In this episode, venture capitalist David Paul interviews Bill Horne, a 10-time CEO, the founder of 88 Keys, and an expert in turning around struggling companies. They discuss various aspects of being a fixer for early-stage companies and the challenges that come with it. The conversation covers topics such as the value destruction when founders leave, common mistakes founders make, the importance of operational planning, and managing the board. You can watch/listen to the podcast on YouTube, Spotify, and Apple.

Takeaways

• Being a fixer for early-stage companies requires reconciling the challenges of working with fragile employees and upset boards.
• Founders leaving a company can lead to significant value destruction, both from a cultural and industry knowledge perspective.
• Common mistakes made by founders include a lack of operational planning and attention to detail.
• Effective operational planning requires a high level of granularity and a clear execution strategy.

Chapters

01:59 Becoming an Adult in the Room

03:18 Becoming the Fixer

05:44 Value Destruction When Founders Leave

07:26 Common Mistakes Founders Make

09:54 The Importance of Operational Planning

10:43 Detail and Execution in Operational Planning

12:33 Time Framing and Check-Ins

14:50 Managing the Board