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HomeMy WebLinkAbout13 Consulting services Asset Agenda Item # 13 ANNINUMMENOW 7- Public Utility District ACTION To: Board of Directors From: Stephen Hollabaugh Date: August 06, 2008 Subject: Approval of a Consulting Services Proposal for the Preparation of Asset Inventory, Asset Valuation and Asset Leasing of the District's Fiber Assets 1. WHY THIS MATTER IS BEFORE THE BOARD This item concerns approval of a proposal for consulting services over $15,000. Only the Board can approve a professional services contract over $15,000. 2. HISTORY The District owns fiber assets that may have value if leased. One of John Ulrich's last assigments was to investigate and find a consultant that may help the District evaluate, inventory and create an RFP to lease these assets. John forwarded his findings to the District in late June 2008. 3. NEW INFORMATION The Professional Services concerning fiber asset inventory, evaluation and leasing is a specialized service. John Ulrich investigated these needs and recommends Uptown Services LLC. John had the following information and obserations about Uptown Services: • "Uptown Services only works with public owned utilities and knows well how to work in the public process and with Boards. " • "Uptown Services is affiliated with Hometown connection, APPA's business development resource." While at the APPA national conference, I inquired with Hometown Connections about Uptown and received nothing but glowing responses. Attached for your review is a proposal from Uptown Services LLC which should enable the District to create one or more RPF's seeking interest in leasing the District's fiber assets. 4. FISCAL IMPACT This action will create a cost to the District equal to the contract. This cost may be offset by an eventual lease agreement of much more than the contract cost. 5. RECOMMENDATION Approve the proposal for consulting services from Uptown Services LLC for a maximum of $30,000 plus normal and customary travel expenses. )t�k � Stephen Hollabaugh Assistant General Manager UPTOWN SERV ICES. LLC Proposal for Consulting Services Truckee-Donner Public Utility District June 26, 2008 Overview Truckee-Donner Public Utility District (TDPUD)has asked Uptown Services, LLC (Uptown)to prepare a proposal for certain broadband consulting services. Based on initial review of the draft work plan, it is clear that Uptown is highly qualified to complete the required assignments. The firm has worked with over 45 municipal broadband clients since 1999. This experience covers the range of feasibility analysis through actual implementation and engineering services. Uptown's principals have a minimum of 21 years experience in the telecommunications industry and they will complete all of the assignments for the scope of work outlined next. Scope of Work TDPUD would like to understand how they might lease certain infrastructure assets such as poles, conduit, conditioned rack space and fiber optic strands to interested third parties in the Truckee-Donner, Reno and/or Sacramento areas. Uptown has broken this assignment into three steps that are described next. Step 1 —Asset Inventory It is understood that TDPUD owns or has access to several infrastructure assets that might be of value to certain telecommunication providers. These assets include fiber strands from Reno to Sacramento, conditioned rack space, pole attachment rights, conduit and access to TDPUD's GIS system Uptown will complete a comprehensive asset inventory of the aforementioned infrastructure in preparation of the asset valuation phase of this project. Uptown will work with information that can be accessed electronically or sent to Uptown's offices from TDPUD. Uptown is a fully functional engineering firm with the ability to work with ArcGIS feature data sets. Uptown will develop a census of these assets and produce a summary report for review by TDPUD staff. Step 2—Asset Valuation Uptown will use the information gathered and cataloged in Step 1 as the basis for valuing each asset. This valuation process will be based on several factors including,but not limited to the following: • Level of interest in given asset; • Prevailing lease rates in comparable California and Northwest markets; • Long run incremental cost(if data is available from TDPUD) 1 Y Based on this analysis, Uptown will recommend the appropriate lease rates and terms for the vario us assets in question. Uptown will also gauge the projected occupancy levels for each asset and develop a prospective revenue stream for review by TDPUD staff Step 3—Asset Leasing . Uptown will assist TDPUD with the process of leasing the assets of interest. It is assumed ed that TDPUD will issue one or more RFPs seeking interest in leasing of the afoFrP boiler nlate assets. Uptown will develop the bulk of these documents(using TDPUD s R and contract as appropriate) and manage the bid processes to conclusion(final negotiation beoandcinterested in the execution). Uptown will scan the telecom market for parties that mightcombination local RFP process. Every effort will be made to generatebroadband