Remove the obstacles and then get out of the way.
Stefan Du Toit is the CEO of Paradise Yacht Management, the leading Caribbean term charter management company, strategically based in the Virgin Islands. When COVID-19 hit, many CEOs were faced with a tough decision and had to completely restructure their organization. In this episode, Stefan shares how he thought through this dilemma and why he chose to lead his company from afar when things went into lockdown. He offers what he learned from this experience and some of the best ways to execute this method.
Key Takeaways:
[1:50] A little bit about Stefan and his business.
[9:30] How did Stefan get involved in the yacht business?
[13:05] COVID-19 had a big influence on having this role be remote.
[13:50] It’s very important to have a vision and be aligned with it.
[15:35] This business has to be a trust-based organization. Stefan explains why.
[17:25] Stefan has tried to create a culture where people can confess or admit their mistakes. This is a big benefit.
[20:15] How does Stefan structure his meetings throughout the organization?
[27:15] You have to take the ego out when you’re a leader. In a lot of situations, you need to get out of the way.
[28:15] Stefan was able to calculate supply chain issues and costs ended up going down because of this pivot.
[32:45] A company can only absorb so much change at a time. If you overload it, everything can fall apart.
[37:50] How can you influence culture and make it part of everyone’s ethos?
[43:15] Stefan offers his highlights on what makes a good leader.
[44:00] What kind of mistakes has Stefan learned over the years?
Mentioned in This Episode:
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