Learn the three keys to being a great CEO and unlock the growth potential of your team, supercharge your business, and reclaim the life you've always dreamed of!
Are you a CEO grappling with the unique challenges of running a family business? You're not alone. Our comprehensive white paper, "The CEO Playbook: Family Business Edition", sheds light on the pains, fears, doubts and priorities that CEOs are contending with today.
Based on interviews with 72 global CEOs, 44 of whom lead family-owned companies, the playbook reveals the common struggles faced by CEOs. It explores the additional layer of complexity that comes with family dynamics, generational differences, and the pressure of upholding a family legacy.
The paper also takes an in-depth look at the "CEO Doom Loop" that traps CEOs in a cycle of fear and failure, and how to break free. This playbook is more than just a document; it's a roadmap to success for any CEO leading a family business.
Get aligned in 90 days. Sign up today for the next CEO + Leadership Team Bootcamp Series - It's Virtual.
How do we help you Develop an “A-Player” Leadership team?Almost 60 years ago, psychologist Bruce Tuckman conducted research into group dynamics theory, his research is still helpful today. His foundational research identified four stages of team development: Forming, Storming, Norming, and Performing.
Here’s a quick overview of the four stages:Forming Stage- Team members come together, establish goals, and define their roles under the guidance of a leader. Communication is superficial as they focus on building relationships and understanding the team's purpose.Storming Stage- Challenges to authority, management style, and the team's mission may arise. If roles and responsibilities are unclear, individuals might feel overwhelmed or frustrated causing friction.Norming Stage- The team begins to resolve conflicts, establish norms, and develop a sense of cohesion. Members start to appreciate each other's strengths, collaborate more effectively, and establish shared values and goals through open communication.Performing Stage- Members have a clear understanding of their roles, work seamlessly together, and leverage their diverse skills to achieve shared objectives. The focus is on problem-solving, making decisions, and delivering results. Tuckman’s theory is the foundation of why we coach CEOs plus the Leadership team.
We’ve observed that as the CEO and leadership team grow:
We’ve also learned that Tuckman’s theory shows a linear development for teams, and that’s never the case. Teams can go back and forth between storming and norming for years. They can reach the performing level, add a new team member, and their right back to forming.
When Covid-19 happened - every business around the world was pulled back to the forming stage. Team development is not linear which is why it’s often hard to determine where your team currently is and what needs to be done to move to the next stage.That’s what we do! We help CEOs and leadership teams work through the phases of team development so they can more easily move to the next phase.
How do we create a culture of accountability throughout the entire organization?In the realm of sporting events, a scoreboard is a fundamental aspect of the game. It prominently displays the score, remaining time, period/quarter, timeouts available, and players' foul count.
This scoreboard serves as a vital tool for players, coaches, referees, and fans alike. It allows everyone involved to have a clear understanding of where the game stands at that point in time, the teams' performance, and the impact of individual contributions.
Similarly, in the business world, an organization can establish a Company Scoreboard by implementing key performance indicators (KPIs), objectives and key results (OKRs), and progress tracking systems. This dynamic scoreboard provides real-time information on team members progress towards agreed upon goals; key marketing and sales metrics, financial results and operational performance.
Just as the scoreboard drives the game's competitiveness and motivates players to strive for victory, a business scoreboard fosters a sense of accountability, encourages productive performance, and guides the company towards success.
Your company's scoreboard should includes things like:
Since we are talking about sports, let's talk about trading cards. Every sport has the foil packed trading cards for every player on the team. The trading card has their name, position, the team they play for, and all of their stats. It becomes very easy to identify the great players, regardless of whether you know the sport or not, by looking at their stats.
We don't call them trading cards in business (maybe we should?) but every position on your team should have a scorecard.
The scorecard would identify the following for each position:
Think about what it would look like to distill every job description down to the absolute core things that the person must handle on a day to day, month to month, and quarter by quarter basis. It would be easier to hire and the team member would know how they were doing in their job every single day.
This doesn't preclude people from helping out others or saying, "that's not my job", this is all about being very clear on what they are accountable for in their day-to-day position.
How do we ensure the Head of the Company is focused on Head of Company activities?
Most family business CEOs are fighting fires and jumping into the day-to-day business to ensure that everyone is getting stuff done - GSD! Once you’ve built a strong leadership team the CEO should be focused on two things:
Company culture is every CEOs number one priority. It resides at the intersection of core purpose, core values, and the companies vision for the future their Big Hairy Audacious Goal (BHAG).
