Saturday, November 21, 2009

Now that I'm Chief Executive Officer what's next?



You just started you're own hedge fund or you were promoted to CEO, so now what do you do?

Three core things any CEO should focus on:

  1. Develop a great strategy
  2. Develop an operating model based on the strategy that can grow successfully.
  3. Hire the most talented people to execute the operating model

The strategy alone won't be enough; you need the right operating model for the strategy to work and the best talent to execute. There are plenty of other things to focus on but the smartest you can do is get those three things right.

Great companies are about people, the products or services you produce and the profit you derive.

Your job is to continually out-innovate the innovators. If you don't, you won't be CEO for long. In a global market, how do you drive business outcomes, transform your business, and compete for market share and dollars, and simultaneously increase revenues?

One way. Talent. Why would any smart CEO think super star talent is looking for a job?


Finding and marrying great talent doesn't happen over night. When you rush it’s nothing but a disaster. Start the process as soon as you possibly can. The longer you delay, the greater the chances you will rush to judgment.

If you can afford a search firm, hire one. Don't be fooled by thinking bigger is better. The biggest Wall Street firm uses the smallest boutique because they know they will get the best there is in the industry.

So how do you evaluate if a search consultant is any good? Not by quantity, but by the quality of their work.

  • They should be plugged into super stars
  • The best are objective
  • The best give you a two year guarantee
  • How long have their placements stayed with the company they were hired into?
  • How successful have their placements been?
  • How successful has their client been? Use this metric because it will tell you how good the search consultant is at finding super star talent that fits a super star culture and prospers.
  • How long has that search consultant worked with one client and how much did they contribute to one client's success?
  • How do they recruit candidates? Via advertisements or do they actually recruit. The secret sauce is in the recruiting skill.
  • Are you working with a Chevy or a Mercedes Maybach--and do you know how to tell the difference?


It's important for you to take your time to get to know the candidate. Evaluate him/her like you would a potential marriage partner. Super stars should take at least 3-6 months. Get to know the candidate, and if they are a fit culturally for both of you.

By the third or fourth meeting ask for a non-compete, non-solicit, a list of their unvested stock options, life-insurance coverage, current medical benefits, restricted stock, deferred compensation, and bonus schedule.

Get a list of references during the third or fourth interview. If they can’t develop a list of five or six references off the top of their head, this is a huge red flag.

Great consultants will communicate their concerns along with alternative candidates they want you to consider hiring. If they’re only interested in they’re fee, they won’t share with you their concerns. If the consultant doesn't share with you any concerns, don't hire the consultant again. No one is perfect.

When you recruit super stars it's critically important to "woo" the candidate and understand what motivates him/her:

If your plan is to win the Olympics, can you do it by yourself? You need the best rowers on your boat, to practice every day a great strategy and plan. It's my son's goal.

I have run large successful companies, worked with the best CEO's in the world. I raised two scholars and one world athlete. I know what's it like to be where you are. Getting it right is tough.

She's Built The Best

And You Could Be Next

Copyright 2009 Ev Nucci


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Friday, November 20, 2009

Even if you hate your boss, don't burn bridges - resign with grace and style


As a youth no one taught me about burning bridges. Yet it's not until later in life, some of us understand how small the world is. Someone who may have worked with you at one company can suddenly be responsible for your promotion or whether you get hired at another company. My point? Even if you are working for a jerk (and I have worked for a couple) it's in your best interest to leave the organization with grace and style--irrelevant of the circumstances.

When you part ways, it can be similar to a relationship breaking up - nasty and acrimonious or mutual and dignified. What is the best way to resign when you are leaving a job of your own volition?

No one likes getting "dumped." And that is exactly how your boss may feel. It is a natural feeling for any boss to feel that they have been "betrayed" by their employee. The supervisor may feel your actions are "treachery" by interviewing with another organization and accepting an offer of employment. When a manager brings you into an organization and invests his time and energy in training you and watching you grow professionally; the manager may have a "maternal/paternal" feeling for their "protégé."

Many bosses may take a defensive posture and feel that you have not given them the same level of commitment or opportunity that they have given to you. The employer may also experience a psychological and emotional "devastation" that may create a "swirl of uncertainty that by leaving you are jeopardizing their business." However, the manager will not communicate his personal concerns. Generally the manager will cover up his immediate concerns and persuade you into believing you have made a terrible mistake in your career.

At the point of resignation, generally the manager is so caught up in the "total disruption" your departure will create, that they can not/will not be empathetic to your needs. The manager will not be "generous" in terms of thinking about you and what is best for your career.

Do not tell your boss, anyone you work with, any professional where you are going. The only person who should know your plans is your family. As Shakespeare said, "The common curse of mankind, folly and ignorance." Another favorite quote, "discretion is the better part of valor." Learn by other's mistakes-learn by paying attention to what history teaches us.

Never assume that you know exactly how anyone will or will not behave. Prudence is a wiser path.

The manager will only be thinking about what is best for his business. Based on your relationship, tenure, level of success at the organization, the manager's focus will be how your departure will impact his business. In another section we review counteroffers, why the manager may present a counter-offer, and how you can damage or destroy your career by giving the manager the opportunity to even present a counter offer.

The manager may feel that your resignation is a statement that communicates, "You personally and/or professionally do not respect him, that you have an issue with his management style, that you are more talented than he is, etc., etc., etc."

There are many reasons to stay on good terms with a former employer. More importantly - it is in your best interest to try very hard to not burn bridges - because you never know where your career will lead you.

The way the resignation is received depends almost entirely on the personality of your boss and on the policies of the company. I've seen the most gracious and polite people ushered right out the door, and I've seen companies ask the employee to stick around and train his replacement.

The best way to judge what's going to happen is the look at how the manager treated other employees who resigned.

1. LEAVE ON GOOD TERMS

It can be tempting to liberate pent-up hostilities and frustrations you may have built up over the years when you realize you are free from a job. But it's not wise to do so.

Transitions are important. Your future career is affected not only by how professionally you tender your resignation but how you conduct yourself afterwards. There is a right way and a wrong way to resign. The right way transforms a job change into a smart strategic career transition. The wrong way may negatively affect an otherwise promising career. Remember, in the highly competitive job market, a solid list of work references is often the deciding factor when landing the next job.

2. GIVE SUFFICIENT NOTICE

Always give sufficient notice to your present employer. Two weeks is standard, although in certain circumstances, such as completing an important project that you're leading -- a month's notice may be more appropriate. A new employer realizes that you have to give sufficient notice to your present employer. Even if your present employer has a policy of asking job changers to leave immediately upon giving notice, you should still give two weeks. It's a professional obligation to give sufficient notice when you're making a change in employers.

3. MAKE A GOOD LAST IMPRESSION

Although those last few weeks on the job may not be the most pleasant, it is important that you continue to perform your job duties in a professional manner until the last minute. Those days will seem interminably long as you anticipate starting your new job, but it is important to leave a lasting good impression with your employer.

Remain on good terms with your co-workers as well. Who knows somewhere down life's road a former colleague might become your new boss or end up working with you again. It's a good rule of thumb never to take anything or anyone for granted. If you are staying in the same industry, it is likely that you will cross paths with a number of former colleagues over the years. If you don't work directly with them, you will likely cross their paths at conferences or on professional committees. Who knows when you will need their support!

4. TRAIN YOUR REPLACEMENT

If your present employer wants you to train your replacement, be amenable to the idea. Make your replacement's transition as easy as you hope yours will be on the new job. Avoid passing on company gossip to your replacement or "badmouthing" your boss and/or your co-workers. Why set someone up for a negative experience by instilling the prejudices you have acquired. That doesn't serve anyone.

Keep a professional attitude at all times, no matter how tense or difficult your last weeks prove to be. Your goal should be to leave with as much grace and dignity as possible. You want to be remembered as the consummate professional.

5. STAY COOL

Outstanding employees are rare commodities. Your professional attitude and composure under arduous circumstances communicate volumes about your level of professionalism.

Who knows how many times in your life you will change jobs. A reputation is something that you must work hard to build for many reasons. A former boss or co-worker can just as easily become your future boss.

A recommendation by someone who knows you by reputation can open a coveted "door" to a new company as you work your way up the career ladder.

Everyone has good and bad days. Practice being even tempered, and do not react to emotionally charged situations. Don't resign in a fit of anger. Think things through. Resign like a professional.

6. THE ART OF THE RESIGNATION LETTER

Never resign one job until you have a written offer from the new employer. It is rare, but verbal offers have been withdrawn. Additionally, it is critical the written offer is consistent with the verbal offer. You should not resign and accept a new position until your written offer reflects the verbal offer.

Your resignation letter should simply state the following, "I, John Doe, hereby resign my position as manager of ABC Company effective January 1, 2005" Sincerely, John Doe. Date the letter today.

Do not thank the company in your letter - do not complain, do not recount your accomplishments. Keep your resignation letter short and sweet - if you have anything else you want to say - such as, to thank a mentor, or share with co-workers how much you enjoyed working with them, etc., say it with your mouth, not with a pen.

Do not tell your employer where you are going! Under no circumstances should you share that information with your boss or anyone else in the company---until you are at your new job. Remember you never know what someone will or will not do. It's rare, but the old employer may try to hurt the person's new job or hurt their career in some manner. It's best not to leave anything to chance!

