3 A venture-backed turnaround: A dangerous place to be
This chapter covers
There can be a lot of benefits in joining an existing startup with a great CEO to learn from on the way to being ready to be CEO yourself. But it has to be the right thing for you, not just for investors, who are not looking out for your interests first; they are looking out for theirs first. I also want to point out the danger inherent in being the leader of a venture-backed startup that requires a turnaround. In fact, the concept of a venture-backed turnaround is an oxymoron because VCs want their companies to build, grow, and exit—the last thing they want to spend a lot of effort on is a portfolio company that is failing and needs remedial action to even survive. And if you are new to the CEO role, you never want to be thrust into the CEO role of a turnaround. I unfortunately learned several of these lessons the hardest way possible.