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**** For Office 365 users, the following formula is much simpler:
=LEFT(TEXTAFTER([@[Sales Representative]], " ", , ,1) )
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The formula for extracting the first character from the last name:
=MID([@[ColumnName]], FIND("/", SUBSTITUTE([@[ColumnName]], " ", "/", LEN([@[ColumnName]])-LEN(SUBSTITUTE([@[ColumnName]], " ", "") ) ) ) + 1, 1)
Explanation of formula:
spreadsheetpla...