Rally Round a CEO
Here’s a message I got today from a member whose business has been decimated by the economy. Names have been changed for privacy.
“My roundtable members . . . including the newbies, Sarah and Mike. . . have been a great resource as we work to pull my company out of the pit. Jack Newton corralled everyone a few weeks ago and we all met here . . . Lisa brought in a bunch of sandwiches . . . and they helped me strategize and think with greater clarity about the options I have. That was for a couple of hours in the middle of the week, when I’m sure they had much better things to do. It meant an awful lot, and it was extremely helpful.”
“Just thought you’d like to know that the process really works.”
This is the sort of thing VACEOs members do for each other all the time. What a powerful resource — especially in times of turmoil.
Social Media Blitz
We are blitzing our members with Social Media stuff this month. The quarterly luncheon on May 21 will feature a panel discussion on “Social Media as a Business Tool.”
VACEOs has maybe 20% participation in our private LinkedIn group, a fair number of folks on Facebook, and a handful of bloggers and Tweeters. I anticipate a better informed and connected membership after this month’s program.
Get on board:
Our LINKEDIN group is limited to members and sponsors.
Search Virginia Council of CEOs or go to http://www.linkedin.com/groupRegistration?gid=27275to join.
On TWITTER, anyone can follow VACEOs.
Search for “vaceos” and become a follower.
On FACEBOOK, anyone can become a fan of Virginia Council of CEOs.
Search for Virginia Council of CEOs, and become a fan.
The Resilient Company
This year’s CEO Retreat is titled “The Resilient Company.” Timely topic, I think!
On a conference call with a couple dozen members yesterday, presenter Keith McFarland had them asking “can we start tomorrow?” Here are some excerpts from the call that offer insight into this Retreat program.
“Greatness is built into companies in the tough times, and not through the good times. If managed correctly, times of difficulty help firms discover hidden strengths, help them define latent capabilities, bring them down to fighting weight. The task of leadership is different during these times. It is important for leaders not to focus solely on getting through the challenges of the day. And that’s what a lot of people do. They hunker down and focus on getting through the challenges of the moment. If you do that, the kind of transformation that is possible during times of challenge will not happen.”
“Instead, CEOs need to guide their organizations to ask the fundamental questions about the business. It is a great time to face facts that you would have overlooked in more prosperous times. It is a great time to integrate new knowledge and insights that adversity always creates.”
“So we have really built this event around some of the themes of The Breakthrough Company, and also bringing in the ideas from my next book – which is called Bounce. It is a parable book. It is a story about a guy who is trying to turn a business around, and he ends up working out at the gym next to a guy who is an army ranger who just came back from
“You’ve got these challenges that come with adversity naturally. You are squeezing to make the financials work, and everybody is working harder. On the other side of the equation we know that when people and groups come under pressure in organizations where there is a strong sense of belonging people rise to the occasion. You can actually get people to consider things they would not consider otherwise.”
“The task of the Virginia Council of CEOs is to get people out of the mode of hunkering down and into the mode that this adversity presents opportunity. Here’s what we are going to be focused on: How do you make sure that when your firm gets under pressure that you have the right kind of approach to make the best out of the situation?”
Family Business CEOs Face Unique Challenges
Two dozen members of the Virginia Council of CEOs met over lunch last week to share what they know about “Thriving in a Family Business.” The 90 minute session at the Robins School of Business was a chance for the CEOs to talk about the challenges of running a family business, and to share what they have learned with others.
Here is a sampling from the experiences of this group.
- Objectivity is difficult if the decision makers are all family. Bring in consultants or set up an outside board to get some perspective on strategic decisions.
- One M&A pro advised that most successions don’t end well. To beat the odds, start a plan ten years ahead.
- Planning elements that were discussed include: buy/sell agreement; a defined conflict resolution process; a management structure with defined decision making powers and check & balances; wealth transfer mechanisms; and regular family meetings to discuss the plan.
- Separating family time from business time is difficult. Some recommended scheduling blocks of time away from the business with a “no shop-talk” rule in place.
- Recommended for reading were: Familybusinessmagazine.com; and Family Wealth, Keeping it in the Family, by James E. Hughes.
CEO Authors
When David Ingram, CEO of Capital TechSearch, told me he was writing a book, I was jealous. How does this guy have time to write a book! I have trouble carving out time to write 150 words a week for this blog!
Maybe that’s why Ingram is so successful. In fact, the book he is writing, “15 Bedtime Stories That Keep Entrepreneurs Up at Night,” shares some of what he has learned along the way. Like all VACEOs members, Dave loves to share his experience with other CEOs.
For more on CEO authors, see this article at Richmond BizSense that highlights David and several other Richmond area CEO authors.
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