PEOPLE tell me that one of our company's strengths is the layer of senior executives below me. Every one of these executives plays a major role.
I wish I could take credit for knowing things would turn out so well. But I can't. When I hired each of these executives 20 years ago, I wasn't thinking about creating an effective second tier in our organisation. I needed each of them for their skills in a particular area such as television, tennis, golf, or finance.
The business grew, they grew, and the two meshed.
In hindsight, however, I think there are certain guidelines for any entrepreneur who wants a company that's built to last.
Hire people smarter than you are: I have always tried to hire people who are smarter than me in specific areas of our business - and I tell them and the outside world how smart I think they are. This keeps our company on the leading edge and it saves mea lot of time. When a client or customer says they would rather deal with them than me, I don't mind.
Pile on the work: I don't like to ''Peter Principle'' people. That is, I won't promote a great salesperson to sales manager simply to reward him for selling well. I'd rather keep that person selling and give him other things to do.