No Co-CEO’s
When starting a business, make sure everything is fair, every founding member is valued, and the company is NOT split up evenly and run like a democracy.
While it’s good manners to sit down and debate each decision, come to a conclusion that satisfies everyone, and each member having an opportunity to put in their opinion. The business can’t run like that. Not a small business. Larger ones can, but they don’t really want to expend the “meeting tax” if they can avoid it.
Someone (ONE person) should be the CEO, with well defined roles/responsibilities for the strategy and direction of the company.
If you take on the CEO role, it’s YOUR company. You should have the most at risk, You should be the first to blame, YOU are the representation of the company.
Therefore, you should have a larger share of the company, in compensation for the additional risk.
Everyone is equal, everyone gets a portion proportional to the risk/value/talent they bring. But ONE person has to be able to finalize the decision, make a decision in absence of any consultation, and it is his neck on the line.
Play nice, be friends, but understand that making crucial decisions for the business is not something to be done by comittee.
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posted by Jean-Luc at 11:40 PM
6 Comments:
Unfortunately you are completely wrong regarding this issue. There are many successful small businesses with "Co-CEO's". Please do some research before you try to influence people.
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I agree! There should be one decision maker which is the CEO of the company! The committee should have their voice heard but ultimately its the CEO's decision! Great Article! Keep up the good work!
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J-L, you are absolutely right. When we started our company and were working on the business plan, my business partner said, "...Ang, you should take at least 51% of the company. As it was, I re ceived and still have 70% ownership. All went smoothly after that, until, 4 months later, my partner sold 'shares' in the new company and pocketed the money. I was shocked, suspended him immediately, and after a step by step process, got rid of him from the company, thereby protected the legitimate investors in our company. I could not have done that without a majority ownership.
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