Dealmaking from the (former) anchor desk

“Change before you have to.” - Jack Welch

It’s been nearly 3 years since I left my anchor desk at Bloomberg TV. If you had asked me then where I would be now, I would never have guessed I’d be negotiating billion dollar deals in yoga pants from my New Jersey home office.

People often ask me how I embarked on this transformation from journalist to startup entrepreneur, then to C-suite executive, and now to dealmaker as CEO of our SPAC, D and Z Media Acquisition. The simplest answer is that I’ve always embraced change before I needed to. Inertia is a powerful force. It keeps us safe, but also prevents us from growing. I am by no means a daredevil risk-taker, but I’ve always known how dangerous inertia can be and have tried in every way to avoid it.

Now that we’re beginning to emerge from our pandemic lives into something a little more “normal,” I’ve had a chance to further reflect on change and the lessons learned along my fairly untraditional path. Here are some of the most important ones:

Focus on the process, not the outcome. Many of us spend far too much time and energy dwelling on the past while also worrying about the future. Things changed for me when I fully embraced the present and let go of worrying about the outcome. Sub-par results usually happen when we try to control the future. Since things rarely go according to plan, focusing on the journey and making the process as excellent as possible results in better outcomes than you could ever imagine.

Confidence is not just critical, it’s everything. When I first tried raising funds for my startup, Radiate, I had little success. I was out of my element and it showed. It wasn’t until I went through a dozen pitch meetings and I felt confident in my presentation that my fortunes turned around. Every time I’ve found myself tackling a new challenge, the same thing has happened - I’d wobble a bit in confidence until I got the hang of things and then find my footing. Part of the journey is being comfortable with losing confidence and then understanding that once you have it, you can achieve what you want. Confidence is basically energy, and people react more to energy than to the fanciest words or most beautiful presentations.

Data and numbers are essential, but the story is most important. One of the most critical skills I learned as a reporter that has helped me in business is the power of storytelling. My job as CEO of D and Z is to find the best company to partner with. When I’m speaking to management teams about their businesses, having the financial data is a given. What’s more important is hearing the story behind the numbers. What is the vision? How did it all start? Does the story resonate? Storytelling takes your customers, investors, and partners beyond the numbers and into a shared vision. The numbers are essential but the story ties it all together and gives purpose to the facts.

Treat relationships like gold. People know me as someone who has a wide network, thanks to my years interviewing thousands of CEOs, entrepreneurs, and investors. Having a wide network is only half the story. Continuing to hone those relationships is the key. The most successful people I’ve met are those who know how to relate to people beyond a specific goal or transaction. They are “people” people. It doesn’t mean you need to be an extrovert - rather, what’s important is that you genuinely relate to people. As I’ve learned repeatedly, people work the best together when they like each other. Nothing beats chemistry. And if you can continue to hone and nurture those relationships, your chances of success increase tenfold.

Speaking of journeys, mine continues as I learn new things every day in this now not-so-new role as CEO. I’m enjoying the process. I’d love to hear about your own journeys and where you encountered unexpected twists and turns and what you learned along the way. Please post them in the comments below and in the meantime, stay tuned for more musings from the former anchor desk!

Betty Liu is the Chairman and CEO of D and Z Media Acquisition Corp (NYSE:DNZ), a special purpose acquisition company seeking investments in the news and knowledge industries. Previously, she was the Executive Vice Chairman of the New York Stock Exchange and a longtime anchor on Bloomberg Television.