It may be a feeling in the gut – or the heart. Or it could be part of a strategic plan. However, it comes, at some point the founder knows it’s time – time to move on. But when they’ve been deeply committed to the company, 24/7, for years if not decades, how to do this? What is the best way to disentangle the founder from their creation, and establish a positive pathway for both?
For most founders, their sense of self is mixed in with the business they founded. It’s personal, and departure may be difficult. The business may have outgrown the founder’s skill as CEO, but the founder won’t budge, limiting the business. Other founders are eager to go. Some may want to retire on the income from the business for a life of private or family pursuits they weren’t able enjoy before.
Yet some founders are not done creating. Their personal vision extends beyond their first company, and they want to lead another business. Not to be CEO of multiple companies, but rather to hire a replacement CEO at the current business so they can move to another sector, and another company, and realize a completely different goal.
“I learned a lot about new ventures from the existing company, Motivo, so I wanted to take an idea we had at Motivo and grow it,” says Praveen Penmetsa. Founder, Chairman and former CEO of the product design and development firm Motivo Engineering, he is now co-founder and CEO of Monarch Tractor. “We took a lot of care with the incubation of the new company, its spin-off, th