Managers are encouraged to step back and ensure they have all their ducks in a row before engaging in an institutional, multi-year business development effort. Stepping back and shoring up the foundation is not only good business to avoid wasting lots of time and money on the wrong effort, but it is also good business because what is put out in the market is permanent. Materials and introductions sent out are forever saved in institutional databases. It is extremely difficult to back paddle. Firms need to ensure that they have the right team in place, the best offering they can provide and the most differentiated story they can tell so that they resonate with the institutional market on day one. Ideally the firm is not just ready for primetime but is presented in a highly professional way that will stand the test of time. To test this theory, produce the last year’s worth of outreach and look at each communication. Is the messaging fully representative of what the firm Is and does? Do these communications best represent the firm’s brand, philosophy, approach and value proposition? Are there changes that have occurred within the organization that will render these materials not only out of date, but difficult to explain when attempting to demonstrate consistency? Keep In mind the evergreen nature of communications and conversations, given today’s technology and ability to capture these touch points.