5-3-13
by Erica Pefferman
Here we find ourselves. Two failed attempts to buy a station and no idea on what to do next. So, what do I do when I find myself in that spot? I pouted, I got mad, and then I went to look for the next possible option. In case you haven?t been able to tell, I?m not one to take no for an answer. When I hear ?No?, I actually interpret that as ?Not yet.?
Here?s how the last and latest chapter has gone. After finding out that we didn?t get the bid on the second station offer, I immediately called my FCC attorney to determine what choices we had. Here is what it amounted to:
? Bidding on a station in an auction. After researching this, I quickly found out that there hadn?t been a station listed in an auction within hours of my home in several years. And, the potential of that happening anytime in the next few years was completely unknown.
? There were creative options about AM stations, FM translators, etc? but they didn?t fit in to what I wanted to do.
? No stations locally were likely to be able to be bought as there were two dominant ownership groups that had bought them all when multiples were extremely high and weren?t likely to sell off any of their stations anytime soon. They?d never get out of them what was owed on them if they broke them up. Holding out for selling them as clusters was the only thing they could do.
? Any independent and remotely locally owned stations seemed to be held for the most part by second generation broadcasters that were ambivalent at best about broadcast but held huge opinions of their extremely underperforming station?s value or were unwilling to sell.
? And, finally?moving to another city to buy a station. There were certainly more options out of our area, but how did I reconcile that with my family dynamic with multiple sets of parents and 5 children that deserved having all their parents in their lives at all times? This has been a struggle.
I?ve had some very talented and kind people offer me advice as I?ve written this series of articles. One such person told me very plainly?if you love this as you say you do, you?ll move to make this happen. They have pressed this point over and over. Finally, I had to agree with them but only with a compromise. I drew a five hour radius from my children?s father and my stepson and made that the limit of my search field. I would compromise, but I wouldn?t go past that point. Even if it meant not having my dream happen for another 13 years.
I have finally admitted that I have been beat. At least for now. I?m mad at the big companies that through consolidation have made it nearly impossible for the independent owner to get involved in any decent markets unless they have millions at their disposal to buy entire clusters at inflated prices.
I?m frustrated with the FCC who has decided that it?s wise to no longer allow new construction permits.
I?ve also learned that being a woman or a minority really does little to help you when you want to buy a new station. Many people are under the false impression that money is just waiting in bags for you if you are a woman or a minority. That?s simply not true. I?ve looked for them! However, what is available is a great step in the right direction. The MIW, NAB and the RAB have done their part by providing programs for training and preparation that are specifically geared to helping women. The MIW?s mentoring program, the NAB?s Broadcast Leadership Training program and the RAB?s Rising Through the Ranks program are great places to gain knowledge and preparation. But, even with all of that, they cannot make stations available for purchase.
Bottom line: I?ve no shortage of funds which everyone said would be the hardest part. I?ve found a shortage of stations available for purchase in a way that makes sense to us. Ultimately, I?ll have to leave our home, move my children, and uproot my entire family in order to chase my dream of ownership.
Truthfully, I have a hard time pulling the trigger on this decision. At what point do I decide enough is enough?
Is it the end of the journey? Definitely not. Is it a pause of indeterminately long length? Definitely.
This is probably the last article in this series for a while. I?ve nothing new to tell. I?m sorry it hasn?t had a happy ending yet. I genuinely hope and feel that it will someday, but I don?t know when that day will be. In the meantime, please feel free to send me your thoughts, your questions, your advice and even your encouragement. I?ve been blessed to receive all of that since this series has started, and it means more to me than I can say. I save every email, and I answer each one. I thoughtfully consider the position of each person.
I know I have a lot to learn, and I hope to continue to do so. I?ll keep you posted as to progressing with this journey. But, until then?the journey is on hold.
God Bless and Go Iowa State Cyclones!! J
Have any advice or thoughts for Erica? You can reach her at erica@theruckusgroup.com
(5/3/2013 12:11:31 PM)
Ya know...Dallas has lots of radio stations! And a baby sister! ;)
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