Frequently fired and laid-off, Adam Goldstein now runs his own show.

"Once upon a time" seems a good way to begin a profile of Adam Goldstein, whose career has had may ups, downs, twists and turns before reaching "Happily ever after" this past April when he became publisher of the venerable Maryland-based Business Publishers Inc.

The "once upon a time" begins 20 years ago in 1985 when Adam was working for a telemarketing agency that had a newsletter publisher as a client.

He became interested in the newsletter business and wound up taking a job with KCI Communications, publishers of Personal Finance, the year after Ken Callaway acquired the company but before he was bought out by Allie Ash. "I lasted four months; it was my first lesson in the volatility of the investment newsletter business."

It would not be the last time that Adam Goldstein's and Allie Ash's paths would cross.

Fired again

From there he went to work for Lee Euler, former marketing director at Phillips Publishing, who then had his own small investment newsletter operation. "This time I lasted eight months before I was fired."

Editor's Note. Euler provided me with one of my favorite definitions of newsletter publishing success. At one of Jim Blanchard's giant hard money investor conferences in New Orleans, Lee told a group of publishers who were asking him if he was doing seminars or on the road speaking at investment conferences, "No, I like to sit in my office, write letters, and have people send me checks."

Business Publishers Inc. Part 1

Goldstein's next stop was Business Publishers Inc. for his first time around. "I stayed six years, beginning in renewals but moved to new sales when we made a number of acquisitions from Capital Publications (Allie Ash again), and spent the last two years as marketing director. But, I realized BPI was a closely held family operation and I wasn't 'family.'"

He moved to Business Research Publications where he spent the next four years as a group publisher, "Until one day I lost my job in a 'sudden reorganization.' My boss, Andy Jacobson, a great guy, wound up on the street the same day."

Goldstein then began work at National Institute of Business Management (NIBM--another of Allie Ash's companies). "That's where I realized I really preferred the business-to-business side of newsletter publishing."

Fired again

Goldstein then landed a position as publisher at Food Chemical News. "Again, I lasted eight months before I was fired. I think it was a Thursday.

"The following Monday Lisa Anthony, then at Newsletter Services, called and asked me to create a package for her and, viola, I spent the next seven years as a consultant. During that time, however, I also was able to acquire several small titles, two from BPI."

"Why don't you buy the whole company?"

"When I sent the check for the final installment on Asbestos and Lead Abatement, I included a note to Len--I mean Mr. Eiserer--saying that I ran a home-based, low-overhead operation and if he had any other titles that weren't performing for BPI they might work for me. (I think I avoided the word 'dogs'). He responded by asking why I didn't buy the whole company.

"And thus began a year of negotiations that ended April 13, 2005 when, with my backers David Foster and Frank Joseph, we closed the deal," Adam said.

BPI had been "rumored' to be for sale for many years, Ken Callaway told me on March 15, 1979, the day I was hired by the newsletter association, that he'd been trying to talk Len in selling for years,.

"Fred, every time he calls and invites me to lunch I salivate like Pavlov's dog." When I told Adam this, he laughed and said, "John Roche (the owner of Business Research) used to say, 'There are two kinds of publishers in newsletters. Those who like to sell their companies and those who like to go to lunch and talk about selling their companies.'"

Today BPI publishes 18 titles, it was 25 when Goldstein acquired it but they sold eight to Newsletter Holdings (another of Allie's Ash's operations). Goldstein has a staff of about a dozen and a lot of contract editors. "I am also extremely fortunate that Margie Weiner (a former NEPA president, along with David) has joined us as a consultant. With David, Frank and Margie, I think of this as my Dream Team," Goldstein said.

Establish a sales culture

"My first plan is to establish a sales culture around here. We're planning some audio conferences and gearing up for fall marketing campaigns. We've set up an in-house telemarketing operation which has been successful. I know it's picking low-hanging fruit at this point, but their money is as good as anyone else's.

"We'll be bolstering our online presence; BPI has had an elementary website, and beginning electronic marketing."

Marketing

Plans include FFTs and Goldstein reports he's had some good results with "sign and return" letters--a short letter asking the prospect to sign and return for the no-obligation trial. Quick and low-cost. I reminded Adam that, when at Business Research, he had reported success with three-issue FFTs. (See forthcoming NL/NL Special Report on FFTs.)

"Yes, we were usually able to get as good or better results with three as with four or five issues, but now I'm just concerned about getting some decent marketing going. Recently the marketing around here has been like the old restaurant complaint, you know, "The food at that place is awful and the portions are so small," Adam said.

"I told my wife my first goal was to drag our operations into the late 20th century, then we'd worry about the 21st."

"And they lived happily ever after."

Business Publishers Inc., 8737 Colesville Road, Silver Spring, MD 20910, 301-589-5103, FAX [phone], www.bpinews.com