Customer Type: PE Firms

Hire an Interim CHRO: Navigating Challenges, Creating Value

January 27, 2023 Brad Gerick

Interim chief human resources officers are becoming a more and more popular request in the world of private equity.

That’s no surprise, considering how effective an effective interim CHRO can be with crisis management, navigating mergers and acquisitions, setting up a human resources department from scratch and more.

“It’s a functional area that’s been historically overlooked,” BluWave head of Research and Operations Keenan Kolinsky says. “Private equity hasn’t viewed it as a critical function to drive value historically. But like we’ve seen over the last two years private equity is increasingly viewing human capital and HR as a value-creation driver.”

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We’ll walk you through the benefits of an interim CHRO, what to look for when hiring and how to go through the entire process so you select the right one for your portfolio or private company.

A businesswoman sitting in a chair at a desk talking to someone across the table from her

Benefits of Hiring an Interim CHRO

Quarter after quarter, human capital accounts for the lion’s share of private equity activity in the BluWave Insights Report.

With so many important projects tied to talent, most companies can’t afford to be without a head of people for weeks, let alone months on end. That’s why an interim chief human resources officer can be a great option to bridge the gap.

“An interim CHRO is a seasoned executive that can come in, bring best practices to a growing middle-market company and help build a best-in-class HR function,” BluWave Co-Head of Research and Operations Scott Bellinger says. “This can range from talent acquisition, employee retention, benefits, employee handbooks and more.”

READ MORE: The Benefits of a Private Equity-Grade Interim CHRO

Post-Merger Integrations

Integrating two teams into a single, well-functioning organization can be a challenge. That’s when an experienced talent executive can make the transition much smoother.

“No other functional interim executive is going to be able to effectively advise on the org design and sizing components associated with integrating businesses,” Kolinsky says.

Crisis

An interim CHRO can also provide the leadership and guidance needed to handle a crisis. These may include:

Create Structure

An interim CHRO can provide an unbiased view of your company’s HR practices, identify areas for improvement and recommend changes. This can be particularly valuable if your HR department has been struggling to keep up with the demands of a rapidly growing company.

“A lot of CEOs or founders have never known what good looks like as it relates to CHROs,” Bellinger says. “It’s important to make sure you have a great talent pipeline, great employees and that you’re training them properly. This allows the CEO to focus on commercial and operational initiatives and leave the other stuff to the CEO.”

CASE STUDY: Growth-Minded Interim HR Leader with Global Experience

The right person will also help companies that don’t have an existing structure implement a proper HR infrastructure.

“Most traditionally founder-led businesses don’t have PE-grade infrastructure in place for the company to prepare for growth,” BluWave Strategic Account Executive Hannah Welsh says.  “In many circumstances, interim CHROs can be brought in to lay the groundwork for the right people processes.”

Access HR Resources

Candidate Criteria

These are some of the main factors to consider when hiring an interim CHRO:

Industry Experience

You want someone who’s familiar with the nuances of your industry and the specific challenges and your company might face.

“For example, you wouldn’t want to bring a tech-based executive into a manufacturing company,” Welsh says. “They both have different processes that need to be implemented.”

We most commonly see companies in the manufacturing, business services and healthcare industry hiring interim CHROs. They can be an asset for any company that needs HR guidance, though.

CASE STUDY: Interim CHRO Leads Complex Carve-Out in Consumer Products Industry

Leadership Skills

An interim CHRO should have strong leadership skills and be able to manage and motivate your human resources team.

This means clearly communicating not only within their own group, but also across departments.

When working for a portfolio company, the PE firm may also expect regular reports from the talent lead, almost acting as a second manager along with the CEO.

“To work effectively, they should also be a part of the executive team. They should be a thought partner, because human capital helps the business grow,” Welsh says.

Human capital resources accounted for half of 2022 initiatives – up 2 percent from the previous year – within the Value Creation portion of the BluWave Activity Index.

ALSO SEE: BluWave Interim CFO Resources

Problem-Solving Abilities

They should also have a track record of quickly identifying and solving complex HR challenges.

