This was a tough one. How do you tell someone they’re no longer in charge? Especially when that person has an unwavering belief in himself? We found a way.
In this scenario, the CEO wasn’t just difficult to work with. He also misunderstood the economics of his business. The company put too much emphasis on product; not enough on sales. They were running out of capital—fast. On the brightside, their technology was excellent. And that was valuable to investors.
Our task was a delicate one. We had to encourage the CEO by reinforcing what he’s good at. But also show him where he’s hurting the business. It was corporate counseling at the highest level.
After many difficult discussions, we convinced him to move into a support role. We sourced a new CEO from our own rolodex; a former CRO with deep industry experience. From there, we hired a strategic M&A advisor to help the company focus on revenue and prepare for a future sale. We structured a highly-creative, new round of funding. And enticed the current investors to keep funding the company to sell.
Strong personalities can sink companies. But at Route 66, we understand when—and how—to intervene. By this point, we’ve seen it all. And we can use our past experience to help you navigate new leadership issues.