Category: CEOs

With the release of The Power of Peers: How the Company You Keep Drives Leadership, Success & Growth, by Leon Shapiro and Leo Bottary set to take place in three weeks (March 22nd), I thought I’d share this authors’ Q&A!  If you have additional questions, please let me know!

Q: What prompted you to write this book?

To introduce more leaders to the power of peers. While thousands of CEOs will tell you that being part of a CEO peer advisory group has transformed their lives and their companies, too few of them are ever exposed to the experience. They read books, attend executive leadership programs, go to conferences, hire coaches, etc. – which we applaud – but we also believe that CEOs who don’t harness the power of their peers and realize what we call “peer advantage,” are really missing out. By giving language to this powerful resource, we hope more CEOs and business owners will discover how much they (and their organizations) will benefit from joining a group.    

Q: How would you define “peer advantage”? How is it an effective method for CEOs and other leaders who struggle with isolation?

Without giving it a second thought or that much effort, we’ve experienced the power of peer influence our whole lives.  Imagine if we gave it a second thought.  If we are more selective, strategic, and structured about how we engage our peers, we can transform garden-variety peer influence into what we describe as “peer advantage.” It’s that simple. For CEOs and business owners, who all too often feel isolated, or “lonely at the top,” they will help each other in ways they won’t find anywhere else. 

Q: Besides isolation, what are some other key reasons a CEO might consider joining a peer group?

There are many, but let’s focus on two:

1. An empathetic, impartial sounding board. CEOs are surrounded by advisors, employees, board members, etc. who, when it comes to giving advice, either have a stake in the outcome or don’t really understand what it’s like to sit in the CEO’s chair. This is where a CEO peer advisory group comes in. CEOs rely on their peers, who empathize with the CEO role and have no personal stake in the outcome, to pressure test decisions they are about to make. It’s a powerful resource that gives CEOs not only the insights to make the best decisions, but also the increased confidence to act on them.
2. Diversity of perspective. By engaging with CEOs from a broad range of industries outside of their own, they will discover best practices that can be applied to their business that they would not likely discover by working with leaders within their industry sector. This opens up a new of world possibilities for most CEOs.

Q: In Chapter 1, you explain that the people with whom we surround ourselves matters a great deal. What are some basic guidelines CEOs should follow when selecting a peer group to join?

CEO Peer Advisory Groups are what Etienne Wenger-Trayner calls “Communities of Practice.” The structural characteristics of a community of practice include having a domain that involves a common knowledge base around a shared purpose, a community willing to collaborate, and a practice with a solid set of approaches, language, and tools. So if you’re a CEO, join a group that consists of CEOs who share goals that align with your own, who are committed to working together, and who enjoy solid practices and a culture of accountability that raises everybody’s game.

Q: You discuss vulnerability in Chapter 5. Why is it a necessary element for a successful peer group experience?

 Your peers can’t give you solid advice if you’re unwilling or afraid to share everything about the challenges you’re facing. That includes being open about what you think and how you feel, no matter how difficult that may be to share. The outcome will only be as good as the input. Being among a group of people whom you trust to share in a setting that is safe, confidential and free of judgment, not only helps in a given situation, but also serves to build an enduring trust among group members.

Q: In addition to individual growth, you write that peer advantage can benefit and accelerate business growth as well. What’s one example of this?

 Business growth and individual growth are two sides of the same coin. Jay Steinfeld grew as a person and as a leader before his “mom & pop” blinds business became a $100+ million dollar company that was recently acquired by The Home Depot. It’s one of the most compelling stories in the book.

In The Power of Peers: How the Company You Keep Drives Leadership, Growth & Success, we talk a great deal about the importance of seeking outside perspectives – about the unbelievable value that can come from someone giving us a fresh take on what appears to be an unsolvable problem.  This video has been around since 2010, but it offers such a clear illustration of getting outside your small circle and venturing beyond it, I just had to share.  Listen to the first few minutes of this clip, as William Ury, coauthor of Getting to Yes, masterfully shares the story of 17 camels.  If you have time, I encourage you to watch this TED Talk in its entirety to learn more about the value of storytelling!  Enjoy and tell me what you think!

[youtube https://www.youtube.com/watch?v=Hc6yi_FtoNo&w=622&h=350]

Carol Tometsko is the Chief Executive Officer and President of Litron Laboratories in Rochester, NY, which she co-founded in 1976 with her late husband Dr. Andrew M. Tometsko.   Starting this company was her husband’s dream. Andrew and Carol both worked at the National Lab in Brookhaven on Long Island. Carol quit her job to complete her undergraduate degree and then she and her husband moved from Long Island to Rochester in 1966 with their 6 week old son Drew.   For the next ten years, Andrew taught and conducted research at the University of Rochester Medical Center in biochemistry and Carol was a stay-at-home-mom earning her graduate degree evenings.

One day Andrew came home from the University and said, “What do you think about starting our own business?”   Carol couldn’t believe her ears. Andrew loved research and teaching, but the politics of academic life just didn’t suit him. She knew he was frustrated there, so when he said, “Let’s do this thing,” she went to her aerobics class, parked on the side of the road on her way home, had a good cry, walked in the door, and said, “Sure, let’s do it.”

