Referrals are most often your most potent source of talent for your organization. So investor referrals must be the holy grail of all referrals. After all, there is a vested interest in your company's success so why shouldn't the referrals be outstanding?
Here’s the thing to consider. Yes, these referrals are gold but it is dangerous to assume that this person will automatically thrive in your unique company. We cannot forgo a formal interview process based on a strong voucher from a trusted source.
The only way we discover if they will in fact thrive, is to be diligent in the interview process to really understand if the person desires the value your organization brings to the table. .
The decision needs to be made through evidence and buy-in rather than confirmation bias and assumptions.
Guest Bio:
Robert Whalen is the Co-founder and CEO of PTO Exchange, the first benefits platform that allows employees to self-direct the value of their unused paid time off for other needs and causes.
He is a serial entrepreneur that has over 25 years selling and developing software and hardware products for the world.
Under his leadership, Rob and his co-founder, Todd Lucas led PTO Exchange to “Cool Vendor of the year” by Gartner in 2017 and awarded “Awesome New Technologies" at the Health and Benefits Leadership Conference in 2018.
TODAY WE DISCUSS:
HIRING STORY:
When we first started the business with 4 founders, 2 of us were working on the project constantly and the other 2 were not putting in the time so prior to vesting we bought the other two out.
We had to do this to keep a clean up the cap table so that we could raise capital.
Going through this process we realized having that right person at the right time joining the company is really important. So we put a simple process in place
PROBLEM:
Challenge?
When you raise capital you hope those investors will bring value and relationships. But investors aren’t there day in and day out managing the business and they sometimes associate a person's success at another of their other companies to the value that individual could bring to yours
Most of the time the investors' relationships are with the other executives and most of the time you aren’t looking for a high paid person.
An example is when we were hiring a VP of Sales as a small company.
Why is this important to the company?
Rick’s Nuggets:
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