Did your company hit a plateau?
The problem may be you.
Most founder CEO’s, especially first-timers, hit this fork in the road at one point or another. They got the company where it is – potentially even to what appears a great success! This was achieved by a combination of grit, charm and expertise (maybe some sheer luck thrown in there too). They have surrounded themselves with people who can handle the inevitable chaos. These team members are generally great individual contributors, but not necessarily leaders themselves.
But what got them where they are is not what gets them where they need to go. This is the point where many burn out, check out and/or make split decisions that can tank the company. It is a point of desperation for many.
They need to decide. Do I ultimately want to Lead, or do I want to Leave? Both are viable paths, and both require sacrifices of their own.
If they decide to Lead, they have their work cut out for them. They need to learn, fast. They have to make some painful decisions, especially around the people who helped them so far, but just aren’t the right fit for what needs to be done next. It is a tough transformation, but one that brings its rewards very very quickly, if done well. The hardest part is unlearning some inevitably bad habits, created by necessities of the past. Then they need to replace them with new, productive habits.
You can find many of those mentioned in other “spade” cards.
If the decision is to Leave, that comes with a different set of sacrifices – the main is giving up control. This path is like having a child finally grow up and leave home. At this stage it is not likely the company can live without the founder – there is work to be done to build the independence. Whether it is to get the company ready to sell, hand over to management or to hire a CEO to run it, there is no magic bullet.
As you noticed, funnily enough, the first step on both of those paths are the same. The behavior and habits need to change, quickly. At this point, there is no one else, but the founder/CEO, who can navigate the necessary change. A coach can help here.
Carl Saunders, now a fellow Metronomics coach, famously said in a talk a few years ago (while still in a founder/CEO role): “I’ve been an entrepreneur and founder for 25 years. I’ve been a CEO for two.”
If you are in the early stage of making the Lead or Leave decision, before that point, you can do a lot to avoid this dilemma in the future. Build the company (and yourself) up right, on a solid foundation.