Lou Ann Sabatier

Former Ogden CEO Explains How Fostering Passion Lifts Engagement & Profits

Long-time publishing innovator Bryan Welch shares lessons he learned from launching a slew of profitable magazine business, from Mother Earth News to Motorcycle Classics. [reprinted from my blog post on www.pubexec.com]

Tapping into one’s passion can be a powerful fuel for any business enterprise, but it is particularly vital for the magazine business. Bryan Welch, the former CEO of niche media company Ogden Publications, says that staying true to his passions and embracing the passions of his readers was the secret to the success of Ogden’s top titles like Farm Collector, Motorcycle Classics, and Mother Earth News. And that philosophy continues to guide his work today at B the Change Media.

Bryan Welch, Former CEO of Ogden Publications & Founder of B The Change Media

During Welch’s leadership, Ogden Publications experienced steady growth in audience, revenue, and profits. Welch spearheaded the company’s diversification into branded products, events, and television, and personally oversaw its successful insurance-marketing enterprise. In his last five years at the helm, revenues grew by 15% and profits were up 34%. In that same period, audiences more than doubled from 5 million in 2009 to more than 12 million at the end of 2014.

In 2015 Welch stepped down as CEO of Ogden to launch B the Change Media, an online publication serving B Corporations, also known as benefit corporations, which are for-profits dedicated to making a positive impact on society. B the Change Media sells subscriptions to B Corporations to distribute to their employees and supplements that subscription revenue with ads. B the Change recently suspended publishing in print and will continue publishing online.

In the following interview, Welch explains how fueling readers’ passions leads to profitability, and shares lessons he learned from Ogden Publications and B the Change Media.

Related story: How Mother Earth News Is Using Analytics to Drive Content

Why did you go into publishing?

I discovered at the college newspaper that people would pay me a bit of money to write stories. I love writing stories. When I graduated I was hired to work at the local paper. I loved being engaged in the story process: writing, editing, photography, and design. At that time, journalism was an idealistic profession. The feeling of going to work every day to do something that matters was addictive.

My family and I moved nine times during the next 15 years as I worked my way around in the community newspaper business as a reporter, editor, and finally a publisher of local newspapers. Once I was a publisher, I discovered the newspaper business was boring. It was a very mature business that ran according to business norms. There was no business creativity. So I went to grad school to study business and was then led to do something entrepreneurial.

In 1996, a family I had worked for in the newspaper industry launched Ogden Publications, Capper’s and GRIT were our first acquisitions. They gave me a great 19-year run.

To what do you attribute your partnership with the Nutting family lasting almost two decades?

The family runs a company that has very little corporate management. They discovered that if they hired the right people to run their local papers, they could do without middle management. As a result, I was lucky to have creative opportunity. They were hands-off.

When we launched the publishing company, we turned the first title around quickly. It cash flowed soon. We launched Farm Collector and it cash flowed immediately. When we acquired Mother Earth News it was an instant success. [For 10 years leading up to 2013, Mother Earth News was the fastest growing magazine in North America. In 2014 it was also the magazine with longest time spent reading by its audience; and the magazine most likely to be a reader’s favorite according to MediaMark Research.]

Our good fortune gave Ogden Publications a credibility with its owners. The family gave us freedom to innovate and explore.

What were important lessons you learned from managing Ogden Publications?

I came into national magazines with no experience and I discovered in 1996 that there was a lot of inefficiency built into the business. We immediately saw that our business plan for many of our titles would be driven by circulation revenue more than advertising. But there was a steep learning curve. The newsstand business is difficult and not as lucrative as it should be. Direct mail was the primary source for attaining paid subscriptions, but it can be risky. You invest millions of dollars and put your business at the risk of weather, news events, etc. A key turning point for us was when we created an early lifetime-customer-value model. This allowed us to design promotions with better strategic understanding of our goals.

Our lifetime-customer-value model was essentially a discounted-cash-flow analysis of each magazine buyer, whether a subscriber or newsstand customer, that evaluated all the revenues from that reader. We looked at specific longevity of reader groups by source and adjusted our promotional spending so that each reader we acquired met our efficiency standards. Those standards varied from title to title. Growing titles that were more ad-driven were managed to make sure a subscriber group had paid off the promotional investment by the second renewal. Lower-growth, circulation-driven titles were required to pay off their promotional spending at acquisition.

