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The Owner-Operator
Leading a business you also own: the absence of separation between personal and institutional risk, and what that does to judgment.
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01
The Bad Year
Every firm that lasts has one. What determines whether it is survived is largely decided in the good years, and the decisions that matter do not feel consequential when they are made.
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02
Deciding to Sell
Most owners decide to sell at the point where they have the least leverage. The decision is better made years earlier, in conditions that make it a choice rather than a response.
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03
The Personal Guarantee
Risk that lands on your own family is assessed differently from risk that lands on an institution, and it should be. The failure is not knowing which calculation you are running.