After idea generation and incubation, emerging companies go through three stages that affect sales leaders: early, growth, and prepare for exit. For sales leaders, managing change is part of the job. But sales leaders at emerging companies (those with less than $100 million in annual revenue and a double-digit growth rate) experience unique levels of change connected to the company’s investment stage and the exit plans of executives and investors. In this report, we describe the key skills and focus that sales leaders need to navigate the inevitable changes that occur during three stages of emerging-company development.