The Cost of Hesitation: Why Delaying a Leadership Change Quietly Destroys Value
Few decisions carry more weight, or more emotional friction, than upgrading management. Whether in a private equity–backed business or a closely held private company, leaders know the decision matters. They also know it’s uncomfortable. Incumbent executives may have helped close the deal, built the business, or earned deep loyalty from employees and customers. In that context, waiting can feel prudent, even humane.
Yet across ownership structures, cycles, and industries, the evidence points in one direction: delaying action on leadership misalignment quietly erodes value long before performance visibly breaks.
What the Data Consistently Shows
Research across management transitions paints a consistent picture. Roughly half of PE-backed companies replace the CEO within the first two years of ownership, with many changes occurring in the first year. Studies of executive transitions show failure rates between 30% and 40% in the first 18 months, most often driven not by incompetence but by misalignment—on mandate, pace, or priorities.
The lesson is not that boards are impatient. It’s that leadership fit matters more than familiarity, and a misfit rarely corrects itself with time.
The Most Expensive Period Is After Doubt Sets In
By the time a board or ownership group agrees that a leadership upgrade may be needed, value erosion is often already underway. Growth initiatives slow. Decision-making becomes cautious. Reporting grows heavier as leaders explain results instead of driving them. High performers sense uncertainty and begin to disengage.
In PE-backed environments, this dynamic plays out faster and with fewer buffers. But private companies experience the same slow bleed, just over a longer horizon.
The “One More Quarter” Fallacy
“Let’s give it one more quarter” is one of the most expensive sentences in governance.
Boards and owners often justify delay by pointing to an initiative in flight, system implementation, or temporary market headwinds. But studies of executive performance show that trajectory matters more than absolute results. If clarity, momentum, and conviction are not improving, time rarely fixes the issue.
A common pattern: leadership change is debated for several quarters. When a new executive finally steps in, they make decisive moves within 60 to 90 days, moves that had been discussed, analyzed, and deferred for a year. The opportunity cost of that delay is real, even if it never appears cleanly in the P&L.
Missed Windows Are Permanent Losses
The most dangerous cost of waiting is not short-term underperformance; it’s a missed opportunity.
In PE-backed companies, similar windows appear around add-on acquisitions, operational transformations, or pricing resets. A capable but misaligned leader can miss those windows by moving too slowly or pulling the wrong levers. Once missed, those opportunities rarely reopen on the same terms.
Loyalty Is Expensive, But So Is Delay
Many delayed leadership changes stem from understandable loyalty: to founders, long-tenured executives, or leaders who were instrumental during diligence or early growth. But fiduciary responsibility ultimately outweighs emotional equity.
The most effective boards separate gratitude for past contributions from clarity about future requirements. They also recognize that earlier action is usually kinder. Early transitions allow for controlled narratives, thoughtful role changes, and dignified exits. Late-stage changes tend to feel abrupt, personal, and destabilizing.
A Simple Test for Owners and Boards
One question cut through most debates:
If we were hiring for this role today, knowing what we now know, would we make the same choice?
If the answer isn’t an unambiguous yes, delay rarely improves the outcome.
Another signal is how leadership discussions consume time. When meetings shift from strategy and growth to coaching, shielding, or compensating for leadership gaps, the decision has often already been made, just not acknowledged.
Why Smart Owners Explore the Market Early
High-performing PE firms, and increasingly, sophisticated private owners, often explore the executive market before a final decision is reached. This isn’t about undermining management; it’s about sharpening judgment.
Seeing the caliber of available talent reframes the question from “Can this work?” to “Is this the best we can do?” In many cases, an external perspective provides clarity faster than another quarter of internal debate.
Timing is Everything
Upgrading management is never easy. But the evidence, data, deals, and lived experience are clear: indecision is rarely neutral.
The organizations that consistently outperform aren’t the ones that change leaders most often. They’re the ones who change them on time. And in a world of compressed timelines, competitive markets, and rising expectations, timing isn’t just a leadership issue; it’s a value creation issue.
