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Leading at the Speed of Growth: Journey from Entrepreneur to CEO (Kauffman Center for Entrepreneurial Leadership) ReviewCommentary, August, 2001. This is an important book for several audiences. First, it should help entrepreneurs understand the skills and experience that are required to move from start up, or as the authors put it, from "initial growth," through "rapid growth," and finally into "continuous growth" phases. Thoughtful entrepreneurs will ask of themselves: "Do I have those shills - if not, what must I do to gain them? And, do I have what it takes to do so?" If they are truly honest with themselves, a good number will realize that it will take different individuals with different skills and experience to lead their creation through these phases, and act accordingly.
The second group range from board directors, especially if venture capitalists are among them, and trusted personal advisors, especially if the entrepreneur does not have a true board comprised of some seasoned executives or consultants with requisite experience. These are the individuals who are in the best position to make these kind of judgments.
Many years ago, I was in the office of the head of one of the more successful venture capital firms in Boston...let's call him Mr. D. The purpose of our meeting was to discuss a possible collaboration with one of his ventures. As the discussion unfolded, it was clear that his attention was elsewhere, so I asked him if this was the case. He seemed relieved, and emotionally stated that he had just concluded a phone conversation with the outside directors of a promising venture in which he was the lead investor. The venture, with annual revenues over $20 million, was pioneering a new, important technological field. The outside directors were aware of the leadership problems, and were not surprised that Mr. D. was recommending the removal of the founder and his replacement an individual Mr. D. believed had the skills, experience, and desire to lead the company well into the rapid growth phase profitably. This was in spite of Mr. D's several frank one-on-one discussions with the firm's founder that revolved around his bringing in a new CEO, thereby permitting the founder to concentrate on the R&D efforts that were so essential for success. The founder refused to relinquish total control of his baby.
The founder's loss represented a serious setback for the investors, but one if not taken put the venture at extreme risk. It took several years before the company got back on its rapid growth phase while retaining its leadership position in its markets.
Would the entrepreneur have acted differently if he had read Catlin & Matthews' book with its real life examples? I can't tell, but he might have accepted his new role...after all, it would have been in his own self-interest - he owned about 30% of the stock.
Another example. I was on the board of a company facing the same kind of problem. The company had grown from $800,000 in revenues to somewhat over $5 million in 15 months. The CEO confided in me that the joy of building his creation was being displaced by too many operating details. First he brought in a solid COO, but soon thereafter asked us the board to find his replacement. He gave us enough time to do this as we worked out ways we could collaborate with him in the near future.
Similar stories repeated time and time again. Catlin & Matthews offer constructive advise to help entrepreneurs make it through their growth phases - or to counsel them to face reality. Bravo, Katherine and Jana; may your book gain widespread use.
Catlin & Matthews at least spell out for entrepreneurs the nature of the game they are in. To ignore their advice seems, to me, to be foolhardy.
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