Amid the drive for strengthened financial stewardship, an portfolio company embarked on a vital mission to secure an adept controller. This strategic hire would steer a tech-enabled business services firm towards reinvigorating its standing, targeting more than $100 million revenue and just below $10 million EBITDA in the post-pandemic landscape.
The Challenge
Balancing Transition and Empowerment
The resignation of the former controller in early 2021 prompted a transitional phase. The assistant controller stepped into the role temporarily, yet the company sought an accomplished, permanent figure to lead the financial team. This transition signified an opportunity to establish a dynamic financial strategy, positioning the firm for resurgence in a post-pandemic economy.
How BluWave Helped
Niche Recruiter Delivers
For the crucial controller recruitment, BluWave introduced a skilled recruiter specializing in financial talent acquisition. With a notable history of placing finance and accounting professionals and a deep understanding of the target market’s dynamics, the third-party service provider was primed for this task.
The Result
Next-Level Financial Strategy
The adept recruiter, renowned for her acumen in the local target market, launched into action. Backed by extensive experience in financial leadership placements, she skillfully aligned the client’s requisites with her expertise. As the recruitment journey unfolded, the promise of renewed financial stewardship and growth resonated, paving the way for revitalized operations, elevated financial resilience and sustained progress.
A prominent middle-market private equity firm recognized the importance of hiring a CEO with an exceptional ability to drive profit-focused growth within a professional services company. With a strong foundation in social impact, the client’s portfolio company, a leading provider of philanthropic advisory services, sought an operator capable of steering the organization to new heights.
The Challenge
Nurturing Vision with Profitability
The portfolio company, generating approximately $80 million in annual revenue, engaged in philanthropic advisory services, outsourced accounting for nonprofits and fiscal sponsorship. While successful in the social sector, the company needed a transformative leader to expand its profitability. The challenge lay in identifying a CEO experienced in both professional services and private equity, who could manage and own the P&L, while also leading a team that often comprised millennial staff.
How BluWave Helped
Exclusive PE-Vetted CEO Search
BluWave tapped its network of meticulously vetted executive recruitment firms with a PE focus for a targeted CEO search. The specialized recruiter the PE firm chose from the short list aimed to identify a visionary leader with experience in professional services, private equity and successful P&L management.
The Result
A Visionary CEO for Profitable Expansion
The chosen search firm presented a CEO with expertise extended across professional services and private equity. This visionary leader’s background encompassed transforming businesses within the professional services realm, backed by private equity experience. With a proven ability to own and manage P&L, the new CEO had the insight to boost the portfolio company’s annual revenue. This strategic placement not only addressed the immediate need for an operator but also positioned the company for accelerated growth within the philanthropic advisory landscape.
A dynamic player in legal and compliance services identified a crucial need for strong IT leadership. With a robust front and back-end technology platform powering their operations, the company recognized the importance of a strategic leader to maximize technology investments and steer their growth journey.
The Challenge
Transforming IT Strategy
Despite investing millions annually in IT, the client lacked a seasoned leader to strategically manage their resources. Their existing IT manager, while skilled, wasn’t a suitable fit to lead and guide the organization toward a more strategic and efficient approach.
How BluWave Helped
Navigating Leadership Acquisition
BluWave connected the portfolio company with a specialized IT recruiter well-versed in tech-enabled services companies. The recruitment strategy aimed to identify a practical leader capable of transforming the IT function into a more professional and strategic unit under private equity ownership. This transformation involved assessing the existing team, redefining roles, responsibilities, and structures, and paving the way for the implementation of a forward-looking strategy.
The Result
Strengthened Leadership, Streamlined Operations
The collaboration led to the successful selection of an IT Director who brought both practical experience and strategic vision to the table. By reevaluating the IT organization’s structure and introducing new roles, the newly appointed director streamlined processes, optimized technology investments and established a clear roadmap for the future. The result was not only improved operations but also a more agile and effective approach to tech-enabled compliance services.
Service Provider Type: Specialized Recruiter – Sales
Industry: Construction – Roofing
The Need
Propelling Growth in Roofing Services
A prominent portfolio company in the roofing industry sought rapid expansion after acquiring three roofing firms, pushing their collective revenue to $50 million. To fuel this growth, they needed a visionary VP of Services who could lead their service business, enhance their commercial roofing endeavors and expand their service offerings.
