Being CEO

What’s the best way to nurture ambition?

Chris Labs

As a leader, you should want those around you to be eager to rise up and take on more responsibility, as long as dreaming about the job they want doesn’t distract them from the job they have. You can’t let ambition get too far ahead of opportunity. I’ve seen a lot of people who had their sights set on a particular job or project, bu the opportunity to get there was so slim. They grew impatient with where they were and so their ambition became counterproductive. The employee should make himself one of the people, through attitude, energy and focus, … Continue reading What’s the best way to nurture ambition?

Being CEO, Learnings

Not sure how this will work? Time to ask the hard questions.

Chris Labs

In those instances in which you find yourself hoping that something will work without being able to convincingly explain to yourself how it will work – that’s when a little bell should go off. Then you should ask yourself clarifying questions. What’s the problem I need to solve? Does this solution actually makes sense (rationally)? If I’m feeling some doubt, why? Am I doing this for sound reasons or am I motivated by something personal? -The Ride of a Lifetime, p.65 Continue reading Not sure how this will work? Time to ask the hard questions.

Being CEO

Managing your own time and respecting others’ time is one of the most vital things to do as a manager.

Chris Labs

Ovitz was horrible at it. He would keep people waiting while he was getting calls from all kinds of celebrities. People grew frustated of these rescheduled, postponed meetings. Ovitz didn’t make them feel that their time was valuable. -The Ride of a Lifetime, p.63 Continue reading Managing your own time and respecting others’ time is one of the most vital things to do as a manager.

Being CEO

If sh*t happens in top management, solving it should be your priority

Chris Labs

When the two people at the top of a company have a dysfunctional relationship, there’s no way that the rest of the company beneath them can be functional. This is what happened between Michael Eisner and Michael Ovitz around 1995. Ultimately, Eisner fired Ovitz but the damage it caused to the company was significant. -The Ride of a Lifetime, p.62 Continue reading If sh*t happens in top management, solving it should be your priority

Being CEO

Knowing what you don’t know

Chris Labs

This is a rare trait in a boss. When Dennis Swanson became the head of ABC Sports, something he had never done. He could have showed a kind of fake authority or knowledge. But if Dennis was asked something he didn’t know, he would say “he didn’t know” and turned to Robert and others for help. He often asked Robert, his #2, to take the lead in conversation with higher management -The Ride of a Lifetime, p.28 Continue reading Knowing what you don’t know

Glossary

Cap in Escrow & Setoffs

Chris Labs

Represented as a percentage of the purchase price, the maximum amount that the buyer can claim back from the seller. Usually, the cap amount is equal to the escrow account or setoff amount. Sometimes, however, the seller is willing to agree to a larger indemnification cap than the size of the escrow account, particularly for certain classes of claims. Sellers almost always get some cap on their indemnification. -Buying a small business, p.266 Continue reading Cap in Escrow & Setoffs