I’m feeling burnt out. Do I need to bring in a CEO?

Dear Aunty B,

I have been running my business for the past seven years and feel burnt out, especially because we took some big hits during GFC, but we’re still here to tell the story.

I am finding things like visiting clients, that I used to enjoy, a chore.

And I am short with staff, less tolerant of mistakes and I am bored with the day-to-day running of the business, especially because it now involves a lot of process work like corporate governance, dealing with shareholders and management.

I used to enjoy the operational side of the business and my business partner sold out to a passive investor, so now the buck stops with me.

I have been working with a strategy consultant who is advising me to hire him as CEO.

He has filled a similar role before but I feel it is a huge risk to put him straight into that job and I would like him to start as general manager, which he has refused.

Do I take the leap and put him in as CEO? He has done a similar job successfully and has a great reputation in the industry.

I would be chairman but he would essentially be running the business day-to-day and I am not sure I could be hands-off enough.

Any thoughts would be appreciated,
Vic.

Dear Any thoughts,

First of all rule out depression. Make sure there is nothing in your private life that may be affecting your mood and ensure that you are physically well.

I also assume you are not in need of a plane ticket to a banana lounge by a pool.

What we have here is a classic case of the founding entrepreneur who is driven by the passion and drive to build the business but is unable to adapt to the rigor of running a more mature and complex enterprise.

Part of the reason is, as you say, that you enjoy being hands on and you are not alone.

There is nothing in life like the start-up phase, the day-to-day ups and downs, the camaraderie with staff, the big wins, the fights to outsmart competitors and the feeling that you are succeeding against the odds.

Then your business becomes mature. You become a defender not an attacker. Many of the challenges you have seen before and the novelty of the new is lacking.

You spend less time building and more time putting out fires and deciding whether to upgrade IT systems or accounting packages.

You are squeezed between new entrants who nibble at your edges and you find yourself feeling old and tired.

This is a stage of business that some entrepreneurs can take in their stride, but many don’t want to or lack the will, struggling on until literally their body tells them to stop.

This is the solution. Take the leap and hire him but explain that you are transitioning to a new role and ask him to be patient and honest with you.

You must hand over authority but you can still be very involved at the high end.

You can drive strategy, build networks, work on new ideas and take on any other function you love.

I suggest you take up another opportunity, in the not-for-profit sector or another start-up investment to absorb your energy.

If the worst happens and he doesn’t work out, so what?

You act quickly to move him on and step back in while you look for someone else.

It’s not like you haven’t done the job before.

Be smart.
Your Aunty B.