I’ve been working with many entrepreneurs over the past few years trying to work out some inherent but typical problems that have brought them to me. Funny but most of them suffer from the ‘I think I know it all’ syndrome.  Most, though, don’t even know what they are missing or what questions to ask if they did. A lot of their problems can be easily addressed and most are systemic.

I’ve tried to provide service to a few of them with mentoring services by the month. Many people have taken my advice and a few have sought to have me acknowledge their issues and agree with them. I figured these client were determined to have me enable them and agree with their methods and agenda. If you just want someone to agree with you don’t waste your money on me!

I was wondering if there was a better way.

Imagine a struggling business that had a CEO who parachuted into the administration role, ran the business until it was profitable, did a complete turnaround then gave it back to the owner of the business? What kind of value could you place on that model?

For me itâ’ kind of like pay it forward’ because I’ve been there and one that and it might be fun and rewarding.  If I was to take over the role of CEO for a business it would require a lot of trust and confidence from the owner.  They would have to believe that I could do what I say.

I was thinking that a guy like me with a lot of experience could take over leadership of a struggling startup or SME and turn it around in a few months.

Realistically, a struggling business can’t pay exorbitant contracts to a good CEO but what if they only paid a percentage of sales and if it didn’t  increase in 6 months the business and CEO would part company? If I did turn them around and gave the owner back his business in a positive cash flow I would retain some equity in the business as a shareholder, sounds fair to me.

What do you think?

 

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2 Comments

  1. Hey Bizzo, Interesting post. Although I like the concept, I think that there’s a disctinct possibility that the owner would revert to previous practices and potentially nosedive again. Entrepreneurs really need to learn how to do it themselves, rather than hand over the reins and then get them back, I prefer the ‘mentor’ model, but of course both models would require the business owner to recognise his own ‘I think I know it all’ syndrome in the first place!

    1. Good point Lai, thanks for the comment. Obviously, I’d need to tweak the concept a lot more than in my post. It’s definitley a problematic situation and I do like the mentor model too. I’ll keep you posted

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