Thrust into the role of president of his family business overnight, Mike McVaugh embraced the challenge head on. He had no training. No warning. No education beyond a high school degree and yet — Mike has achieved 5x revenue and profit growth and twice doubled the size of LTI, all while preparing the third generation to assume control of the business.
Here are Mike’s top 10 lessons learned over 20 years as a Vistage member:
- Listen and use your advisors.
- Learn from your mistakes.
- Never stop growing your business.
- Take strategic risks.
- Find a mentor.
- Don’t be afraid of conflict.
- Don’t be overly trusting.
- Aggressively spend on technology.
- Bring in people smarter than you. Give them opportunities to implement their ideas.
- Build a culture of accountability, not a culture of entitlement.
