With more than four decades of practical success, the chairman has insight into the potential opportunities that are presented to EliteCorp. This is the seventh in a series of articles on Chuck Broes relating to his philosophies on business, management and opportunities in the coming decade.
When Chuck Broes accepted the position of Chairman for Quantum Immunologics (QI), he realized that getting out of the blocks quickly was critical. In order to move the company into clinical trials, Chuck Broes focused on the senior management team that would be needed for such a venture. “There are several ways to start a company,” says Chuck Broes. “Many startups go through two rounds of management early on. The first round may include individuals who are closest to the business inception. While they may not have the matured skill set ultimately needed, they are present and willing to work and sacrifice.”
Chuck Broes reports that when this approach is taken, it is often necessary to go through rehires. Most of the time, Chuck Broes has seen this impact a company in the middle of a critical growth stage. Chuck Broes adds that this is classically seen in closely held family businesses but that it can happen in any private company.
Chuck Broes has been charged by the board of Quantum Immunologics to move the company rapidly through the necessary funding rounds in order to get QI’s therapies through trials and onto the market. According to Chuck Broes, this requires a mature, seasoned senior management team for the company’s inception. The board and stakeholders of the company selected Chuck Broes because they knew he would get the job done.
Many times, veteran managers being considered for positions view opportunities differently. As Chuck Broes discusses the long range potential of Quantum Immunologics and offers to tie compensation to success as QI targets its exit strategy options, many individuals have been willing to consider delayed compensation in the form of some type of equity opportunity.
For Chuck Broes, these are people that are focused on “win-win” scenarios that stakeholders view very favorably. Chuck Broes has a solid philosophy; build a top-notch team and let management build the strategy that best addresses the short and long-term goals of the business. Chuck Broes realizes that seasoned managers move through decision making much more quickly than those who have good intentions but much less experience.
With the progress made in today’s technologies and communication, Chuck Broes notes that management’s geographical proximity to the corporate office is often a secondary consideration when hiring. Chuck Broes acknowledges what most senior management applicants know – travel is usually required as a start up launches. “Access is more important the proximity,” points out Chuck Broes. Companies such as QI seldom run on a standard 9 to 5, Monday through Friday schedule, so Chuck Broes focuses on an individual’s willingness to be available when needed.
There is no substitute for experience. For both EliteCorp International and Quantum Immunologics, Chuck Broes delivers what is most needed in today’s business environment; a steady hand and a focused eye.
Chuck Broes