Episode 587: Andrew Wilkinson ( https://twitter.com/awilkinson ) teaches the exact step-by-step process he uses to find, diligence, hire, and transition a great CEO.
Get Andrew’s CEO Hiring Guide and Checklist - https://tinyurl.com/ms8938kn
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Show Notes:
(0:00) Intro
(1:36) Why you need a CEO
(4:44) The third door: leave the business, keep the cash flow
(8:48) Get back to your flow state
(10:46) Step 1: Are you ready to hire a CEO?
(15:16) Is this going to hurt my business?
(16:46) Step 2: Find the RIGHT CEO
(17:52) Hiring a recruiter
(21:34) Look for a #2 with the right hammer
(23:23) Be a collector of people
(27:14) Step 3: Diligencing the candidate
(28:48) Green flags, yellow flags, and red flags
(32:21) 2x not 20x
(34:41) Step 4: First 100 days
(36:35) Don't poison the water
(38:12) Flesh wounds not mortal wounds
(40:06) Meet them in person
(40:29) More on diligencing: Trust but verify
(42:38) The DIY path
(44:48) Step 5: Negotiating and structuring compensation
(46:34) Uncapped bonuses vs equity
(49:55) Myth: Is a founder-led business always better?
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Links:
• Burke and Associates - https://burkeandassociates.com/executive-search/
• Business Intelligence Advisors - https://www.biadvisors.com/
• Never Enough - https://neverenough.com/
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Check Out Shaan's Stuff:
Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd
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Check Out Sam's Stuff:
• Hampton - https://www.joinhampton.com/
• Ideation Bootcamp - https://www.ideationbootcamp.co/
• Copy That - https://copythat.com
• Hampton Wealth Survey - https://joinhampton.com/wealth
My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano