#yesYOUcan Climb That Corporate ladder!: Stories and Advice for a New Generation of Women

By Mallorie Burak

Corporate America isn't all rainbows and sprinkles - especially for women rising through the ranks of corporate finance. It IS possible to navigate that chaos AND keep your moral compass intact. Although it can be a tough road, making a measurable impact while hopping through a mine f

• Language: English
• Publisher: Mallorie Burak
• Release date: Aug 7, 2021
• ISBN: 9781735772530

Mallorie Burak

Ms. Burak is an experienced financial executive, bringing over 25 years of expertise across a broad spectrum of industries ranging from early-stage start-ups to multi-national, public corporations. Over the span of her career, Ms. Burak has negotiated and managed over $500 million of successful financing and M&A deals, having spent the last 13 years focused on turnarounds and special situations for both public and venture backed companies. She has a proven track record of creating a high-performance culture with a strong focus on operational excellence and maximizing shareholder value and has significant experience working with a variety of financing sources, both public and private, as well as significant experience leading and managing M&A related activities. Ms. Burak holds a BSBA and MBA from San Jose State University.

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Copyright © 2021 by Mallorie Burak

All rights reserved. In accordance with the US Copyright Act of 1976, the scanning, uploading, and electronic sharing of any part of this book without the permission of the publisher constitutes unlawful piracy and theft of the author’s intellectual property. If you would like to use material from the book (other than for review purposes), prior written permission must be obtained by contacting the publisher. Thank you for your support of the author’s rights.

Text: Mallorie Burak

Editor: April Kelly

Copy Editor: Michele Kackovic

Cover Design: Danielle Smith-Boldt

Interior Design and Layout: Danielle Smith-Boldt

ISBN: 978-1-7357725-3-0

Dedication

To my parents—Thank you for supporting me throughout my life and career with lots of love, listening, and sage advice.

To my husband—Thank you for being my biggest cheerleader and rock in the storm. Your encouragement to keep pushing forward has kept me motivated and ambitious.

To my daughter—Although your career path is very different from mine, I hope that you find some gems in this book that help guide you through the challenges you may face throughout your career. You are my shining star!

Table of Contents

Introduction

You Got This!

Blood

Sweat

Tears

Laughs

Conclusion

Acknowledgments

Introduction

We all hear about serial entrepreneurs, and even serial killers, but it’s not often you hear about serial fixers. I am a serial fixer. I go into struggling companies—sometimes when they’re on the verge of bankruptcy—and try to make them into success stories. It is a career path I chose not understanding how difficult it would actually be.

Difficult or not, when the inevitable deluge of insanity and big personalities inherent in failing companies rolled in at me, instead of drowning, I swam into the wave. It was a thrill of diving into the unknown and trusting myself to make it through. I confess that I have struggled. As much as I hate to admit it, I do attribute some part of the challenges I faced to my gender. It infuriates me to say that. However, I now acknowledge that it is true. It is impossible to hide from it. You can fight it, but you can’t always change it.

With the onset of the COVID-19 pandemic and shelter in place orders, I was afforded the unique opportunity to reflect on my career and experiences. I turned fifty this year. I have worked over half my life in corporate finance and my experiences, while sometimes rewarding, have also been colorful, treacherous, anxiety-inducing and draining.

I recently visited my daughter, and one of her friends joined us for dinner. This friend is in her early twenties, with aspirations of one day becoming a CFO. She wanted my advice on how to get there and what to expect along the way. As I thought back on my career, I had to tell her that it is not an easy path for a woman. That made me sad. I wish that women were treated equally in the executive ranks, but it is not always the case. In the ten minutes that we spoke about it, I told her to work her way up and try to get experience in every aspect of accounting and finance. I told her to, more importantly, steel her nerves. Unfortunately, the latter is probably the most significant advice I could give her. The first point provides experience and knowledge, which is critical to being successful. The latter, however, enables your survival while you work to get there.

Following that conversation, I decided to write this book. I felt compelled to provide stories from my career to a younger generation just joining the workforce, who think that rising to the top can be mapped as the crow flies. It can’t—and frankly it shouldn’t. While I don’t wish some of what I experienced on my worst enemies, even the hardest situations provided lessons, strengthened my resolve and taught me that you can’t always change bad situations; however, maintaining your integrity and ethics remains completely in your control. Those values should never be compromised.

Sometimes certain factors make it impossible to succeed, and all you can do is leave to pursue a new adventure. It happens to all of us. Looking back on my professional experiences has given me perspective. What seemed horrific and impossible at the time only served to shape who I am today. Was it all fair? No. Do I wish it had been easier? Yes! Would I have changed a thing? Probably not.

I have learned the hard way, as have many shareholders and employees of the companies I have tried to help save, that the ego of a CEO—sprinkled with fear, desperation and maybe even a little bit of gender bias—can ultimately bring down a company that may have otherwise had a chance to succeed. It’s a shame. Turnarounds are not for the faint of heart and require collaboration and trust. Dictators need not apply. But they do…and I seem to be a magnet for them. Maybe it’s because we’re both drawn to struggling companies for different reasons. Whatever the case, I am good at what I do.

