Hiring a Turnaround CEO

In many turnaround situations, you’ll need to hire a new CEO.

Here are some key points to consider when hiring:

Track record — look for someone with a proven track record in turning around businesses.

Cash management — needs to monitor cash on a daily basis and manage all expenses closely.

Operations focus — must have an operations mindset and the ability to apply it to the startup in a turnaround.

Financial literacy — must be able to read the financial statements and understand the current state of the business.

Problem solving — must be able to look at the situation identify the problems to be solved and come up with initial solutions.

Transparent — must be able to talk candidly about the business and the proposed solutions.  

Expeditious — must be able to take action quickly and not get bogged down in consensus-building.

Change management — must be able to hire and fire people as the needs of the turnaround business will be different from the previous business.

Consider these skills in hiring a turnaround CEO.

 

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.