interest ace.using a press and national blogs serving the municipal p Schedule Uptown assumes that time is of the essence for this assignment. We are prepared to start the asset inventory phase immediately with a projected duration of two to three wee sfete this Depending on the pace at which TDPUD wishes to proceed, Uptown c p entire assignment by the end of 2008. F_: Uptown's estimated fees for this scope of work are listed in the following table: Fee Estimated Total Fees Task $5'000 Asset Inventor $250 per hour $2,000 per day $5,000 Asset Valuation $20,000 Asset Leasing $30,000 Total TDPUD can stopthis scope of work at any time. Uptown will only bill for hours worked up to the point of the notification date. Travel& Expenses Norma l and customary travel expenses will be billed at cost. Flights will be coach class vel may all air travel and rental car expenses will be incurred at mid-size level or below.manages la es hotel be by personal car depending upon flight schedules and logistics. Epxor ss. g expenses to reasonable levels by staying typically at a Holiday Inn p Submitted by Neil Shaw, Principal, Uptown Services (303) 554-5854. TDPUD Approval Signature: Title: Name: Date: PO Number: PO Amount: 2 r Z� UP N TOW SERVICES, LLC Prepared for: Truckee Donner PUD * y C/O Stephen Hollabaugh 11570 Donner Pass Road Truckee,CA 96160 11 a -MI K v c Prepared by: Uptown Services, LLC A Hometown Connections Business PartnerP Uptown Services, LLC STATEMENT OF QUALIFICATIONS I. Executive Summary One word exemplifies why Truckee Donner PUD(TDPUD)should hire Uptown Services,LLC(Uptown)to complete their next broadband consulting assignment—Experience. As a consulting firm,Uptown is unique with hands-on experience across all aspects of the municipal broadband industry: • Experience with private sector cable,telephone and Internet incumbent operators. • Completion of 19 comprehensive market research studies within the municipal broadband sector in the last 5 years. • Experience with over 35 broadband feasibility studies for municipal clients. • Actual experience as the implementation consultant for 5 municipal Fiber to the Premises(FTTP) deployments(Sallisaw,OK;Morristown,TN;Pulaski,TN,Tullahoma,TN,and Wilson,NC). • FTTP engineering experience including the design and engineering of a 300 mile FTTP system for the City of Wilson,NC. • Management of leading edge broadband SmartGrid pilot project for Concord Municipal Light Plant (MA). • Our business case financials have been used as the justification for raising over$100M in public funding for municipal broadband networks including Spanish Fork Community Network,Alameda Power and Telecom,Sallisaw Municipal Authority,City of Wilson,NC and Tullahoma Utilities Board. As a firm,Uptown has been serving the needs of municipal utilities since 1999,having completed assignments for over 45 satisfied municipal clients. As individuals,Uptown's principals(Neil Shaw and Dave Stockton) bring over 44 years of combined experience in cutting edge telecommunications and municipal broadband deployments. Neil Shaw and Dave Stockton complete all deliverables for most projects. As such,we bring substantial industry expertise across the marketing,operations,technical and financial disciplines to each client engagement. We look forward to putting our extensive experience to use for TPUD on this important assignment. II. Background and Experience A. Company History Uptown Services provides leading edge consulting,engineering and implementation support services to municipalities considering entering the broadband services sector. Our services and expertise cover the full potential of this industry including local telephony,video entertainment and high speed Internet access. As a firm,Uptown has been serving the needs of municipal utilities since 1999 and has cultivated a list of over 45 very satisfied municipal clients. As the following sections illustrate,Uptown's principals bring the required level of marketing,financial,network architecture and local government expertise to each client project. B. Company Philosophy Our mission is to provide our clients with the most accurate and complete assessment of the given business decision so that they might arrive at the right answer for their specific opportunity.We believe the decision to move ahead with,or bypass,a broadband services venture depends upon a series of careful and client-specific analyses.Uptown Services is an objective provider of consulting services. C. Focus on the Municipal Sector The municipal broadband sector represents approximately 95%of Uptown's total consulting business. Our firm is specifically focused upon the municipal and utility sector—it's essentially all we do. We feel this sets us apart from other consulting firms who are not specialists to this sector,and it is why we are the exclusive telecommunications-consulting firm to the APPA's Hometown Connections. July, 2008 1 Uptown Services, LLC STATEMENT OF QUALIFICATIONS D. Contact Information Neil Shaw is a principal of Uptown and he will serve as the single point of contact for this assignment. His contact information is listed