My First Million MFM x Trends: How to Hire a CEO to Run Your Company with Andrew Wilkinson
Oct 15, 2020
Andrew Wilkinson, the founder of Tiny—a startup conglomerate overseeing 20 companies—shares invaluable insights on hiring CEOs. He discusses the delicate balance of delegating leadership and emphasizes the importance of understanding management strengths. The conversation dives into the hiring journey, detailing the evolution from general management to CEO roles. Wilkinson also sheds light on innovative compensation strategies, like phantom equity, and the significance of competitive pay to attract top talent.
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Wilkinson's CEO Journey
- Andrew Wilkinson, initially inspired by Steve Jobs, realized that the "creative genius CEO" lifestyle wasn't fulfilling.
- He found more satisfaction in delegating and hiring CEOs, ultimately leading to better business outcomes.
Delegate for Success
- Delegate operations and hire a CEO unless you are truly the best CEO for your business.
- Hiring a skilled CEO can lead to increased profits and better execution.
Compensate Based on Risk
- Consider risk tolerance when determining CEO compensation.
- Offer higher total compensation to those willing to take more risk, especially in variable bonuses tied to performance.