Three questions every CEO should ask themselves:
What do I tolerate? Are the company core values alive and well in your company? Do you hire based on core values fit? Do you fire team members that don't fit the company values?
What do I measure?Are leadership team members accountable for specific KPIs or OKRs? Do all team members have access to the scoreboard so they can see how the rest of the team is performing? Do you hold team members accountable?
What's my impact?Why does your organization exist? Beyond profit, what good do you do for your community? What challenging experience from your past shaped who you are and what you stand for?
It's hard not to succeed when CEOs relentlessly focus on ensuring that everyone in the organization know the answers to the above questions and add to the company culture.
When It comes to building a strong company strategy we want you to think about this one simple, but powerful phrase:
Though several years ago now, a famous commercial made waves during a football game when a well-known actor walked into a closet and held up a pair of beige socks in one hand and polkas dot "sock puppet" on the other. He challenged an ordinary business man dressed all in beige, looking for his beige socks, to avoid the blasé and have some "pizzazz" or else he may be devoured by others willing to stand out.
In other words, don't compete to be the best...compete to be unique. Make sure your company's strategy allows you to standout.
At Family Wealth & Legacy, our approach focuses on helping clients to embrace their uniqueness and stand out from the competition. We firmly believe that every company can find the five to seven attributes of their industry and combine them in a manner that makes them unique.
Say goodbye to beige, take the leap, and let's rock those colorful fun socks together!
Grow your leadership team and your ability to scale with our powerful CEO + Leadership Team programs.
Together, we will redefine your vision for the future, enhance the company culture, strengthen team alignment and accountability, develop a unique marketing strategy and design an execution plan for success.
Continue the great work you did during the CEO + Leadership Team Bootcamp and join a study group. This is where CEOs and their leadership teams meet monthly to continue learning and scaling their company.
Accelerate your company's growth with a customized coaching program designed specifically for your company. Every program is led by a certified coach that will guide you and your team as you scale your business.
"Before attending Michael's boot camp, we operated on different playing fields and were not in sync, creating a dysfunctional organization. Everyone was trying to do the right thing independently, creating friction and frustration among us. Michael and his team help us understand the importance of being in the same field and being able to share our goals, expectations, and vision. Since attending the boot camp, we have started sharing our goals and expectations and playing in the same field. We have weekly meetings to discuss the targets and align ourselves as a team. This alignment and sharing of the team's expectations are vital to a team's success. Now the team can make decisions and lean on each other for help. Our day-to-day work almost got in our way of not attending the session. But, as a team, we are glad we listened and took time from our daily operations to work on the future of our business. Taking the time to work in the business is essential and sometimes overseen by leaders. So we are delighted with the time invested as we started to see the return on investment immediately.What impressed me the most was the overall system, in other words, the step-by-step guide on how to improve the output. This system was the key for our team as we needed to build the structure and standardize our process to eliminate doubts and confusion. Mike and his team did a fantastic job creating the building blocks from the Metronomics book to simplify the implementation and why it is essential. I recommend this boot camp to other CEOs because you need to take time to work on your business. This system is a proven method that will help get your team aligned and speak the same language. Once you have all your team working in the same language, you will have the foundation to grow and take your organization to the next level. Mike's engagement and energy will make this boot camp easy to implement.
The return of investment is immediately. Take the time to work on your business. This boot camp helped us all align and understand each other's expectations and frustrations. We all held ourselves accountable for the actions and plans we said we would take. In simple words, we are speaking the same language now. All team members' engagement is contagious and spreads throughout the organization; that is what we want across the team."
*Non-client endorsement provided by Pedro Colon on May 22, 2023. No cash or non-cash compensation was provided to Mr. Colon in exchange for this endorsement. However, Mr. Colon and his colleagues attended the CEO and Leadership Team Boot Camp hosted by Michael Palumbos free of charge. This endorsement is based on the endorsement provider's unique experience, may not be representative of others' experiences, and is no guarantee of future performance or success. CRN-5676099-050923
"This cleans up your business! My most valuable take away was clarity, not only about our mission, values and processes but also on the roles of the company. Not only did it help provide clarity for the company but it also gave an uptick in pride, when someone in your company starts to see that they are in charge of operations or marketing a sense of identity is established and I could feel that with our team members.
