Monday, December 19, 2011

Some more thoughts on advice from the ex(perienced)

In the past, I've written about the possibility of a former CEO giving advice to a new CEO at his/her company, even if the new CEO is vastly different from the former one. I modeled my thoughts after the way that ex-Presidents sometimes advise current Presidents, even when they are of different political parties.

In general, it's helpful to get advice from a more experienced person. Joe Hadzima provided this example:

Paul, one of my startup clients, has a product that will be sold to the defense and automotive industries. He has established an informal adviser relationship with Kevin, a semi retired former General Electric executive who has years of experience in dealing with the government and large manufacturers. Over the past year, adviser Kevin has given entrepreneur Paul invaluable advice about pricing, contract strategies and dealing with subcontractors. Paul figures he has saved more than $50,000 as a result of just one recommendation that Kevin gave in dealing with an injection molder. Kevin also has been able to use his lifelong contacts to give Paul leads to other potential advisers with expertise.

And here's another example:

[Comcast] may not have deep roots in Hollywood, but it has friends who do. For more than two months, two former high-ranking Fox entertainment executives -- Peter Chernin and Peter Liguori -- have been counseling Comcast Corp. as it negotiates with General Electric Co. to take control of NBC Universal....

Advice such as this can be invaluable.
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