Michael Girdley Profile picture
May 13 10 tweets 3 min read Twitter logo Read on Twitter
PSA: You need a Chief of Staff.

I hired one last year:

My productivity doubled – and I’m having a ton more fun.

I wish I’d done it years ago.

Here's how I did it:
Let’s start with what a Chief of Staff isn’t.

This is NOT an Executive Assistant.

While there are bits of menial work, the role is high-level.

The CoS covers my “messy middle” of necessary projects.

Too complex for an EA.

But things that someone else could own/accelerate. A 2x2 graph, showing that t...
My CoS (hi @_robyn_smith!) does high-level projects like:

• Lead a hiring process
• Run a diligence process for one-off M&A
• Choose a vendor
• Run annual employee review process

I can’t delegate these to existing teammates.

But these things must get done.
There are many Chief of Staff “flavors”

But this is mine:

Robyn reports directly to me.

And functions as a "smoke jumper": she parachutes into strategic spots.

She’s a teammate in every big project and helps make things happen.

A CoS is a force multiplier for me.
Done right, a CoS has full access.

They come to many/most meetings.

Robyn knows my near-term and long-term plans.

She’ll work with all my direct reports at some point.

And there’s a high level of trust.
What I want in a Chief of Staff:

• Smart
• Good decision-making, and can make (somewhat) risky calls
• Gritty
• Attention to detail
• Enjoys multitasking
• Likable
• Ambitious
It’s an excellent opportunity for young early career people.

They get:
• Exposure an early career person would never otherwise see
• Often end up in a senior role
• See the whole business
• Move on (up) in 1-2 years

Much better than getting a low-level jobby job!
For me, finding a CoS is easy:

I just tweet about it.

If you’re not there, I recommend two paths:

• Network to find referrals (tons of young people want these jobs)
• Identify hustlers in your current org and pitch them on the role

It’s easier than you think.
Here’s Robyn’s Chief of Staff job description.

If you want the template for it, subscribe to my newsletter.

I'll send it to you for free:

girdley.com/subscribe-cos
The CoS role is getting more popular.

Startup people are in the lead in using it.

But more SMB people need to do this.

What do you think? Am I crazy? What questions do you have?

Reply below.

And retweets/likes are always appreciated:

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More from @girdley

May 11
I’ve watched my friends make $1,000,000s.

The secret?

Investing in ways only business owners can.

8 unconventional ways they did it:
1) Acquire one of your suppliers

• Both businesses get guaranteed supplier/customer
• “Vertical integration” = efficiency
• Gives you a competitive advantage

Example: Grocery chain buys the local milk supplier.
2) Buy a competing business

• Levered returns with bank/SBA debt
• Your business is now bigger / more efficient
• One less competitor

Example: Construction contractor buys another one.
Read 13 tweets
May 9
I have friends who made massive wealth.

They have a weird new problem:

"What am I going to do with my life?"

They don't need to work ever again.

And they realize how much purpose comes from building something.

Now that’s gone. No Chili's in Time Square
My friend @NickLongo taught me a great lesson:

"What is your Noble Cause?" he would ask entrepreneurs.

Meaning:

What purpose are you serving that's greater than yourself?

How are you leaving the world a better place?

It was fascinating how few had answers. Image
I spent years finding mine.

I know now my "noble cause" is creating opportunities for others.

I find no joy in handing people fish (i.e., philanthropy).

But enjoy creating the lake to fish in (jobs, companies).

And I love teaching people how to fish (tweeting, writing). ImageImage
Read 4 tweets
May 6
"How do you recruit a CEO for a business?"

I've done it a dozens of times now.

It's essential to get right:

A great CEO will 10x the output of an OK one.

My approach uses my regular hiring system (link at the end!).

But there are some things I've learned the hard way.

⬇️
** Figure out if I'm ready for a CEO

Am I ready to let go and trust?

An actual CEO has complete executive leadership.

The main reason I see CEO hires fail is not the candidate.

It's the owner not letting them be CEO.

Instead, meddling and nitpicking -- creating a mess.
** Hire CEOs at inflection points

There are four stages when I try to hire a CEO:

1) Pre-idea
2) At Product-Market Fit
3) Scaling
4) Maturity

These align with natural segments of candidates who fit what the company needs in ability and temperament.

And would want the job.
Read 15 tweets
May 3
One of the top questions I get:

How do you structure compensation for a small business CEO?

Here’s how we do it:

⬇️
First, quick thoughts on this topic.

CEO compensation must align with the owner's goals.

That might be “grow fast no matter what” or “profitable growth.”

Or it could be “max cash flow.”

Whatever your goal, the comp structure must:

· Work for the CEO
· Work for the owners
Some people like complicated.

I have a crappy memory and am lazy, so I want simple.

So we do simple.

Here is a screenshot of the structure we use in Excel.

(link to download it at the end) Image
Read 10 tweets
Apr 29
I considered moving out of the USA.

After some research, I realized leaving is stupid.

There is no chance the USA will stop being the global superpower.

And the best country for opportunity.

The reason surprised me:

⬇️
First, the usual arguments for optimism about USA are:

• democracy
• the rule of law
• the US Dollar
• aircraft carriers (i.e., strongest military)
• immigration
• entrepreneurial culture
• and many more.

But...
But there’s something more important than all those…

Geography.

A magical combination of geography favors the USA over all others.

It's no surprise the USA keeps winning.

The USA is the only economy to grow every decade for 150 years.

Here is how the US is so gifted: Image
Read 21 tweets
Apr 19
I started 9 companies that employ >1,000 people.

But… I don’t build startups like everyone else.

I use a system called “Effectuation”

It will change how you build innovative businesses.

(1/x)
First, some history...

I’ve used the standard startup techniques:

· Lean (“Ask customers their problems”). It produces “small” ideas. Yuck!

· Waterfall (“Build a big vision & customers will come”) common to VC. It's too risky.

There is a better way...
It's called Effectuation.

Effectuation is playing Jazz in the world of business – all improvisation!

You use available means to take action and let the big vision emerge over time.

Here’s how it works…
Read 14 tweets

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