General Counsel ABOUT THE COMPANY A-dec is the premium leader in the dental equipment industry, designing and manufacturing products that span dental chairs, lights, handpieces, furniture, air management, infection control, and delivery systems found in dental offices and operatories. With over 1300 employees and headquartered in Newberg, Oregon, A-dec’s familial culture and values have been attributed to their commitment to the Newberg community and its employees through various investments and programs. ABOUT THE POSITION The General Counsel (GC) will manage legal matters for the organization and affiliated entities, including all litigation defense coordination, intellectual property, business development, contracting, unfair trade practices, anti-trust, corporate governance, and the coordination of legal matters managed by outside counsel. GC will provide legal advice to management, provide counsel on negotiating corporate transactions, and prepare related documentation. Provide strong leadership, guidance, and pragmatic business acumen, recognizing the business consequences of legal advice. GC is a strategic and innovative thinker who can develop and articulate a clear understanding of the company’s strategy from all perspectives and find creative solutions to complex legal problems with a strong ability to balance legal and business risk. DUTIES & RESPONSIBILITIES Corporate Governance & Strategy Serve as a trusted legal advisor to the executive leadership team on corporate governance and risk management. Oversee corporate governance matters, including board support, entity management, and compliance with applicable corporate laws. Support business development, joint ventures, and other strategic transactions from due diligence through integration. Board meeting preparation and serves as acting Secretary in Board of Directors’ meetings and prepares all necessary Board and Shareholder documents. Regulatory & Compliance Partner with corporate regulatory leaders to ensure compliance with U.S. and international laws and regulations applicable to medical/dental devices, manufacturing, quality systems, and global distribution. Interface with corporate regulatory leaders to manage regulatory risk and ensure compliance. Develop, implement, and maintain company-wide compliance policies and training programs. Commercial & Contract Management Draft, review, and negotiate a wide range of commercial agreements, including supplier, distributor, licensing, manufacturing, and customer contracts. Support global sales and supply chain operations with practical, business-focused legal guidance. Establish contract standards and processes to improve efficiency and risk management. Intellectual Property Oversee protection, management, and enforcement of the company’s intellectual property portfolio, including patents, trademarks, and trade secrets. Work with internal teams and external counsel on IP strategy aligned with product development and global expansion. Litigation & Risk Management Manage all litigation, disputes, and claims, including product liability and commercial matters. Select and manage outside counsel, controlling costs and ensuring high-quality outcomes. Oversee risk mitigation strategies. Legal Operations Build and lead the legal function, including internal staff and external legal resources. Develop budgets, manage legal spend, and improve legal operations and processes. Foster a culture of ethics, compliance, and sound risk judgment across the organization. MINIMUM QUALIFICATIONS Knowledge, Skills and Abilities Strong business acumen with the ability to balance legal risk and commercial objectives. Deep understanding of regulatory, compliance, and quality requirements in a manufacturing environment. Excellent negotiation, communication, and leadership skills. Practical, solutions-oriented mindset with high ethical standards. Ability to work collaboratively with business clients and proactively become involved in business initiatives. Ability to interact effectively with associates at all levels in all businesses across North America and in countries where A-dec has a presence. Ability to interface and negotiate with legal representatives at dealers and suppliers. Ability to communicate clearly, concisely, and effectively. Good listening skills. Skilled at working independently and leading critical matters to conclusion with little supervision, while coordinating with other attorneys and stakeholders. Demonstrated ability to quickly establish trust and rapport within A-dec. Strong leadership skills to manage projects and influence decisions, with the ability to be persuasive in reinforcing the best interests of the company. Understands business implications of decisions. Strong analytical, organizational, and time management skills. Travel, including internationally as needed, to perform the duties of the job. Expert legal document drafting and research skills. Education and Experience Requires Juris Doctor (JD) from an accredited law school. Must be a member of the bar in good standing; admission to the Oregon State Bar preferred. 10+ years of legal experience in a relevant law firm or corporate setting. Experience as an Associate, Assistant, or General Counsel is preferred. Experience in medical devices, pharmaceuticals, or other healthcare-related experience is desirable. Experience in a manufacturing business is preferred. Experience in a global business with international distribution is preferred. Interested in Learning More? 180one has been retained by A-dec to manage this search. If interested in learning more about the opportunity, please contact Lisa Heffernan / 971.256.3076/ lisa@180one.com .