The Challenge
Finding Industry-Savvy Leadership
The portco struggled to find a candidate with a deep understanding of the roofing industry. They wanted someone with a background in their same business with the ability to scale services. This leader also needed to contribute strategically to open new markets and fuel business growth.
How BluWave Helped
Strategic VP Recruitment
BluWave connected the portfolio company with a short list of exact-match candidates in the Business Builders’ Network. From those, the company chose a VP of Services with a proven track record in roofing operations and expansion.
The Result
Strengthening Business Expansion
The client secured a VP of Services with a strong industry-relevant background who also had experience with market expansion. This leader injected new energy into the roofing services business, fortifying existing operations and paving the way for successful expansion into untapped markets.
As a manufacturing portfolio company under the guidance of a lower-middle market PE fund, there was a pressing need to onboard a dedicated associate for their operations team. This role required an individual who possessed a unique blend of manufacturing FP&A experience, management consulting insight and the drive to enact substantial positive changes.
The Challenge
Overcoming Recruitment Roadblocks
The manufacturing portfolio company partnered with a specialized staffing/recruiting firm from BluWave’s invite-only network. This firm had a deep industry understanding and an impressive network of former management consultants – individuals well-suited for this particular role.
How BluWave Helped
Strategic Alliance
By leveraging BluWave’s network, the specialized staffing/recruiting firm collaborated closely with the manufacturing portfolio company. Together, they aimed to identify the ideal associate candidate, one possessing the necessary manufacturing FP&A background, relevant consulting experience and a strong commitment to driving transformative changes within portfolio companies.
The Result
Ideal Associate Hired
Thanks to the effective partnership facilitated by BluWave, the manufacturing portfolio company successfully identified and brought on board an associate who met their unique requirements. With a comprehensive skillset and a shared vision for operational excellence, this associate contributed significantly to the ongoing success of the company’s operations team.
The leader was high-energy. They were focused on finding the right candidate, and they did.
When faced with a sudden void in IT leadership, a manufacturing portfolio company urgently sought an experienced IT director. Tasked with immediate on-site presence and future planning, the IT director’s role would encompass interim management and a comprehensive IT infrastructure and security assessment.
The Challenge
Managing Unforeseen IT Leadership Gap
The manufacturing company, generating more than $100 million in revenue, encountered a critical challenge as its IT director and key personnel departed unexpectedly. This abrupt leadership gap and outdated technology necessitated rapid action. Identifying an interim IT director capable of operational management and thorough assessment was a complex task.
How BluWave Helped
Seamless Interim Leadership and Comprehensive Insight
BluWave facilitated the collaboration between the manufacturing portfolio company and a seasoned IT director who specialized in manufacturing industry solutions. This adept professional swiftly assumed on-site responsibilities, providing strategic IT leadership during the transitional phase.
The Result
Immediate Operational Continuity and Strategic Enhancement
The new IT leader hit the ground running with a comprehensive plan, bringing the manufacturing portfolio company operational stability. His expertise enabled a detailed IT infrastructure and security assessment, paving the way for future technological advancements. By addressing interim leadership needs and conducting an assessment in tandem, the company positioned itself for elevated IT functionality and enhanced security.
Strategic leadership forms the crux of organizational development and success. Just as the driving force of a car is its engine, so too is a high-performing board the engine of an organization, guiding strategic decisions and growth.
The assembly of a board requires careful selection of individuals, each possessing diverse expertise and perspectives that complement one another, fostering a rich ecosystem of leadership. This is where the concept of board recruitment becomes essential.
“Bringing on a board member who comes from that industry and can bring in-specific experience is a value add to any organization,” says Scott Bellinger, BluWave’s co-head of research and operations. “They can work closer to the management team and give outside insight of someone who’s been there and done that previously.”
It’s a process that goes beyond filling seats. It’s about attracting the top talent that can steer your business. For organizations looking for professional support in this crucial process, BluWave is ready to connect you with industry-specific resources that can guide your process with expertise and precision.
The journey toward effective board recruitment begins with understanding your unique needs. An assessment of the specific gaps in your current board composition and identification of skill requirements helps direct the recruitment process.
By aligning the desired attributes and expertise of potential board members with the organization’s strategic goals and challenges, you can ensure the recruited individuals will provide the most value.
