Transitions: When is it time to bring in outside leadership?
In today's episode of #PoisedforExit we talked with Scott Sustacek, who is a “Free Agent CEO”. Scott has run and built several businesses as well as facilitated and grown several CEO Roundtables. His perspective on bringing in outside leadership comes at a time when many founders of companies are pondering that very thing.
The timing of bringing in outside leadership has a lot to do with what the owner wants to do with their time (and their business) as they sunset from the day to day responsibilities. If an owner is looking to stay engaged, but doesn't want to lead the charge any longer, or they've reached a plateau of growth, those are good indications it's time to bring in fresh perspective and expertise. The owner also has to be ready to let go and delegate, which can be a challenge for many owners, but when the time is right, it can be an ideal way for the owner to benefit from the upside of what people like Scott can do in scaling the business as well as take some of the pressure off that comes with leading and growing an organization.
One of Scott's most recent engagements was a family owned company where he stepped in as CEO and doubled the company size in 5 years. The owners were thrilled and their acquirer was too. The founder became the Chairman during that time, so still having a leadership role but got out of the day to day. This option seems to be a good fit for many entrepreneurs who don't want to end it altogether for themselves, but do want less responsibility and more free time.
There's much more to this episode, so be sure to listen!
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