It took us years to make Utne Reader profitable. The reality that idea (aka intellectual) magazines are uniformly difficult to make profitable was a hard one for me to swallow. The battlefield is littered with idea magazines and I was slower than I should have been to realize that we had to operate on very low expenses. It was painful getting there. Over the course of several years we gradually decreased the editorial staff from 10 people to one talented person and that was the key. That publication won’t support two editors. One of the other lessons I learned is that the national advertising market was not interested in niche magazines. Visiting the agencies was only helpful after I had a relationship with the client. Then and only then did we have a chance at some business. I batted zero for 19 years. Other people have done better.

What principles helped guide you toward success at Ogden Publications?

I had two strategies for growing the company. One, if we had someone on our staff that had a passion for the topic, then we considered launching or acquiring a title in that niche. For example, our IT director had a passion for antique tractors so we launched Farm Collector. We started Motorcycle Classics because we had an employee whose dissertation in grad school was a business plan for a classic-motorcycle magazine. Second, if we discovered a passionate audience that significantly overlapped with one of our existing audiences then we would seriously look at a launch, a brand extension, or an acquisition. For example The Herb Companion and Herbs for Health had nice overlap with Mother Earth News.

Coming to the subject matter with real passion is one of the most important things you can do. If you and your editors are not interested in the topic, you are not going to be a thought leader. These two strategies enabled us to create relationships and connect with others. And that’s how Ogden grew to become the leading information resource serving the sustainable living, rural lifestyle, farm memorabilia, and classic motorcycle communities. In 2014, across all brands the company had almost one million paid subscribers, more than 3.5 million unique visitors each month, and multiple sources of revenue. The depth of engagement with your audience is more powerful and you can measure that in dollars.

In late 2015 you left Ogden Publications to launch B the Change Media. Why did you leave Ogden and why B the Change?

It is time for business to be a force for good in the world, and a lot of other people think that, too. At present, there are more than 2,000 certified B Corporations with 70,000 employees operating in 50 countries and representing 130 industries. They have a shared purpose to harness the power of markets for social change. This has become a global movement, yet there was no hub for their stories, tools, and insights. B The Change launched as a multi-platform media company to fill the gap.

My business plan cornerstone was to sell bulk subscriptions to B Corporation employees and augment that with paid advertising (sponsorships) in print and online. We launched in the summer of 2016 as a quarterly with a print run 100,000 and placing 70,000 on the newsstand. After a year and publishing four issues, we ceased publication of the print magazine. B the Change will continue as a digital product with no significant sources of revenue until when, and if, it is repositioned.

The gamble is always, “are you early?” The revenue was not there. We had great salespeople working very hard. I would have long conversations with clients debating between a $1,000 or $2,500 annual spend. You can’t have very many of those conversations and survive. It’s a small community. We hoped that the community of B Corporations would be the wind beneath our wings, but there were not enough of them and there was not enough money.

It’s disappointing to me that monetizing without a physical product is next to impossible. But the rest of the world is unaware of how the business of publishing works and how necessary the print product is to the business model. Thousands of media brands have lived and died discovering that.

When I went out to sell bulk subscriptions to the community, I encountered this reluctance to buy and distribute print magazines. I found it difficult to gain traction when I explained the benefits of print.

How much of the reluctance to acknowledge the importance of print was generational?

None of it. As a matter of fact, some of the younger employers were open to it because they see the value of print. It’s the popular notion that the print media is obsolete that was our biggest disadvantage.

We did okay, we had mid six-figure sponsorships in the first year. But all of that came in association with the print magazine. And I could not talk clients into spending money to subscribe to the print magazine for their employees.

One of the things I say to people all the time when the topic comes up…there is this beautiful 750,000 circulation magazine called Wired and it’s about digital media. If there were no value in the print product, why would there be a Wired magazine? I can’t explain why there is a Wired, but the evidence indicates that many people find value in a print product.

What is the most important metric for measuring health and success in publishing?

When I came into the business, I was astonished at the idea of a rate base. I discovered in the magazine business this labyrinth of representation and misrepresentation, fake numbers that had grown up over time and served the purposes of major publishers and agencies in various ways. I understand the historical roots, but it reminded me of the medieval Catholic Church. Reach is created in so many flimsy ways; it has no substance.