Job Description
When beginning your board recruitment journey, a comprehensive job description serves as your map. By clearly outlining the board’s purpose, responsibilities and expectations, you set the course for attracting qualified board candidates.
A well-crafted job description, complete with the organization’s mission, board member roles, committee involvement and time commitment requirements, helps filter in individuals who align with your needs. To maximize impact, use concise language, focus on essential qualifications and illuminate your organization’s unique value proposition.
Benefits, Responsibilities and Skills
The board position comes with a wealth of benefits, including opportunities for personal and professional growth, networking and the privilege to make a significant impact on an organization. These benefits should be presented upfront to attract motivated individuals.
Board members shoulder several responsibilities, such as fiduciary duty, strategic planning, risk management and providing guidance to the executive team. Ensuring these duties align with your organization’s needs and strategic direction helps attract the right talent.
“They can be a great outside partner to the CEO – and it’s a portco, the PE firm – to ensure everyone is growing in the same direction and on the same page,” Bellinger adds.
Term and General Duties
Board member terms typically have a defined duration, and adopting staggered terms brings a mix of continuity and fresh perspectives into the proceedings. General duties could span from regular attendance at board meetings and active participation in committees to fulfilling fiduciary responsibilities. Clear articulation of these expectations can help potential members better understand their role.
Time, Legal and Financial Commitments
Time commitments for board members can range from regular board and committee meetings to additional engagement requirements. Alongside time, potential board members should be aware of any legal or financial obligations, such as adherence to regulatory compliance, potential liability issues and the expectation of making personal financial contributions or securing sponsorships.
Sourcing potential board candidates requires a multifaceted approach. Utilizing board posting programs and matching platforms, such as LinkedIn and Executive Search Firms, can offer access to a pool of qualified board candidates. Local Chambers of Commerce can also serve as valuable resources for finding candidates.
Oftentimes, though, you can save time and resources by connecting with a service provider who already knows exactly who you need and where to find them. The Business Builders’ Network from BluWave is full of exact-fit third parties who know how to do just that.
Word-of-Mouth and Referrals
Existing networks and relationships form a treasure trove of potential board candidates. From board members of other organizations and industry leaders to professional associations and community influencers, your network contacts can be a rich source of referrals. Clearly articulating your organization’s mission and the specific qualifications you seek in potential board candidates can help garner more suitable referrals.
Publicizing Within Network and Local Community
Promoting board opportunities within your network and local community allows you to target individuals already familiar with your organization or industry. Email newsletters, social media platforms, industry events and community-based publications can be effective channels for publicizing these opportunities. A compelling announcement combined with engaging storytelling can pique interest and attract potential board members.
External Promotion
Expanding your search beyond your immediate networks through external promotion can attract diverse candidates. Digital platforms and industry-specific networks can reach individuals with the desired expertise who might not be in your immediate circle. In addition to LinkedIn, Twitter and Facebook can be effective platforms.
Choosing the right candidate requires a structured process. An efficient application process, including resume, cover letter and reference submission, can facilitate the evaluation of potential board candidates. Initial screenings through phone or video interviews can help narrow the candidate pool. Utilizing behavioral-based interviewing techniques and strategic questions can further help assess the qualifications, values, commitment and potential contributions of board candidates.
Short-listing and Final Selection
The final stage of board recruitment involves short-listing and selecting the ideal candidates. Reviewing candidates based on predefined criteria and qualifications ensures an objective selection process. Thoughtful deliberation among board members, consensus-building, conducting reference checks and considering overall board dynamics can further aid in the selection of the right candidate.
“The main thing is getting someone who’s willing to be an active board member and not just meet once a quarter, but actually help with some value creation plans throughout the period and stay engaged between quarterly meetings,” Bellinger says.
A successful board recruitment strategy is a meticulous process. It doesn’t have to be an uphill task, though. BluWave’s research and operations team can be your ally in this process, connecting you with exact-fit service providers. Connect with us here to start your journey to master board recruitment.
An outstanding board is invaluable to an organization. The power to make strategic decisions, the ability to drive innovation and the capacity to inspire stakeholder confidence is all within its power. Having helped countless businesses with this very process, BluWave has a unique perspective into the fundamentals of the board recruitment process and the best practices that make it efficient and effective.
