Plan Your Exit: Kill Off Yourself as the CEO

In Inc. Magazine’s recent issue, Bryan and Shannon Miles shared their journey of founding Belay, a virtual staffing company, in 2010 and selling it four years later for $126 million. One crucial piece of advice they offer is to avoid the “owner’s reliance trap,” where the business becomes overly dependent on the owner.

If I’ve told you once, I’ve told you twice: you need to step down as CEO. Holding onto the role may feel like safeguarding your business, but the reality is that it can stifle growth and innovation. By allowing someone else to take over, you’re not committing “business suicide:” you’re ensuring its survival and prosperity.

Yes, there are people who can do your job better than you can! You may dream of selling the company or retiring, but without taking action, you risk becoming more entangled in the daily grind. While the business may be profitable, it’s also draining your energy and passion.

Consider the “what if you drop dead tomorrow” scenario. Imagine you’re a mother of five, working tirelessly every day, only to pass away from exhaustion. Would your business collapse? Is that the legacy you want for your family and employees?

Hiring a CEO can bring fresh perspectives and skills that you might not possess. A new leader can focus on strategic growth, allowing you to explore new ventures or enjoy a well-deserved break. Moreover, a CEO can implement systems and processes that ensure the business runs smoothly, even in their absence.

I guarantee that if you formed an advisory board or a trusted group of advisors, they would echo this advice. If you’re ready to take this step, I can assist you in forming your board, or you can join one of my NYC Women Presidents Organization groups for female business owners.

Ultimately, the decision is yours. Take control of your future and contact me. The right move is just an email away!