Board prep

War-game a press release before the announcement goes out

To war-game a press release before it goes out, put the draft release, the facts it depends on (deal terms, customer counts, revenue figures, dates), the version your board approved, and the distribution plan into one request. Then instruct Pingpong to read the release three times: as a skeptical reporter looking for the weakest claim, as a director checking it against what the board was told, and as a customer or employee learning the news from it. Ask for every claim that cannot be supported, every quote that promises more than the plan delivers, and every group that would hear the news too late.

This page is for chief executives, founders, and communications leads preparing an announcement that directors and investors will read: a financing, an acquisition, a leadership change, or a major launch. It covers the written release. For the spoken questions that often follow, see war-game a media interview before the board reads the coverage. Executive starting points live under Pingpong for executives.

Three readers, three tests

The reporter looks for the claim that will not hold up. Words like "leading" or "largest," a growth figure without a base, and an omitted deal price all invite a skeptical paragraph.

The director checks the release against the board materials. Any number, date, or commitment that differs from what the board approved becomes a question at the next meeting.

The customer or employee wants to know what changes for them. If a quote says nothing will change and the plan says otherwise, the release creates the trust problem it was meant to avoid.

A worked example

This example is illustrative and does not describe a customer. A 600-person logistics software company is announcing that it will acquire a smaller route-planning startup. The board approved the deal last week. The release is set to go out at 6 a.m. Eastern on Tuesday, and two trade reporters will receive it under embargo on Monday afternoon.

The chief executive pastes the draft release, the board summary of the deal, the integration plan, and the communication schedule, and asks Pingpong to run the three readings.

From the reporter's side, the pass flags the headline claim that the deal "doubles our customer base." The combined count is 1,900 customers against 1,200 today, an increase of about 58%. The release calls the deal the largest in the sector but gives no price, which invites a reporter to ask for it and print the refusal.

From the director's side, the release says the acquisition "closes today." The board summary says closing depends on a regulatory review expected to take 60 days. The startup's founder is quoted as joining as president, while the agreed title is general manager of the routing business.

From the customer's side, the chief executive's quote promises "no changes for customers of either company." The integration plan retires the startup's mobile app in 18 months. The communication schedule has the all-hands meeting at 10 a.m., four hours after the release goes public and almost a day after the embargoed reporters have it, and has no plan to contact the startup's customers before Wednesday.

The team revises before sending. The headline uses the actual customer growth. "Largest" comes out, and counsel confirms the price will stay undisclosed with one sentence ready for reporters who ask. The release says the company "has agreed to acquire" and notes the expected closing timeline. The founder's title matches the agreement. The customer quote commits to supporting both products through the end of next year and promises notice before any change. The all-hands moves to 7 a.m., account teams email the startup's top customers at 6 a.m., and the board chair receives the final text the evening before.

A request you can copy

Below are a draft press release, the facts and figures it relies on, the version our board approved, and our distribution and internal communication plan. Read the release three times: as a skeptical reporter, as a director comparing it with the board materials, and as a customer or employee affected by the news. For each reading, list claims that cannot be supported, quotes that promise more than the plan delivers, and anything that differs from the approved version. Then list every group that would learn the news later than they should.

How Pingpong runs the war-game

The web review app sends your request through several models in order. Each later model receives the original request and every earlier answer, with instructions to assess the work so far. Check each flagged figure against its source before you edit the release. For the steps inside the app, see running your first review.

What a model can't war-game

A model does not know which reporters will cover the announcement, what they have heard from other sources, or what your agreements require you to disclose. Securities, deal, and employment wording belong with your general counsel, and timing for a public company belongs with your disclosure process.

If the announcement follows a board vote, see war-game a decision before the board meeting. More guides live under work decisions before you commit.