Now that we have the digital industry with all its metrics, everyone would be better off if we did something much simpler. I know that I can make money if I build metrics around engagement. If I double down on content that gives me deep engagement, then I can sell subscriptions. Engagement gives us an audience we can monetize. We would be better off if we valued and sold engagement and we taught advertisers to speak to those readers with real, passionate interests.

At Ogden, we valued engagement. That’s where the money came from.

What Mediabistro Founder Laurel Touby Learned From Building a Lucrative Membership Site

A conversation with Mediabistro founder and startup investor Laurel Touby on starting a media company and embracing new revenue models and technology [reprinted from my post on www.pubexec.com]

It takes courage to interview Laurel Touby. In recent years, she has been interviewed by The New York Times, CNN, Inc., Oprah, Fast Company, Bloomberg BusinessWeek, CBS, Kiplinger’s, Time, Forbes, New York Magazine, Entrepreneur, Village Voice, The Huffington Post, Slate, and Adweek, among others. Six years ago, I spoke with Laurel for pubexec.com and you can read that interview here.

Laurel Toby

Laurel is most recognized as the founder and CEO of mediabistro.com, a website that revolutionized the way media professionals do business, connect, and communicate. During her 10-plus-year tenure, she navigated the business through two recessions, a pivot, early adoption of online audience development and most impressive . . . profitability. Prior to launching mediabistro.com, Laurel worked as a media planner at Y&R, as a writer covering corporate strategies for BusinessWeek, and as a writer-editor of the “Getting Ahead Guide” for Glamour magazine.

Laurel is managing partner at Flatiron Investors, a venture capital firm she launched two years ago that focuses on fintech, digital media, enterprise software, and SaaS companies. Here she shares how she got mediabistro.com off the ground by focusing on her members’ needs and what lessons she’s learned from the startup world that publishers should apply to their businesses.

I read an interview in which you said that the most important thing you did in the early days of your career was that you “listened to people.”

Because I was a journalist, I was accustomed to actually tuning in to what the other person was saying. That turns out to be the number one way to gain the trust and support of your customers. The customer will tell you what he or she really thinks of your product, what he wants to pay for a product, what features she wants, and much more, if you just pay attention.

You cannot simply push content out to customers and expect them to bite; it’s all about the conversation. That means physically sitting down with your readers, users, listeners, etc. and asking “What are some of things you might purchase?” There is a reason why they are reading you, paying attention, and giving you a piece of their mindshare. Find out if there are other things you can offer them, in order to monetize the audience better.

When I first started out, the first thing my members seemed to want was a free cocktail party, where they could connect in person. Then, as a direct result of my conversations with my audience, I added on a website, an email newsletter, and job listings. At this point, I was not making any money from the individuals engaged with the brand.

Three years into giving away my products and services, I began making money from the job listings (HR managers began to pay). It wasn’t a ton of money, but it was a tremendous start. Then, in March of 2000, that little tiny revenue stream was threatened. The job listings began plummeting, as the Internet suffered a dramatic decline. Luckily, I was paying close attention to my customers. I hosted a focus group pizza party and asked the attendees what else they would like me to offer them. They had great ideas such as education, health insurance, and a formalized membership program. Training seemed like an idea that I could most quickly launch and collect revenues from.

Committing to a new product line is scary, but the alternative for me was scarier. I teamed up with a trainer who had taught classes and she encouraged me to create a media “school.” Gradually we began to offer more and more classes and we brought the trainer in-house as our Learn Director.

How do you think publishers are doing with diversification?

My observation is that most publishers acknowledge the importance of diversification and creating new ways to engage the audience and monetize, but they rarely commit enough capital to these efforts. In most cases, they test out concepts without hiring someone to oversee them, without spending any marketing money, without developing any in-house tech. So, those efforts fail. They try to partner with a provider instead. That always fails. Partnerships that are revenue splits never work for anyone. You have to commit to it, devote real in-house resources to it, market it, commit to it.

You have a passion for working with entrepreneurs and you have stated that undercapitalization is one of the biggest mistakes that those in media make. [Undercapitalization limits growth by constraining business investments in key assets; the business does not have the funds it needs to meet demands.]

Yes, I believe this. And it’s critical to get the right investor. My investors looked at me and saw things in me that I did not recognize in myself. I knew that I had vision and hustle. But they saw a driven, powerful, intentional, intelligent founder. When they told me that I had to sell the company for over $33 million, I thought they were crazy. But then I worked my butt off to meet their expectations, and soon those were my expectations, too.

