Originally Posted by servicefly

Just to add more to this thread; I will again hire someone else to run my company this next time around. What I learned most is how to evaluate loyalty and breed trust in managers. Hiring top level managers (executive especially) is the hardest transition to the expansion phase of business. I can't say I would recommend hiring from 3rd parties; however, it is usually necessary to hire outside the employee base.

Next time I will create a checks and balances system to prevent fraud and embezzlement. Such a system would probably have a loyal employee promoted within to control finances and a President to manage the managers. All managers must get approval by the new Financial Officer (i.e. the employee promoted) who in turn must get approval by me. I will have a director (partner) with an equal stake in the company to handle things in my absence (vacation). If I pre-approve certain lower expenses ahead of time, then it will streamline decision making.

It is all about spending as much time building your management team as you can. I know what to look for now and I have some tests I put all managers through (whether they know it or not).

Being a business owner is far better than "Self Employed." Before I hired the evil president guy (LOL) I had a pretty good team and I was free to do a lot of what I preferred like learning golf (really bad at it still).