To Hire a New Executive -- Slay The Seven Dragons

It's a hand-wringing experience for a business owner or executive to contemplate hiring a new CEO, COO or other executive.  We're often in conversation with company leaders for months (sometimes longer) as they consider whether to pursue new leadership talent. 

 In making the decision to proceed with a search, most businesses face and slay the seven dragons that can menace the process:

 1.      What happens if we don't engage a new executive?  Nothing - and for many companies that's a problem.  Your company was built to be what it is.  It probably works well, or at least ok.  And that’s comfortable.  Yet your industry is changing.  Technology is evolving, competitors are transforming the landscape, and customers are expecting more.  Even if you have adequate leadership for now, if it’s not right for where you're going, you do need to consider something different.

 2. Our business is unique and there's no one outside who can meet our needs.  But there is.  In considering a change, Company needs and expectations are redefined up front.  Our research, search and due diligence typically generate three or more well screened finalists who are on the mark for each unique business.  

 3.  Won't a search take six to twelve months?  Not really.  Standish works each search on a 100 day timeline with great success.

 4.  The cost of a new executive will be prohibitive.  Like a transformative capital purchase, leadership is an investment.  The expected return can and should be defined.  It won't be cheap, yet the payoff should be enormous.  But if a solid return can't be foreseen, the investment shouldn't be made.

 5.  As a business owner, if I hire a new CEO then what will I do?  Depending on how the transition is structured, as others grow into their new roles an owner may remain engaged, thereafter continuing as a non-executive owner (assuming ownership does not change hands).  A business has demanded the energies and has made the life for a committed owner.  As this dynamic will change, or end, every owner needs a substantive plan for their new adventure.  Leaving this transition to chance is a crap shoot, with about the same odds of winning.

 6.   How will our people react to a new executive?   When appropriately informed and involved in the process and aware of the long term upside for their company, staff reaction and engagement is typically supportive – and often enthusiastic.

7.   How about the risk of a failed placement?   That doesn't happen with Standish.  The firm assures disciplined up front preparation and in-process support. Then, during the year after the placement, there is continuing follow through with the Company and with the new executive, plus an unequivocal guarantee of the new executive’s success.

Enduring companies don't duck critical investments because of perceived hurdles or risks.  Standish assures the right direction and support before, during, and after every engagement to clarify the engagement, address the obstacles, and mitigate any risks.  

Standish clients slay The Seven Dragons.

Stanley Davis is the founding principal of Standish Executive Search LLC, the executive search advisor to mid-size and smaller companies positioning for accelerated growth, change or succession.    StandishExecutiveSearch.com