met some top generals from that. So maybe it's because I don't know as many people in this market, I thought it was helpful, I would have had a hard time getting to know all of those people through just email introductions, I might not have been email introduced to them. And I'm not taking the time to go down there.
Kyle McQuighan:Yeah, that's it. I Carl, I definitely agree with you on that. I, I've been to other events that have been highly worthwhile since the world's reopened a bit. And I think it's more a matter of going on unchartered territory where you aren't familiar, or you're not as deeply connected, or it's not an industry where you spend time, that way, you can kind of find that new, open world and new opportunity to actually meet and connect with new people versus if you walk into a room and you know, half of it, it's very hard to get out and get in meet new relationships, just because inevitably, you're going to go from one person to another, and not be able to work the room like you otherwise wouldn't necessarily want to. So I agree, I think getting out absolutely is still a key part of what I'll do. However, there will be a lot more focus and strategy behind. I phrase it this way, I'll be more selective on which events I go to looking for newer type relationships where I don't have as much of a network to continue to grow and expand on the people that I know.
Carl Grant:So I agree on all that I think about some of the zoom relationships I've developed. So I've I've developed some some friendships, you know, with in geography doesn't really matter. Because because there could be a New Jersey that can be in the Czech Republic, right? It's it really, technology breaks down all those barriers. But but will those relationships ever grow as deep as they would if I spend time doing something fun with these people. And I use an example of the networking events I've been doing here in Austin. As you know, I live on Lake Travis. So having access to a boat on my travels is huge. And so I bring people out on a boat, and I do a nautical networking event. And I've noticed as I've gone to other on on the land events where I've had a group of people out on the boat, I will go into that event. And I'll see that group of people that met on the boat, even though they know other people in that room. They they're standing there talking to those people that they bonded with on the boat, because it was a fun time. They were listening to music, they were having drinks and enjoying, like Travis. And so I think there's some magic in in doing these types of fun activities with people to deepen relationships. And people want to do business with people they like, and they know and they trust. thoughts.
Kyle McQuighan:That's right. And Carl, I completely agree with that as well. And it's funny that you're doing a boat thing, I too am actually doing a boat thing in September, I have a boat ride with a friend of mine, john Agra, the unicorn group.
Carl Grant:I know, Joe well.
Kyle McQuighan:Yeah. So we decided to put together a group of people that should all get to know each other. And there's no agenda. There's no purpose other than this is a group of highly curated people, many of which I've met in the pandemic and I also have not met in person but get out get 40 people together, drinks entertainment, talk, talk shop, get to know each other personally and just helped to really curate getting great people together that could potentially do business together or just have similar personal connections and the like, and that's where I'm also trying to be more strategic of taking that personal relationship. That I've met via zoom or on a phone call. And again, focus on if it's conveniently hobbies that I enjoy which Carl, I believe you share that that guidance with Seth on the beauty of business development. If you like paddleboarding, golfing, skiing, boating, you name it fishing, I've done all of these things with people, if you like doing that, and you can enjoy spending time with people and building a relationship around that, then you can get out and do that for your career. And you can do it with people that also enjoy it and you build that deeper bond because you do have the commonality of, for example, I took two CEOs out fishing on the bay for rockfish here in Maryland, about a month ago. And then we determined Hey, we should all go skiing somewhere in Colorado, this winter with our significant others. And again, maybe there's a business relationship there, maybe not. But the important thing is it's a very deep quality relationship. And by chance, I'm able to build it doing things that I personally enjoy doing in my spare time outside of work.
