Keep these key traits in mind during your search for a Chief Operating Officer.
If you’ve decided to hire a Chief Operating Officer (COO), there are a few things you’ll want to look for when finding potential candidates to fill the position.
Before we begin, know that a COO is not a Director of Operations or the CEO. The Director of Operations keeps things flowing smoothly, managing that which is already existing. The COO, meanwhile, is able to think ahead and implement business stratagems to capitalize on current and future industry trends.
This position is not the same as a Chief Executive Officer (CEO), who is often a founding partner. Unfortunately, there are many times when the COO and CEO may butt heads. Because the vision has been set and the culture is defined, you want to hire a COO who aligns with these aspects of the firm.
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A typical COO will take over the duties of the person running the firm, whether it’s IT, people management, coaching and mentoring, career development, or hiring and firing. One area we often see COOs handle in a few different ways is mergers and acquisitions.
A COO who is great at streamlining can figure out what is duplicative and where there are synergies when it comes to staff and offices. This can actually help in closing a deal, as your COO demonstrates professional management skills.
A great COO will not only handle mergers and acquisitions work, but may also help close the business, or even potentially source new M&A opportunities. This is done by someone who is charismatic and dynamic: A person others can see themselves working for. Quite frankly, COOs with these traits are some of the highest paid COOs in the industry.
If you have any questions about hiring a COO or Director of Operations, we’ll be happy to answer them or point you in the right direction. We look forward to hearing from you soon.
