PE-CXO’s Success Stories cast a spotlight on private equity-backed operators and the tools and tactics they leverage to create real value. In each entry, a leading executive details a practical solution to a critical business issue. To be featured, contact mallory.stokker@pe-cxo.com with the subject line “Success Story.”
Executive: Jim Tolbert is CEO of Adelante Education Group, and a former McKinsey & Co. consultant and Morgan Stanley M&A banker. Tolbert has been a PE-backed CEO in the higher education space for 15 years and previously served as CFO of a similar PE-backed company.
Solution: Relentless communication, openness to learning, trust-building, and understanding the dynamics that define effective CEO-CFO partnerships.
Best Practices for Incoming Executives
Establishing trust and rapport is key for executives beginning a new PE-backed role. It sounds like a cliché, but overcommunication is the key. Incoming executives need to demonstrate willingness to roll up their sleeves and do the work to build trust. They also need to be open to learning, rather than walking in the door and assuming they have all the answers. Begin with the attitude of needing to learn the company’s and industry’s nuances.
I joined a PE-backed business in Birmingham, Alabama as a CFO coming from the Northeast — meaning I was walking into an incredibly different culture. I made it clear that I was there to learn about the new company and its unique culture. Displaying my openness to learning was crucial in successfully integrating my leadership style with the existing team.
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