Ep. 387 - Unleash the Power of your COO
Second in Command: The Chief Behind the Chief with Cameron Herold
Balancing Responsibilities After Hiring a Second-in-Command
Exploring the essential duties of a CEO post hiring a second-in-command, stressing the need for active involvement, visibility, skip level meetings, and metric tracking. A cautionary tale underscores the consequences of inadequate onboarding of a COO leading to a dip in company performance.
Today's episode of the Second in Command podcast is a recast of a conversation between Cameron and Benji Carlson, host of the Contractors Evolution podcast. They explore the intricacies of business growth, emphasizing the critical transition phase for companies expanding from $10 million to $100 million in revenue. Cameron advocates for the necessity of hiring experienced outsiders who bring a wealth of expertise, autonomy, and a fresh perspective to the table, distinguishing them from internal promotions that might not always be equipped to handle the complexities of rapid scaling. With his rich background in guiding businesses to success and his role in the exponential growth of 1-800-GOT-JUNK?, Cameron shares his wisdom on the importance of matching the CEO's strengths with a second in command's capabilities, highlighting the unique dynamics of this partnership in driving business growth.
The conversation shifts into a discussion on the evolving expectations of equity and compensation within the business world. Cameron challenges the prevailing notion that equity is a necessary component of compensation for second in commands, arguing instead for the creation of a compelling company culture and offering alternative forms of recognition and reward. He brings attention to the nuanced reality that while the demand for equity has risen, it's not as prevalent or necessary as many assume. Drawing on his experience and a survey of COO Alliance members, Cameron suggests that focusing on non-equity forms of motivation can be equally, if not more, effective in attracting and retaining top talent.
Venturing beyond the confines of business strategies, Cameron and Benji explore the essence of personal fulfillment and the significance of designing a life that extends well beyond the boardroom. Reflecting on their journeys toward achieving balance and contentment, they discuss the importance of intentional living, pursuing passions, and cultivating meaningful relationships. Cameron shares insights into his own life transformation, underscored by his decision to prioritize happiness, health, and relationships over conventional success metrics. This candid conversation serves as a reminder of the importance of crafting a holistic approach to life that embraces personal growth, leisure, and the pursuit of happiness alongside entrepreneurial ambitions.
Enjoy!
In This Episode You'll Learn:
- Why, as companies transition from $10 million to $100 million in revenue, bringing in external experts with prior P&L responsibility and experience in scaling businesses is crucial. (0:00)
- Cameron's journey towards finding joy and fulfillment beyond professional achievements. (1:03)
- The pivotal role of the second in command in alleviating the CEO's burden and driving growth. (2:42)
- The evolution of compensation structures and the misconception that equity is a necessary part of a compensation package for top executives. (15:27)
- The necessity of a transition period of up to a year for new second in commands to fully integrate into their roles. (19:32)
- Cameron's decision to intentionally design his life to include hobbies, travel, and quality time with family and friends. (24:03)
- Strategies for ensuring the well-being of the second in command, reflecting on the mutual support system necessary between a CEO and their COO to prevent burnout and maintain a healthy work-life balance. (32:01)
- Cameron's personal philosophy on life, happiness, and the legacy he wishes to leave, focusing on personal relationships, health, and enjoyment of life's journey. (36:09)
- And much more...
Resources:
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- YouTube - Second In Command Podcast - https://www.youtube.com/@secondincommandpodcast
- YouTube - Cameron Herold Leadership - https://www.youtube.com/@CameronHerold
- COO Alliance - https://cooalliance.com/
- Cameron’s newest book - The Second In Command - https://a.co/d/287lESq
- Cameron’s Online Leadership Course - https://investinyourleaders.com/ch
- Cameron’s Website - https://cameronherold.com/
- Instagram - https://www.instagram.com/cameron_herold_cooalliance/
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