The Lazy Millionaire: I Own 40 Companies, But Don't Run Any Of Them

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Episode 587: Andrew Wilkinson (   / 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
(1:46) Why you need a CEO
(4:47) The third door: leave the business, keep the cash flow
(9:35) Get back to your flow state
(11:35) Step 1: Are you ready to hire a CEO?
(16:05) Is this going to hurt my business?
(17:37) Step 2: Find the RIGHT CEO
(19:07) Hiring a recruiter
(22:30) Look for a #2 with the right hammer
(24:23) Be a collector of people
(25:21) Step 3: Diligencing the candidate
(28:16) Green flags, yellow flags, and red flags
(33:33) 2x not 20x
(35:55) Step 4: First 100 days
(37:51) Don't poison the water
(39:29) Flesh wounds not mortal wounds
(41:22) Meet them in person
(41:48) More on diligencing: Trust but verify
(44:06) The DIY path
(46:20) Step 5: Negotiating and structuring compensation
(48:08) Uncapped bonuses vs equity
(51:34) Myth: Is a founder-led business always better?

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Links:
• Never Enough - https://neverenough.com/
• Srch - https://www.srchpartners.com/
• Business Intelligence Advisors - https://www.biadvisors.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
• 💰 Pitch your startup for a shot at a $1M investment with Sam Parr as the MC https://clickhubspot.com/pitch


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