The Depths of Loneliness

The depths of loneliness I experienced as a CEO are difficult to put into words. - Brian Chesky, CEO of Airbnb.

It's lonely at the top. Many times, there is no one to turn to. Yes, you may have a board, a colleague, or someone you rely on for clear-headed thinking and making sense of it all, but sometimes you don't.

You don't want to look foolish, inexperienced, or unable to handle the job. So early on, you start believing that you have to have all the answers and all the solutions to every problem that funnels up the organization and somehow lands on your desk.

Admitting that you don't know everything requires self-awareness and self-confidence. One executive I know told me that her biggest regret in her first two years as CEO was not asking for help enough. The best leaders recognize this early on.

It may sound counterintuitive, but I recommend practicing humility and vulnerability. Be real. They will respect you for it.

Stressed Out?

According to Entrepreneur DAILY Magazine, CEOs are leaving or changing jobs at a record pace this year. The combination of immense pressure, stress, loneliness, and a lack of work-life balance could explain this. As the Magazine points out, there are exceptions to every trend.

Take Warren Buffett, for example. How does this 93-year-old icon of business do it? Buffett wrote, "We delegate almost to the point of abdication." He hires the right leaders for each business he owns and then gets out of their way, focusing on what he does best: capital allocation.

There's a lesson in this for everyone, whether you're the CEO or not.

In my experience, delegating is the most effective way to get a lot done. This requires a few things.

• First, you have to be willing to let go. Yes, you can do "it" faster, but should you be doing "it" at all?

• Second, you need to hire the right person(s) for the job. Hire based on character, not just skills or experience.

• Third, you need to clearly define the line between delegation and abdication.

• Fourth, you must trust them and trust that when they make a mistake (and they will), it's okay. That's how you develop leaders in your firm.

For The CPAs

I want to take this opportunity to acknowledge and congratulate some outstanding leaders in the Accounting Profession.

A few weeks ago, Forbes published its list of the 2024 Top 200 CPAs in America. Among them are some friends and colleagues whom I've had the pleasure of getting to know and, for some, worked alongside. A special shoutout to Wayne Berson, Lory Kelley, CPA, Vic Alexander, Heidi LaMarca, Russell B. Shinsky, Dave Stonesifer, Fran Brown, and Mike McCarthy, among others. My apologies if I've left anyone out.

Fair Trade?

I'm curious.

Have you heard about the Federal Trade Commission's ruling to ban noncompete agreements? I know a few executive professionals who would love to see this go into effect.

If this happens, it could be a ground-breaking event in the business world. Please take my survey here to share your opinions and thoughts.

Final Thoughts

We have all been under great stress these past few years, and we have all become more aware of the importance of good mental health. That's a good thing.

Stress in business is nothing new, but it sure has felt different more recently. I found a way to manage my stress years ago by practicing the martial art of Tai Chi. Tai Chi taught me many valuable lessons that I continue to practice even to this day.

Aside from delegating (not abdicating), there are very effective ways to manage stress in your leadership role. For some, these include kayaking, hiking, meditation, running, walking, spending time in nature, working out, and many more.

And remember, it's okay to ask for help. Don't make the mistake so many leaders make. Ask a friend or a colleague, or find a mentor or coach.

You don't have to go it alone.

Until next time!