Signs It’s Time to Step Down as CEO

A graceful exit is as important as a strong start. While you may have enjoyed your time leading your company, all good things have to end. If you’re trying to decide whether to hand the reins of your business over to someone else, a virtual CFO can provide guidance through the transition.

It might make sense to step down as CEO for many reasons. Here are a few signs it’s time to make your move.

You Want Your Company to Grow

You may only be able to take your company so far before you need to hand it over to someone with more experience or who can develop a strategy for growth. Your company may have been treading water for a few quarters and you may have no clue what you can do to take it to the next level.

Your Stress Levels Are Too High

Being a CEO isn’t for everyone. Even if you believe in your company’s mission and want to see it succeed, it may negatively impact your overall health. If you’re no longer excited about going to work or if you feel dread, not excitement, about what’s next for the business, it’s time to take a step back.

The Company Is Going in a Different Direction

When you became CEO of your company, you envisioned it growing in one way. But as time has passed, things aren’t heading in the direction you originally planned. That’s not necessarily bad news for your business, as a few pivots are usually needed before a company finds its footing.

It does mean that you may not be the right person to lead the business anymore. Another CEO, with a different set of experiences and skills could be the one to steer your company in the direction it needs to go.

You Want to Do Something Different With Your Life

Sometimes, business is personal. You may be looking for the exit because you want to try something new, either because you feel bored or stuck in your role as CEO or you need novelty in your career.

It’s better to move on from your role and let someone else take charge than to stick around and try to put on your best face. Your company will be better off with a new leader at the helm, and you’ll be happier pursuing other projects.

If you’re unsure if it’s time to move on, a virtual CFO can help. Once you make the decision to step down, your vCFO can guide your company through the transition, helping you choose a new CEO and then helping that person adjust to the role. To learn more, hire your vCFO with New Direction Capital today.