Working with one of the expert third-party resources in the Business Builders’ Network can save you time and money while ensuring that you make the right selection for your company.
Let’s take a deeper look at the details that go into this critical decision.
Understanding the Board Member Recruitment Process
Board member recruitment goes beyond the confines of structured interviews – it is a crucial facet of organizational governance. A well-executed process determines the structure of leadership, influencing decision-making and strategic oversight.
“We’re starting to see some PE firms look for those board members during due diligence to help with some of those diligence opportunities as senior advisors then convert post-close to board members,” says Scott Bellinger, BluWave’s co-head of research and operations.
Industry-specific third parties not only know how to run the process for your business, they’re also connected with the most qualified candidates for your specific situation. Access to these resources can save businesses from the headache of sifting through unknown or unproven options.
First, you must identify the qualifications, skills and diversity that board members need to possess. These attributes should be aligned with the objectives of the organization, facilitating its growth trajectory.
Developing a Comprehensive Recruitment Strategy
A clear blueprint and timeline form the foundations of a robust recruitment strategy. Tapping into various channels – from professional organizations to networks and referrals – can greatly enhance your reach to potential board members.
Navigating these channels can be intricate, though, highlighting the need for expert third-party resources to guide the process.
Implementing an Effective Screening and Selection Process
The backbone of successful board recruitment is a comprehensive screening and evaluation process. The stages – ranging from interviews, application reviews, reference checks, background investigations, to skills assessments and board observations – require careful execution. Thorough due diligence, particularly during reference checks and interviews, should never be rushed or downplayed.
Utilizing a Board Recruitment Matrix
A board recruitment matrix can be a game-changer. This visual tool evaluates the current composition of the board, unveiling gaps that need to be addressed. The matrix ensures that new board members are appointed based on the required skills, expertise and diversity, fostering a team that’s well-equipped to navigate organizational challenges and stimulate success.
“Someone who has scaled a business in the same space at a larger size company,” Bellinger says. “Someone who knows what best-in-class looks like in this industry.”
BluWave is prepared to connect you with an exact-fit service provider, equipped to streamline and optimize your board recruitment process.
When you’re ready to elevate your board recruitment process, get in touch with us. Our research and operations team will scope your needs and provide best-fit candidates for you to evaluate within a single business day.
In today’s competitive market landscape, understanding your customers’ perceptions and needs is paramount. This is where an effective voice of customer (VoC) strategy comes into play, allowing businesses to capture and analyze customer feedback for informed decision-making.
But without a strategic approach based on proven voice of customer best practices, deciphering customer pain points and optimizing your business operations can be challenging.
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This guide will take you through five essential steps to building and implementing a successful VoC strategy.
An effective VoC strategy begins by cultivating a customer-centric culture within your organization. This involves adopting a mindset where customer needs and feedback are the driving force behind every decision. From the C-suite to the front-line employees, every team member should understand the value of the customer’s voice and its impact on business success.
The integration of a VoC strategy extends across all departments, with each having a unique role and benefiting differently. For instance, the marketing department might prioritize understanding customer preferences for promotional channels, while the product development team might focus on feedback about product usability.
Building a Robust VoC Data Collection Framework
Your VoC strategy is only as good as the data you collect. Diverse methods of data collection provide a multifaceted view of customer preferences, expectations and pain points. As you adopt different VoC methodologies, you’ll gain a more comprehensive understanding of the customer journey.
Select feedback channels that align with your customer’s preferences and your business sneeds. Whether it’s through direct interviews, surveys, social media or customer support interactions, diversifying your feedback channels is crucial. Continually assess the strengths and weaknesses of your current channels to fine-tune your data collection strategy.
Collecting VoC data is just the beginning. The power of your VoC strategy lies in transforming this raw data into actionable insights. Analytical tools are indispensable for interpreting the data and identifying patterns that signify customer sentiment, preferences and pain points.
For instance, you may notice a recurring theme of customers struggling with a particular feature of your product. Grouping similar feedback points helps you identify and prioritize areas for improvement. By mapping these themes against customer personas and journey stages, you can gain a deeper understanding of specific customer experiences and expectations.
Prioritizing and Implementing VoC-Driven Initiatives
Having extracted insights from your VoC data, the next step involves implementing VoC-driven initiatives. Prioritization of these initiatives depends on several factors, including the feasibility of implementation, expected impact and alignment with business objectives.
