Koda Capital CEO Paul Heath says among the worst errors he has made is failing to realise how difficult change can be for staff.
Already a subscriber?Paul Heath is the co-founder and chief executive of Koda Capital, an independent financial advice firm with 120 staff, who advise clients on more than $12 billion of assets.
Then I’ll try really hard to do some exercise. A couple of days a week, I go to a gym for over 55s. I call it the old people’s gym. At that point in time, you are moving from a pathway which is a technical specialist into a leadership pathway. That was the fork in the road where I could have continued doing what I was doing, which I loved doing, advising clients, or move into a role where you were supporting the people who were doing that work.I probably should have paid more attention to how hard it was.
It’s so true, isn’t it? You can have all the ideas about transforming a business that you like, except that you’ve got to get people to come along with you and feel comfortable about it.As a technical specialist, if you want to do something, you just do it. Being a people leader is about painting a vision, building a case for why where you’re going is better than where you are.
So on the one hand, when you set up Koda Capital, you went against the herd and you did innovate, but you still really don’t know what it’s like to fail and to feel like the fool. Did you prepare yourself about how you would feel and how you would cope if you were the fool? At the end of the day, these things will get fixed when the males will take accountability for it and set expectations around that issue for the organisation.
I sit out in the room with everybody else, but in the corner I’ve got a little table and chairs, and on the table I have a jar, which I keep filled with snakes. The whole idea, as I say to anybody, you can come and sit down, pull out a snake, and we’ll solve a problem together.
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