In this week’s episode of Built to Finish, Steven Pivnik talks with Leo Fox, CEO and Founder of Vector Consulting Incorporated. Leo shares his journey from the intelligence community to founding Tenacity Solutions, a cybersecurity company that grew to nearly 200 employees before being sold.

The conversation covers key business lessons, including the importance of hiring the right people, having a supportive peer group, and maintaining family involvement. They also explore the emotional and strategic aspects of selling a business, such as managing due diligence and aligning decisions with a successful sale. The episode concludes with reflections on the challenges and rewards of leadership.

Takeaways:

• Prepare for Growth from Day One: Start acting like a high-growth organization from the beginning. Pivoting to high growth later is challenging. Have a clear vision and communicate it to your team from the start.
• Hire Good People: Surround yourself with trustworthy and competent people. Avoid hiring individuals who may bring in business but lack integrity.
• Be Ready for Transitions: Not everyone is meant to stay with your company through its entire journey. Some team members excel in different stages of the business, and recognizing this early can prevent toxicity.
• Seek Mentorship and Peer Support: Have a CEO peer group or mentor who you can confide in. It's crucial to have someone to discuss your challenges and share advice, as being at the top can be isolating.
• Strategically Plan Exits: When planning to sell your business, every decision should align with this goal. Tighten up operations, streamline cash flow, and avoid long-term projects that won't add immediate value.
• Keep Running the Business: Even during a sale, maintain business operations as if nothing is happening. Buyers expect stability and continuous performance during due diligence.
• Value Family and Trusted Advisors: Rely on family and close advisors for emotional support during stressful times. They can provide a solid foundation and keep you grounded.

Quote of the Show:

• “Make sure you bring good people on your team, it’s key.”

Links:

• LinkedIn: https://www.linkedin.com/in/leo-f-fox-7797554/
• Website: https://www.linkedin.com/company/vector-consulting/

Shoutouts:

• Jim Schleckser: https://www.linkedin.com/in/jimschleckser/
  • His Book: Great CEO’s are Lazy https://www.amazon.com/Great-CEOs-Are-Lazy-Schleckser/dp/0988309912
• The CEO Project: https://theceoproject.com/

Ways to Tune In:

• Spotify: https://open.spotify.com/show/1ghmiiaRwVtQ9kqqqvmVQY
• Apple Podcasts: https://podcasts.apple.com/us/podcast/built-to-finish/id1781753842
• Amazon Music: https://music.amazon.com/podcasts/665cacbf-79ed-4745-8856-1d8465943c65
• Podchaser: https://www.podchaser.com/podcasts/built-to-finish-5907037
• YouTube: https://youtu.be/-ijcEabOwLk