Coming in as the replacement CEO of a tech start-up, the departing CEO handed me three envelopes numbered 1, 2, and 3. "When you have a problem you just can't solve," he said graciously on his way out the door, "open the next envelope." The business grew according to plan for months, until suddenly we missed our numbers and the VCs grew anxious. Frustrated, and unable to ramp up the hockey stick, I remembered the envelopes. I opened the first and it read "blame your predecessor." I went into the board meeting lamenting what I had inherited. I shifted the blame and was able to reset the forecast. Things went fine for months, until once again market conditions hampered our ability to meet expectations. Desperate (as a liquor store owner in Provo), I again rummaged through my desk drawer and opened envelope number 2. "Reorganize," was all it said. Armed with org charts, pie charts, venn diagrams, and a six sigma statistical analysis, I outlined a multi-phase reorganization to the board. We reorganized and recapitalized over the coming months until once again, the business plateaued. Undaunted, I opened envelope number 3. "Prepare three envelopes" was all it said.
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