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by burnte
10 days ago
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That is both an excellent question and the root problem at that company. The PE firm was a majority shareholder, drive the board, and there were two board members who were HEAVILY involved in the company. Too heavily, they kept making decisions about them and not the company, and that's why I left. Several months later the PE firm was tired if waiting for results, fired those two board members and sold their share of the company at a big loss. I was really surprised, because one of the two I'd worked with at three other companies, all of which had successful exits (including an inpatient healthcare provider that we ran and sold during COVID!). Something changed, and at this company he made it all about him making the calls and not just trusting his CEO and company staff. He froze out the C-suite, manipulated facts to cause a change of leadership, and in 6 months he forced the new CEO to do all these dumb ideas we'd already tried repeatedly, taking the company from being break even and close to profit to a $2m/month revenue shortfall. There were structural process issues inside the company but he just kept insisting we needed a bigger marketing spend, "marketing can fix any problem." |
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ah, can stop there