|
|
|
|
Guest: Rick Stern, the CEO and founder of Stern Recruiting. Rick is also the former founder and CEO of Nitel, which is a telecom company that he bootstrapped from zero to $180 million in revenue over two decades before he exited through a private equity transaction.
Overview: Now what?
That’s the question high-performing CEOs ask themselves after they’ve reached any major milestone. But after selling your business or retiring, you can’t just walk back into the c-suite and raise the bar a little higher. And even if you set your sights on a new endeavor, leaving behind a company that you’ve led and grown is an extremely emotional experience that will have a profound effect on your journey to a new BIG.
On today’s show, Rick Stern gets candid about letting go of his life’s work, the unexpected challenges of retirement, and the itch that ultimately pulled him back into entrepreneurship. Rick also explains how he used sabbatical time to reset and how learnings from his first company are shaping his new leadership mindset.
Rick Stern on the moment he agreed to sell his company:
“It took me a while to agree to sell the business. The world came to a screeching halt in the last five minutes before I said, ‘Yes, I will sell the business.’ So it’s pretty emotional. You’re giving up your life’s work. You’re giving up your baby. You’re going to be unemployed tomorrow with nothing to do, and you’re used to working 12, 14-hour days. What’s the right decision? It’s a real difficult decision and I would say to anybody that’s selling their business, you don’t necessarily need to be done working to sell your company, but you should know that the timing is right to do it in that circumstance. And I think it was, but there’s a lot of second guessing that goes on in any big decision.”
Rick Stern on approaching AI from a start-up perspective:
“Right now at the stage of building the NewCo, I am adopting technologies that are already existing. So I’m not trying to invent or build software right now. You build a tool, maybe you work inside of it for 5, 6, 7 years, you realize it’s obsolete, you build it again, you build it again, you build it again, and it’s a lot of money out the door. So what I would say is in the startup mode, I am fast and easy. Take what works, what’s on the shelf, move quick, and then look for opportunities to have a source code or your own unique product software tool. Because obviously with the valuations the way they are in the AI space, I would like to have AI run A to Z in my business. But to own a piece of AI for yourself, proprietary software, I think, has tremendous value. So that’s something that’s on the horizon for us.”
Rick Stern on how repeat entrepreneurs can manage the messy middle:
“I guess there’s a little bit of self discovery there for each individual. What is best suited for you? So if you’re an entrepreneur, you run your own business, and now you’re inserted as a hired gun CEO at a private equity firm, that may not be a fit for you. So you really have to understand, what is it? What do you need to feel fulfilled and how do you manage as a leader? Do you need that kind of control? Are you okay in that environment? What’s going to make you happy? I’m back to work. I’m going 12 hours a day. It’s fun, but I wake up, I’m like, whoa, is that what I wanted? 12 hours a day? It’s not unexpected. I knew it was going to happen, but there are moments where I’m like, I just worked 80 hours this week. And you have to think through what are you putting yourself into and is it going to be a right fit? But I will tell you, it’s better to act on something than nothing at all if you’re having thoughts about going back to work. I’m definitely far more fulfilled waking up and being busy working every day than when I wasn’t.”
Links:
6 Keys to a BIG Exit – At a recent Make BIG Happen Summit, Rick Stern delivered a master class on the vision, strategy, and commitment that CEOs need to bring their businesses across the finish line
9 Things That Could Derail Your 9-Figure Exit – Building a business worth upwards of $100 million is a tall task. To maintain that level of excellence through a successful sale, the CEO and supporting team will have to keep pushing the business forward while also steering clear of these nine common pitfalls.
About CEO Coaching International
CEO Coaching International works with CEOs and their leadership teams to achieve extraordinary results quarter after quarter, year after year. Known globally for its success in coaching growth-focused entrepreneurs to meaningful exits, the firm has coached more than 1,500+ CEOs and entrepreneurs across 100+ industries and 60 countries. Its coaches—former CEOs, presidents, and executives—have led businesses ranging from startups to over $10 billion, driving double-digit sales and profit growth, many culminating in eight, nine, or ten-figure exits.
Companies that have worked with CEO Coaching International for two years or more have achieved an average revenue CAGR of 25.9%, nearly 3X the U.S. average, and an average EBITDA CAGR of 39.2%, more than 4X the national benchmark.
Discover how coaching can transform your leadership journey at ceocoachinginternational.com.
Learn more about executive coaching | Meet our world-class coaches
