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The Ripcord Moment

Business owners are today’s American heroes. They innovate, they create jobs, they believe that they can CREATE a better future for their families and our country. So much attention is given the start of a business (the idea, the technology, and the fund raising). Yet much less to the exit – as if it will magically take care of itself. When they do exit the business, it’s a once in a lifetime event – there is no do over! Yet so many are ill-prepared to make the jump.The Ripcord Moment is a podcast focused on learning from those entrepreneurs and their team of advisors who have made the jump and sharing their best ideas with you. So when you are ready for your Ripcord Moment – you can execute and hit your perfect landing. Disclosure: Information presented herein is for discussion and illustrative purposes only. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your attorney, finance professional or accountant before implementing any transactions and/or strategies concerning your finances.‍

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The Ripcord Moment

Believe In Yourself As Much As Others Believe In You

August 04, 2021 • Joe Seetoo • Season 1 • Episode 7

“Believe in yourself as much as others believe in you” Caroline Connolly, CEO of Optotest – a worldwide leader in fiber optics testing solutions based in Camarillo, California.

What is interesting about Caroline’s journey is how she transitioned from a minority owner in the business to the majority owner and CEO. When her business partner died in 2013, there was no formal buy-sell agreement in place. It took several years of discussions and negotiations between herself and her former partner’s family to agree upon the transition plan. She shares how she had to embrace a variety of risks in order to make the jump to majority owner and CEO. She credits her support system, specifically her Vistage group, with helping her make the transition. One of the critical lessons Caroline learned is that a formal buy-sell agreement is mandatory. Many entrepreneurs understand the need for one but think they will get to it later because early in the lifecycle of the business you need to focus on sales and revenue. The problem is that owners typically don’t go back and formalize the agreement which puts everyone at risk.

She shares her perspective on why culture should be a CEO’s number one priority. At Optotest, the company philosophy is that the customer is #1 but this definition is not limited to just external customers, it applies internally as well - meaning your colleagues. Her management philosophy of changing the company’s organizational chart to an inverted pyramid is a practical application of the company’s values. She recommends that CEOs document their company’s core values. Additionally, set up a platform like regular meetings where staff are encouraged to talk about them on a regular basis. This will ensure your team feels engaged.

Lastly, she shares her 2 action items for owners:

Be in a Peer Group - Use the group as a cabinet or informal board of advisors (assuming you don’t have one). They will help you grow both professionally and personally while also helping you strategize about your exit plan.
Read “How to Stop Worrying and Start Living” by Dale Carnegie - Caroline shares how the book provides a framework for tackling challenges she is dealing with in her business and how the process helps make her feel better until she arrives at a solution.