More than 250 CEOs and C-level executives from around the world connected at our 6thAnnual CEO Coaching International Summit – where they enjoyed exclusive networking and thought-provoking Keynotes from President Bush, Sandra Joseph, Patty McCord, Matt Dixon and several of today’s most impressive entrepreneurs. The lessons, experiences, and words of wisdom of these highly successful and inspiring leaders made a tremendous impact on our audience.
This is Part II of a series of three highlight posts from the Summit.
To review the Summit Highlights Part I, click here.
To learn how you can become part of our community, click here.
Jaime Szulc on Learning from the Disruption of Kodak
Kodak was a highly profitable $14 billion company and the undisputed leader in the imaging business. And then it went bankrupt. What happened and how can you avoid a similar fate?
Jaime Szulc was a senior executive at Kodak for about 10 years and saw firsthand what worked and what didn’t work. He said one key mistake Kodak made was they did not really understand the business they were in. Kodak thought it was in the imaging business, when in reality it was in the storytelling business. To avoid Kodak’s fate, you have to truly understand what is the ultimate desire of your customer. And then make sure that you keep testing new ways of meeting that desire. By making continuous small bets and feeding those that are working, you significantly reduce the risk that your business will get blindsided by two 21-year olds working out of their spare bedroom.
Your “mindset” is also a critical ingredient in avoiding disruption. You have to leave your ego at the door and understand that what worked before—even if it was your baby—may not work going forward.
In Part I, Patty McCord said build a company that is a great place to be from. In a similar way, Jaime said to avoid disruption, focus on creating dream jobs that will attract top talent. He would ask candidates, ‘What’s your dream?” and then he would make sure to align the job to the person’s dream. He said, “If you create the right boundaries for people and you incent them right, they will always bring you new ideas.” Having a constant flow of new ideas, coupled with the right “mindset” will help ensure you remain open to responding to your shifting business landscape.
Emma Cohen on Staring Down the Sharks on Shark Tank
A brilliant entrepreneur, a great idea that’s on trend by being environmentally friendly, a Kickstarter campaign that raised about $1.9 million, and a starring role on Shark Tank. That’s Emma Cohen!
Emma pitched the Sharks on her re-usable, collapsible straw that folds up in its own case and comes with a cleaning brush. She was seeking $625,000 for a five percent stake in the company.
Mark Cuban and Kevin O’Leary both made offers. So what did Emma do? She turned them down! Her key takeaway at the Summit was know your value, stick to your principles, and don’t get bullied into making a bad deal. And while she walked away empty-handed from Shark Tank, she left with even greater confidence in her product and her future.
Ron Carson on Going from Dorm Room to $10 Billion in Assets Under Management
Are you on an unconscious journey to arrive at death safely? Many people are according to top financial advisor Ron Carson. Ron started from $0 and built a business that’s valued well into 9 figures. One key to his success is he is purposely pushing the limits both mentally and physically to get the most out of every moment. And part of this mindset is to appreciate the present moment. In fact, he was on the road for about 300 days in the past year and said his favorite place was always, “right where I was.”
Ron is a big believer in the power of having a brain trust. He said to connect with bright minds inside and outside your industry to share ideas, challenges and successes. Ron has been part of YPO and a financial industry “brain trust” for many years and considers those two groups instrumental in the growth of his companies.
Ron also shared the quote, “Someone once told me not to bite off more than I could chew. I told them I would rather choke on greatness than nibble on mediocrity.” How about you? Are you striving for greatness?
Josh McCarter on Turning a Sinking Ship Into a 9-Figure Exit
Josh McCarter built and sold Booker Software for more than 9-figures but it was a roller-coaster ride to get there. He said sometimes you have to shrink to grow. During one particularly rough period, Josh had to cut staff by 35% but that clearing of the decks set the stage for a big comeback. And while some people had doubts, he said, “You’ve got to have faith that there’s an outcome you can drive toward.”
As Josh was going through the rough patch in his business, he drew strength from his family and his YPO Forum mates. Likewise, you don’t have to go through tough times alone. Find your community, your brain trust as Ron Carson said, and draw strength from it. In Josh’s case, he was able to weather the storm and cash out in a 9-figure exit.
Surrounding yourself with people who can make up for your weaknesses is another key point Josh drove home for the attendees. Unfortunately, he said many executives don’t have the self-awareness to recognize what their weaknesses are. To avoid that trap, Josh follows the advice he learned from one of his VC partners–be a learn it all, not a know it all.
Rick Sapio on the Habits of Billionaires
Rick is a highly successful entrepreneur at CEO Coaching International who enjoys conversing with billionaires. So far, he’s chatted with more than 40 of them. And at the Summit, he shared a few things he learned from people such as T. Boone Pickens, Warren Buffett, and Phil Romano.
Phil Romano, the billionaire restauranteur, told him, “The difference between a billionaire and a millionaire is a billionaire doesn’t do anything until they find the right person to run the business, while a millionaire starts building a website, and all kinds of other stuff.” As we say all the time at CEO Coaching, it’s all about having the absolute best people in every key role in your company.
Many billionaires also have a values-based decision-making framework that helps them align their life with their values. For example, Rick said he runs all his important decisions through a filter of “simplicity, probability, and leverage.” When he has a big decision to make, he asks, “Will this increase or decrease simplicity in my life? What’s the probability that it will be successful? And is this something I can leverage?” By creating your own filter or decision-making framework, you can be clearer and more consistent in how you approach major decisions.
Stay tuned for Part III as we have many more speakers and highlights that we’ll be sharing.
The 2019 CEO Coaching Summit would not have been such a BIG success without the passion and dedication of all our clients, speakers, sponsors, families, friends, and the entire CEO Coaching International team. Thank you so much to everyone involved, and we hope to see you all again at the next Summit in Miami, Florida on April 24 – 26, 2020.
About Mark Moses
Mark Moses is the Founding Partner of CEO Coaching International and the Amazon Bestselling author of Make Big Happen. His firm coaches over 185 of the world’s top high-growth entrepreneurs and CEO’s on how to dramatically grow their revenues and profits, implement the most effective strategies, becoming better leaders, grow their people, build accountability systems, and elevate their own performance. Mark has won Ernst & Young’s Entrepreneur of the Year award and the Blue Chip Enterprise award for overcoming adversity. His last company ranked #1 Fastest-Growing Company in Los Angeles as well as #10 on the Inc. 500 of fastest growing private companies in the U.S. He has completed 12 full distance Ironman Triathlons including the Hawaii Ironman World Championship 5 times.
About CEO Coaching International
CEO Coaching International works with the world’s top entrepreneurs, CEOs, and companies to dramatically grow their business, develop their people, and elevate their overall performance. Known globally for its success in coaching growth-focused entrepreneurs to meaningful exits, CEO Coaching International has coached more than 500 CEOs and entrepreneurs in more than 20 different countries. Every coach at CEO Coaching International is a former CEO or President that has made big happen. The firm’s coaches have led double-digit sales and profit growth in businesses ranging in size from $10 million to over $1 billion, and many are founders that have led their companies through successful eight and nine figure exits. CEOs and entrepreneurs working with CEO Coaching International for three years or more have experienced an average EBITDA CAGR of 66.4% during their time as a client, more than five times the national average. For more information, please visit: https://www.ceocoachinginternational.com