Building a management team

It’s not uncommon for business owners to think about exit goals and personal needs as their companies mature. Regardless of what you plan to do when you’re ready, the most important thing is to do it on your own terms, plan your end game from the beginning and have a top team of co-pilots to help get you there.

Just as they do for you in the day-to-day running of your business, a solid executive or senior management team will help you sharpen your competitive edge and push growth and profitability that can leverage your position. If they are a trusted, high-performing group, they can help you run and scale your business without you having to be there all the time to make it work.

Some owners achieve a similar result by hiring a great “number 2.” However, for most CEOs, myself included, being able to rely on a great team of people who are smarter than you simply gives you more options. Consider:

1. How will your team measure the success of its performance?
Establish a list of expectations, actions and priorities. What are you willing to delegate and what accountability do you want associated with it? 

Read more in our June issue here.