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Invent, Reinvent, Thrive: The Keys to Success for Any Start-Up, Entrepreneur, or Family Business by Lloyd Shefsky

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8

When Does the Entrepreneur Need to Let Go?

ONE OF THE MOST CRITICAL ISSUES FOR AN ENTREPRENEURIAL company is when the entrepreneur should relinquish the leadership position to someone who is better equipped to do the job at hand—to move the company to the next curve on the reinvention curve (discussed in Chapter 3). As the company changes and progresses, it may no longer need to include the founder. This decision is ordinarily faced at the time of a reinvention. The occasion is often gut-wrenching for the creator of the business and unpleasant for directors, employees, and stockholders—the company’s other owners. After all, not only has the entrepreneur birthed the business, he or she has nurtured it through the most difficult years and into ...

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