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This episode is brought to you by Boulay, the industry standard for Quality of Earnings, tax, and audit services, serving search fund entrepreneurs for 20+ years*This episode is brought to you by Oberle Risk Strategies: Insurance Broker and Insurance Due Diligence Provider for Search Funds and Other Small-to-Medium-Sized Businesses * When assuming the leadership role of a company that was previously held by its original Founder, new CEOs are often surprised at how difficult it can be to properly manage that relationship. A non-functional relationship between the incoming and outgoing owners can divide the employee base, create confusion about who to approach with problems and opportunities, and can limit critical transfers of knowledge and relationships that incoming CEOs typically require.Incoming owners often themselves in a bit of an awkward position during their first few months on the job: On one hand, they've likely just spent many months slogging through a protracted purchase process with the seller that was likely filled with contentious negotiations and several emotional disagreements. Yet on the other hand, almost immediately upon the closing of that acquisition, new CEOs will likely find themselves meaningfully in need of the help, knowledge and experience that only the person from whom they purchased the business can provide. In other words: Upon closing, what the seller wants from the buyer (mostly transaction proceeds) has already been received. What the buyer wants of the seller (help, knowledge transfer, introductions, and so on), hasn't even yet begun.To help us better understand how to manage this critical hand off process, I was joined this week by Les Trachtman, Author of “Don't F**k It Up: How Founders and Their Successors Can Avoid the Clichés That Inhibit Growth”. Les is a seasoned entrepreneur, educator, and author with over four decades of entrepreneurial experience. He is also an adjunct instructor at the Johns Hopkins University Carey Business School, and is a frequent guest lecturer at Harvard Business School, MIT and other academic institutions, where he often talks to students about the unappreciated nuances of Founder succession.
CEO of Purview Les Trachtman sits down with me from 500 miles socially distant away to share what he and his company are doing in this unprecedented time. Purview is a small fast growing company based in Annapolis, MD that falls in the telemedicine category. Simply what they do is enable physicians to remotely review and diagnose patients using data from multiple sources-using their medical imaging scans, pathology reports, test data, and physician reports, often for second or remote expert opinions. Their product offerings provide not only freedom to diagnose anywhere but also allowing patients with critical ailments from having to further risk exposure to see a scan or go over with physician.Purview is offering their products to patients and Dr. at this time to help minimize peoples exposure to potential Coronavirus. You can get more info at www.purview.netSupport this show http://supporter.acast.com/be-au-sm-episode-1. See acast.com/privacy for privacy and opt-out information.
Support this show http://supporter.acast.com/be-au-sm-episode-1. See acast.com/privacy for privacy and opt-out information.
We bring on three-time entrepreneur and Exago CEO Mike Brody to discuss management strategy with Les Trachtman, six-time CEO successor and author of "Don't F**k It Up: How Founders and Their Successors Can Avoid the Clichés That Inhibit Growth." Being good at founding software startups doesn’t necessarily make you good at scaling them, but some smart tactical decisions can help you make the transition.
The Trachtman Group focused on helping companies grow and scale, as well as managing director (and majority investor) of Purview, an early stage company focused on disrupting the medical imaging business. For the past two decades, Trachtman has lectured at numerous universities across the country including the Harvard Business School, the MIT Sloan School of Business, the University of Southern California, Rensselaer Polytechnic Institute, Kent State University, University of Maryland Smith School of Business, Union College, and Quinnipiac University School of Business. Trachtman has published articles in the Harvard Business Review and Quinnipiac University Business. A portion of his career is chronicled in the Harvard Business School case study; Les is More Times Four, which educates entrepreneurs at leading business schools. Learn more about Les Trachtman at www.foundertransitions.com
In today’s interview, Susan talks with Les Trachtman about his book, Don’t F**k It Up: How Founders and Their Successors Can Avoid the Clichés That Inhibit Growth. Susan and Les discuss the challenges founders and entrepreneurs have in letting go of their businesses, and how to empower employees and make them feel valued.Share your thoughts in the comments below!Subscribe to 2Questions.TV for more interviews, Susan’s thoughts, and behind the scenes footage!Links:Les Trachtman’s book, Don’t F**k It Up, on Amazon:https://www.amazon.com/Dont-Up-Founde...http://2Questions.TVEquipment used for this video:- Zoom.us- Blue Yeti Microphone- MacBook Pro See acast.com/privacy for privacy and opt-out information.
