Hire Slow Fire Fast: The $400,000 Lesson We Learned

Some decisions get more expensive the longer you wait to make them. Frank LaRosa and Stacey Frank open up about the cost of holding on to people too long, whether that is an employee, a junior partner or even a client who drains more energy than they are worth. Frank breaks down how his firm used data to identify which new hires were likely to succeed and which ones were not, a process that ended up saving the company over $400,000 in a single year. They walk through the honeymoon phase every new hire goes through, why the first ninety days can be misleading and how watching what someone does matters more than listening to what they say. Frank shares a personal story about hiring someone for a leadership role, sensing early on that it was not the right fit and eventually having to call that person into his office and own the mistake himself. The conversation moves into the ripple effect negativity has on a team, including a story about a three million dollar producing team that left the firm and the surprising relief that followed. Frank and Stacey also discuss the moment every advisor eventually faces, realizing someone who once helped the business grow can no longer help it get to the next level.   Questions answered in this episode include: Why does hire slow fire fast actually save money instead of costing it? How do you tell the difference between a rough first ninety days and a real red flag? What is the qualitative side of managing people that most owners overlook? How do you know when your gut instinct is telling you something real? What should you say to someone when you admit you made a hiring mistake? How do negative team members affect productivity even when they are still performing? When does a good employee stop being the right fit for where your business is going?   Chapters: 00:00:58 Believe Them The First Time 00:02:49 No Good Deed Goes Unpunished 00:05:52 The $400,000 Hire Slow Fire Fast Lesson 00:07:45 Watch Their Feet Not Their Words 00:11:57 Your Gut Instinct Is Trying To Tell You Something 00:14:08 Owning The Mistake And Letting Someone Go 00:20:37 Booster Rockets And Knowing When People Move On 00:22:20 The Day The Negativity Left The Office   Learn more about Elite and our resources: Elite Consulting Partners | Financial Advisor Transitions https://eliteconsultingpartners.com Elite Marketing Concepts | Marketing Services for Financial Advisors https://elitemarketingconcepts.com Elite Advisor Successions | Advisor Mergers and Acquisitions https://eliteadvisorsuccessions.com JEDI Database Solutions | Technology Solutions for Advisors https://jedidatabasesolutions.com Elite Wealth Management Insights Report https://eliteconsultingpartners.com/insight-report Listen to more Advisor Talk episodes https://eliteconsultingpartners.com/podcasts/