![]() In some cases the decision to change leadership is forced on an entrepreneur. Another factor: Boomer business owners are now reaching retirement age, and many are seeking a new CEO to lighten the workload or polish up the company for sale. Others discover that they simply don't enjoy the complexities of running a larger company. Some business owners find themselves unable to drive their company to the next level. ![]() After all, who wants to face up to her limitations? But that day almost inevitably comes. I had to put my ego aside and ask, 'Who do I need to help me?' "Īt that moment Albert - a control freak who once prided herself on managing everything from keeping the books to sweeping the floors - decided she needed a boss.Īn entrepreneur's decision to step down is a hard and humbling one. "Suddenly I felt as if I was out of my league. "There were so many paths to growth - the infomercial company, high-end department stores and pharmaceutical companies - but I didn't have the tools to make the right decision," says Albert, 37. More revolutionary, though, was her realization that while she was great at developing products, setting the company's long-term growth strategy was beyond her. ![]() And "cut your losses early if it doesn't work out," says Brian Gast, founder of Quadrant, a coaching firm in Littleton, Colo., who once fired a CEO eight months after hiring him.Īlbert spent the next few weeks calling business colleagues and friends for advice and eventually decided not to partner with the marketing company. Create goals to monitor the success of the new hire.
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