MAKE YOURSELF IRRELEVANT - MAXIMIZE VALUE FOR EXIT David Shavzin; Shavzin Associates & ITB Partners

You want to exit at some point, you want to maximize what you get for your business. Exit planning or succession planning, you need to focus on it! A buyer is looking for something as close to a cash machine as possible. And, one that does not depend on keeping you around...more - read the full article

THE PANEL DISCUSSION

Two weeks ago I was a panelist for a CFO Roundtable luncheon meeting.  Our topic was the general employment situation for CFOs.  I have been a member of this group for a number of years, so I was well acquainted with my host and most of the guests.    This was the first time I had met the two other panelists.  One has been in business for 28 years focused mostly on recruiting for plant-level jobs.  The other is a Partner and Founding Member of a firm focused on academic, not for profit, and some Fortune 500 searches.   It was interesting to have their perspectives and for the most part we were pretty well aligned in our experience.  There were some obvious differences, however, which made for a more interesting discussion. 

The members of this CFO Roundtable Group are primarily employed by small to mid-cap concerns representing most industry segments.  Their employers are PEG portfolio companies, emerging privately financed companies, and some family-owned businesses.  There was no representation from a major public company, educational, or not for profit.  One of the attendees is a recent placement and current client.  Even though the focus of this Panel Discussion was on CFOs, it became evident that the issues for this group are relevant to all senior level executives.

The moderator kept the discussion focused and moving so as to accomplish as much as possible during the lunch hour.  The broad topics were related to the ideal CFO candidate background; employer preferences to hire employed candidates vs. unemployed candidates; age discrimination; cultural fit; current CFO tenure; and the use of LinkedIn during job search.  Undeniably, these areas are of great interest to CFOs currently in job search and for the rest who know they could be in the market at any time.  It is interesting to know that all of these issues are closely interrelated.  A bullet point recap of those topics and findings follows:

•       A traditional background with experience in Big 4 Public Accounting is still preferred.

•        Preferred hire is currently employed, ceterus peribus.

•        LinkedIn is an important tool which may be growing in popularity with major Executive Search Firms.

•        Tenures are shorter.  The new normal is three to five years.

•        Cultural fit is very important to both the client and the candidate.

•        Age is an issue but not in every case
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During the Q&A there was a lot of discussion around corporate cultures.   The issue was related to how the recruiter could be helpful in presenting the client culture, and how a candidate could go about learning more about their culture.  The time spent on this topic is understandable as the members of the audience have enough experience to know that ensuring a good cultural fit at the beginning of employment is vital to minimizing the risk of a short tenure situation.   Additionally, many have recent experience in difficult situations which they don’t want to repeat.  We all agreed that helping the candidate, and ourselves, better understand the client’s culture is necessary for all parties concerned.  It is not such an easy task, however, as so many companies are in a state of flux.

My take-away from the meeting, and the theme for my responses is that the recruiting criteria for CFOs in the small to mid-cap segment are highly dependent on the company’s situation.  Employers are looking for specialists to help them with immediate priorities.  When those priorities are met, or at a liquidity event, new priorities are established which may render the CFO expendable.  One would need to build a matrix to catalogue the various attributes required of candidates for each particular situation.  I will explore these issues in greater depth in the coming weeks.

To summarize, employers in the small to mid-cap segment are looking for CFOs to help them with immediate issues.  They are looking for candidates with a traditional accounting track and prefer to hire someone who is currently employed.  This is a preference, not a hard and fast rule.  Tenures are shorter as the need for the particular talent is more specific and because a change of ownership will force the need for a change.   Cultural fit is very important, but age is not as important if the candidate meets the hiring profile.   The point for CFOs and all other C-level Executives is to identify ways that they can position themselves as a specialist.

Thank you for visiting my blog.
Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so please leave a comment.

Jim Weber, President

New Century Dynamics Executive Search

www.newcenturydynamics.com

MORE ON WORKING WITH RECRUITERS Part 4: CHECK IN FROM TIME TO TIME!

Working through the recruiting and selection process can be a very challenging time for job-seekers.  Feedback from the hiring manager and/or the recruiter is priceless.  The lack of feedback can be very frustrating.  Recruiters understand the frustration well, as we must “get the job” before we can begin working on a search assignment.   Many years ago, while I was still employed in Industry, a great Executive Recruiter and friend told me that “sometimes, no news is no news.”  In other words, thank you for calling, but I have no relevant update for you at this time, so relax.  Recently I heard a slightly different twist on that line, whereas “no news is no interest.”  Regrettably that is often the case.  It is still very important to maintain a healthy relationship with your recruiter so you need to check in from time to time.  The point is to make your contact productive and unobtrusive. 

As a candidate for a particular search, you should know that you are not the only candidate for that search.  For that matter it is important to understand that your recruiter is working multiple searches.   She is working with a number of candidates over a number of different assignments.  What that means is that communication from the recruiter may take some time to get to you.  So, a periodic check-in may be useful for the both of you.  

A phone call is obvious, but there are no guarantees you will make an immediate connection.  In this case, just make sure that your voice mail message is clear and concise.  Ensure that your identity is provided, including your telephone number.  Fortunately, most voice mail systems provide the option to review your message before sending.  Using this feature is a good idea.  It is not uncommon for me to receive unintelligible messages, usually someone calling from a weak cell.  I will likely get their phone number, but not the message.  Email and SMS messages can be much more effective for a simple check-in, resulting in a more immediate response.   These should be your primary tools.

It is equally important to let the hiring manager know of your continued interest as well.  Every contact provides you with an opportunity to send a thank you note.  Remember, a thank you note is more than just an expression of gratitude.  It is another opportunity to sell your capabilities and to demonstrate your enthusiasm for the job.  This is an important task that must be appreciated, so much so that you should include your recruiter in crafting the message.  She knows the client’s needs and their hot buttons.  She will help you craft a note that makes an impact.  More importantly, she can save you from sending a counter-productive message.

It is vital to stay connected to your recruiter while you are a candidate for a current search as well as for future opportunities.

• ·         Express your enthusiasm and continued interest.

• ·         Availability to provide additional information

• ·         Update the recruiter as to your status and travel plans

• ·         Just to say ‘thank you’ especially post interviews.

To ensure that you stay connected to the recruiter to be considered for future opportunities consider the following:

• ·         Become connected on LinkedIn

• ·         Join the recruiter’s mailing list

• ·         Send periodic updates as to your situation via email.

• ·         Ensure that the recruiter has your current resume.

Follow these tips to become a savvy candidate.

Thank you for visiting my blog.
Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so please leave a comment.

Jim Weber, President

New Century Dynamics Executive Search

www.newcenturydynamics.com