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VO L . X X V I N O. V I § 2 M A R C H 2 3 , 2 0 2 0 20 2012 Jean Hoffman Former president and CEO / Putney Inc. What she is doing today: After the sale of Putney in 2016, I have focused on investing and board roles. I own office and retail space in the wonderful Oxford Building on the corner of Tommy's Park in the Old Port, with Bard Coffee and iFix Here as retail tenants. Am on the board of MedRhythms, Portland's fast-growing digital therapeutics company; Jackson Lab in Bar Harbor; Golden Springs Group, a Singapore holding company with investments in aquaculture farms in Latin America and Asia; and the Tufts Cummings School of Veterinary Medicine. Key lessons learned as a manager: Leadership is what differentiates suc- cessful companies, whether startups overcoming their initial hurdles or larger organizations competing in existing markets. Successful organizations recruit leaders who overcome obstacles. Boards need to focus on talent, not only the CEO but in holding CEOs accountable for recruiting and motivating top talent throughout the organization. Advice to Maine's next generation of business leaders: Learn how to be a great leader: to be tough, to set clear goals, to hold your team accountable for achieving the goals. What's next: Continue to help great people build great organiza- tions that outperform in my role as an investor and board member. David Stone Founder and former CEO / CashStar What he is doing today: Founder and executive chairman of Forager, with seven employees. Key lessons learned as a manager: This really depends on company, stage, sector and so much more, but here are three lessons. • Hire people with comple- mentary skills who are pas- sionate about your company and mission. • Focus, focus, focus. Selecting what not to do is nearly as important as choosing what to do. For example, I chose to expand CashStar internationally and it was too early and required too much investment. • Be very thoughtful about taking capital. Not all investors are the same and often the need for capital can blind one to the nature and character of the investor. By the way, I've raised $50 million. Advice to Maine's next generation of business leaders: • Be very clear about your mission. If you can't articulate your mission in 30 seconds so that everyone understands what you do and why, you will never gain followership. • Build an advisory board and network of experts, and experi- enced business leaders who care about your business and you. Being a CEO or senior executive can be a lonely place and you need trusted folks you can go to in times of need or just as a sounding board. If you are a new startup CEO, find some experienced startup CEOs to get on your board. • Work hard to build a great brand and marketplace image. is starts with creating a great culture. Your brand and reputation are critical to your success. You can have terrific products, but if your brand is weak, you won't succeed. What's next: To expand and grow, hire great people, expand our farmer network from 350 to 5,000 so we can deliver on our promise of "local food everywhere" and put Maine on the map as a leader in AgTech and Local Food. And I have another startup I plan to create this summer or fall. Jean Hoffman, former president and CEO of Putney Inc., a provider of generic pet medications, sold the company in 2016. COURTESY / JEAN HOFFMAN David Stone founded and was CEO of CashStar, a leader in digital gifting based in Portland. He's now executive chairman of Forager, a company he founded. FILE PHOTO Boards need to focus on talent, not only the CEO but in holding CEOs accountable for recruiting and motivating top talent throughout the organization. – Jean Hoffman Build an advisory board and network of experts, and experienced business leaders who care about your business and you. Being a CEO or senior executive can be a lonely place. – David Stone