At Northern Arizona University, we are days away from graduation. The thing that makes the May 2017 graduation special to me is that my very first students from MGT 101 – Introduction to Business are graduating. The last several weeks have been a constant flood of those students coming to me to let me know they have interviews (asking for last minute tips) or, better yet, to tell me they have received and accepted a job offer. My advice regarding writing a thank you card seems to fall on deaf … [Read more...] about Why Write a Note When You Can Email?
T. Paul Thomas
Do I Really Need a Board of Directors?
My column this month raises a question I received from a CEO. This is meant for those CEOs who are either running a non-profit or a privately held organization. All publicly held or publicly traded organizations are required by SEC law to have a board of directors. Just feed them and get them on their way as fast as possible. One of my early CEO jobs was with a publicly-traded company. I had very little experience dealing with boards, other than the occasional board … [Read more...] about Do I Really Need a Board of Directors?
“Ask the CEO”
Honesty Should Be the Policy in a Family Business As many of you know, I am fortunate enough to teach at Northern Arizona University. One of my courses is Management 300i where we teach students the basics for starting a business. They learn about writing a business plan, understanding the market, finding funding, staffing and the importance of business communication. We have actually had several students start businesses as a result of this class. At a minimum, I get to know the students … [Read more...] about “Ask the CEO”
Make It a Point in 2017 to Ask, ‘Are You Doing Okay?’
Early in my career, I worked for Will Keiper. Will was one of my first managers and in many ways, he taught me how to be a manager. He knew the fine balance of being a friend and also a tough manager. In the late ‘80s, I left the company where I worked for Will to work for Compaq Computer in Houston. I had been working for Compaq for two years when Will let me know he would be attending a meeting at our office and wanted to catch up. As I walked into the room to say hello, Will remarked, … [Read more...] about Make It a Point in 2017 to Ask, ‘Are You Doing Okay?’
Quitting Your Job: How To and How Not To Do It
Several months ago, my column discussed when to shut down a business. Oddly, in the last month, I’ve had several of my NACET clients have employees quit. And closer to home, my wife quit her job after three years. So, I decided to write this month on the two reasons you should quit and the two things you should consider when quitting. Why did you take the job in the first place? Before even considering moving on, ask yourself why you took the job in the first place. What … [Read more...] about Quitting Your Job: How To and How Not To Do It
Is Your Business Really a Lifestyle?
I think every entrepreneur dreams of taking his or her idea to a start-up and then changing the world with the start-up as it grows to a successful organization (usually measured by higher revenue, profit or employees). What I continue to be amazed by are the number of start-ups that actually turn into lifestyle businesses for the wrong reason. Don’t get me wrong, there is nothing wrong with a lifestyle business. Lifestyle businesses produce great products and services and employ lots of … [Read more...] about Is Your Business Really a Lifestyle?
Be the Yoda of Networking
During a recent CEO Peer Group meeting, one of my CEOs asked if I knew anyone who could help with some specialty financing and leasing programs. I mentioned that I did and would make an introduction. Another member who happens to be a Paul too said, “We now refer to you as the Yoda of business networking and contacts.” I’ve been called lots of things during my career but this has to be one of my all-time favorites. While I have no plans to carry a light saber or wear a robe during the day, I … [Read more...] about Be the Yoda of Networking
“Ask the CEO” Should the Founders be Fired?
The majority of my CEO positions involved being brought on board to help the founders once they had accepted venture capital funding. It was commonly referred to as Adult Supervision. Once, while being interviewed by a founder for the CEO role, I was asked, “Do you not like founders?” He asked that question because he had done some research and discovered that in the majority of cases, when I took over as CEO, the founders either resigned or were terminated. My best friend happens to be … [Read more...] about “Ask the CEO” Should the Founders be Fired?
What to Consider When Buying a Business with Partners
Over the years, former mentors and business associates send me great stories that I use during my lectures at Northern Arizona University. Marsha Morgan was my very first manager out of college and to this day we are great friends (which is a column for the future about the importance of maintaining relationships, staying in contact and networking in business). Marsha emailed me several great short business stories and this one is my favorite: It is early on a weekday morning and … [Read more...] about What to Consider When Buying a Business with Partners
‘I Quit Because My Scissors Are Broken’
Over the last few months, I have received wonderful comments and feedback on my columns that have dealt with taking care of employees and doing things like writing notes, holding one-on-ones, and doing a better job of communicating. That being said, I still haven’t convinced everyone yet. In the last 30 days, I actually had a CEO say to me, “I’m worried to have one-on-ones with my employees because I am afraid of what I might hear.” That isn’t a good approach. Let me tell you about an … [Read more...] about ‘I Quit Because My Scissors Are Broken’