Completely in agreement. Hire a bad leader when the company is growing and you risk one year later to have the whole company infested by all sort of people that you would not like to have around (managers included).

Some companies completely screw up themselves because of this. Startups usually do not think about this early enough and when the founders realize what is going on is too late and the company culture is screwed.

My favorite Steve Job's video on the subject: https://www.youtube.com/watch?v=rQKis2Cfpeo