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Thank you for posting. I was sponsoring my first deal this past year and the CEO we hired pre-close turned out to be less effective than we needed as we got closer. Deal died due to an unrelated issue with the seller, but it really made me reconsider how I think about the model.
I was x-industry and am now narrowly focused (on businesses I could more comfortably step in if needed) - and I have been trying to build a bench of future board-members and advisors to help augment that experience.
Your post speaks to whats been on my mind, so I wanted to ask - how do you get comfortable with hiring a CEO to "own" your deal enough to pivot to your second one?
If your goal is to build a portfolio (versus a single operating company), then you need to go deal-by-deal, and only move onto the next one once you have had enough experience in the first one, and you have a competent CEO/President/GM in place.