How Do I Find Someone to Run My Business?
I own a small restaurant and bar that I operate from a rented building. I am looking for help to run the business because of a recent injury. How do I find someone who will run it honestly? What pitfalls should I look for when turning it over? Obviously I'd like to avoid being taken advantage of.
Join us at Entrepreneur magazine's Growth Conference, Dec. 15 in Long Beach, Calif. for a day of fresh ideas, business mentoring and networking. Register here for exclusive pricing, available only for a limited time.One way to do this would be to hire two "managers" to help you run the company, and see who is better able to lead your operation over a six- to 12-month period.
The key to making sure this works is to understand your own numbers inside and out, and have some systems in place that you can train your managers in, rather than teaching them the business from the ground up.
That said, another option would be to find a "great jockey," meaning someone who knows your business or industry and who may even have their own clientele. For your industry, that would mean hiring a great chef or bartender who is ready to run his or her own business, but who may be looking for a "horse to ride" so to speak, or an opportunity to see first-hand exactly how to run a successful business.
Pay that person an incentive or some type of fee on top of a wage or salary, and be careful about getting into any kind of partnership or arrangement that gives away portions or percentages of your company.
Honesty and integrity can be hard to find in any industry, but if you can work out a deal that gives the person you're looking for an incentive to do well and build the business while you retain control, you should be able to make your venture work. Just remember you must know your company's numbers better than the people you're hiring. When you do, you'll be able to help manage those numbers through your managers or the "jockey" you choose to hire.
Perhaps you'll find your injury to be a blessing in disguise, forcing you to learn how to truly run a business without actually being "in" the business for hours and hours every day, and most days of the week.
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