Chief Financial Officer ABOUT THE COMPANY Superior Duct Fabrication is a market-leading fabricator of highly technical commercial ducting and specialty HVAC products, serving mission-critical end markets such as data centers, semiconductor manufacturing, healthcare, higher education, and industrial facilities. Founded in 2002 and headquartered in Pomona, CA, Superior operates out of five strategic manufacturing sites across the Western U.S. and Ohio, with a deeply experienced union workforce, vertically integrated operations, and a reputation for quality, speed, and reliability. In 2025, Seattle-based private equity firm Pike Street Capital made a platform investment in Superior to accelerate growth through geographic expansion, product innovation, and targeted acquisitions. With a strong leadership team, trusted customer relationships, and increasing demand for sophisticated air handling solutions, Superior is positioned for rapid, scalable growth. THE ROLE Superior is seeking an experienced and results-driven Chief Financial Officer (CFO) to lead the financial strategy and execution of its private equity-backed, high-growth business. The CFO will play a critical role in enabling both organic and acquisitive growth, optimizing operations, and driving value creation in partnership with the CEO, President, and private equity sponsor. This is a hands-on executive leadership role ideal for a proven financial leader with deep manufacturing expertise and a track record of operating in dynamic, performance-driven environments. RESPONSIBILITIES Executive & Strategic Leadership Serve as a strategic partner to the CEO and executive team, actively contributing to policy, direction, and long-term planning. Help define and execute the company’s growth strategy in alignment with operational, financial, and market objectives. Drive a high-performance culture through accountability, transparency, and collaboration. Lead by example, setting the tone and culture across the organization. Operate as a player/coach—comfortable building models, developing presentations, and engaging directly in critical business issues. Attract, develop, and retain top-tier financial and operational talent. Lead major business initiatives and projects (e.g., productivity improvement, pricing strategies) with measurable results. Shoulder broad business leadership responsibility, beyond traditional finance functions. Financial Planning & Analysis (FP&A) Own the development and ongoing refinement of annual budgets, monthly forecasts, and long-term financial planning. Track and maintain key performance indicators (KPIs) to measure performance against strategic goals. Conduct hands-on analysis of financial performance, with actionable insights to achieve growth and EBITDA targets. Lead investment analysis and decision support—including customer pricing models and full business case development. Demonstrated expertise in labor cost management and margin improvement strategies. Bring experience across multiple ERP platforms; ERP selection and implementation experience is highly preferred. Accounting & Financial Operations Oversee all accounting and finance functions, ensuring accuracy, integrity, and timeliness of financial information. Prepare and deliver comprehensive financial reporting packages, including monthly P&L, balance sheet, cash flow, and covenant compliance. Ensure all financial statements are prepared in accordance with GAAP and meet internal and external stakeholder requirements. Lead all month-end close activities, including general ledger, balance sheet reconciliations, and overhead allocation. Enhance and scale accounting processes, systems, and internal controls to support company growth. Coordinate the annual audit process, ensuring unqualified audit results. Lead the preparation and management of company-wide budgets, including revenue and capital expenditure planning. Treasury & Working Capital Management Lead cash flow forecasting, management, and decision-making around weekly cash disbursements. Improve the full cash cycle—credit policy, collections, inventory, and payables management. Manage lender relationships and covenant compliance. Use forward-looking cash flow analysis to guide capital structure decisions and working capital strategy. M&A & Private Equity Engagement Collaborate with the leadership team and private equity sponsors on M&A add-on strategies and roll-up execution. Experience or understanding of value creation planning, reporting, and board-level communication. QUALIFICATIONS Bachelor’s degree in Finance, Accounting, Business Administration, or a related discipline; CPA and MBA strongly preferred. Extensive experience in senior financial leadership roles, ideally within