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Issue 45

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4 views2 pages

Issue 45

Uploaded by

fayezyoussef9
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ISSUE #45

29-May-2003 From Dan Peña - Executive Coach and Mentor to the High Performer.

Dear Friend and Subscriber,

As I have written since 1993 and said ad nauseam for over 30 years there is never a good (or easy) time
to make a difficult decision. A friend of mine recently hired the legendary Jack Welch, the former CEO of
GE to perk up the employees at a large company. Mr Welch spends a good deal of time in retirement
speaking on his successful methods of business. Actually the precepts have been around a very long
time. There is nothing new about great leadership.

My friend worked on this endeavour over a year. To make this happen he went through several very
tense moments. Firms that represent guys like Welch are hard to get along with and know they are in a
seller’s market. During the long process I predicted most of the hurdles and my friend dealt with them
admirably, though it aged him considerably. The event was originally scheduled for March 2002.

During the 60-minute session Welch covered some of his basic precepts of business. I have attached his
salient points. Most of the points are things I and many others have said and written. It is a very good
short outline to follow.

What inspired me to write about Mr Welch’s 60-minute talk was based on two emails I received back to
back from two very different individuals. One, a friend I have worked with for several years and I know
very well. He is CEO of a multi billion dollar organization. I had forwarded it to him FYI. He came back
with, it was "good stuff". Most FYI’s to him I receive no response. After all they are FYI’s. But the mere
fact that he responded positively, and I respect his opinion a lot, made me look at the list again
notwithstanding there was nothing new on the list for me. When I did I saw how good it was! Lesson
learned: Always take a second look!

The other came from one of the many QLA devotees. He was writing to tell me of a recent success. He
has followed the QLA methodology and has a lot of my QLA products. He also participates on the QLA
bulletin board and writes me from time to time. I will address his email in a further newsletter in detail. He
and his partner also took some 12 months to make a deal (an acquisition) and have been working that
long on two other deals. There were many tough decisions along the way. For example there is never a
good, or convenient time to tell someone, especially an individual owner, their company isn’t worth what
they need. Especially when you are buying it with the seller’s own money in an earn out! I emphasize the
word need, because most small to medium sized companies are sold on a basis of what they need to
retire, etc. Their valuation, if you can call it that, isn’t based on any criteria learned at any business
school. Another possible tough scenario is when you have to tell someone vis-a-vis their business that
their son, or daughter are as worthless as breasts on a wild boar! Remember all sales of this size are full
of emotions.

During this 12 month period, as if they needed more problems, their operations director, a former main
board director of a big company, stole a good size chunk of money from them on the way just to make
things more interesting. But they stayed focused and put the ball in the net.

Least we let big companies off the hook when talking about selling assets, many times the sales price has
no relationship to value: i.e. they need a certain price so they won’t take a loss on the books; or the CEO
or CFO supported the purchase and now it must be sold at a premium; or the same guys are in love with
the deal and they really don’t want to sell.
Good leadership habits help you make the tough calls. Jim Ryan the great miler told me over 30 years
ago, inspiration gets you going and good habits keeps you going. I have never forgotten that credo and it
is one reason I work some every day, even if I don’t have to or want to. Yes there are some days, even I,
would rather not work. Of course the second reason is I love what I do, so there are very few days I would
rather not work, in fact I don’t even consider what I do as work!

The first and third individual both took over a year to accomplish their goal. Both used various leadership
styles, to get to the goal line. Both had and have a vision and practice many of precepts listed below.
Both have strategies, whilst they aren’t as large as the second individual’s they need planning and
execution.

"DO IMPORTANT THINGS AND LEAVE THE REST UNDONE".

Where there is a quantum difference between #’s 1& 3 and #2 is their allocation of time on small things
that in reality don’t ever have to get completed. When you are starting from a small platform or from
scratch you are predisposed to doing little stuff. You have no choice, or at least you don’t think you do. It
is hard for you to distinguish since you did everything in the beginning. It is difficult to form good habits of
delegation, because you have no one to delegate to, but you should never forget everything shouldn’t be
delegated because everything doesn’t have to get done! It is you in the leadership capacity that must
make that call. It is a difficult call and some never make the transition.

Whether you are at the beginning of your growth cycle, or near the top of your cycle (and you should be
selling) the attached list of winning ideas can be of great use. As with all useful ideas merely reading, and
or writing them down alone doesn’t get the ball in the net. That is why there are countless poor and
emotionally unfulfilled PHD’s. You must take positive action to invoke permanent lasting change! If you
merely followed the last five items on Welch’s list - "Planning Your Future" - you would be far ahead of
95% of the competitors!

To Your Quantum Leap

Daniel S. Peña, Sr

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