How do I Hire a CEO or GM to run my small business?
June 05, 2023
by a searcher from Northwestern University - Kellogg School of Management in Chicago, IL, USA
I recently acquired a second marketing agency (see: https://www.searchfunder.com/post/just-closed-my-first-acquisition-heres-what-i-wish-i-had-known) with the long-term goal of building a portfolio of niche marketing service businesses.
So, the next big challenge is to learn how to hire and onboard someone to run my first business (Draft.dev).
For context:
- We did $2.5mm in revenue last year
- We have ~6 full-time people plus me right now, with a lot of part-time contractors filling in the gaps
- It's all remote
- The brand is well-known in its space, almost all inbound and word of mouth referrals
- The nature of the work is re-occurring (content marketing) and it's mostly tactical, meaning you don't need to have a lot of highly paid consultants on staff
The business is super niche, so my industry knowledge was critical in the early days, but the brand stands on its own now. I don't expect a new CEO to have that same industry knowledge, but I'm curious what characteristics you all think I should look for? Unfortunately, I don't have anyone internal who's ready for this level of responsibility, so it'll have to be an outside hire.
What kind of background or demonstrated skills would a CEO at a company like this need? Where can I start to build a pipeline of this kind of candidate? If you've ever made a CEO hire, I'd love to hear about it!
from Massachusetts Institute of Technology in Portland, OR, USA
from Northwestern University in Chicago, IL, USA