Kevin Surace warns founders that clinging to the CEO role costs them money. The Trinet founder hired a better CEO, moved to CTO, and later said it was the best decision he made because it maximized both his wealth and the company's success.
So many entrepreneurs that say, well, I have to be the CEO because no one else could do what I do. And I'm going, have you met other CEOs? Because I've probably met 500 and there's very good ones. And in fact, there are some that you would want to take your job because you're going to make a lot more money. You could take some other role, you can be on the board, but never think that you're the best at it. Never think that you're the best at it. There are people always better. And if you're the best entrepreneur, you want to hire that person in as quickly as possible. My friend started Trinet, which is a very, very big HR technology firm, right? In very short order, hired a CEO to replace himself. Stayed as like CTO for a while and then went on the board for like 30 years. You ask him, he says, best thing I ever did. I was at best a mediocre and probably a terrible CEO. And I went out and searched out the person who could make me the most money. And I found that person and they made me the most money. Brilliant entrepreneur, no ego about the role.
