A Masterclass On Hiring A CEO To Run Your Company ft. Andrew Wilkinson

My First Million

Hubspot

Entrepreneurship, Investing, Business

4.8 • 2.7K Ratings

🗓️ 20 May 2024

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 — 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? — Links: • Burke and Associates - https://burkeandassociates.com/executive-search/ • Business Intelligence Advisors - https://www.biadvisors.com/ • Never Enough - https://neverenough.com/ — 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 — 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

Transcript

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0:00.0	All right, this is a guest master class with our buddy Andrew Wilkinson.
0:03.6	We're inviting him on because if your world class is something I want to learn from you.
0:07.4	In fact, I had emailed Andrew a while back being like, hey, I have this company, it's working,
0:12.3	we had scaled into the tens of millions in revenue, but I just didn't want to run it anymore.
0:16.4	I was tired, I wasn't the right guy for it, I was half in, half out, and I was just fantasizing about
0:21.9	selling it or the day where I wouldn't be running it anymore.
0:24.0	And he's like, dude, you need to hire a CEO.
0:27.0	And to me, that always felt like something that's easier said than done.
0:30.0	Hire a CEO, just find somebody to take over my baby but he's done it this guys got
0:33.9	40 companies he's got CEOs that run them he doesn't have to run any of them day-to-day
0:38.2	the portfolio is worth 500 million dollars so if there's anybody to learn
0:41.3	from it's Andrew on this and so he comes in and he shares
0:44.5	How are you interviews them? Who is he looking for? How does he structure the compensation? And so we go into step by step how to hire a great CEO for your business.
0:53.5	It worked for me for for Andrew.
0:55.0	I hope it works for you.
0:55.7	So enjoy this guest masterclass with Andrew Wilkinson.
0:58.8	I feel like I can rule the world.
1:00.7	I know I could be what I want to
1:06.5	Okay, we asked Andrew Wilkins it to come on and do one specific thing which is teach us how to hire
1:12.1	CEOs He owns and you own what 40 companies now the
1:17.1	total portfolio is worth almost 500 million dollars and yet you're a pretty chill guy
1:21.8	whenever I text you you answer you're always having fun you're a pretty chill guy whenever I text you, you're always having fun, you're not stressed out,
	...

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