a private equity-backed or high-growth manufacturing environment. Deep understanding of financial and operational disciplines, including P&L ownership, balance sheet management, cash flow optimization, and capital allocation. Demonstrated experience in corporate governance, risk management, and regulatory compliance. Proven ability to lead complex negotiations related to financing, vendor agreements, M&A, and commercial terms. Expertise in budgeting, forecasting, financial modeling, and working capital management; prior public accounting experience is a plus. Strong business acumen with the ability to quickly assess new challenges and make sound, data-driven decisions in a dynamic environment. Natural leadership presence with the ability to build trust and credibility across all levels of an organization and with external stakeholders. Resilient under pressure with a disciplined approach to prioritization, execution, and delegation. Exceptional communication skills—both written and verbal—with the ability to clearly articulate financial concepts to non-financial stakeholders. Committed to service excellence, with strong interpersonal skills and a collaborative leadership style. High attention to detail and precision, balanced with the ability to think strategically and see the broader business context. Interested in Learning More? 180one has been retained by Superior Duct Fabrication to manage this search. If interested in learning more about the opportunity, please contact Tom Haley /503.334.1350/ tom@180one.com .
Every winter, the college football coaching carousel becomes one of the most dramatic leadership upheavals in American sports. In 2025, the carousel was particularly volatile. Multiple programs fired coaches earlier than expected, often mid-season, and then rushed into new hires within days. Boosters demanded decisive action; fans amplified pressure, and athletic directors made million-dollar moves under a microscope. For businesses, it’s easy to dismiss this annual churn as entertainment, but the reality is more nuanced. College football programs face the same leadership dilemmas that companies do - underperformance, culture challenges, stakeholder pressure, competitive threats, and the fear of losing momentum. The difference is that football programs confront these forces at hyper-speed - often making major personnel decisions in hours rather than months. This accelerated environment produces lessons, both good and bad, about how organizations respond when leadership is failing. Below are the Do’s and Don’ts businesses can take away from the way college football programs fire their coaches, and why they often rush into the next hire. DON’T: Fire Without a Succession Plan (Even If Pressure Mounts) One consistent theme from the 2025 season: several programs fired coaches with no clear successor in mind. UCLA’s dismissal of DeShaun Foster in just three games into the season was a perfect example. Foster was a high-profile alumnus with strong player relationships, but early losses led to escalating fan frustration and internal concerns about program direction. UCLA acted quickly to fire him, but doing so left the program scrambling for leadership and stability. They eventually hired Bob Chesney, who was a strong cultural fit, but the initial firing created unnecessary turbulence. Businesses often do the same thing. When a leader falters, the pressure to “do something” can eclipse the need for strategic succession. Boards and CEOs sometimes dismiss underperforming executives impulsively, leaving teams directionless and forcing rushed searches. Business takeaway: Before making a firing decision, especially under pressure, ensure you have: a temporary successor a vetted shortlist clarity on what the next leader must bring a transition plan for teams and clients Without this, you’re not solving a problem- you’re compounding it. DO: Define What Success Looks Like Before You Search A core crisis in many football firings is a lack of alignment between expectations and reality. Coaches are often fired not because they’re outright failures, but because the program never clearly defined what success meant. Look at LSU in 2025. Brian Kelly was fired despite a respectable record by national standards, but LSU boosters expected national contention every year. When performance slipped below that mark, the disconnect became untenable. Then, LSU got caught up in some unnecessary drama with misalignment from multiple stakeholders regarding who has hiring and firing authority. No wonder they never solved what “success” looked like. The same thing happens in business when leaders are hired under vague or overly ambitious expectations. If “success” means different things to