Allow me to share my stories. Maybe you’ll laugh or maybe you’ll think I’m crazy. Either way, my hope is to share my experiences with the younger generation of up-and-coming executives. Corporate America is constantly evolving; however, I am still a big believer that having a strong work ethic, operating with a high degree of integrity, being the type of leader that creates other leaders and the ability to find a moment of humor when you can are the characteristics that ultimately breed the perfect combination of personal and professional success. A well-rounded executive is the whole package, in and out of the office.

Integrity and leadership take many forms, and your behavior is a strong contributor to how you are perceived. For example, my parents always told me, don’t drink in front of co-workers and etiquette is important. That last part may not be as popular with a lot of people. In fact, I know it isn’t. However, I challenge you to sit back and observe your colleagues at the next office holiday party, or your co-workers’ lunchtime table manners. You will be amazed at what you see if you take the time to notice. Once you do, believe me, it will make you cringe. I strongly support new executives getting coached in etiquette. I guess I’m old school. But what if one day you become so successful that you get invited to a state dinner at the White House? Then you’ll thank me!

Times have changed since I graduated college in the early 1990s. There are now requirements that public companies have women on their boards of directors, corporate harassment training has become a legal requirement, and let’s not forget the #MeToo movement. These developments are shaping a new landscape for women professionals. The motivation and intent behind them are admirable. However, the reality is that women sitting on boards—and all the training in the world—will not eradicate the poison that so often lives and thrives in corporations. It is important to realize that you will have to deal with it.

While you may want so desperately to believe that a female colleague or board member is an ally simply because she shares your gender, it is not always the case. In fact, it could potentially work the opposite way—as she strives to make a name for herself, it can be at YOUR expense. The important thing is learning how to pursue a challenging career path without compromising who you are.

As the social and legal landscape continues to evolve for women in the workplace, my wish is that the stories in this book can help the future generation of female professionals understand that things will not always be easy. Any career, regardless of its focus, will be sprinkled with healthy doses of both wins and losses. Every intense situation and even the challenging people we meet along the way serve a purpose. They make us smarter, and they make us stronger.

There are so many books that offer euphoric advice for women, young and old, about how to be taken seriously and demand to be treated equally. In theory, it all sounds great. In practice, it’s not so cut and dried. As a serial fixer, I learned the hard way that there are some things in the world you can fix, but some you can’t, and success lies in knowing the difference.

You Got This!

Granted, my time in the executive ranks has largely been focused on turning around distressed companies, which are by nature plagued with conflict and chaos. My early years, however, were focused on professional growth, without much thought of what would lie ahead of me once I reached the executive ranks. It was through hard work that I rose through those ranks, unburdened by an understanding of what I would face in the future. I lived in a state of blissful ignorance, thinking that I would always be accepted and respected based on the merit of my accomplishments. I think that is why I experienced such intense disappointment when things didn’t happen in the way I had imagined they would.

In some cases it was true—I did earn the respect of my bosses and peers. However, in other cases my knowledge and value were inconsequential or even viewed as an obstacle. The reality is that women are more likely than not to face some sort of gender discrimination during their careers.

Being faced with unyielding pressure to compromise your values in the name of career advancement is a daunting situation for anybody to experience. I hope that my stories provide some perspective and help to prepare you for that inevitable day when you may need to make the decision to continue to fish or to cut bait. Sometimes cutting bait may not be your choice—and that sucks.

Regardless, if you survive with your moral compass intact, you win. You will survive, and you will come out stronger. Remember that! When you peel back the layers of the onion, it is often an executive’s own insecurities that cause them to manipulate and create pain for people they perceived as a threat. You can try to avoid these types of people, but the reality is that you will likely encounter this type of manager at least once during your career. Recognizing the pattern of behavior will help you survive.

I believe that knowledge is power. By sharing my stories, I hope to empower a new generation of young women entering the workforce. My stories reflect extreme examples of what young women may encounter as they rise through the professional ranks. The core message, however, is universal and is relevant even in less dramatic circumstances. Be confident in staying true to yourself.

Build strong relationships and actually listen when people give you feedback about your strengths and weaknesses. Believe the compliments! Take to heart the opportunities to improve. It is never easy to accept compliments or criticism, but they are vital to your personal and professional growth. You won’t win every battle, but you control HOW the war is fought. In my case, I fought to lead with a high degree of integrity and ethics. Believe me, it was not always the popular choice. But it was the only one for me. That is who I am.

I strongly believe in collaboration, honest communication and transparency. My clashes have consistently been with leaders who violate those core values. In some cases, I had to leave the positions, even though I was adding value to the business. It happens. I had to move on and treated every situation as a learning experience. Life is not always fair, and sometimes the bad guys win—in the short term. Inevitably, you will find that karma does exist. The bad guys often fall in the end. You will find that the hard times will ultimately boost your self-confidence and help you to better understand who you are and what you have to offer. Embrace those lessons as you embark on your next adventure.

Whether