Keys to Successful Leadership Transitions in Your Business

Build with Leila Hormozi

Leila Hormozi

Education, Entrepreneurship, Management, How To, Business

5 • 867 Ratings

🗓️ 26 August 2024

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome to Build where we talk about the lessons I have learned in scaling big businesses, gaining millions in sales, and helping our portfolio companies do the same. Buckle up, because we’re creating an unshakeable business.

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Transcript

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0:00.0	What's up guys? Welcome back to build. Today what I want to talk about is something that's super top of mind for me, which is managing leadership transitions. Now, what I mean by that is say you are running marketing, running sales, running customer success, and you are trying to bring in a new leader to take it over from you.
0:17.8	This could apply to you as a founder, and this can also apply to people on your team who are moving up in the company and needing to bring in management and leadership underneath
0:24.5	them. And so what I want to talk about today is why this normally fails and how to make sure it
0:29.8	doesn't fail. This is something that is super top of mind for me because right now we are really
0:33.7	forming two completely new layers of leadership, And I feel like most of the conversations
0:38.2	I'm having both with my portfolio CEOs and within my team are about this. So the first time I really
0:44.5	had to deal with this was when I was growing my company, Jim Warch. And when I was growing the company,
0:50.0	there was so much growth so quickly. And I at first was the person that oversaw everything,
0:55.7	right? So I wore every hat. I basically was chief everything officer. I was supposed to be
1:02.0	CEO, but I was also running IT. I was running customer success. I was running sales. I was running
1:07.0	marketing. I was like the direct manager of every department that we had. And so
1:11.3	it ended up getting to a point where I recognized, okay, I cannot do this anymore and I need to
1:16.4	bring in people underneath of me. And I need to set them up for success. Because at the end of the day,
1:22.0	even if I'm really good at these things and even if I'm better than these people I'm bringing in,
1:26.3	10% of my time is
1:28.0	not going to be a hundred percent of their time and so I recognize that it was time to bring in
1:32.0	people who would really help level up the departments but what I didn't expect is I didn't
1:37.0	expect all the freaking drama that was going to come with it I had no idea how teams could
1:43.5	just revolt against new people I had no idea how upset people could get and I had no idea how teams could just revolt against new people.
1:45.0	I had no idea how upset people could get.
1:47.7	And I had no idea how much of a toll it could take on a team just to bring in a new leader.
1:53.1	And here's the thing, it's not like I brought in shitty people.
	...

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