Client: Consumer Healthcare Company
The Problem
The founder and CEO of a Consumer Healthcare Company ("CHCo") sought an executive coach to provide him with guidance and support as he launched a new product, built a team, and raised follow-on capital to scale the company. He was particularly interested in working with someone who understood the challenges facing an entrepreneur who needs to raise investor capital.
The CEO expressed an initial interest in leadership development, particularly with executive decision-making in the face of time constraints and conflicting advice. In addition, he sought a confidential sounding board. He had concerns about the company’s product/market fit, near-term growth strategy, pace of scaling operations, and ensuring that milestones required to close a follow-on financing were met before cash ran out.
The Approach
The initial coaching sessions were focused on clarifying the CEO’s objectives and metrics for success over the following six to twelve months. Alan and the CEO also focused on identifying the required expertise and resources to achieve the CHCo's objectives.
Over the following weeks and months, the discussions quickly evolved to focus on more immediate concerns that were taking up the CEO's time and attention. Alan combined both coaching and advisory skills to enable the CEO to:
- Find time to focus on key risks vs. being consumed with execution;
- Identify and recruit necessary expertise across his team, advisors, and board;
- Manage the stress and emotional roller coaster of market testing, product acceptance, initial production, and distribution.
The Impact
The CEO began to embrace his leadership role instead of being consumed by the day-to-day challenges of launching a new business. He was able to:
- Invest resources in fulfilling functional needs (book-keeping, inventory management, and product demonstrations), freeing up his time to focus on key risks and strategic issues;
- Build a network of informal advisors and outside directors with people who had industry-related expertise (distribution, marketing/branding, and production). These people provided the insight, access and credibility required for growth;
- Establish early market acceptance with demonstrated repeat sales;
- Shift his attention from managing product launches and market adoption to financing questions such as when to raise capital, how much capital the company needed, and who might be preferred investors;
- At Alan’s urging, the CEO established a daily routine of healthful habits to sustain his clarity, confidence, and energy.