On today’s show, we have author, entrepreneur, and CEO Joel Trammell. We’re going to be talking about what makes an amazing CEO. Joel brings his business expertise on various metrics, hiring techniques, and other measurable tips you can use to foster a healthy and happy business culture. After all, the most successful businesses have the best culture and environment for their teams.Not only does Joel talk about what it takes to be a good CEO, he also talks about how you can hire the next CEO when you’re ready to pass on the torch.
Joel teaches leaders how to make their company great and he does so as a chairman at iGrafx and as the CEO of a business management software system called Khorus. Joel focuses on how to build up companies from within. He’s written a book called The CEO Tightrope, which talks about how he took two companies and built them up to a nine-figure acquisition from the foundation up.
We’ll navigate the fives responsibilities a CEO can’t delegate and how to offload the rest of the responsibilities to the right staff, including an argument for using micro-training to ensure maximum retention and job success. CEO is a highly skilled and nuanced role, and directly impacts your success. Since you can’t perform every role in your company as it scales, you’ll be forced to make a tough call between working on your business or in it, and a strong CEO is the right solution to help you position your company for growth. If you’re still playing as part of the orchestra, who is conducting?
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Joel Trammell is a chairman at iGrafx where he teaches leaders how to make their companies great. As the CEO of Khorus, a business management software system for CEOs, he continues his work building strong companies from within. He has taken two companies from founding to nine-figure acquisitions by Fortune 500 companies and turned his experience into a book called The CEO Tightrope, which helps owners navigate the CEO position. Joel is also co-founder and managing partner of the private equity firm Lone Rock Technology Group and Chair Emeritus of the Austin Technology Council.
07:50 - “Nobody has really thought about the challenge of being CEO, particularly as it becomes a real job and scales in an organization.” – Joel Trammell
08:29 - “A lot of the CEO job happens in your head.” – Joel Trammell
09:12 - “You need to hand that responsibility off to somebody who focuses on that all day, every day.” – Joel Trammell
10:50 - “From zero to 25 employees, there’s not much of a CEO job.” – Joel Trammell
13:24 - “Ultimate authority still rests with a board of directors.” – Joel Trammell
14:25 - “A lot of people become entrepreneurs because they don’t play well with others.” – Joel Trammell
15:10 - “A CEO doing the job right, doesn’t walk in and just start mandating decisions no one agrees with.” – Joel Trammell
15:15 - “If you really understand the CEO role, you can put the right people in that role and still have ultimate control of that business.” – Joel Trammell
18:05 - “Business is a community. You want to make an attractive community that people want to join, but people can leave the community if things aren’t appropriate to them.” – Joel Trammell
19:10 - “You want to be in a situation where decisions are being made at the right level of the organization. The better you are at that, the faster your organization will run.” – Joel Trammell
24:20 - “No matter what you do, you’re never going to know more about finance than someone who went to school for finance, trained for finance, spent twenty years in finance. That’s not the role.” – Joel Trammell
24:56 - “When you hear ‘holding somebody accountable’, what you should hear is ‘holding people to objective reality.’” – Joel Trammell
29:26 - “If you don’t think you can wake up every day and think first about the people and the organization and how to make them more productive, if your first thought is ‘I like flying airplanes,’ you’re probably not cut out to be the CEO. And that’s okay.” – Joel Flammell
30:00 - “A lot of people think they have to be CEO to not give up control.” – Joel Flammell
32:07 - “It very rarely works out the first time with hiring a CEO.” – Ryan Tansom
35:52 - “You need to micro-train everybody you hire.” – Joel Trammell
38:32 - “You ought to have a six-month view of cash in your business, under at least three different scenarios: What if we sell nothing? What if we sell 50% of what we think we’re going to sell? What if we sell 75%?” – Joel Trammell
40:27 - “The CEO job, done correctly, you should be spending 80% of your time doing what I call ‘managing the future’— anticipating problems, seeing where there are issues, trying to avoid the potholes — and only 20% of your time dealing with the issues of the day or playing whack-a-mole in the organization.” – Joel Trimmell
43:50 - “When you find somebody who's the right person, who has that neurotic desire to excel and be great at what they do, you use money to keep them. You don't use money to incent them.” – Joel Trammell
