Eric Markowitz | Inc.com staff

Ric Elias: Why I Hired My Replacement

Elias, the co-founder and CEO of Red Ventures, explains how he grew his company by giving up control.

Ric Elias speaking during his View From Seat 1A general session at the Inc. 500 conference.

Inc.

Ric Elias speaking during his View From Seat 1A general session at the Inc. 500 conference.

 

Nearing the end of 2009, Ric Elias made a decision that would make most entrepreneurs cringe: He ceded control of his day-to-day business operations to four of his managers.

Though it was a difficult decision to make, Elias says that it not only made his life more manageable, but it helped the company grow.

"I don't think it's a shock that we grew from 350 employees to 1,250 employees," he said at the Inc. 500|5000 Conference. "That happened because they're better than me at doing a lot of things."

And, he added, "We're so much healthier as a company."

Let us know in the comment section below about how giving up control at your company affected your business.

Eric Markowitz reports on start-ups, entrepreneurs, and issues that affect small businesses. Previously, he worked at Vanity Fair. He lives in New York City. @EricMarkowitz