Promoting from Within vs. Hiring Externally for COO Role

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(00:12) Advice for CEOs and COOs

This chapter welcomes Cameron Harold, the founder of COO Alliance and author of "The Second In Command," as we celebrate the release of his new book and examine its content, which serves as a guide for both CEOs and COOs. We explore Cameron's transition from COO to CEO, the mindset shifts that accompanied this change, and his insights into the balance between work and life. Cameron shares his experiences and lessons learned from running a business at a young age, including the importance of delegating, saying no, and focusing on the most critical tasks. The discussion also touches on how the book has already impacted the COO Alliance and the value it provides in understanding the CEO-COO dynamic.

(12:37) Promoting From Within vs. Hiring Externally

This chapter we explore the importance of creating a culture of continuous improvement within companies, akin to the mindset of elite athletes or performers. I share an anecdote about Patrick Roy to illustrate the resilience and determination that we aim to instill in our teams. We discuss strategies for fostering a safe environment where feedback is welcomed and viewed as a tool for growth, emphasizing that it's the systems, not individuals, that often need adjustment. We also touch on the sentimental value of sports heroes, as I recount a personal encounter with my childhood idol, Ken Dryden. Finally, I address the considerations involved in deciding whether to promote from within or hire externally for leadership roles, factoring in the individual's ability to complement the CEO's skills, their leadership qualities, and the strategic implications of such decisions, especially in companies with specialized knowledge or intellectual property.

(17:24) Flexibility in Organizational Structure With AI

This chapter examines the importance of flexibility in business operations and leadership. We explore the concept of a "bobbin' weave culture" where being too rigid can be detrimental, and the benefits of flowing like water, taking the path of least resistance towards the company's vivid vision. I discuss the necessity for leaders to align with core values and purposes, akin to a bobsled track, to guide the organization's journey. Additionally, we look at the challenges of introducing flexibility into rigid structures, using the example of Gerber Auto Collision's approach to acquisitions and the philosophy of "selling, not telling" to integrate new teams. The chapter also highlights the power of positive reinforcement and personal praise in leadership, drawing lessons from Howard Behar's practice of handwritten thank you notes at Starbucks, emphasizing the value of gratitude and recognition in driving employee success and satisfaction.

(24:55) Exploring AI Tools and Admired COOs

This chapter, we explore the significance of AI in the modern workplace, highlighting how our employees and CO Alliance members are encouraged to experiment with AI tools for one to two hours each week. We discuss the vast array of available AI applications, far beyond the widely mentioned ChatGPT, and the benefits of sharing experiences with these tools among teams to build momentum and enhance productivity. Examples include the transformative effects of AI on podcast production, such as using Descript to edit speech or Podium Stage for content creation. Additionally, we touch upon the importance of adaptability, illustrated by historical shifts in technology within NASA, and wrap up with admiration for influential COOs like Cheryl Sandberg and Matt Rawlings, noting how they exemplify effective leadership and innovation.

(30:39) Leadership Lessons and Insights

This chapter explores the contrasting leadership styles and trajectories of two COOs of 1-800-Got-Junk, with a focus on the impact of Eric Church's internal-facing, process- and people-centered approach as he grew the company from $70 million to $450 million, in stark contrast to my own media-facing, brand-building style during a different company growth phase. We also discuss the critical lesson of listening to team members, exemplified by a near-bankruptcy experience, and share a personal strategy for becoming a better listener by physically sitting on one's hands to encourage attentiveness. Finally, we examine the importance of asking systemic rather than symptomatic questions within leadership, illustrated by an anecdote involving Starbucks and the significance of maintaining operational systems for company-wide consistency.

(37:02) Catch Up and Discuss Book Promotion

This chapter celebrates the successful collaboration between CEOs and COOs as we unpack the critical dynamics of their partnership. I extend my gratitude to Cameron for sharing his insights and congratulate him on his new book, "Second in Command," a must-read for current and aspiring COOs, as well as CEOs seeking to hire their right-hand executive. We reflect on the nuances of the CEO-COO relationship and the importance of understanding each other's roles to foster a productive working environment. The discussion emphasizes the book's relevance for those looking to enhance their leadership teams and the overall health of their organizations. Thank you, Cameron, for joining me and enriching our listeners with your expertise.

Links:

Second In Command book - https://www.amazon.com/Second-Command-Unleash-Power-Your/dp/1544537603

COO Alliance - https://cooalliance.com/

Cameron Herold on LinkedIn - https://www.linkedin.com/in/cameronherold/

Unique Ability by Dan Sullivan - https://uniqueability.com/

Situational Leadership - https://en.wikipedia.org/wiki/Situational_leadership_theory

Fellow.app - https://fellow.app/coo/

Episode on Between Two COO's - https://betweentwocoos.com/41

Michael Koenig on LinkedIn - https://linkedin.com/in/michael-koenig514/