Carl Grant:I'm even doing something that I don't particularly enjoy to develop a relationship. I had lunch with the CEO, I think he's the CEO and founder of this, this company here in Austin that I think they just raised some outside money anyways, good prospects, people I want to get to know better. And, and there's so many people that are new to Texas that don't don't know about things that are kind of native to Texas, ie, like shooting guns and things of that nature. And, and so he's having an event out on some property where he's going to teach some of his his new new friends how to how to shoot, and they're going to do a dove hunting afternoon, and I don't, you know, I I learned how to shoot when I was in the military, for obvious reasons. And then I raised a son who is a big time Hunter. And so being the good dad, I learned how to do all that stuff and did it with him. I didn't particularly enjoy doing that it wasn't my thing. But I did it for him. And I enjoyed being with him. And and now you know, he's moved on and I but I still do have all those skills and have, you know, the necessary equipment for an event such as this. And I've, I've agreed to do it, like, I'm gonna go, I'm gonna go do this. Because I want to develop a deeper relationship with these guys, I can help some of these guys that don't know how to shoot a shotgun, do it not looking forward to killing dogs, but you know, I'll, I'll shoot up their their way. And I'll you know, enjoy that time with them. Because it'll be a bonding activity, they'll remember it forever, right? People have never done that. And and those guys will appreciate me coming out. So what are your thoughts about doing stuff you don't like?
Kyle McQuighan:Yeah, I mean, I'm one of those people that I'll try anything once. So if it's something that morally goes against my values, probably not. But something like going out and shooting I was I'm actually an Eagle Scout. So like you I learned how to shoot a gun. But I didn't actually spend much time doing it. After I kind of got out of the scouts. However, I have been invited out, not dove hunting, but just sporting clays shooting which bad I thoroughly enjoy doing. And I'm not saying I'm morally against hunting or dove hunting at all. But moreover, I'll try anything once if it's racquetball, which I'm not great at, or something like that, actually, I was invited out on a fox hunt on New Year's Day, like two or three years ago.
Carl Grant:And on horseback.
Kyle McQuighan:Yeah, so I can't ride a horse. But they, they had invited me to ride around and in their land rover or whatever it was on this Fox hunt. And you know, I enjoyed it. It was very different. I mean, you know, the whole were Scarlet and that whole culture around that. It's just fun for someone like me. I'm open to try anything once because I'm going to learn something. I'm just a very curious person. And I think that's a personality trait that makes anybody much like you, Carl, great and business development because you're willing to get out, put yourself out there, put yourself in a new place. And be curious, no one's expecting you to go out and be an absolute Rockstar at something you don't even know what it is or how to do it. But I think when you put yourself into trying something that someone else is personally very passionate about, it just creates an openness and a goodwill and a certain air that hey, this is a safe zone. This is a good guy we can trust this guy he's willing to try something out and we'll do it again. As long as it's legal and on good ground. I do I do. But you're not violate my moral compass. I'm
Carl Grant:speaking of safe zone. I'm such a bad shot the oves are pretty safe around e.
Kyle McQuighan:Exactly.
Carl Grant:I'm just going out there for the thing, you know, just to be be with those guys. So look, as we as we wrap up here this one so quick. any parting advice for listeners based on your learnings over the past six months? Yeah, actually, I do have a few thoughts on it, Carl and one I met so many more people because I wasn't going around the Beltway and getting to and from events. Inevitably I spent more time on the phone and working and what I learned is it's really hard to do at all and keep it all up in the air. So I'm not as good as I once was. As I used to be able to meet someone, I remember just about everything about them. Now in the zoom world, it's hard to remember everything plus you meet a ton more people. So I've learned the importance of keeping my CRM intact and updating it regularly. I've also learned the importance of using and developing tools that give you leverage and help you manage more relationships because it is hard to keep, keep growing, you know, more than a linear path when you are just one person doing one call at a time. So I've tried out new tools platform called venture raise most recently, which has been an outstanding platform, it's helped me get in front of new companies, it's also helped me put my VC network together and help connect new entrepreneurs to capital sources and the like, and do it very quickly, which has helped leverage the ability for me to get out and make even more relationships and deepen them very quickly. So I think that's the key thing is just as you continue to grow, if you're Junior like me and your BD career, at some point, there will be a point when, at least at this point, I take a day off, and I've got more emails that I can catch up on in two days. So figuring out what tools you can put in place and how to leverage your time and leverage it really well. To maximize the impact you have on everyone in your network be keeping a clean CRM, looking at tools like venture raise, etc. It's very important to do that and figure out how to scale efficiently and effectively as you grow. Great advice, Kyle Mc Quighan A d thanks for joining us today. f you like what you heard toda, please subscribe. Please ra e the podcast and share it wi h your friends on social medi