Transition Management Series: Part Four – Post-Hiring Support and Ongoing Training

Ensuring Long-Term Success After Hiring

Introduction: Supporting New Hires Beyond Onboarding

In the final phase of any transition management project, especially within the cannabis industry, the focus shifts to post-hiring support and ongoing training. This concluding part of our series explores how to maintain momentum after the hiring process, ensuring the right fit and fostering independence in the new team.

For insights into the initial stages of transition management, refer to Part One: Initial Stage.

The Challenge: Supporting the Team Beyond Hiring

Once key financial and operational staff are hired and onboarded, the real work begins. Hiring alone doesn’t guarantee success—ensuring that new hires are the right fit and capable of handling their responsibilities is critical. This is where post-hiring support comes in, involving:

• Monitoring team performance
• Providing ongoing training
• Making necessary adjustments

Rachel Wright of 420CPA emphasizes that even after initial onboarding, continued guidance and support are necessary to ensure long-term success.

Solution: Continuous Training and Evaluation

In the case of Greenleaf Ventures, the post-hiring phase spanned several months, requiring consistent monitoring of the team’s integration into the business. Rachel explains, “After hiring, it’s not just about letting them go; it’s about training and ensuring they are the right fit. If not, replacements have to be found.” This approach ensures the team remains aligned with the company’s goals and culture.

Key strategies included:

• Frequent Communication & Mentorship: The new CFO, Controller, and other key hires initially relied heavily on Rachel’s expertise, with frequent communication to ensure the correct processes were followed.
• Gradual Independence: Over time, as they grew more comfortable, the need for Rachel’s direct involvement decreased, demonstrating a successful handover.

For more on advisory services that can support such transitions, see Advisory Services for Cannabis Businesses.

The Role of a Fractional CFO

Rachel’s approach to the post-hiring phase is rooted in the belief that a company’s finance department should eventually become independent. For companies that can afford a fully functioning internal finance team, it’s essential not to foster over-reliance on external consultants. The purpose of a fractional CFO role is to provide guidance during growth periods or transitions, but there comes a time when the business outgrows that external support and can manage its own operations.

“We set them up for success so they can become independent of us,” Rachel notes. “Once they reach a certain size, it’s important they have their own internal team managing finances.”

Learn more about the role of a fractional CFO in Reimagining the CPA Experience for Dynamic Business Growth.

Impact: Establishing Long-Term Independence

The ultimate goal of the post-hiring and training phase is to ensure that the company is set up for long-term independence and success. By investing time in training and support, businesses are equipped to stand on their own without ongoing reliance on external help. In Greenleaf Ventures’ case, Rachel’s team ensured that the new staff were not only equipped with the necessary skills but also empowered to take over without frequent external intervention.

Outcome: Reduced Dependency and Successful Integration

As time passed, the new CFO and finance team grew more autonomous, reducing their dependency on 420CPA. This gradual shift toward independence was the ideal outcome, allowing the company to operate smoothly with minimal external input. By the end of the post-hiring phase, the new staff was fully capable of managing day-to-day operations, with Rachel and her team stepping back into a maintenance role, focusing on tax strategy and occasional advisory support.

For insights into tax strategies that can support ongoing business success, consider Navigating Taxes in the Cannabis Industry: A Practical Guide for 2023.

Final Thoughts

Post-hiring support is as crucial as the initial transition and staffing phases. Without continued training and evaluation, a company can easily face setbacks. Rachel Wright and 420CPA understand the importance of not just finding the right people but ensuring they are fully prepared for their roles. This ongoing support ultimately leads to a stronger, more resilient business, able to stand on its own in a competitive industry like cannabis.

Stay tuned for more insights and strategies on managing complex business transitions, where we will continue to explore the nuances of financial leadership, team integration, and sustainable growth.