Thanks guys, I'm getting closer (using the code above), but I still don't know what is happening.  I am putting the above code in the "Display String" field of the text box in green.  SEE THE LINK BELOW

The problem is that when the formula searches for the first chr(13), it doesn't take into account where the FOLLOWUPS: string is located. It needs to be modified so that it starts searching for the chr(13) after Followups. Thus, you need to embed the Instr() function within another Instr() function. I cleaned up the code by adding a variable. (I might be missing a parentheses, but I think its okay).

NumberVar FollowUpsLoc;
FollowUpsLoc := Instr({table.fieldname}, 'FOLLOWUPS:');
IF FollowUpsLoc > 0 then 
Mid ({Table.FieldName} , Instr(FollowUpsLoc, {Table.FieldName} ,chr(13))+1)