Are you ready to hire a Chief Operating Officer for your growing cannabis business? If so, you have two options: Promote from within or hire an external candidate. In this video, we discuss the inside/ outside hiring dilemma and the pros and cons of both.
We suggest that you always promote from within if you have the right candidate ready to take on the position.
- Knows company processes, people, culture, etc.
- Has established rapport with staff and the leadership team.
- Ensure readiness by giving a few key assignments.
Should the internal candidate not be ready for the role of a Chief Operating Officer because they have failed to perform either during their tenure or during your readiness test, then we strongly suggest hiring from the outside.
- External candidates can bring new ideas to the table.
- Mixed background COO candidates can help professionalize your growing cannabis business. Some of the common combinations we see are:
- Operational/ Legal focused Chief Operating Officers: If you are not prepared or financially ready to bring on both a COO and a General Counsel, then we recommend hiring a legal-focused COO.
- Operational/ sales focused Chief Operating Officers: Oftentimes, the CEO is sales-focused, however, in the event that the CEO of your cannabis business is not such an individual, we recommend bringing in a sales-focused COO.