A Masterclass On Hiring A CEO To Run Your Company ft. Andrew Wilkinson
My First Million
Step 1: Are You Ready to hire a CEO?
Before hiring a CEO, it is crucial to assess if the business is big enough and has achieved product-market fit. This includes ensuring that the business is generating around $300,000 in profit to afford a CEO. By having a stable profit, the CEO can be incentivized through bonuses tied to business growth, aligning their goals with that of the company. It is important to have a well-established business with consistent supply and demand, rather than constantly changing offerings. While some exceptions can be made for smaller businesses with growth potential, the focus should be on having a solid foundation before bringing in a CEO. Additionally, it is essential to consider the potential for the CEO to become wealthy through the opportunity presented by the business, as they are typically looking for upside and financial rewards in their role.
