A concept without execution is nothing more than a concept and will not create value. Before a concept becomes successful, it has to be put into place to become a successful business model. Once a successful business model is created, value comes from duplication of that model and a continuation of what works.
This starts with team building and having the proper individuals in place. Our broad client base and diverse practice have provided some unique insights when business models have been successful. The one common theme involves assembling a loyal team.
No revenue can be generated without some method of a sales program and no sales program can be created without the delegation of that task to a highly capable individual. This type of delegation and team building also involves the selection of the proper trusted advisor – which includes choosing the attorneys and accountants for the business and entrepreneur. Execution and delivery can only occur when a loyal team is in place that together can see the big picture to create a successful model.
This is easily verifiable by review of the successful businesses of the last 30 years that were startups and are now multi-billion dollar companies. Take a look behind the scenes and see who was there from start to finish. These businesses frequently started with the same general counsel who quite frequently was the trusted attorney confidante, who then became the in-house counsel. Typically the same is found for CFOs who began in a similar relationship.
These models should include team members that have the experience and willingness to care, respect and love building success.
Stephen Fuller is the managing partner of Fuller Sloan LLC and has practiced in business litigation and consulting for 37 years and has over 25 years representation of the founder of one of the largest sit-down casual restaurants in America. For more information, send Mr. Fuller an email.