The entrepreneur faces a moment of truth when he and his partners have grown the company to a sufficient degree to take it to the next level. At that stage it becomes imperative to hire a professional as a functional head say a CFO. Obviously the top manager needs to fill in the skill set the founders may lack. It must also be recognized by founders that this skill set is absolutely vital to succeed.
The founding partners find it difficult (esp. when founders are friends and family ) to cede control to the CFO designate, since it also means giving up certain powers and also business secrets (which the entrepreneur is paranoid about) .
The Top Six Things to consider while setting up a top management team are outlined below
Try and first source from professionals in your network.
They might not be the best person suited for the job, but ‘trust’ is an important criteria at this stage, esp. for a CFO. In circumstances where you cannot find individuals who match at least 50% of skill set required, then use a professional head hunter and do an extensive reference check.