If you want to be absentee owners, you will need to find someone able and willing to operate the business as if they owned it.

If it was me, I’d want a healthy salary, benefits, and ten percent equity.

First figure out the duties, level, responsibilities, etc. then worry about the title.

Depends on your earnings but I would be cautious naming someone a “CEO”. I’ve seen other small businesses give elevated titles earlier on, and have it come back to bite them when a true “CEO” is needed.

You should establish a regular meeting cadence with your operator.

You should also monitor important KPI’s to your business at a regular interval, which you are likely doing already. This is arguably more important now because you aren’t going to be there day to day.

In terms of functions you still hold on to, think of ways that the operator could bankrupt the business. Then think of systems you could implement to prevent the risk from materializing. If you can’t think of a system, hold on to the task.

I would suggest listening to some Acquiring Minds podcasts. Some episodes that come to mind include one where a highly paid tech executive bought a towing rescue business, hired an operator day one, and kept his job (with Matthew Saskin). Also one where an accounting firm owner bought a tree service business and hired someone to run it (with Landon Mance).

Bring them in as a general manager. I nice skilled enough to be effective promote them to Director of Operations. After 5-10 years promote to COO.

you don’t want a ceo or president title on a person like this. It implies some level of ownership of the company

I think the correct title is the one that makes sense to you. It could be general manager, president, director of ops, ceo. What do you think would give you the most freedom in your life?