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Dynasty Leadership Podcast

It's great if you can pick when you hand over the reins, but what if that time picks you? “Does your company consistently meet or beat the targets you set?" “Do you have the right team rowing in the right direction?" “Is there something going on in your market or company that threatens your growth? "Are you considering transitioning the leadership of the company?" “Is there a clearly articulated long-term strategy?" We specialize in guiding Family-owned businesses with 50-500 employees to become Succession ready.
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Now displaying: August, 2021
Aug 9, 2021

In this week’s episode, we have a repeat guest, Mike Smerklo! He is the Co-founder and Managing Director of Next Coast Ventures and the author of the book, Mr. Monkey and Me, a survival guide for entrepreneurs and a must-read! Mike is back to talk about boards and how a young entrepreneur or a recently appointed CEO can take full advantage of the extensive experience at their fingertips.

 

Key Takeaways:

[2:25] Leading a board is intimidating, especially as a new entrepreneur and CEO.

[4:10] What is the “mushroom philosophy”?

[8:25] As a new CEO, what should you do to get to know your existing board after a takeover?

[12:00] In the decades Mike has been in this field, he has never seen a board take a “formal vote” on something. That’s what happens in the movies.

[15:45] If you want to avoid a mushroom cloud, ask questions and be proactive.

[18:45] What should a CEO expect from their board?

[20:40] At the end of the day, a board’s job is to make sure the CEO is still a good and capable leader.

[23:20] You have a great team backing you; use them as a sounding board.

[26:25] When does it make sense to rotate a board member out?

[30:20] How do you respectfully disagree and/or be diplomatic with your board?

[32:45] Managing a board can seem like a big time commitment, but it’s part of the CEO’s job to make sure expectations and leadership alignment are in order.

[37:00] What are some of the common mistakes new CEOs make with their boards?

[37:40] Boil your slides down to what’s working, what’s not, and so what?

[40:55] Surround yourself with smart people who you might not always agree with to help you see your blindspots.

 

Mentioned in This Episode:

Dynastylc.com

Email Todd: Todd@Dynastylc.com

Nextcoastventures.com

Mikesmerklo.com

Mike on LinkedIn

Mike on the Dynasty Leadership Podcast

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