next. Neil Shaw-Principal 7324 Cortez Lane Boulder,CO 80303 Phone: 303 554 5854 Email: nshaw@,uptoAmservices.com E. Industry Experience of the Principals Uptown's principals are highly skilled in all critical phases of developing and implementing a broadband strategy. Dave Stockton has 23 years experience in new product development,marketing,sales,customer service and operations with large phone and cable companies including U S WEST Communications,MediaOne and AT&T Broadband. Immediately prior to joining Uptown,Dave was the Vice President of Marketing for AT&T Broadband's Atlanta region,where he was responsible for over 600,000 subscribers. Telephone,digital cable and video on demand services were launched when he held that post in Atlanta. Neil Shaw first evaluated the deployment of FTTP in 1987 as a newly hired engineer at Northwestern Bell in Minneapolis. Since that time,Neil has held various engineering,planning,operations,new product development,project management and sales roles at U S WEST Communications,Jones International and TCI Internet Services. Neil founded Uptown in 1997 and personally molded the firm's strategy to serve the municipal broadband market. Neil has managed or completed over 20 conceptual and detailed FTTP designs for clients over the past six years,including the design of a 300 mile FTTP network for the City of Wilson,NC in 2007 and 2008. F. Feasibility Study Experience Uptown has completed over 35 broadband feasibility studies since 1999,which gives us a unique understanding what it takes to build a first rate study. We don't cut corners. Uptown's feasibility studies have been used as the basis for funding several projects including iProvo(UT),Spanish Fork Community Network(UT),Alameda Power and Telecom(CA),Sallisaw Municipal Authority(OK),City of Wilson(NC)and Tullahoma Utilities Board(TUB). G. Implementation Experience Aside from the results of telephone surveys and local competitive research,the most important inputs in the business case are related to large capital expenditures and ongoing operational expenses. Uptown has special insight into the correct values of these variables because we have actually implemented FTTP networks for municipal clients. This means that we speak from experience when it comes to developing the most accurate assumption set for the business case. Our role as consultants on these implementation projects gives us`real world'insight into the key financial and operating metrics that make for a more realistic feasibility study. Examples of this are: • Securing actual video programming agreements for six FTTP implementation clients • Creating specific marketing plans and budgets for five FTTP implementation clients • Receiving vendor bids via RFPs for two FTTP implementation clients in the past 18 months • Negotiating service provider contracts and terms for four FTTP implementation clients • Generating actual construction costs and bill of materials for a 300 mile FTTP system • Analyzing actual subscriber and financial results for four FTTP implementation clients July, 2008 2 Uptown Services, LLC STATEMENT OF QUALIFICATIONS H. References The following clients and investment banker have agreed to act as references for Uptown. Many more references are available upon request: 1. Tullahoma Utility Board -Tullahoma, TN Contact: Brian Skelton RayBuzzard Title: General Manager FTTP Manager Phone: 931-455-4515 931-952-2518 Period: January 2007—Present Work Performed: • Feasibility study for offering cable,Internet and telephone services. • Currently engaged as FTTP implementation support agency. 2. Sallisaw Municipal Authority- City of Sallisaw Contact: Keith Skelton Title: Assistant City Mana er Phone: 918-775-6241 Period: June 2003—Present Work Performed: • Feasibility study for offering cable,Internet and telephone services. • Currently engaged as FTTP implementation support agency. 3. City of Wilson, North Carolina Contact: Dathan Shows Gene Scott Title: Assistant City Mana er Outside Plant Engineering Phone: 252-399-2300 252-399-2305 Period: June 2006-Present Work Performed: • Completed feasibility study review for offering cable,Internet and telephone services via FTTP. • Completed detailed business plan for FTTP deployment. • Completed FTTP system design for 300 mile network. • Currently engaged as FTTP implementation support agency. 4. Morristown Utility Systems Contact: Geor a Ben'amin Title: O erations Manager Phone: 423-317-6252 Period: August 2005—Jul 2007 Work Performed: • Served as implementation support agency for the MUS FTTP launch; • Completed feasibility analysis for county expansion of FTTP system. July, 2008 3 Uptown Services, LLC STATEMENT OF QUALIFICATIONS 5. Davenport & Company, LLC Contact: Ted Cole Title: First Vice President,Public Finance Department Email: tcole investdaven ort.com Phone: 804-697-2907 Period: August 2006-Present Work Performed: • Supported effort to secure over$30.OM in certificates of participation over two rounds in 2007 and 2008(late summer to early fall 2008)for the City of Wilson,NC FTTP project; • Provided all pro forma financials for Davenport's efforts to secure approximately$29.OM for City of Salisbury,NC FTTP project(late summer to early fall 2008). 