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power is quickly passed on
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Overview Transcript Case Study Video
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The three founders have been joined
by over 1,200 employees.
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Hire Your Replacement

Kim was nervous about taking the company public and when it started to happen he was smart to hire his replacement.

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Key Ideas of this episode
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1. Change An Industry
2. Do What You Know
3. Leave The Nest
4. Raise Money The Old Way
5. Listen To Your Mentors
6. Hire Your Replacement
7. Treat Every Person AS An Equal
8. Stop And Think
9. Give To Add
10. Keep Working Even When You're Rich
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Topic for discussion: Who did Kim look for to take over his job which was running the company day-to-day?

Answer: He looked for a person who was already doing what Kim imagined the job would be like in Biosite's future. He hired a person who was running a $200 million dollar healthcare operation. Biosite was no where near that size but Kim leaned into the future and expected success and wanted a leader in place who could guide everyone through growing pains.

The week before Kim took to the road to raise money, Tom Watlington, from the multi-billion dollar German firm, Boehringer Ingelheim, joined Biosite. He was running its diabetes division which generated $150-$200 million in annual sales.

You think about it: What keeps you from passing the torch? Do you have someone you are training that can move into your place soon? Are you nervous that, if you pass the torch, you won't have anything to do? Do you think your life might feel empty if you didn't have to be in the office everyday?

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