Les Trachtman is the CEO of The Trachtman Group, focusing on helping companies grow and scale, as well as managing director of “Purview”, an early stage company focused on disrupting the medical imaging business. For the past two decades, he has taught and lectured at numerous universities across the country, including the Harvard Business School and the MIT Sloan School of Business. A portion of Les’ career is chronicled in the Harvard Business School case study: “Les is More Times Four”, which educates entrepreneurs at leading business schools. What you’ll learn about in this episode The importance of having a succession plan for your business How far into the future you should be looking into a business succession plan Why identifying the truth in an organization is important How celebrating mistakes leads to learning opportunities The importance making employees feel safe to voice thoughts and opinions Why choosing the right individuals to hire is vital to your business’s success How picking the right customers leads to great client relationships long-term Why delegation is the most critical skill to master Having confidence in yourself knowing what you are doing is making a difference One of the keys to success as a leader is being a great communicator How to best connect with Les: Website: www.foundertransitions.com
Les Trachtman lectures at MIT, is a key contributor to Harvard Business Review and wrote "Don't F**k It Up." We discuss why leaders screw stuff up over and over again (and how to stop!)
The Trachtman Group focused on helping companies grow and scale, as well as managing director (and majority investor) of Purview, an early stage company focused on disrupting the medical imaging business. For the past two decades, Trachtman has lectured at numerous universities across the country including the Harvard Business School, the MIT Sloan School of Business, the University of Southern California, Rensselaer Polytechnic Institute, Kent State University, University of Maryland Smith School of Business, Union College, and Quinnipiac University School of Business. Trachtman has published articles in the Harvard Business Review and Quinnipiac University Business. A portion of his career is chronicled in the Harvard Business School case study; Les is More Times Four, which educates entrepreneurs at leading business schools.Learn more about Les Trachtman at www.foundertransitions.comInfluential Influencers with Mike Saundershttp://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/
The Trachtman Group focused on helping companies grow and scale, as well as managing director (and majority investor) of Purview, an early stage company focused on disrupting the medical imaging business. For the past two decades, Trachtman has lectured at numerous universities across the country including the Harvard Business School, the MIT Sloan School of Business, the University of Southern California, Rensselaer Polytechnic Institute, Kent State University, University of Maryland Smith School of Business, Union College, and Quinnipiac University School of Business. Trachtman has published articles in the Harvard Business Review and Quinnipiac University Business. A portion of his career is chronicled in the Harvard Business School case study; Les is More Times Four, which educates entrepreneurs at leading business schools.Learn more about Les Trachtman at www.foundertransitions.comInfluential Influencers with Mike Saundershttp://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/
Segment 1: Les Trachtman is currently the CEO of The Trachtman Group – focused on helping companies grow and scale, as well as managing director (and majority investor) of Purview, an early stage company focused on disrupting the medical imaging business. A portion of his career is chronicled in the Harvard Business School case study; Les is More Times Four, which educates entrepreneurs at leading business schools.Segment 2: Richard Moran is the current president of Menlo College in Atherton, California, and the author of The Thing About Work: Showing Up and Other Important Matters. Moran has served as a venture capitalist and consultant to Fortune 500 companies, including Apple Computer and News Corporation.Segment 3: Ray LeVitre is a Certified Financial Planner and Founder and Managing Partner of Net Worth Advisory Group, and also the author of “20 Retirement Decisions You Need to Make Right Now”.Segment 4:Ray LeVitrecontinued…Segment 5: Barry Moltzshares how to get your business unstuck.Sponsored by Nextiva.
Quite commonly, founders make terrible CEOs. They often have a difficult time segregating their personal relationships with their founding teams from the objective reality of the situation. That's not an attack on founders: it's hard time starting a company from scratch, and you often have to have a band of loyal followers in the beginning. The problem is that a company, once it scales, usually needs much different talent. In this episode Les Trachtman, CEO of Purview, shares from his experiences taking over the CEO role from six different founders. He also talks about his upcoming book, Don't F*** It Up (and 31 other things a founder should never say).
Quite commonly, founders make terrible CEOs. They often have a difficult time segregating their personal relationships with their founding teams from the objective reality of the situation. That's not an attack on founders: it's hard time starting a company from scratch, and you often have to have a band of loyal followers in the beginning. The problem is that a company, once it scales, usually needs much different talent. In this episode Les Trachtman, CEO of Purview, shares from his experiences taking over the CEO role from six different founders. He also talks about his upcoming book, Don't F*** It Up (and 31 other things a founder should never say).