A VoC roadmap can help you systematically execute prioritized initiatives over time. Transparent communication is key during this phase, ensuring everyone understands the changes and is on board with the new initiatives. Key performance indicators (KPIs) should be set to measure the effectiveness of these initiatives, providing tangible proof of your VoC strategy’s success.
Enhancing Customer Engagement and VoC Program Evolution
A successful VoC strategy doesn’t stop at implementation—it’s an ongoing process that evolves with your customers’ needs and expectations. Keep your customers informed about the changes you’re making based on their feedback. This not only shows your commitment to their satisfaction but also encourages their continued participation in your VoC program.
Regular reviews and updates to your VoC program are essential to stay in sync with changing customer needs. Your VoC strategy should be flexible, allowing for continuous improvement and adaptation.
Building and implementing an effective VoC strategy may seem like a daunting task, but the rewards of increased customer satisfaction and business growth are worth the effort.
Working with a trusted third-party expert can help ease this process, and BluWave is here to connect you with the perfect resource.
“There are providers with networks of contacts across different industries,” says Keenan Kolinsky, BluWave co-head of research and operations. “Not only is it interesting to survey existing customers, but also potential customers to gain their insights and perspectives, and that’s really where these third parties can add value, is helping businesses get insights from potential customers – not just the ones they already have.”
Whether you need help refining your data collection methods, analyzing VoC data or implementing VoC-driven initiatives, our research and operations team is ready to assist. Contact us today and let us guide you to success in your VoC journey.
Customers shape the success of your business. Their feedback, preferences and expectations guide your strategies, refine your services and bolster your bottom line.
Enter the world of the Voice of Customer (VoC). This indispensable tool – often part of a specialized commercial due diligence project – empowers you to tap into what your customers desire and harness their insights for growth.
VoC is a research method that captures customers’ expectations, preferences and aversions. By leveraging this approach, you can cultivate a customer-centric culture that not only boosts satisfaction but also propels your business to new heights.
VoC methodologies are a collection of techniques to gather valuable customer insights. They pinpoint customer needs, expose pain points and reveal opportunities to improve.
BluWave co-head of research and operations Keenan Kolinsky says using an industry-specific third-party can make this process more efficient.
“The study can be much more targeted if there’s a specific customer segment they’re interested in. Additionally, when a VoC is part of a due diligence activity, the acquisition target could introduce the fund to a targeted and select group of customers to get their insight specifically,” he says. “They’re much more targeted insights from the key accounts that can make or break the business.”
Nothing beats a conversation when it comes to understanding customers. Interviews unveil the “why” behind behaviors, offering rich qualitative data. On the other hand, surveys, whether online, email or SMS, yield quantitative data, transforming feedback into measurable insights.
By pairing these methodologies, you gain a holistic understanding of preferences and experiences. But managing and interpreting both qualitative and quantitative data can be complex. Collaborating with expert third-party services can alleviate this burden, allowing you to focus on leveraging the insights.
Customers often voice their opinions on social networks like Facebook, Twitter, Reddit, Instagram, TikTok and more. Monitoring these platforms uncovers real-time feedback and sentiments. Social listening tools identify trends, track brand mentions and facilitate customer engagement. This goldmine of unfiltered opinions can equip you to refine your products and services.
Doing this on a regular basis, though, can become unwieldy. Experienced third parties who do this on a regular basis can save you time and help you get capture core customer sentiments.
Focus Groups
A small group of customers, a structured discussion and a skilled moderator – that’s a focus group in a nutshell. It’s enables customers to freely express their thoughts.
This format often reveals hidden perceptions and enables you to understand how group dynamics influence feedback. Nevertheless, coordinating and moderating focus groups can be time-consuming and requires expertise for accurate interpretation. Here, experienced third-party firms can step in, streamlining the process and ensuring valuable takeaways.
When customers reach out for support, they reveal their needs and frustrations. Scrutinizing inquiries, complaints and feedback from support channels can reveal recurring issues and areas for improvement.
Website Behavior Analysis
How do customers interact with your website? Analytics tools – like Google Analytics 4 – offer the answer. By tracking page views, clicks and navigation paths, you gain behavioral insights.
