Photo by Kulbir
There’s a profound paradox at the heart of entrepreneurship: The very qualities that drive someone to build a business – fierce independence, unwavering conviction, and passionate attachment to their vision – can become their greatest liabilities when that business faces serious challenges. As someone who has served as a turnaround specialist for numerous distressed companies, I’ve witnessed this paradox play out repeatedly, and it’s time we had an honest conversation about it.
Consider for a moment the relationship between a parent and child. Good parents know that despite their deep love and commitment, there are times when their child needs help from others – whether it’s a teacher, coach, or medical professional. This understanding doesn’t diminish their role as parents; it demonstrates their wisdom and commitment to their child’s wellbeing. The same principle applies to businesses in distress.
The resistance to bringing in outside help during a crisis is deeply rooted in human psychology. For founders and entrepreneurs, their business isn’t just a commercial entity – it’s their creation, their identity, and often their life’s work. Admitting the need for external intervention can feel like admitting personal failure. But this perspective, while understandable, misses a crucial truth: seeking help is not a sign of weakness, but rather a demonstration of genuine leadership.
When a business is struggling, it often needs more than just tactical changes or financial adjustments. It needs someone who can see the forest for the trees – someone unburdened by emotional attachments, past decisions, or internal relationships. This is where a change agent becomes invaluable.
The unique value of an outside turnaround specialist lies not just in their expertise, but in their objectivity. They bring fresh eyes to old problems and can make difficult decisions without the weight of personal history. Think of it like hiring a personal trainer: while you might know the principles of fitness, a trainer brings objective assessment, specialized knowledge, and the emotional distance needed to push for real change.
Moreover, the very “outsider” status of a turnaround specialist can be advantageous. They can ask the uncomfortable questions that insiders might avoid. They can challenge long-held assumptions without fear of disrupting long-term relationships. They can implement necessary but painful changes with a focus on outcomes rather than emotions.
But perhaps the most important role of a change agent is their ability to shoulder the burden of difficult decisions. In many cases, the steps needed to save a business are clear to the founders, but the emotional toll of implementing them is overwhelming. A turnaround specialist becomes not just a strategic advisor but a type of emotional shield, allowing founders to maintain their relationships and preserve their energy for the eventual recovery and growth phase.
The key to successful intervention lies in understanding that bringing in a change agent isn’t about admitting defeat – it’s about choosing to fight smarter. It’s about recognizing that sometimes the best way to honor your creation is to temporarily step back and allow someone else to guide it through troubled waters.
For entrepreneurs considering this path, remember: Your worth as a leader isn’t measured by your ability to solve every problem yourself. Rather, it’s demonstrated by your wisdom in recognizing when different expertise is needed and your courage in acting on that recognition.
The business world is full of comeback stories – companies that faced extinction only to emerge stronger. Look closely at these stories, and you’ll often find a moment when someone had the courage to say, “We need help.” That moment wasn’t their weakness – it was the beginning of their turnaround.
To those entrepreneurs wrestling with this decision right now: Your business’s potential survival and revival might depend not on working harder or believing more strongly, but on having the wisdom and courage to temporarily let someone else take the helm. This isn’t the end of your entrepreneurial journey – it might just be the beginning of your business’s next great chapter.
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The content of this post, and the Schumpeter’s Gale blog generally, are my opinions, and for educational purposes only. This content is not legal or financial advice. Always consult professionals when faced with circumstances where you may need to implement something related to a topic you read about here.
Some of the content may be generated with the use of GenAI tools, but always through a direct and personal prompt input by me, and will never be published without a review and editing by me.