James Dowd, former CEO of First Global Xpress, in 2007 faced a startling revelation that he might be holding his own company back. Profits were down, the firm’s processes needed a defibrillator, and Dowd perceived that he might not be the man for the job.
Dowd turned to Justin Brown, a minority stakeholder who began his career at FGX as an entry-level sales rep. Only a year after Dowd promoted him to CEO, Brown brought revenue up to $10 million.
Bottom line: It’s tough to admit that your plan isn’t working and hand the project to someone else. But don’t be afraid to delegate to skilled employees who think differently than you do. It can be the greatest sign of to know when to step aside.
— Adapted from “The Ultimate Business Makeover: The Leadership Makeover,” Nitasha Tiku, Inc. magazine.
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