“True success isn’t measured by titles or wealth,” he writes. “It’s about the difference you make in the world.”
In his roles as CEO or president of more than 15 publicly traded, venture-backed and technology start-ups around the world and across the United States, Paul Thomas wasn’t interested in overseeing companies that were humming along smoothly. In fact, he was the guy the board of directors would call when they couldn’t decide whether to shut the company down or continue to invest in it.
With tumultuous situations as the theme of his career, one might imagine he has stories to tell. Fortunately, he kept a journal, and today Thomas shares what he’s learned in his new book, “Serial CEO: Lessons From the Climb.”
First, You Have to Care About People
Thomas teaches management, international business and entrepreneurship as an assistant professor of practice and executive in residence in the W.A. Franke College of Business at Northern Arizona University.
“I talk to the students about why they want to be a manager,” he said. “I tell them, ‘If you truly don’t care about people, if you don’t have the ability to sympathize and empathize with others, you’re going to have a hard time. You truly have to care about having the people who work for you succeed.
Along the same lines, Thomas says successful CEOs always look out for their team. “Some of the companies I’ve worked with were wildly successful, some of them were failures. But with the ones that did great, it was because of the team. The team members are the ones who will make or break the organization.”
He adds this advice: “When great things happen, give credit to the team. When bad things happen, fall on your sword and take the blame.”
Understanding the Company Culture
In order to lead high-stakes business environments, Thomas says it’s important to understand the organizational culture. He did so by listening and establishing trust. He would interview every employee in his first 30 to 60 days on the job.
“I would ask these questions: Who are you and what do you do? How many times have you looked to leave the company and why? If you were coming into the company, what are three things you would change and three things you would leave alone?”
After these one-on-one meetings, Thomas says he would be aware of the issues and the positives. “Once I had those, I would meet with all the employees together and say, ‘Let me tell you what I heard. Then, let me tell you what I think we can change or fix. Then let me tell you the things we’re not going to be able to make any changes on.’ The key is to make sure you do that follow up because if you don’t, people will say, ‘I just wasted my time with him.’”
This practice led to decisiveness, which is what he calls “the CEO’s ultimate skill.”
“There’s a thing called analysis paralysis. Some leaders believe they have to analyze, analyze, analyze and make sure their decision is the 100% right thing to do. To me, that’s analysis paralysis.”
Instead, Thomas says his philosophy has always been to make a decision quickly. “If it’s wrong, fix it. I’ve never made a decision that destroyed the company or a relationship or a sale. Just make the decision and move forward.”
The CEO VS. the Entrepreneur
Walt Disney and Elon Musk are two of Thomas’s role models, both known for their boundless creativity and resilience in the face of skeptics. “Disney had 10 new ideas every day,” said Thomas, “but he had his brother, Roy Disney, who was more an operations person, explaining to Walt, ‘We can’t do all 10 ideas. We can maybe look at this one.’”
And that is the distinction between CEOs and entrepreneurs, Thomas explains. He sees entrepreneurs as visionaries bursting with ideas while CEOs focus on execution, channeling that vision into actionable steps.
He recounts his experience with a Kenyan start-up founder who envisioned revolutionizing local economies by planting and harvesting trees. “He was coming to me every day with sawmill ideas. I kept saying to him, ‘Tevis, we don’t need to worry about a sawmill for at least seven years. Let’s focus on how we’re going to get these trees planted.’”
The Power of Mentorship
The No. 1 takeaway Thomas hopes people have when they read his book is understanding the profound impact mentors can have on professional journeys.
“The success I’ve achieved wouldn’t have been possible without the guidance and support of numerous mentors throughout my life,” he writes. “Some offered explicit mentorship, while others unknowingly influenced me though their actions and principles.”
Early on in his career he was told that whomever his mentor was, whether in a week or in a year, he’ll think they are not as smart as he originally thought. “What happens is that you learn all you can from that person and then it’s time to move on to another mentor.”
Just as crucial, Thomas writes, is actively seeking opportunities to mentor others. “As CEO, I believe the daily mentorship of associates is paramount. However, there’s also merit in identifying individuals with potential who require guidance to refine their skills and advance their careers.”
Lessons in Professionalism
Thomas’s advice extends beyond boardrooms and profit margins. He emphasizes the importance of professionalism, particularly in today’s social media-driven world. “What you post is permanent,” he warns, recounting an instance when a promising senior executive candidate was disqualified because of what was found on social media.
“Please don’t post,” he says, but if you do, “assume your grandparents, parents and kids, if you have them, are going to see it.”
He also advises professionals to skip the alcohol at business parties. “I have seen careers ruined over alcohol. And I have never seen anything good come out of it.”
The Importance of a Supportive Family
Thomas writes about his very first CEO job and how excited he was to join the Young Presidents Organization, where he believed he would learn all the secrets to business.
“What I found was there aren’t any tricks or secrets to business, it’s about having stability in your personal life. The leaders who had business issues had problems in their personal life. I quickly learned, as long as you have stability, then you can take on any business problem you’re faced with.”
Part of the reason for writing “Serial CEO: Lessons From the Climb,” Thomas says was for his wife of 40 years, Jill, and kids, Kayci, Matt and Ross. “When my daughter, Kayci, had to write an essay to apply to college, she wrote about how she moved 16 times in her 18 years of life. Never in my career did she or anyone else in my family ever complain. And if it weren’t for that support, I would have never had the career I had.”
Teaching Business Skills for Nonprofit Organizations
During his time at NAU, Thomas co-founded the Northern Arizona Center for Nonprofit Entrepreneurship. The work involves mentoring students and teaching them about strategic planning and the unique challenges of nonprofit management. Students receive a nonprofit management certificate and help in finding paid internships.
“It’s a huge win-win,” he says. “Local nonprofits receive mentoring from me or the students. We do projects for the nonprofits and the students get to see what the real world is like.”
In six years, more than 1,000 students have gone through the program and nonprofits have received thousands of hours in volunteer work.
Thomas also is the CEO of the Northern Arizona Leadership Alliance in Flagstaff.
A Legacy of Leadership
Growing up in a modest household where he shared a bed with his brother and a bathroom with his six other family members, Thomas says he learned resilience. “It gave me the courage to take risks. I had nothing growing up and life was OK. So, even if I lost everything, life would still be OK.”
As Thomas continues to mentor students, write, and lead, his focus remains on making a positive impact. “True success isn’t measured by titles or wealth,” he writes. “It’s about the difference you make in the world.” FBN
By Bonnie Stevens, FBN
To hear more from T. Paul Thomas, watch Zonie Living at StarWorldwideNetworks.com.
Courtesy Photo: T. Paul Thomas, shown here celebrating a holiday season with his family, says having a supportive family is the key to business success.