Heatmaps, user recordings and conversion funnels also unveil usability issues and help streamline the customer journey. But analyzing such granular data and deriving meaningful insights isn’t everyone’s cup of tea. It demands deep technical expertise and significant time investment. A third-party solution with a knack for analytics can be the key to unlocking these valuable insights, sparing you from getting lost in the complexity of data.
Customer feedback thrives on online review platforms. By monitoring them, you can understand customer sentiments and address concerns. Engaging with customers on review platforms also shows your commitment to their satisfaction.
Feedback Forms
Feedback forms on your website or app offer a structured way to gather feedback. Well-designed, user-friendly forms capture specific information, enabling customers to express their thoughts in detail.
Net Promoter Score® (NPS®)
How likely are your customers to recommend your business? The Net Promoter Score® (NPS®) offers a clear answer. NPS® surveys categorize customers into promoters, passives and detractors. Analyzing this data uncovers the reasons behind customer ratings and helps craft strategies to boost loyalty.
Gathering data is only the first step. VoC methodologies call for structuring and organizing data to facilitate effective analysis. Tools and techniques for data analysis spotlight key insights and patterns, making sense of what you collect.
Insight Generation
Converting data into actionable insights is the heart of VoC. Analysis uncovers customer preferences, pain points and emerging trends. Triangulating from different methodologies offers a comprehensive understanding of your customers.
Insights are the foundation for action. Prioritize improvements based on both customer input and business goals. For instance, if feedback consistently points to slow website load times, prioritize website optimization. Effective implementation requires cross-functional collaboration to effect change.
Monitoring and Continuous Improvement
The Voice of Customer process is not static, but rather a dynamic, ongoing endeavor. It evolves in sync with market trends and customer needs. Establishing continuous feedback loops, gauging progress and refining strategies based on the evolving customer landscape is essential.
“You could also incorporate price sensitivity into a VoC to help a company determine if there’s room to increase prices,” Kolinsky says. “Basically what the customer thinks about how the product or service is priced.”
This is where BluWave steps in, bridging the gap between understanding your customers and implementing that understanding into actionable strategies. Our research and operations team works diligently to connect you with industry-specific, vetted service providers who specialize in Voice of Customer methodologies. They assist you in maintaining the momentum of your VoC efforts, from the initial data collection to the final stages of strategy adaptation.
Through our extensive network, we’ve got you covered whether you are a private equity firm, a portfolio company, or a private or public company. Our exact-fit resources are at your disposal to ensure you remain customer-centric, adaptable and progressive in the ever-changing market landscape. We understand that your goal isn’t just to listen to your customers but to hear them, comprehend them and ultimately grow with them.
Service Provider Type: Merger & Acquisition Strategy Firm
Industry: Generalist
The Need
Reinvigorating Market Strategy and Exploring M&A Opportunities
A portfolio company sought help improving its market positioning and evaluating strategic M&A prospects within the HR SaaS sector. With a strong tech-focused approach, the firm aimed to identify adjacent markets and solidify its foothold through targeted acquisitions.
The Challenge
Navigating Complex Market Dynamics
The challenge lay in revitalizing the company’s market strategy. The client required a comprehensive analysis of their current positioning and an exploration of potential adjacent markets. Additionally, the portco sought guidance on devising a strategic M&A roadmap that aligned with their growth objectives and unlocked synergies.
How BluWave Helped
Strategic Insight and M&A Roadmap
BluWave connected the client with an M&A strategy firm well-versed in the HR SaaS industry. This partnership offered the portfolio company strategic expertise to analyze their current positioning and identify gaps. The specialized firm crafted a tailored plan for expansion into adjacent segments, including evaluating potential M&A targets. Weekly interactions with the investment team ensured alignment and effective execution of the strategy.
The Result
Empowering Informed Decision-Making
Through this collaboration, the client gained in-depth insights into their current market standing and potential growth opportunities. The M&A strategy firm’s expertise assisted the client in devising a strategic roadmap for M&A, considering tuck-in acquisitions and larger-scale ventures. This collaborative approach enabled the firm to make informed decisions, enhance its market presence and strategically leverage its investment for maximum impact.
The service provider was knowledgeable about the sector. They provided concrete action items and feedback. They also responded to feedback on the initial draft report to provide a final project in-line with expectations.
