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Looking to Hire a Manager? Read These 4 Tips First.

I am considering purchasing an existing business that is already generating a profit. However, I do not want to manage it as I am concentrating on my day job in the financial industry. So, my question is, what qualities and experience should I be looking for in a manager if I do go through with the buy?

It's refreshing to learn that you have immediately recognized that you are not the right person to lead the company. I admire that as that's one of the key qualities of a leader -- recognize your weaknesses and address them with those that are more capable and qualified.

How you go about identifying the right person to lead the company typically varies by industry, but there are certainly common themes in what you should be looking for in a CEO.

Expertise. You want to hire someone with a keen understanding of industry dynamics and how to position the company for future success. This person will need experience with successfully taking over a business and working with the existing infrastructure to meet long-term objectives. Furthermore, there must be something unique about this person’s knowledge and/or relationships that sets him or her apart from the pack.

Related: 12 Personality Traits That Make You a Rock-Star Boss (Infographic)

Leadership. Focus your search on individuals that display leadership qualities. This will typically include people who are exceptional communicators, strategic-thinkers and are embraced by their employees, customers, partners and stakeholders.

Passion. In order to lead a company, you need to be very passionate about what the company is trying to achieve. If you don't, then you won't be able to motivate your employees to help you grow the company.

Integrity. You want to hire someone that you can trust and is ethical. Managers set the tone for the entire organization. When you're evaluating potential candidates ask difficult situations and how they deal with challenging people to get sense that your values and approaches match.

Related: When Should a CEO Get Involved in Day-to-Day Details?
 

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