Think Like an Owner Savneet Singh - Leading a Public Turnaround at PAR Technology - Ep.252 [Replay]
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Dec 10, 2024 Savneet Singh, the CEO of PAR Technology, is known for his impressive turnaround of the publicly traded company. He reveals insights on managing crises in leadership, emphasizing urgency and adaptability. Savneet discusses innovative incentive models and the importance of structured communication within teams. He highlights his evolving view on mergers and acquisitions and stresses the core role of education in leading effectively. His unique management techniques foster a collaborative and data-driven corporate culture, essential for navigating software transformations.
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Unplanned CEO Transition
- Savneet Singh's journey to CEO of PAR Technology began unexpectedly.
- Initially aiming to acquire PAR's software division, he joined the board and later stepped in as CEO to prevent bankruptcy.
From Sale to Turnaround
- Initially, Savneet Singh recommended selling PAR due to misalignment, unhappy stakeholders, and financial losses.
- His role shifted from overseeing the sale to saving the company after discovering its potential.
Ten Weeks of Cash
- PAR faced severe financial constraints with only ten weeks of cash left upon Savneet Singh taking over.
- Quick actions included layoffs, renegotiating credit agreements, and asset sales to secure funding.
