Hiring Rainmakers to Build Your Business

For Fox, a rainmaker can be anyone with great listening skills, tremendous energy and a hunger to prove him- or herself. He is less keyed on track record. In fact, he thinks it's so important for potential rainmakers to listen to and follow worthy advice that he focuses on younger hires who lack preconceived notions.

To hire a rainmaker, offer an environment that is focused on the customer, requires little bureaucratic paperwork and gives the rainmaker free rein. Oh, and be ready to pay through the nose.

"Pay steak and eat hot dogs," is Fox's advice. Entrepreneurs should be prepared to pay a rainmaker more than anyone in the organization--including themselves -- because rainmakers are motivated largely by money.

Structuring compensation is also critical. Don't just pay a big salary. Base most compensation on performance. Put salespeople on 100 percent commission if possible. And remember that not all rainmakers are salespeople.

Other types of rainmakers can be compensated with bonuses or profit sharing to provide motivation to constantly improve their game. Otherwise, they're likely to go elsewhere, Fox says.

A rainmaker who has the freedom and motivation to bring in business will likely be a happy rainmaker who stays with your company. But you might drive away rainmakers by saddling them with paperwork such as unduly detailed and burdensome expense reports. You may also drive them away by micromanaging.