After sailing around the world for three years, Scott Leonard, founder and CEO of financial advising company Navigoe, came back to a company that has more clients and a bigger revenue.
Leonard set sail with his wife and three children aboard a catamaran sailboat Three Little Birds from Fort Lauderdale in 2011. He remotely managed his wealth management firm from an office in the boat, communicating with his employees through a satellite connection.
He visited the US every quarter to meet with clients. During his travel, the CEO only spent about 10% aboard the boat and spent the remaining time wandering around the islands of the Caribbean and the Pacific with his family. He operated in a 20-hour work week, with scheduled meetings and a flexible time.
It's a carefully planned pursuit with his wife as Leonard spent months convincing his employees and clients that it's something that would work. The CEO spent months preparing the boat before he left. He said that it trained his employees to work in the premise that their boss wouldn't be easily available all the time.
The founder was confident that Eric Toya, his second in command, could step up to the challenge and expertly handle the employees, run meetings, and close deals. He used to think differently till he realized that a company that cannot function without the CEO poses a lot of risk on the business.
Leonard broke the news to his client during the recession which was met with disapproval. Many of his clients were doubtful that they can work with the company in that kind of setup. The CEO gave them an ultimatum of switching to another firm and Leonard would help transition them to another company. Three years later, there are the same clients who referred more businesses to Navigoe.
When the entrepreneur, the company had 110 clients and four employees. He came back to 125 clients and six employees. Leonard believes that every company must have a sabbatical system that will boost the morale and productivity of its employees.
