The Power of Two: Co-CEOs
The List - Inc.’s take on 2024’s top Female Founders
While reading through Inc.’s “Female Founders 250: The List: Introducing 2024’s Most Intriguing Women Entrepreneurs”, I was struck by a recurring theme: many of these successful companies had co-CEOs. It made me pause and think, in my 15 years as a recruiter, I’ve only once worked with co-CEOs - and they were women too.
Harvard Business Review’s take on co-CEOs
I was planning to write a blog on why women make great co-CEOs—and co-CEO model in general—but during my research, I came across “Is It Time to Consider Co-CEOs?” by the Harvard Business Review. Let’s be honest, there's no need to rewrite what HBR has already uncovered, especially since their study focuses on male co-CEOs. Instead, I’d like to share how the co-CEO model works for us at Rise, using their framework as a guide.
How Amy and April put it into action
Willing Participants - The power of a partnership was immediately appealing. Amy and I wanted a setup where we could both make decisions, have equal leadership, equal ownership, and equal responsibility. By going 50/50 (and at times we were advised to go 51/49) we know we are in it together.
Complementary Skill sets - Each of us shines in different areas. We are concierges to our clients and candidates primarily, but there’s so much leadership behind the scenes to split. From BD to research to marketing to accounting to strategy, one of us is always ready to guide the team.
Clear Responsibilities and Decision Rights - In setting up our Operating Agreement we divided who would be in charge of which areas. Through that division we know who has the final say in each area. In reality, we never need to refer to it. “I’ll take this”; “You got that?”; “Want me to do that?”; “Whatever you decide works for me” - these are things you hear often around the office.
Mechanisms for Conflict Resolution - Talking. Isn’t that what works with all conflicts? We discuss the point of conflict, or differing idea of which road to take, and find a resolution. Sometimes it’s just easy to see that one person feels more passionate about the resolution and we move in that direction. “She’s got a hunch!” - we go with that.
An Appearance of Unity - Communication. Amy and I meet every day to stay up to speed on what’s happening with everyone on our team and the current search work. The team knows we will deliver the same answer to a question asked of both of us. Personally, I’d remove “appearance” from this section and just call it - Be United!
Fully Shared Accountability - We are equally accountable for successes and failures, and paid exactly the same as a result.
Board Support - Our Board of Advisors knows that if you are going to say something to one of us, say it to both. They champion our efforts to work together instead of asking, “how’s it going with her?” without the other in the conversation.
Shared Values - Along with shared values, Amy and I respect each other’s differences - that can be harder than sharing a value but also more beneficial.
Exit Strategy - Hey, we’re just getting started! Yes, we do have a written exit strategy in our Operating Agreement — in it together. Right now, we are honoring our Vacation Strategy. Don’t worry - there’s always a CEO on duty!
Why Women Embrace Co-Leadership
Women, particularly female entrepreneurs, have proven to be adept at navigating collaboration and teamwork in the workplace. Research shows that women leaders tend to adopt a transformational leadership style, characterized by empathy, inclusivity, and teamwork—traits that align naturally with a co-CEO model.
What we’ve learned in talking with several of Inc.’s co-CEOs is that these women recognize the value of partnership over competition. This is part of why female co-CEOs thrive. We understand that sharing leadership doesn’t diminish our power; rather, it can amplify the strength of the organization as a whole.