Hiring a Turnaround CEO

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

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 and 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.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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