My Journey Into Ownership - The Final Chapter

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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My Journey Into Radio Ownership

3-21-13

Many times, once a young broadcaster catches the radio bug, it leads to a dream. A dream of ownership. That's exactly what happened to Erica Pefferman who's been sharing her highs and lows with us as she tries to purchase her first radio station. We thought it would be very educational for her to write about her experiences as she gets closer to accomplishing her dream.

It hasn't been easy, and it's very risky. She's only one person looking for one station in a radio world dominated by big company's filled with buckets of stations. Along the way she's had a lot of help from many people whose names you'll recognize. Every Friday, starting today, you'll hear about Erica's journey.

Erica started her radio career in 2003 working for Zimmer Radio Group. She began as a sales assistant and worked up the ranks to AE then D.O.S. in 2010. She started her own consulting company, The Ruckus Group, in 2012 and now works with other radio companies helping them to grow their sales teams, while she works on purchasing her own station. She explains how it all started.

?What?!? or ?Really. Why??  or just plain stunned silence were the answers I received a lot at first. When I told people that I was going to buy a radio station, it was definitely not what they expected to hear. Although my family, friends and clients have all known me to be bold, taking on a project of this magnitude seemed incredibly bold even for me. After all, I was just a small town girl from Missouri, not even 40 years old yet. What did I know? 

Where it all started was in a small retail store in Joplin, MO.  My grandparents owned and operated a western apparel store since 1953. I grew up there. Some of my earliest memories are of watching my grandparents with their customers. Since then, I?ve always known that I wanted to own my own business and be successful, growing a heritage to be left to my family as my grandparents and father have done before me. 

I entered the radio industry a bit by chance and later found out that I was a skilled salesperson. I quickly realized that my passion for small business and my desire to problem solve intersected nicely in the radio industry. I?ve grown to very much love the radio broadcasting industry over the last decade and have pursued learning as much as I can about the entire process of running a station.

My big break came when I was chosen as a mentee in 2012 by the MIW. At this time, ownership was still very much a distant dream to me. Something that I would accomplish ?someday.? I received Erica Farber as my personal mentor. Erica immediately set about connecting me with people that I needed to know and could ask questions from. 

People like Valerie Blackburn with CBS taught me how to read station financial statements. Kay Olin spoke with me about how she started her own company and what her journey was like. And one day I received an email from John David that pointed to an article that said:  ?There are many incredible opportunities for first-time buyers? by Sandi Bergman

Reading that article was a moment in time that I will never forget. That was when I went from thinking ?someday? I would try to buy my own station to ?Today is the day I start trying.? Little did I know that I would begin a very educational and amazing journey, one with twists and turns that I wouldn?t expect.

Next Friday I'll tell you about one of those twists.

Have any advice for Erica? You can reach her at erica@theruckusgroup.com

(3/22/2013 1:20:37 PM)
Met Erica @ Convergence. What a wonderfully talented person! Keep an eye on her progress!
(3/22/2013 1:20:27 PM)
I have the privilege of being Erica's baby sister. My entire life I have looked up to my her as such an inspiration. She has a drive and focus that sets her apart from so many others. She sets her sights on something big and goes at it full gusto. She does not know the word 'fail'. From time to time, her path may be redirected, but it never ends in failure. She chooses to focus on problem solving and solutions and she practices this in all areas of her life. I'm very proud to call her my sister.
(3/22/2013 11:09:07 AM)
Erica is a wonderful example of how wit, will and a vision drive success! She has accomplished much in her career with much more success to come her way. I could not have built Local Focus without the invaluable mentors and support of the MIW's. It is a delight for all of us to pay it forward and see success stories like Erica and numerous other unfold! Kay Olin President/Local Focus
(3/22/2013 8:14:14 AM)
Erica came to the MIW organization as a mentee to gain knowledge and inspiration from our members. But she has become an inspiration herself. She is a dynamic and driven woman. I look forward to reading her Friday articles. You go girl!
Lois @ Radio INK

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