Because I have worked in both the media world and in the world of the “Gazelles,” I now see a huge difference between the provincial media owners out there and the high-growth business owners. Media owners don’t understand business revenue streams, only media revenue streams. They are almost like horses that have worn a path to their one watering hole. They have been traveling this same watering hole for so many years with their heads down, following one another. That watering hold is advertising/sponsorship revenue. They are afraid to get off the path. They don’t trust another path. If they do veer off, and don’t see floodplains immediately, they abandon the new potential revenue streams and go back to what’s familiar.

You have to believe in the future media disintermediation and you have to run toward it. You must invest money and energy in order to find other watering holes. Sure, media companies have added little streams, such as white papers and conferences, etc. But, how about new technologies? Where is the new tech coming from old media? Maybe they need to attend more of the conferences I am attending, see more of the startups I am evaluating to gain the vision to see around the next corner?

There are so many cool small companies innovating in the world that a media company could take hold of with their unique and very fertile audience – and make money on. The will to do this must come from top leadership and the board. This is why many media companies are dying and lovely tiny companies are evolving into media powerhouses right under their noses.

As one who has built a very successful brand based on community, and you are doing so again, I was surprised that you once said that community and business don’t always mix. Please elaborate on this.

Companies become too corporate and forget that brands are personalities; the audience wants, no demands, an authentic interaction.

In addition, you cannot make money from every interaction with your audience. More brands should consider bringing their customers together for the fun of it. It just has to feel good. That leaves a lasting impression. People leave saying “I LOVE this brand.” These experiences don’t have to be in person. They can just be wonderful experiences the brand offers, a little gift that the brand gives to the audience. Think: how can we delight your audience? Brands (media companies included) take themselves too seriously. There is little whimsy. You have to bring some emotion to your interaction. Some media brands I hear people using the word “love” with, other than mediabistro.com (of course), are Garden & Gun, Dwell, Wired, Inc. Take a look at what they are doing.

In the early years running mediabistro.com, it served only journalists. When you expanded the audience beyond journalists, how hard was it to retain the sense of exclusivity?

In the very beginning, we were leaving out the marketing, sales, and other departments. Once I had built a strong following with editorial people, then I expanded into TV, design, and finally sales and marketing. Our website had 13 blogs and each targeted blog was read by mostly that group of people.

Any principles that you attribute to building mediabistro.com into a solid brand with a small staff?

I believe in giving ownership to employees so they are part of the success. It’s easier to do with small companies, but any size company can offer some type of reward. And it is important to acknowledge that millenials want a career track and want to feel that they are continuously learning. You can create an artificial ladder of learning for them. Sometimes they would rather have that than money. Look at what Goldman Sachs is doing to keep its millennials engaged, creating constant, instant feedback!

Why did you transition from media to tech investor?

I think the best companies are started by people solving their own problems. My original reason for launching mediabistro.com was to find a boyfriend (I kid, but only sort of) and to get better writing gigs. Then, I figured out that what I was really creating was a safe space for people who shared the same demographic and psychographic to commune. People in any industry, even the media, craved community; that became my mantra.

When I joined the media world, it was where all the ideas and all the smart people were. A decade later, media increasingly was looking backward and sideways. Tech is about the future. I find myself more engaged by the future than the past, so that’s why I migrated into tech. I love helping AI, IoT, software, and other types of startups achieve great things. Not surprisingly, I avoid any media-related investment that has sponsorship or advertising as its business model.

You have been recognized throughout your career for being supportive of women in business, including receiving the Women in Leadership Compass Award for shifting the paradigm of how women are perceived in the world. I notice that you don’t list women on your board or your team at Flatiron Investors. Why is that?

I see a lot of female founders, because of who I am, but I don’t see a lot in the space where I invest. I see a lot of women starting consumer-facing companies. I have invested in two, but mostly I don’t invest in consumer tech. And in terms of staffing, I have tried to get women to intern for me for next to nothing and they won’t do that. The men do, the women don’t.

What are key questions you ask before investing?

Where did the deal come from? Why is this founder uniquely positioned to turn it into a company? It’s all about the founder. Is this person going to pull off the impossible or quit when things get tough? How big is the market? Is the company or product evolutionary or revolutionary? There is a list of 40-plus criteria that I evaluate, but in the end, with an early stage startup, you rely a lot on your gut.