stakeholders, the hire is set to fail. Business takeaway: Before starting your search: Define expectations concretely Align board and stakeholder vision Codify cultural priorities This ensures you hire for reality - not fantasy. DON’T: Hire in Haste Just to “Win the News Cycle” College football programs care deeply about perception. When a head coach is fired, boosters and fans expect immediate reassurance. That leads to knee-jerk hires where the priority is speed and optics rather than fit. The 2025 carousel saw multiple programs rush hires within days of firing coaches, sometimes skipping broader searches. Penn State was rumored to have engaged in serious discussions with 3 prospects, with all of them negotiating new deals with their current programs, before the Nittany Lions landed on Matt Campbell from Iowa State. Businesses do this too. After a public executive departure, companies sometimes hire quickly just to demonstrate control. But a fast hire that later fails is far more damaging than a slow, deliberate one. Business takeaway: Speed should never outrank strategy. A thoughtful process reassures stakeholders more than a rushed announcement ever will. DO: Learn From the Mistake and Adjust the Next Hire Accordingly Some programs in 2025 demonstrated a valuable principle: the second decision can fix the first, if you learn from it. UCLA’s rehire after firing Foster showed clear reflection. Their initial hire emphasized emotional connection and recruiting upside. But the next move, hiring Bob Chesney, emphasized proven systems, clear identity, and cultural alignment. UCLA changed its criteria and recalibrated its expectations. Similarly, Stanford fired Troy Taylor earlier in the year following concerns about program direction and culture. Their next hire, Tavita Pritchard, was a past member of the Cardinal’s coaching staff known for stability and alignment with Stanford’s academic and philosophical identity. Rather than repeating the same mistake, Stanford course corrected. Businesses often fail here. They fire a leader but then hire someone nearly identical, because the root cause of failure was never clearly articulated. Business takeaway: Post-mortem analysis is essential. Identify: What went wrong What was missing What stakeholders expected but didn’t receive What qualities matter most next time Then hire based on those insights - not simply on instinct. DON’T: Let Stakeholder Noise Dictate Decisions In college football, boosters, fans, media, and donors create a storm of pressure. This noise often accelerates firings or influences hires in unhealthy ways. Businesses face similar noise: activist investors, board factions, client concerns, internal politics, and public perception. Leaders who succumb to noise risk making short-term decisions that hurt long-term stability. Business takeaway: Listen to stakeholders, but don’t let them drive the process. Data, fit, and long-term strategy must guide leadership hiring. DO: Leverage Internal Talent When Stability Matters More Than Splash Amid the chaos of 2025, some programs opted for internal stability rather than external splash. While many schools chased headline-grabbing hires, others elevated coordinators and internal staff who already had trust equity with players. These transitions, including schools that promoted assistants after mid-season firings, created continuity in an environment where change was everywhere. Business takeaway: The flashy external hire is not always the right one. Internal candidates often bring: Quicker adaptation Stronger cultural alignment Built-in trust Reduced onboarding risk Especially after a turbulent departure, stability can be more valuable than novelty. DON’T: Underestimate the Ripple Effects of Leadership Turnover Firing in college football isn’t isolated. It affects: Recruiting Donor confidence Locker room morale Staff retention Public perception The same is true in business. Leadership changes impact: Client relationships Employee engagement Brand reputation Productivity Strategic continuity Business takeaway: Programs that manage these effects proactively, communicate openly, support interim leaders, and maintain messaging discipline reduce fallout. Businesses need to treat leadership transitions as enterprise-level events, not HR procedures. The 2025 college football season demonstrated how high-pressure environments reveal the strengths and flaws of leadership decision-making. Businesses can learn from both the impulsive mistakes and intentional successes that football programs showed this year. If businesses apply these lessons, they’ll avoid the chaos of the coaching carousel, while benefiting from the clarity it provides about leadership, culture, and long-term success.