47:11 - “Your strategy should boil down to a one-page sheet.” – Joel Trammell
54:20 - “How have you made your employees better in the past year?” – Joel Trammell
The CEO Tightrope by Joel Trammell
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Sue Hawkes is the award-winning author of the book, Chasing Perfection: Shatter the Illusion; Minimize Self-Doubt & Maximize Success. In this episode, she about the basis and philosophies behind the book. Chasing Perfection is a book about business leadership written by a woman, for women. However, imposter syndrome can happen to anyone. Sue brings her personal and professional experience to her book and this episode in order to tackle the topics of imposter syndrome, founder’s syndrome, vulnerability, and the concept of saying no. What You Will Learn: Who is Sue Hawkes? The story about “Chasing Perfection” The difference between men and women when it comes to leadership What is imposter syndrome? The role of vulnerability in strength How being vulnerable can help you bond but can reinforce your confidence What to do when “Fake it til you make it” turns into burnout Why it is important to have honest “truthteller” people in your life Peer Learning Founder’s syndrome Insistent, incremental improvement How to use actionable practices to conquer imposter syndrome Know when you should say no The end result of discipline and focus How to funnel entrepreneur momentum and energy The importance of volunteering for your professional career and your personal well-being Which group dynamics are more vulnerable, authentic, and honest The breaking point of imposter syndrome Takeaways: Are you saying yes ...
On today’s podcast, I’m talking with Lloyd Wolf. We’re talking about how he took his freelance IT company and turned it into a full-time IT service company. Not only did this take talent and know-how, but it also involved a change in his mindset. We also get into how a peer group helped him focus on the right things, how he shifted his mindset from annual profit to EBITDA and value creation, and how and when he realized that he “made it”. We are entering a new normal with Post COVID but the guest on the show today has lived through various business models, recessions and he was still able to eventually get what he wanted from the business. Lloyd was VERY intentional with his strategies and where he was spending his time, energy and money. It’s official, I’ll be changing the name of this podcast from the Life After Business Podcast to The Intentional Growth Podcast. We’ll be launching the change on the 200th episode. It has been a huge decision for me because, after all these years, I’ve grown as an individual as I’ve learned about valuations, value growth, even more about business, the economy, just tons of personal and professional growth. My original and current desire for my listeners is for you to be able to get all the information you need in order to make your own decisions so you can choose your own adventures. That comes down to being intentional. What You Will Learn In Today's Podcast Interview: Our definition of a successful entrepreneurial journey How to shift your mindset from being an accidental entrepreneur to an Intentional entrepreneur The 3 things most important things to help you get ...
John Brown, owner of Business Enterprise Institute (BEI), fell into the world of exit planning before there was even a term for the process. As an estate attorney in the 80’s, John was approached by clients wanting to exit their business without a clue how to do it. BEI was born from John’s realization of this unmet need in the marketplace. Now BEI educates, certifies and provides tools to Exit Planning Advisors who help owners create exit plans. If you listen, you will learn: The three universal goals every owner needs to answer before exiting their business Goal vs reality in exit planning Importance of a written exit plan well before you want to exit your company Realizations owners have about their business in the exit process Definition and significance of transferable value The role a capable management team will play when planning for an exit You Can’t Exit on Friday Back when John was an attorney in the 80’s he had one of his clients call him up because they wanted to exit their company. He said “that’s great when are you thinking” and they responded, “Friday.” At that time, John didn’t quite know what “exit planning” totally entailed. However, coming from the estate planning world, he knew in order to truly maximize the hard work of building a business, longer term planning was a necessity. After some research John realized there were a lot of owners who thought they could just “make the decision” to sell and it would be so. John states in his book, Exit Planning: The Definitive Guide, that “as a consequence of poor or no preparation, owners cannot leave when they want, with the money they need, and/or to the person they choose.” Now after decades in the business, ...