Lund YTC Case Study

Sep 2, 20090 likes147 views

The interim CEO was hired to turn around a struggling healthcare privacy startup that had burned through $300K with no product, partnerships, distribution channels, or cash. The CEO evaluated the company's state, developed a plan with the founder and executive team, implemented the plan by raising funds, hiring new teams, developing the product, and branding. A new permanent CEO was then hired as the interim CEO executed an exit strategy to sell the company. The CEO learned to thoroughly understand problems, act quickly to resolve issues, and hire a startup-experienced permanent leader.

Lund Case Study
You Take Control

Company: You Take Control
Market: Privacy
Industry: Health Care
Position held: Interim CEO
Responsibilities: Worldwide Sales, Marketing, Service, Support, Business Development
How hired: I met the founder at a conference and he hired me to come in to grow the company
Company status when started: Burned thru $300K with no product, no partnerships, no channels
for distribution and no cash to run the company.

Methodology:

Step 1 – evaluated the current state of the business.
- Employees
o Who to keep
o Who to let go
o Who was good at their jobs including the current executives
o What did they think were the problems?
o Did they have any solutions
- Product
o Quality of the product
o Pricing
o Reliability
o Competition
- Partners
o Who are they
o Do they like working with SyberSay
o Is it a win-win for them
- Software development
o Engineering resources
o Cost of testing and QA
- Service and support
o Policies
o Pricing
- Financial condition
o Balance sheet
o P&L
o Revenues
o Expenses
- Investors
o What did they think were the problems
o Would they put in any more investments
Step 2 – put together a plan and get buy in
- Worked closely with the founder and developed a plan

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Lund YTC Case Study

1. Lund Case Study You Take Control Company: You Take Control Market: Privacy Industry: Health Care Position held: Interim CEO Responsibilities: Worldwide Sales, Marketing, Service, Support, Business Development How hired: I met the founder at a conference and he hired me to come in to grow the company Company status when started: Burned thru $300K with no product, no partnerships, no channels for distribution and no cash to run the company. Methodology: Step 1 – evaluated the current state of the business. - Employees o Who to keep o Who to let go o Who was good at their jobs including the current executives o What did they think were the problems? o Did they have any solutions - Product o Quality of the product o Pricing o Reliability o Competition - Partners o Who are they o Do they like working with SyberSay o Is it a win-win for them - Software development o Engineering resources o Cost of testing and QA - Service and support o Policies o Pricing - Financial condition o Balance sheet o P&L o Revenues o Expenses - Investors o What did they think were the problems o Would they put in any more investments Step 2 – put together a plan and get buy in - Worked closely with the founder and developed a plan

2. - Got buy in for the plan with the executive team - If executive team did not support the plan then we let them go. o All the team supported the plan o Met one on one with the team o Presented the plan to the entire company Step 3 – implemented plan - Met weekly with the team o Monitored the effectiveness of the plan - Raised another $2.3M from new investors - Hired a new sales team - Hired a new marketing team o Refined our brochures and presentation materials - Hired a new development team - Hired a branding company o Developed a new brand for the product o Changed the messaging o Launched a new web site o Created new demos - Hired my replacement o CEO  From Pfizer Step 4 - exit strategy - In the process of selling the company What I learned: 1 – Hire a CEO that is comfortable with start-ups 2 – Take the right amount of time to understand the situation 3 – Once you have decided to clean up the company do it quickly 4 – Play off of your strengths and minimize your weaknesses 5 - Act faster to resolve the problems

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