5 Ways to Improve Native Ads While Maintaining Reader Trust

[reprinted from my blog post on www.pubexec.com]

Native advertising is now a major revenue driver for publishers, and its share of the advertising market will continue to grow. Revenue earned from native display advertising in the U.S. is expected to surpass $34 billion in 2017, and by 2021 it will make up 74% of U.S. display ad revenue. In 2014 Doug Anmuth, an internet analyst at J.P. Morgan, explained one reason behind this massive growth, “Native ads are quickly becoming the de facto ad format on mobile and increasingly moving into desktop. Publishers are increasingly shifting inventory to the format.”

While there are huge opportunities in native advertising, publishers must acknowledge the risks associated with the format and build greater trust with readers. Native advertising that is not distinguishable from content can make readers angry and discredit a publisher’s brand. Native advertising that is not relevant to them will lower reader’s opinion of content. Cluttering a website with low quality or poorly targeted native advertising forces readers to ignore the ads or abandon properties, which loses publishers money. In short, there are right and wrong ways to execute native advertising, and I’ll explore some of those in this post.

What Is Native Advertising?

But first, we should define exactly what we’re talking about when we discuss native advertising. According to a Cision white paper, native ads can take on a variety of formats. They can straddle social engagement (paid search ads or promoted content on social media), owned media (outlets or channels controlled by the brand or advertiser), and paid advertising (advertising and promotion placed in media through paid partnerships). Each format can help advertisers reach a variety of goals, whether that’s brand awareness or lead generation.

How Can Publishers Work With Advertisers to Improve Native Ads?

Ask advertisers about their objectives. For example do they want to convert sales and build leads? A recent study revealed that native ads generate higher click-through rates than traditional ads. And with targeting and retargeting, advertisers can achieve a cost-per-lead that is down significantly from direct response marketing.

Or do your clients want to use native ads to build a social brand? Native units are most helpful to brands that already have a presence on the social networks and who know how their users respond to content.

Alternatively, brands may want to establish themselves as a thought leader in a certain industry. Native, branded content is a great way for a brand to share their expertise.

Once you understand the objectives of your advertisers, you can better serve their needs while maintaining the trust that you’ve built up with your audience. Following are a few native ad guidelines that will help you balance serving the advertiser’s goals and maintaining the reader’s trust.

  1. Choose brand partners wisely. Because the user experience is seamless, a reader loses trust when publishers carry ads from a brand they consider to be untrustworthy If the brand is not relevant to your audience or lacks authority, readers will consider that brand untrustworthy. According to a study conducted in 2016 by Contently, “consumers trust the publishers they read to make responsible decisions about the partners they choose and the content they run.”
  1. Provide a seamless ad experience that engages readers. Successful native advertising follows the natural form and function of the user experience in which it is placed. Mimic the content around it; match the appearance, tone, and function of the page and platform where it appears. According to the Interactive Advertising Bureau, most advertisers and publishers aspire to deliver paid ads that are so cohesive with the page content, assimilated into the design, and consistent with the platform behavior that “the viewer simply feels that they belong.A good example is the award winning 2016 campaign that created by Politico, Hacker Avenue.
  1. Deliver relevant content. Native advertising relies on strong headlines and relevant content that people want to read. An excellent example of quality paid content that received wide recognition two years ago is Netflix’s “Women Inmates, Why the Male Model Doesn’t Work” promoting Orange is the New Black, which was published on NYtimes.com.
  1. Incorporate video. The Native Advertising Institute cites video as the most popular native format right currently. Publishers can incorporate native video in three ways:
    1. Native Autoplay Preview (a short-form video preview)
    2. Native In-Feed Video (click-to-play format that is user initiated)
    3. Outstream Autoplay Video (video that automatically plays outside of a video player, often in between text paragraphs)
  1. Label native advertising. While labeling can be tricky, don’t trick your audience. Generally, a consumer should be able to distinguish between what is paid native advertising and what is the site’s editorial content. Mediaradar recently reported that 70% of publishers are not following FTC native ad guidelines. It should be noted, however, that the FTC guidelines are open to broad interpretation and many in the industry are asking for the guidelines to be clarified. TheNew York Times, which uses a color bar and the term “paid posts,” and Forbes, which labels native content with “brand voice,” continue to tweak their labeling in an effort to create good brand experiences while also giving readers clear signs they’re reading ads. Type should be large and visible enough for a consumer to notice it in the context of the overall page regardless of the device it’s viewed on.