1. Identification of Key Personnel The Uptown team will be comprised of the firm's principals Neil Shaw and Dave Stockton. Our team brings over 44 years of combined professional experience to this assignment. This section details the team's experience relative to municipal broadband. 1. Unique Industry Experience of Uptown's Principals Neil Shaw and Dave Stockton,both Uptown Principals,have significant operating experience as managers in the telephone/cable/broadband industry. Our operating role in these firms provides real-world experience that sets us apart from other consulting firms. This insight enables Uptown to build an achievable business plan,and provides the client with targets to operationally and financially improve the performance of a broadband venture: We both have personal,hands-on experience in launching a broadband start-up from scratch. Both Neil and Dave have implemented a successful start-up launch. Dave was one of the first 5 employees at a Hybrid Fiber Coax(HFC)start-up in Belgium serving 2 million homes. This firm is now one of the most successful HFC operators in Europe. Neil was the fourth employee at TCI Internet Services. The division went on to become the largest supplier of Internet services among cable operators prior to its acquisition by AT&T. • As former senior managers in incumbent broadband firms,we understand how these businesses run. We have actually operated a business of this nature ourselves. • We have worked with and have relationships with a full range of content providers,service providers, technology firms,and other players involved in launching a broadband operation. Our relationships with these firms are independent and impartial as we are a fee-only consulting firm. • We understand which financial and operating metrics are most important,and what values represent industry standards of operating performance. 2. Neil Shaw-Technology, Engineering and Financing Neil brings over 21 years experience in telecommunications to the team. He has an extensive understanding of various broadband network infrastructure alternatives and the financial dynamics that are critical to making decisions in this industry. Mr. Shaw has a BS in Electrical Engineering from Iowa State University and an MBA from the University of Colorado. Examples of relevant broadband experience are: • As vice president of marketing at TCI Internet Services,he guided the launch of the @Home Network in the first three markets deployed worldwide. These were TCI's Freemont CA,Arlington Heights IL, and Hartford CN markets. These market launches jump-started the cable industry in entering the broadband Internet sector. • As vice president and general manager for Jones Lightwave,he was responsible for business development,sales and marketing for this competitive access provider with networks in Atlanta, Tampa,and Denver. Within this role,he launched a full suite of SONET-based transport services in one of the earliest competitive access providers. July, 2008 4 Uptown Services, LLC STATEMENT OF QUALIFICATIONS • As a principal for Uptown Services,Neil has built the firm's municipal broadband practice from scratch over the past ten years. His business case financials have been the basis for over$100M in publically financed municipal broadband projects. He has also personally completed detailed FTTP designs for several clients,including the 300 mile passive optical network for the City of Wilson,NC. Neil understands the inner workings of the local government process based on his experience with more than 45 municipal clients. 3. Dave Stockton— Marketing, Business Development and Operations Dave has 23 years experience in the telecommunications,cable,and high-speed Internet sectors. He has significant experience in new product development,market research,market analysis,market strategy development,and product management. He has held management positions at Northwestern Bell,US WEST, MediaOne,and AT&T Broadband. Mr.Stockton has a BS in Economics and Statistics from the University of Minnesota and an MBA from Arizona State University. Examples of relevant broadband experience are: • As vice president of marketing and sales at AT&T Broadband's Atlanta region,his department grew market share in digital video from 15,000 subscribers to 245,000,broadband Internet subscribers from 5,000 to 70,000 and local phone subscribers from 3,000 to 60,000. • As director of consumer markets at Telenet,a joint venture to provide broadband telephony and high- speed Internet to 2.2 million homes passed in Belgium he was responsible for all marketing activities towards the residential market.From the period of 1996 to 1999 he developed and implemented the company's line of residential telephone products and achieved an 8%market penetration within 12 months. He also initiated and led the planning and implementation program to enter the high-speed Internet market resulting in 40%market share within 18 months. • As a principal for Uptown Services,Dave has developed a sector-leading market research