Five questions to ask before you hand your business to a manager

Bring these questions to any outside manager, ours included. The answers should be short, clear and in writing.

1. Who exactly will work on my business?

Names, not a department. How many hours a week, and who covers when they are away.

2. How do you get paid?

A flat fee, a share of profit, or both. Ask for the worst case: what do I pay in a bad month? Ask what is not included.

3. What can you decide, and what needs my yes?

Spending limits, hiring, prices, borrowing, selling. Write the limits down. Everything above them needs your approval.

4. What do I see, and when?

A monthly report, read access to the bank and the books, and a call on a fixed day. If you cannot see it, you cannot check it.

5. How do we end this?

Notice period, what happens to staff, accounts, customers and records, and who owns what you built together. Settle this on day one, while everyone is friendly.

A good sign

A manager who is happy to answer all five before you sign, and who writes the answers down.