With the revenue opportunity, native ads must be carefully developed and delivered to realize benefits for advertisers and avoid confusing or angering your audience. Done poorly, native advertising can break consumers’ trust in the publisher’s brand – it misleads consumers into reading content that’s actually an ad. Done well, native advertising can move the publisher’s time-on-page and engagement numbers up as well as generate new ad revenue.

5 Questions to Save Your Readership Survey

This article is reprinted from Associationmediaandpublishing.org. It is a summary of a presentation Sabatier made in Washington, DC in early 2017.

AM&P’s December Lunch & Learn session covered ins and outs of audience research

By Rebecca Stauffer, PDA

“Most research projects fall down in the thinking and planning stages,” says Lou Ann Sabatier, principal for Sabatier Consulting. During AM&P’s December Lunch & Learn session, “Reader Surveys: Finding Out What Your Audience Wants,” Sabatier recommended asking a series of questions throughout the survey process to ensure success.

Based on her firm’s work with associations and survey research, Sabatier says preparation on the front end can save publishing teams from failed research projects.

1. What information do you want?

The first step in developing an effective readership survey begins with spelling out the objectives. Is the survey for marketing-advertising purposes? To analyze the audience? To determine brand perception? Knowing precisely what information you want will help you craft more precise, more meaningful questions.

An effective survey should have clear directions with questions in a logical order. The first questions should also hook the reader. One good strategy is to start with easy questions before moving on to harder ones.

2. Who is the information for?

Is it for the editorial team, marketing-advertising, accounting, or executives? Different groups will have different needs. Knowing the group will help you make the end product more understandable and more useful for the group.

All findings from your research should be presented clearly and accurately. Provide a complete summary of all the results and then present your conclusions and interpretations. Sabatier recommends presenting the summary and conclusions live or via a webcast, followed by sending out a PDF report with more details to all involved parties.

3. Who is providing the information?

Will the survey be aimed at existing members? Prior members? Members in a certain geographical area? An effective survey is aimed at a targeted group. Avoid the wide-net approach when you have specific fish in mind.

Remember to go where your readers are. If you want responses from groups that tend to be digital savvy, work in that medium. Use your analytics to target the survey with the most efficiency.

Also, the design of the survey can impact response rates. Tailor the survey to your audience. What’s the best time of day to send it? How long are they likely to spend with it? What type of questions are they most likely to answer?

The privacy of your respondents should be assured and a statement to this effect clearly seen on the survey. When presenting the data, keep responses anonymous.

4. What’s the best research approach or methodology?

Knowing the answers to the preceding questions is vital to deciding which methodology is best. Sabatier says she worked with a cancer association that had significant success with focus groups via their Facebook page instead of a traditional questionnaire.

If you settle on a questionnaire, Sabatier says she’s found surveys sent by mail tend to generate twice as many responses as online surveys.

To ensure the survey is effective, pretest it with at least 12 individuals who have not been part of the planning process. Ask them if the questions are clear and if the length of time needed for completion is appropriate.

At every stage of the process, ensure that the proper sample is selected and that information is recorded and analyzed correctly. Sabatier recommends treating the data as if your job is on the line. Check. Check again. And then check again.

To ensure you can accurately report on the methodology — which is important to prove the veracity of the results — keep records of every step. Keep records of all information pertinent to the survey, such as sponsors, everyone conducting it, the purpose, the actual questionnaire, sample design, sample data collection, special scoring, etc.

5. What is your budget and time frame?

Map out your survey plan and methodology early to ensure you can allocate proper resources. The typical survey takes two to three months; make sure you won’t have to cut corners or cut your timeline later on.

While considering expenses, determine if you’ll use incentives. Sabatier finds that incentives can help increase survey responses, however, she recommends avoiding awards like iPads or $100 gift cards. Instead, she’s seen success with offering free conference registrations and similar job- or profession-related prizes.

Rebecca Stauffer is managing editor of the Parenteral Drug Association’s membership magazine, the PDA Letter. Association Media & Publishing thanks Rebecca for graciously volunteering to cover this Lunch & Learn for our members who were unable to attend.