What is the right time to hire a senior controller?
October 14, 2009
Building on one of my earlier posts about the importance of “crowning the company“, I often find that entrepreneurs of Expansion Stage companies are resistant to hiring a senior controller. I don’t know if this is because they are trying to conserve capital, don’t find this position of high value or just don’t like losing control. Whatever it is, I believe it’s a significant impediment to growing an Expansion Stage company.
A senior controller is a pivotal role for the CEO in helping him or her free up time to work on things that matter, make more informed (facts-based) decisions, establish and maintain performance metrics, be better prepared for board and operating meetings, and establishing a management system and financial operating rhythm for company. All of these functions are essential to building a solid financial and operating footing for Expansion Stage companies.
I like to think of this position as a “utility” player. Able to play various operating roles in the company, while monitoring the “heartbeat”.
It’s funny that while CEOs resist this at first, once they have taken this step, they are often the biggest advocates for this position and end up saying “I wish I would have done this earlier!”
Wow, this coming from a sales guy…go figure!!