When the Finder needs to find a CEO

Columbia Business School posted an article on Craig Newmark, founder of Craigslist, about his experience as an entrepreneur. The decision to hand over the reins was a tough one because, you guessed it, he had to relegate control. But it worked. “You need to know when to get out of the way and stop talking.” Craig said.

For every company, reaching that inflection point where things start to fall through the cracks is a true test of long-term viability. The exact metrics are different for every company, but the ability to anticipate these issues, add professional management to negotiate them and put ego aside in the pursuit of supporting the right outcome determines success or failure.

Not surprisingly, first-time founders fail more often than serial entrepreneurs at navigating these growth pains. Serial entrepreneurs more often have the self awareness to step aside or recruit executives with complementary strengths to support scale. Also, serial entrepreneurs more often go out and attract advisers who help hold them accountable to making these changes.