It's best said by Shakespeare, "we know what we are, but know not what we may be." Hamlet, Act IV.

Copyright 2009 Ev Nucci


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Tuesday, November 17, 2009

How to find a job in the crowded field of the unemployed

With twenty percent unemployment (never follow government reports) if you follow everyone else in terms of obtaining employment, what's your likelihood of success? Probably slim to none right?

So why wouldn't you pursue the road less traveled, the road most people see as harder or more challenging? Think about whom you would hire. The top three things the top recruits have done that were unemployed:

  • Focus – They focus on targeted employers. Whatever their field is, whether it’s investment banking, hedge funds or health care, they would target certain employers. The one percent understand that by focusing their energy on certain employers they are more likely to develop a greater return on their investment.
  • Research – they do tremendous due diligence on their targets, the firms’ competition, so they understand their products, market, overall business and problems.
  • Solution - They develop a one or two page business plan that provides solutions for their targets based on their due diligence. They have included a thorough WOTS analysis, their solutions are cutting edge, expansive, and address the area of expertise the individual brings to the orgnanization whether it be marketing, sales, human resources, etc. Who wouldn’t want to hire a problem solver?

All employer’s have problems, so figure out how to solve one of their problems. Most people won’t take the time or energy to figure out how to solve some else's problems. Imagine the value you bring to an organization if you demonstrated the initiative, foresight, and business acumen to develop a well thought out solution to their problem?

To move from unemployed to employed solve someone’s problem. Employer's are getting flooded with thousands of resumes. How can your resume stand out? It can't.

So put yourself in the other person's shoes -- who would you hire? Don't give up, be persistent because winners always politely follow-up!

Thank you for being here. I am thrilled that you take time out of your schedule to come by.
Copyright 2009 Ev Nucci


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Friday, November 06, 2009

Now that I lost my job, how do I recover? As CEO of you...

As you are today---whoever you are---you are enough. You don't need to change anything about yourself.

Now tell yourself that...out loud. Say, "I am good enough as I am right now today."

The core of our self-esteem is tied up in whether or not we are good enough. Many people externalize their self-esteem.

Have you ever thought, " If I can get a few initials after my name, or fix my ugly thighs, put some hair on my bald head, if I could get an MBA from a top tiered school, if I could make more money, own a bigger house, drive a sports car, achieve the title of Managing Director then I will be a success." Do you attach any of those external things to your self-esteem?

What happens if you lose your job? You lose your beauty, you lose your car, your house?

Are you suddenly not good enough? Yes you are. Your self-esteem has nothing to do with stuff, title or money---it's not who you are. Somehow along the way you became confused about the core of human psychology---you are enough as you are.

What people think of you is not important--is does not define you. In fact, what people think of you is none of your business.

Looking for a job takes a great deal of focus and energy. You need positive energy. I'm sending it to you. I want you to know that today--as CEO of you, you are good enough just as you are today! You are a gift from God.

Thank you for being here. I am thrilled that you take time out of your schedule to come by.

Copyright 2009 Ev Nucci


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Thursday, November 05, 2009

Decisionmaking -- how do I decide where to go to college?

Did anybody ever teach you how to make decisions? Did they teach you the due diligence process? Let’s start with the factors that go into the decision making process.

1. What do you want to study? If you’re not sure leave that a blank. If not – then put that at the top of your decision tree.

2. What type of environment do you want? Urban or suburban?

3. How large of a school do you want it to be? 1200 students 2500, 5000, 10,000?

4. Diversity of students – how diverse? What percentage Asian, Caucasian, Hispanic, international, African American?

5. What Academic rating do you want the college to have? 70-75, 75-80, 80-85, 85-90, etc.

6. What student to faculty ratio? 6:1, 25:1, etc.

7. What is the average class size that you prefer? 20-29, 10-19, under 10?

8. How selective do you want the college to be?

9. What is the financial aid rating?

10. Do you want to live away from home and how far?

11. What is the average SAT ranking they accept?

12. What kind of school do you want? Private or public?

13. Once you narrow down your list to three, what are the school’s most popular majors and why?

14. What do students say about the quality of student life?



What’s the point of the table? In order to make an informed decision you need to lay out the facts of any situation. After you have done your due diligence, laid out the facts, then evaluate them. If you haven’t done any due diligence, you may make a decision you might regret.

A college degree stays with you for life and four years is a long time, so make an informed decision. Don’t make it based on “feelings.” Make a decision based on the facts, one you know you will feel good about ten, or twenty years down the road because whatever decision you make today follows you forever.



Copyright 2009 Ev Nucci


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