Fast forward nearly two decades, and their company, Litron Laboratories, was still in business, largely because they were extremely successful in obtaining government grants. Then, in 1994 when Carol was at the airport, she received a call that Andrew had passed away. She went back to the lab to find two employees who were as grief stricken as she was, and it was in that moment that she decided to continue to run the business.  Carol’s tenacity and passion to improve human health was the reason Litron survived the difficult period after Andrew’s death. Yet, at this point in her life, Carol was still wearing a scientist’s hat and while she considered hiring outside leadership to run the company, she did not.

By this time, Litron had developed a kit for the Ames test, which is one of many genetic toxicology tests that have to be run before a new drug, chemical, or medical device can enter the marketplace. Other scientists at the time were saying, “You know, kits are the way to go because in this day and age, nobody wants to take chemicals off the shelf for fear of contamination.” In 1995, Litron began developing and selling kits, but Carol understood that she couldn’t build a company based on that approach alone. Carol said, “ We knew we had to get involved in new genetic toxicology areas. That’s where we sort of were stumped.”

In 1997, Tom Merkel, a personal friend of Carol’s, suggested she join a CEO peer advisory group. Carol said that it was her group members who taught her the word “collaboration”. Up until that time, her world pitted scientist against scientist in a race for who would arrive at the answer first, so when the group suggested the idea of collaborating with other scientists, she found it somewhat frightening, but an intriguing idea for scaling her business. Carol’s main scientist Steve Dertinger agreed.

Today, Carol is still a member of her group and under her leadership, Litron has transformed from an organization once dependent on government grants into an international technology company providing support to laboratories in 37 countries. Carol did it by stepping outside her company (and the world of science) to make one of her greatest discoveries – the value of peer advantage.

Last week, I talked about why declaring victory matters.  As you may remember, it involved using the metaphor of running a marathon to illustrate how we can push through adversity by reframing our circumstances.  Sometimes, especially when we’re part of a team, whether in business or in life, our desired goal can feel more like scaling a mountain than running a race because every day feels like an uphill climb.  Surround yourself with people who can look at this climb in the right way and who are dedicated to your success, and you’ll make it to the summit every time.

Let me share a brief story.  Several years ago, a group of us set out to climb Mt. Teocalli (13,208 ft.) in Crested Butte, Colorado.   We met at the trailhead at 6:00 am to begin what would be about a three and a half hour climb. (The reason for the early departure involved adhering to a rule of thumb that you want to be off the mountain by noon in the event of a summer afternoon thunderstorm. The last place you want to be during such a weather event is on a big rock!)

As we began the climb, our group was very enthusiastic. After about 75 minutes, people started joking (or not) saying, “the view looks pretty good from here” and “should we be concerned about those clouds coming in?”  Despite the light mood, you could see the exhaustion starting to appear on everyone’s faces.  Then a few people began to ask serious questions about whether getting to the summit was realistic.  The climb was a great deal more difficult than everyone had originally imagined.  One member of the group suggested we give it another 20 minutes and see how everyone feels. (In fairness, the climb was not easy). Twenty minutes later, the summit looked no closer and the terrain was only getting steeper.

Getting to the top was looking like a losing battle.  Then someone suggested that rather than stare at the summit, we simply take note of where we are, climb for 15 more minutes, and reassess.  The group reluctantly agreed.  After 15 minutes, the summit didn’t look any more attainable, but when we looked behind us to find the spot we just came from, we were astonished at our progress.  So much so that it not only sparked a surge in our mental and physical energy, but also (and best of all) put a stop to the complaining.

To this day, I can’t recall a more spectacular view  – largely because of the way we persevered as a group.  The best part, is that to a person, we continue to draw upon this experience in our daily lives, regardless of the challenge.  And we share our perspective with others, so they can climb their own mountain – whatever that may be.   This is what peer advantage is all about.  If you have a story you’d like to share about how your peers helped you meet a difficult challenge and/or achieve a lofty goal, we’d love to hear it!

 

Considering it’s the holidays, I’ll keep it short and sweet! This is the time of year when many of us think about New Year’s resolutions and goals for the upcoming twelve months.   This year, I invite you to try something different. For each goal you identify, make a list of the peers who will help you achieve that goal – whether it’s a personal or professional pursuit.

Who you surround yourself with matters, and your peers can play powerful roles depending on what you require.  For example, you may need encouragers – people who will be there to cheer you on when sticking with your goal becomes most challenging. You might find advisors to be effective – peers who have the specific knowledge and/or technical expertise to help you successfully navigate any challenge that may come your way. Or, if you’re the type of person who needs help maintaining the discipline that’s often so necessary to being successful, think about peers as accountability partners. These are people with whom you share the same goal, who can empathize with your highs and lows, yet will relentlessly keep you on course – and vice versa.

Think about the people who are at your side today. Do they lift you up, hold you at bay, or worse yet, drag you down? The more people you surround yourself with who will lift you up, offer you positive guidance, and join you on your journey, the more likely you are to achieve your 2016 goals.  Years ago, Runners’ World writer Joe Henderson said that success isn’t always about doing something extraordinary, it’s usually about doing what anyone can do, but they just don’t. Food for thought as you set your goals and identify the people who will help you realize them.

Happy New Year! May your peers be with you!