Introduction – Scale, Fix, or Flip?

Not every CEO does the same job, even when the business card looks identical. In private equity and growth ventures, CEOs are hired with one clear mission: scale the company, fix its weaknesses, or prepare it for sale. Getting that assignment wrong creates risk for both the leader and the business.

In over twenty years as a strategic CFO working with more than fifty companies, including startups, scale-ups, turnarounds, and firms on the path to exit, I learned that knowing your mission is vital. The best CEOs I observed acted quickly once they understood the real assignment. But one truth always remained. CEOs must lead across every function of the business at the same time. This is not a game of leadership whack-a-mole. True leadership requires coordination, not reaction.

Scaling a Business: Growth Without Implosion

Scaling is not just about driving revenue. It involves growing without undermining systems, people, or profitability. I worked with a franchise company that opened new locations at a pace the operations team could not support. Inventory systems broke down, staffing pipelines collapsed, and managers constantly put out fires.

Real progress started when we aligned financial planning with operational capacity. This reflects insights from Bain’s CEO study, which emphasizes the importance of leaders staying close to the work and validating assumptions. A CEO in scale mode must establish repeatable processes, develop middle management, and ensure growth adds value rather than risk.

Fixing a Business: Restore Control Before You Drive Change

Turnaround situations require stamina and a clear eye. These companies often arrive with unreliable reporting, low morale, and outdated processes. At one firm, I found half a year’s worth of unreconciled books. No one could say what the company was truly earning.

Fixing that business meant cleaning up financials, restoring confidence, and reestablishing basic operating discipline. McKinsey’s CEO Excellence framework identifies decisive action and organizational alignment as keys to success in these environments. Once financial control and trust were reestablished, the company had a foundation for real momentum. Without that, change would have been cosmetic and short-lived.

Flipping a Business: Prepare with Purpose, Not Panic

Flipping is about readiness and story. Buyers do not only want strong numbers. They want to see how those numbers translate into long-term value. I helped lead a company through three tuck-in acquisitions in under eighteen months. We highlighted a clear story of consolidation, consistent margins, and a leadership team that could execute.

Buyers look for both performance and predictability. Harvard Business Review research shows that aligning leadership strategy with a company’s life-cycle stage improves exit outcomes. A CEO preparing for a sale must manage both the optics and the fundamentals. That includes cleaned-up books, scalable processes, and a credible forward-looking strategy.

The Common Thread: Coordination, Not Chaos

Whether the task is to scale, fix, or flip, the CEO must manage all functions at once. That includes finance, operations, HR, compliance, marketing, and sales. Problems rarely arrive one at a time, and they do not wait in line.

This calls for strong internal systems, clarity in roles, and real-time communication. McKinsey’s research on high-performing CEOs shows that the best leaders maintain visibility across six key dimensions, from direction setting to stakeholder engagement. Without a clear internal rhythm and structure, leadership becomes reactive and unsustainable. With it, the CEO becomes a force multiplier.

Conclusion

Before stepping into a CEO role, ask two questions. What mission am I being hired to fulfill: scale, fix, or flip? And am I ready to lead across every department, not just the one in crisis?

Too many leaders focus on one burning issue, hoping the rest will fix itself. That approach rarely works. Great CEOs are not defined by problem avoidance. They are known for solving the right problems at the right time, across the entire enterprise. Understand the mission. Lead intentionally. Stay ahead of the game.

About The Author

Don Noble is a seasoned executive with over 20 years of experience serving as a fractional CFO to more than 50 companies across diverse industries. His work has focused on helping business owners, CEOs, and private equity firms achieve strategic growth, financial clarity, and operational excellence, especially in complex or high-growth environments.

Currently completing a doctorate in Strategic Management at Liberty University, Don’s research explores the expanding role of fractional executive leadership and its strategic implications for modern businesses. As he pivots from CFO to CEO, Don brings a holistic, field-tested perspective to leadership, grounded in experience, sharpened by scholarship, and aimed at building companies that last.

References and Further Reading

Botelho, E. L., Powell, K. R., Kincaid, S., & Wang, D. (2017). What sets successful CEOs apart. Harvard Business Review, 95(3), 70–77.

James (Jim) Citrin, Claudius A. Hildebrand, & Robert Stark (November–December 2019). The CEO Life Cycle. Harvard Business Review. Retrieved June 17, 2025, from https://hbr.org/2019/11/the-ceo-life-cycle

Hard-Earned Lessons from CEOs. (2025, May 14). Bain. https://www.bain.com/insights/hard-earned-lessons-from-ceos-interactive/

Jason Scharfman (2012). Private equity operational due diligence: Tools to evaluate liquidity, valuation, and documentation. John Wiley & Sons.

Transitioning into the CEO role. (n.d.). McKinsey & Company. Retrieved June 17, 2025, from https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/how-we-help-clients/ceo-excellence

Michael Watkins (n.d.). Why the First 100 Days Matters. Harvard Business Review. Retrieved June 17, 2025, from https://hbr.org/2009/03/why-the-first-100-days-matters