Stu Coleman, Partner / Senior Managing Director of WinterWyman’s Finance, Human Resources & Administrative team, shares necessary insights when you’re considering adding finance professionals to your early-stage company.
With a startup, the most critical position is all of them. Honestly, you have to look at what do you need right now? If you need some forward-thinking, analytical perspectives on things, bring on an analyst.
I think the level of staff for a startup is going to be, the first position: the CFO. That financial person also in the beginning is going to wear a lot of hats. They’re going to be doing Accounts Payable and Accounts Receivable.
My suggestion then would be very soon, sooner than later of course, bring in an A/P or an A/R.
When to Consider a Contractor:
What you need today in a startup environment, is probably not what you’re going to need six months and certainly not a year from now.
I would encourage people to use contract labor to solve both of those things.
How Important is Startup Experience?
Previous startup experience in a candidate or on a resume is a plus, but I wouldn’t call it a must. What’s more important is to look at the person, their energy, their excitement, their willingness to do whatever, whenever to get this company off the ground.Accounting & Finance | Hiring top talent | Interviewing tips for employers | Leadership & management | Startups | Video