Here’s a hypothetical for you:
If your business suddenly took off – I mean like accidentally monopolizing your market and seeing exponential growth overnight – would you be able to handle it?
Or would you crumble into a stressful wreck?
I always found it odd when people spoke of a “fear of success” until I was face-to-face with it in my own life.
This one thing you dream of is suddenly happening… and then panic sets in.
Like, what the heck?! This was meant to make my problems go away, not add to ‘em!
So, for the latest episode of Escape Velocity, I wanted to sit down and interview a good buddy of mine who knows about this problem all too well: Marc Albert.
Marc is the CEO of tech company DPL Wireless and he spearheaded a surge of success they weren’t ready for.
In 2006, they created the first wireless system for ATMs that could replace phone lines.
You’ve probably seen these ATMs in bars and convenience stores (Yeah, the ones charging insane $5 transaction fees! Not Marc’s doing…)
With no market research and no sales team, they tried something new with wireless connectivity… and the market erupted. Everyone wanted DPL’s system.
Marc struck oil.
But almost all of it came crumbling down when a competitor arrived in the market, flatlining DPL’s growth and proving that their success was balancing on a knife’s edge.
This all took a toll on Marc’s well-being and on his company’s culture.
For a while, Marc didn’t even feel like he was CEO material.If you’ve ever wondered what goes through a CEO’s head when success becomes the problem rather than the solution, then you’ve gotta check out this episode.
Marc is a genuinely awesome guy. Super honest and down to earth, and in our interview he talks about:
- Why you should never take success for granted
- Dealing with competitors that end your monopoly
- Learning when to stop
- Ripping off the bandaid (<- SO GOOD!)
- Knowing when to say “I’m wrong”
- Reenergizing a rotting business
- Building a workplace culture worth showing up for
- Choosing to restructure rather than sell
After DPL’s growth flatlined, Marc worked hard to build back to their former success.
He actually became one of my early coaching clients and I had the privilege of helping Mark work through some of those challenges.
Fast forward to today and DPL has over 40,000 ATMs installed, each one earning them $10 per month, recurring subscription revenue.
Do the math on that.
Tune in to hear about the many lessons Marc learned the hard way. It just might give you the shift in thinking that you need today.