By Bob Nolan, Managing Partner, Halyard Capital

“To thine own self be true”

I. Great leaders are always true to themselves, (character/honesty are traits that are revealed everyday in business as is candor and consistency). All of the foregoing are essential characteristics of great leaders

II. Clear strategic vision and execution plan

• Ability to create realistic business plan for short term and long term framework
• Set realistic goals within both timeframes and enforce accountability
• “Don’t push water uphill” – deal with the reality not a “hoped for” solution

“There is no I in “Team”

III. Ability to hire/nurture strong subordinates

• Hire the best athlete – the Power of Attraction is directly related to the Power of Positive thinking
• Welcome/insist on constructive suggestions/recommendations from employees
• Encourage employees to think beyond the status quo (“out of the box” and reward that approach)

IV. Ability of the CEO to understand business on a granular basis

• “Sweat the Details” – Life is often a series of details – don’t have to be mired in them but need to understand them
• Understanding product/service on a unit cost basis enables CEOs to assess the benefits of scalability
• Also this understanding equates to better appreciation of each employee’s contribution

V. Assess competitive framework for the Business/Industry in both short term and long term context

• Forecasting competitive dynamics affecting both price and service
• Seeing around corners – predicting forthcoming trends in the relevant industry

VI. Utilizing/embracing Board of directors/Advisors

• Ability to seek the best advice without prejudice (open mindset)

VII. For a Private or Public company – understanding ultimate exit strategy

• Positioning company strategically for most attractive monetization (public or private)

“Remember the greatest business plan can be sabotaged by poor management and yet a poor business plan can often be compensated for through the efforts of superior management.”

Bob Nolan

Bob Nolan is the Managing Partner of Halyard Capital, chairs the investment committee, and represents Halyard on numerous boards of directors. From 2001 until January 2006, he was the CEO of the BMO Private Equity Group, overseeing an investment portfolio with $800 million in capital. Previously, he was Managing Director and Head of Media & Telecommunications Investment Banking at CIBC World Markets, and prior to CIBC, Bob was Telecommunications Group Head at UBS Securities. He also worked for nine years at Goldman, Sachs in the Telecommunications, Media & Technology Group. Bob is a member of the New York and Washington, D.C. Bar Associations. He received a J.D. from the Fordham University School of Law and a B.S / B.A. from Georgetown University.

Bob has a wonderful family and is a special person for many reasons, one I particularly admire is that he is always eager to help others with his time, advice and guidance.