approach to evaluating municipal broadband opportunities. The approach clearly and concisely communicates to clients and government leadership the specific market potential within their community. In working alongside municipal clients in start-up phase of their FTTP systems,Dave has developed marketing and sales plans,developed brand identities,secured video programming contracts,and completed wholesale partner negotiations. July, 2008 5 NEIL V. SHAW 120 Cherokee Way,Boulder,CO 80303 303-554-5854(Office) nshaw@uptownservices.com UALIFICATIONS SUMMARY BSEE with MBA. Seventeen-year career spent in telephone,cable,Internet and utility industries. Extensive technical,quality and operations expertise coupled with business development,product development, sales and marketing experience in voice,video and data. Career specialty- starting new businesses,programs,and projects from scratch. EMPLOYMENT HISTORY UPTOWN SERVICES,INC DENVER,CO 1997-PRESENT President and Founder Responsible for advanced broadband technology practice for consulting firm focused on municipal and public power sector. Assist clients in all stages of the product introduction process- from strategy development and business case,through product development and product launch. • Developed proprietary decision support software architecture used in sales tools • Completed over 30 feasibility studies for municipal and public power utilities • Led investment and management team of Wi Fi deployment in large public power market • Fluent in all broadband technologies including wireless,FTTx,BPL and HFC TCI INTERNET SERVICES,INC. DENVER,CO 1996 Vice President- Commercial Internet Services Responsible for product development, marketing,distribution and implementation of commercial Internet services(@Work)provided over TCI's cable television infrastructure. • Authored strategy for marketing Internet services to the small office/home office market • Created cross functional assumption sets for telecommuting and Internet access products • Synthesized proforma and business plan components for @Work product line Senior Director-Consumer Internet Services Responsible for product development,marketing, distribution and implementation of consumer Internet services(@Home Network)provided over TCI's cable television infrastructure. • Implemented phased roll-out schedule for four major market launches based on product development,marketing,operations,engineering and customer service readiness criteria • Oversaw creation of a comprehensive marketing strategy for @Home roll-out that included public relations,retail, direct marketing and advertising • Led execution of multiple wave direct marketing campaign for @Home roll-out in extremely competitive Bay Area Internet market JONES INTERNATIONAL,LTD. DENVER,CO 1994-1996 Vice President-Marketing&New Business Development(1994-1996) Responsible for establishing Jones Lightwave,Ltd. (JLW)as a regional network provider for telephone,video and Internet services. Also responsible for day to day operation of JLW competitive access networks in Tampa,FL and Atlanta,GA. • Authored strategy to build and operate regional networks that supported the delivery of voice, video and data services via independent cable television systems • Led development team that created in-depth business plan and deal structure for massive regional network venture in Pennsylvania • Presented regional network business plans to several key investors,lenders and affiliates Director-New Market Development(1994) Responsible for expanding competitive access provider(CAP)operations into new markets. Also responsible for all business planning,market development,technical design,and sales functions on a national level. • Executed intense direct sales campaign with heavy access users like AT&T,MCI, Sprint and WilTel in an effort to acquire anchor customers in key markets • Evaluated over 50 U.S. markets for CAP business • Developed detailed cash flow analyses that decided feasibility for selected markets • Recommended that Jones drastically change CAP strategy and pursue regional networks U S WEST COMMUNICATIONS DENVER,CO 1987-1994 Account Manager-Strategic Accounts(1993-1994) Managed national Sears and IBM account relationship. Prepared and presented large telecommunications contract proposals to Sears and IBM headquarters groups. • Exceeded sales quota by 100% • `Excellence In Selling'Gold Medal Winner at intensive US WEST Sales Academy Group Manager-New Product Development(1991-1993) Managed the development and introduction of new products for the interexchange carrier market including; Calling Card Validation Service, 800 Data Base Service, and ISDN Access Services. Served on team that redesigned several key marketing processes in U S WEST. • Team leader for U S WEST SS7/800 conversion over 14 states • Created automated system to manage over 1,800 simultaneous project tasks • Exceeded new product revenue objective by 50% Group Manager-Enhanced Services Center(1990-1991) Managed vertically integrated operations department. Responsible for project management,engineering,installation,system administration, and