Before even considering it I would ask the CEO why she’s leaving and the employees. Some people have very good reasons to leave a sinking ship (family being the most common), but others leave because of systemic problems in the company. I’ve seen CEOs burning out their team by creating a climate of fear before leaving when things go sour, claiming everyone is « incompetent ». I really advise you to spend A LOT of time talking to employees.

Cons:

- You’ll have to learn about a lot of different people at the same time. In early stages startup you get to meet people one after another and earn their trust one after another. This is different.

- You probably have a different vision than that of the previous CEO, and you’ll have to go the extra mile to align everyone.

- You inherit a culture you didn’t shape. You’ll probably have to change that, and it will take time for people to adjust. Just lead by example. - All of this takes time, and meanwhile the company needs to survive :)

Pros:

- You’ll ramp up your people skills like never before. Gaining the respect of an entire team as a CEO, and (sometimes) repairing damage will take a lot of courage and empathy.

- Obviously, if you turn this around you’ll get major valley cred. And, never underestimate this, a huge satisfaction.

If you decide to go that way, good luck, and you already have my respect!