Michael Anastasio, president of King of Prussia’s Bala Consulting Engineers, was one of four CEOs who recently described, to an audience at the Radnor Country Club, how their businesses handled challenges on their pathway to growth.
The chief executives spoke to the 120 members and guests of the Greater Philadelphia Senior Executive Group, an organization familiar with tough times, writes Jane Von Bergen for the Philadelphia Inquirer.
The GPSEG was founded in 2002 during a recession, and it provides networking opportunities for senior executives out of work.
For Anastasio, his tough decision had to do with people, particularly an early partner imprudently chosen.
According to Von Bergen, the electrical engineer started a company when he landed a big project at age 27. He quickly chose a mechanical engineer as a partner, but when the partnership fell apart, Anastasio sold the business to escape.
He found a job at a different company, which soon went bankrupt. The third time turned out to be the charm and the genesis of his current company, Bala Engineers.
“This time, I was more selective about the partners I chose,” he said.
Anastasio highlighted the importance of identifying a company’s non-performing assets, whether they are partners, employees, or clients.
Then “you have to have the courage to separate yourself,” he said.
Click here to read more about Anastasio in the Philadelphia Inquirer.