Entrepreneurial Evolution: Thriving as a CEO
So, you’ve built something incredible.
Against the odds, you’ve weathered storms that would make others throw in the towel.
You’ve strategized, hustled, and achieved your dream – a successful 7-figure business.
Standing at the summit, you may find yourself exhausted and wondering, ‘What now?’
You’ve transformed your vision into reality, perhaps a vision that no one else even saw, and now you’re at a crossroads.
You’ve earned the right to pause and savor your accomplishments, but you’re itching to take your business to the next level.
Well, my friend, welcome to the first steps of your journey from founder to CEO.
The Hard Truth: Change Starts with You
When you first considered hiring a CFO, maybe you thought it was just about tightening up your marketing spend or optimizing your financial systems.
But the truth is, the change needs to start with you.
Like many founders, you’ve been wearing multiple hats, putting out fires, and working long hours just to keep the ship afloat.
But now, as you stand on the cusp of growth, it’s time to confront some uncomfortable truths:
It’s not just about tweaking numbers or systems; it’s about fundamentally transforming how you lead your company.
Confronting the need for change isn’t easy.
It means admitting that the way you’ve been doing things might not be enough to take your business to the next level.
But if you’re willing to lean into the discomfort, the rewards can be significant.
It’s about recognizing that you didn’t come this far just to settle for a lifestyle business.
And it’s about embracing the challenge and committing to becoming the leader your company needs to thrive.
Structuring for Success: From Startup to Grown-Up
As you’ve grown your business, you’ve likely outgrown some of your initial structures.
That pass-through setup from your LLC to your personal returns might have served you well in the early days, but now it’s time to level up.
Scaling from where you are to where you want to be requires a rethink of your business’s foundation. It’s about setting up the right legal and financial structures to support your growth and protect your assets.
You might think you’ve outgrown spreadsheets, but before you invest in fancy software, take a step back and look at your processes:
Are they as efficient as they could be?
Are there bottlenecks or redundancies that are holding your team back?
You might find – as I did – that the solution isn’t always more technology.
Sometimes, it’s about simplifying and streamlining your processes to work smarter, not harder.
Building Your Dream Team: Goodbye Grandma
One of the toughest parts of scaling your business is letting go of the people who got you here.
It’s natural to feel attached to your early employees or to want to keep things in the family.
I know, I know, Grandma is amazing. She practically raised you and you will support her for life, and she hasn’t screwed up your books too much over the last five years.
But Grandma is not a CFO, she’s not an accountant, and I hate to break it to you, but she’s not even a bookkeeper.
And as you grow, your needs change, and you’ll need to surround yourself with the right talent to take your business to the next level.
Whether it’s restructuring roles, bringing in outside expertise, or making tough decisions about underperforming team members, building your dream team means putting the needs of your business first.
Planning Your Payout: Securing Your Future
Exit might seem like a distant dream, but it’s never too early to start planning for the future.
Whether you’re thinking about selling the business, securing financing, or simply ensuring a comfortable retirement, it’s important to lay the groundwork now.
Don’t wait until you’re burnt out or backed into a corner; plan your exit strategy from day one.
I mean, it’s likely the main reason you got into this thing in the first place, right?
Payouts to you – over time, sure – but a return to you for all the blood, sweat, money, and sleepless nights you’ve put in.
Don’t waste your opportunities thinking that there’s a magic bullet solution that will let you get away with not changing how you run your business now.
Ready to Take the Next Step?
This is just the beginning of your journey from founder to CEO.
We have work to do to transform this extremely successful business you’ve built into the next version of itself.
And if you are to be the one who makes it, you will also be the person who can enjoy every minute of it!
So, if you’re ready to dive deeper and learn how to navigate the challenges ahead, check out my newest book “Founder to Exit: A CFO’s Blueprint for Small Business Owners” on Amazon.
It’s your roadmap to success, written by someone who’s been in your shoes.
It’s time to generate exponential wealth as you dream bigger and create a legacy that lasts beyond the financial milestones.
Author, Virtual CFO, and Finance Coach
“Your First CFO: The Accounting Cure for Small Business Owners” on AMAZON
“Founder to Exit: A CFO’s Blueprint for Small Business Owners” on AMAZON
