I own a specialized industrial equipment manufacturing company which I started 20+ years ago and has done quite well. Our sales and growth have stagnated over the past few years primarily which I think is due to : #1. Being 'home-grown', we have lacked professional marketing/sales and have primarily depended on referrals, online (Google etc.) marketing & a few print ads in trade magazines. #2. Over the past few years I have spent lesser and lesser time at the company with zero efforts towards new marketing channels etc. Recently we were approached by a very talented individual who operates (CEO) a similar but unrelated niche manufacturing company. I believe he could take our company to the next level as he has done at his existing company. Of course no guarantees but I am willing to set aside the considerable cost associated with this endeavor for a year or longer, assuming I see some ROI within a year. Which brings me the to the question above!
If you choose to hire the Business Manager based on clear business benefit, then the next task to is mitigate the risk of the other employees acting out due to the change.
a. Is it possible to keep the compensation and contract details private?
b. If other employees will be aware of compensation due to the company size or you choosing to tell them, then you may want to take steps to address the issue by first differentiating the role. (e.g. How different is this role from other current roles at the company? What is this person responsible for compared to others? What are the Key Performance Indicators for this role and what is the penalty for not meeting them?)
2. Change Management
a. Change in general can cause people stress. If bringing someone new in will cause issues with current employees, it is important to both try to understand what those challenges may be as well as know what you find as an acceptable loss if people choose to leave.
b. There are many Change Management techniques that can be implemented to help with smooth transitions.
Feel free to give me a call if you would like to discuss in more detail.