The energy, I immediately felt it when I came onto the screen and it only got better throughout the sessions. This was really important because some of the questions and topics we were discussing were difficult conversations. Having a high energy host and overall team allowed our business team members to feel comfortable and open to those discussions which helped provide greater clarity. I think if you have a team session with low energy those conversations and authenticity are ignored and Michael and his team helped immensely in that area."
*Non-client endorsement provided by DJ Logory on 6/28/23. No cash or non-cash compensation was provided to Mr. Logory in exchange for this endorsement. However, Mr. Logory and his colleagues attended the CEO and Leadership Team Boot Camp hosted by Michael Palumbos free of charge. This endorsement is based on the endorsement provider’s unique experience, may not be representative of others’ experiences, and is no guarantee of future performance or success. CRN-5941724-091123
"Before the bootcamp, I think each member of the team had an idea of where we collectively wanted to go, but I don’t think there was a clear path on how to get there. Now, you know my personality, so the path forward was very clear to me. To my surprise, it wasn’t exactly the same for the rest of the team. The nice part of the camp was that it started to put a vision in everyone’s mind of how we could grow, and what the steps are to get there. I think the process of taking something that appears to be overwhelming and breaking it into digestible portions made the long-term goals become transparent and obtainable.
Since the bootcamp, we’ve focused a lot on the day-to-day pieces and what needs to be done right now to reach our long-term goals. This has had a great impact as its given people the foresight to make decisions that don’t just solve a problem but provide a foundation for the next steppingstone of our growth plan."
*Non-client endorsement provided by Joseph Burkhart on 6/24/23. No cash or non-cash compensation was provided to Mr. Burkhart in exchange for this endorsement. However, Mr. Burkhart and his colleagues attended the CEO and Leadership Team Boot Camp hosted by Michael Palumbos free of charge. This endorsement is based on the endorsement provider’s unique experience, may not be representative of others’ experiences, and is no guarantee of future performance or success. CRN-5893435-081823
"For me, the decision to attend the bootcamp was an easy one. I have come to know Michael’s business acumen, his caring for business leaders and his ability to apply process to business challenges. Given that our business is a start-up with high-growth potential and high-impact potential, I wanted to make sure I had another set of experienced eyes helping me stand-up the business in preparation for our expected growth.
Our time together as a team did a number of things for us. It edified our alignment behind our cause, core values and vision for growth. Having a third party efficiently and effectively facilitate that for us was great experience. We came into bootcamp as a loose team with a loose understanding of vision and mission. We left as a tight team ready to Ignite Clarity, Confidence and Curiosity in the leaders we serve. We aligned around our commitment to revolutionize leadership by ending mental suffering in the workplace in order to enable leaders to reach their full potential."
Non-client endorsement provided by Scott Gibbs on 7/7/23. No cash or non-cash compensation was provided to Mr. Gibbs in exchange for this endorsement. However, Mr. Gibbs and his colleagues attended the CEO and Leadership Team Boot Camp hosted by Michael Palumbos free of charge. This endorsement is based on the endorsement provider’s unique experience, may not be representative of others’ experiences, and is no guarantee of future performance or success. CRN-5941706-091123
"Our recent engagement with Michael proved to be an incredibly valuable experience. The impact of his expertise and the Metronomics framework was immediately noticeable as it quickly brought clarity to our conversations and significantly reduced time wasted on organizational issues. Prior to working with Michael, we often found ourselves struggling to determine who was in charge of specific tasks and who held responsibility for certain outcomes. His guidance helped us establish a straightforward structure that eliminated these ambiguities.
Being a startup, one of our primary challenges was establishing a solid framework for growth. Michael's consultation proved instrumental in this regard. By working closely with him, we were able to develop a comprehensive set of common long-term and short-term goals. These goals served as a guiding light for our entire team, aligning everyone towards a shared vision and purpose.
Furthermore, Michael helped us define clear metrics to measure both individual and company milestones. This will enable us track our progress effectively and ensure that we remain on course towards achieving our objectives. With this framework in place, we will gain a deeper understanding of our company's performance and will be able to make data-driven decisions to fuel our growth."
*Non-client endorsement provided by Ray Brown on 6/26/23. No cash or non-cash compensation was provided to Mr. Brown in exchange for this endorsement. However, Mr. Brown and his colleagues attended the CEO and Leadership Team Boot Camp hosted by Michael Palumbos free of charge. This endorsement is based on the endorsement provider’s unique experience, may not be representative of others’ experiences, and is no guarantee of future performance or success. CRN-5893557-081823