“Nobody is perfect, but a team can be.” - Dr Meredith Belbin
The Key to a successful business is undoubtedly having a quality management team. A good management team consists of a mixture of the business founders and other individuals committed to the development of the company, and tends to be split between executives and non-executives. Investors want a management team that can steer the business through risky and volatile situations, has professional experience, and a proven track record. Investors tend to assess the strength of a management team from three perspectives.
Firstly, investors will look at the structure of the management team - they will want a certain number of the team to be executive directors .This can vary business to business and could be flexible for start-ups .The important executive roles are CEO, COO, CTO, Sales Director and Marketing Director. All these executive roles will need to be filled by individuals with both a proven track record and experience in this industry. The investors will also want an FD - this role can be non-executive as long as there is a team below him/her in the business. The FD needs to be someone who is strong in dealing with reporting deadlines and who can flag financial issues to the board well in advance. The FD will also need to have some corporate finance background. Finally, the investors will want a Chairman who has delivered an exit in the industry previously and has the contacts to help the business move forward. He will need to ensure the management team remains coordinated and connected at all times.
Secondly, investors look for admirable personal traits in the entrepreneurs and the team - reliability, reputation and trustworthiness, for example. Investors want entrepreneurs to run the show, and they know they can do so if they have already established credibility within the industry.
Finally, investors look for raw entrepreneurial ability in the team. Young companies are synonymous with huge risks, and the management team should not only be extremely passionate and driven to turn their concept into a successful business, but also have the ability to asses and take on calculated risks.
At Wingmen we have the contacts and experience to find key executives and non-executives that you can employ to fill any gaps in your Management team. We recommend that you contact us early enough so that there is adequate time for us to carefully pick out the appropriate individuals for you to meet .The Management Team is arguably the most important structure within any business.
“It’s easy to get people for you –the problem is finding good people, the right people.”
- Dot Com Entrepreneur