maintenance for Voice Messaging Services. • Oversaw installation,operation and maintenance of 125 voice mail systems in 8 locations • Programmed 24 hour intelligent monitoring and surveillance system EDUCATION UNIVERSITY OF COLORADO AT DENVER 1995 MBA,Marketing Emphasis IOWA STATE UNIVERSITY 1986 BS,Electrical Engineering David P. Stockton 150 Sage Run Trail Duluth, GA 30097 678 580-0257 dstockton@uptownservices.com Career History Uptown Services, LLC (12/2002 - present) Atlanta, GA Principal Co-owner of a broadband telecommunications consultancy serving municipal and public power companies. Completion of 16 client projects involving Fiber to the Premises, wireless and BPL technologies. Served as the lead consultant for a FTTP start-up in Oklahoma over 18 months. The system has launched and is exceeding plan. AT&T Broadband (3/1999 - 12/2002) Norcross, GA Vice President of Marketing and Sales AT&T Broadband is the nations largest cable operator serving the digital video, high-speed Internet and local telephone sectors. Responsible for developing and executing all marketing and telesales activities within the Atlanta operating region serving 600,000 subscribers. Directly manage staff of 20 marketing professionals and an outsourced telesales center with 250 seats. Manage departmental budget of$10 million. Responsible for annual revenue target exceeding $400 million. Accomplishments: • Delivered market share growth in all 3 lines of business by growing digital video from 15,000 subscribers to 245,000, growing high-speed Internet subscribers from 5,000 to 70,000 and growing local phone subscribers from 3,000 to 60,000. • Revamped the sales channel strategy and implemented an innovative product bundling concept to increase sales by 150%. • Achieved substantial revenue growth resulting in top revenues per subscriber among 15 regions within the company for high-speed Internet and 2nd best for video. MediaOne, Telenet Operations - Belgium (03/1996 - 3/1999) Mechelen, Belgium Director of Consumer Markets Expatriate assignment in Belgium at Telenet, a joint-venture to provide broadband telephony and high-speed Internet to 2.2 million homes. Responsible for all marketing activities towards the residential market. Reported to the Chief Operating Officer. Supervised a staff of 14 and a budget of$4 million. Accomplishments: • Developed and implemented the company's line of residential telephone products. Achieved an 8% market penetration within 12 months. • Initiated and lead the planning and implementation program to enter the high-speed Internet market resulting in 40% market share. • Initiated and co-managed the creation of the corporate positioning strategy and subsequent Telenet brand identity (logo). • Oversaw ad agency selection process and negotiated compensation structure and contractual terms US WEST, Inc., Strategic Marketing (05/1994 - 02/1996) Denver, CO Associate Director Position responsibilities were to direct market strategy projects and provide consulting for internal clients within the operating divisions on domestic and international projects. Accomplishments: • Developed the Marketing Plan component of the business case resulting in $150 million investment in a joint venture in Belgium. • Lead the marketing team of consultants responsible for license valuation and market analysis for GSM cellular licenses in India.Three license awarded. • Developed investment strategy for telecommunications development in Lithuania. My report was distributed to the members of Parliament as the government of Lithuania considered its telecommunications legislation. US WEST International, Westel 900 (11/1993 - 04/1994) Budapest, Hungary Project Manager Temporary assignment to develop and implement voice messaging for a GSM wireless provider, Westel 900, partly owned by US WEST. Responsible for getting voice messaging capability implemented before the company launched in less than 4 months. US WEST Communications, Home and Personal Services (01/1992 - 10/1993) Phoenix, AZ Group Product Manager-Custom Calling Services Responsible for the largest product group in the division with $250 million in annual revenues. Managed a staff of two and an annual budget of$4 million. US WEST Communications (06/1985 - 12/1991) Omaha, NE and Phoenix, AZ Lead Product Developer- Voice Messaging Lead a 35 member cross-functional team in the development, trial, and commercial launch of US WEST's residential Voice Messaging product. Responsible for product design, market research and strategy, product testing, product pricing, and advertising and promotion development and execution. Staff of four and R&D fund of$3.5 million and advertising budget of$4 million. Accomplishments: • First citywide deployment of residential voice messaging in the nation. Penetration results exceeded target by almost 100%. Today this product generates over$200 million annually. Education Arizona State University (1991) Master of Business Administration University of Minnesota (1985) Bachelor of Science, Economics and Statistics Awards Received American Marketing Association Award for Best New Services Introduction in 1990