“You’re used to integrating companies. You’re used to hiring quickly. You’re used to speed,” Bellinger says of the ideal candidate.

Some HR-related issues a company may face include:

  • High employee turnover
  • Lack of organizational structure
  • Lack of diversity
  • Employee health and well-being
  • Managing relationships

Cultural Fit

The ideal candidate should also fit in well with your company. Whether your team is laid back or more buttoned up, your head of HR needs to be able to relate to them.

“I would want to make sure I was very explicit in making sure I understand exactly what the roles and responsibilities are,” Bellinger says. “Make sure it’s something they can accomplish. If the interim CHRO is not very explicit in exactly what they want to get done, the PE firm is going to have a very short fuse.”

Flexibility

As you might have gathered from the other criteria, this position is anything but predictable. Select someone who can roll with the punches.

This includes the ability to quickly adapt to a company’s culture and management style, as well as handle unexpected situations such as a crisis or change in leadership. They must also be able to pivot their approach when necessary to remain aligned with the organization’s objectives.

Some examples may include leading a downsizing while minimizing negative impact on morale, or being able to shift focus to DEI initiatives in response to social and political changes.

Interim vs Full-Time CHROs

One of the main advantages of hiring an interim CHRO is flexibility. They can be brought in on a short-term basis to address specific needs, and then let go when they have been met.

This can be more cost-effective than hiring a permanent CHRO, or if your company is in flux and the future is uncertain.

You may end up hiring that same interim executive full-time, but by starting them on a temporary basis, you can “try before you buy.”

On the other hand, a permanent CHRO can provide continuity and stability for your company’s HR department. A long-term hire will also have more time to develop a deep understanding of your culture, processes and employees.

How to Find the Right Interim CHRO for Your Company

The “right” interim CHRO is going to be different for each company. It will depend on some of things mentioned above, such as culture, industry and other specific needs.

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After identifying the criteria for the role you want to fill, cross-checking candidates with past work experience and references can narrow the field.

Fortunately, BluWave’s highly vetted network has already done that for you. We only admit experienced talent that has passed a rigorous pre-interview process and received positive references from the world’s leading PE firms.

When you contact us for a scoping call, we provide two or three PE-grade interim CHRO candidates, hand-picked for your exact situation, within a single business day. By jumping directly to the interview process, you’ll save weeks, if not months of searching.

“Our vetting process clearly surfaces whether a candidate will be a great resource for a company, and if not, we won’t waste their time with an introduction,” Welsh says.

CASE STUDY: Immediate HR Diligence Provider Needed

The Hiring Process

Once you meet the candidate (or two or three) that’s best suited for your vacancy, it’s time for various members of your team to speak with them. This will give you a 360-degree perspective on their skillset.

You should also have a clear understanding of their availability and expected compensation. If everything lines up, it’s time to draft an engagement letter outlining expectations, pay and timeline. (When you work with BluWave, we take care of all this for you.)

Once you hire the right person, the next step is to onboard them effectively. Due to the selection process, they should already have a clear idea of expectations from day one, as well as the resources at their disposal.

“They’ve got to get up to speed very quickly,” Kolinsky says. “They need to explore what they have. What people, processes and technologies exist in this functional area, and how it can be improved and optimized.”

Hiring an interim CHRO can provide a range of benefits, but it is important to choose someone who fits within your company culture and has the right skills for your situation.

Interim leadership is consistently a top priority for private equity firms within human capital services. With such high demand, BluWave maintains a pool of experienced, vetted professionals – including interim CHROs – in the Business Builders’ Network.

Connect with our research and operations team to walk us through your specific project, and we’ll connect you in less than 24 hours with a short list of tailor-made candidates.

How BluWave Works

Q4 2022 BluWave Insights

January 19, 2023 Delaney Walker

Every quarter our team analyzes the projects we work on with our 500+ PE firm clients to get a birdseye view of the market. We recently compiled our Q4 findings, as well as annual 2022 findings, into our Q4 2022 BluWave Insights Report. Request your copy.

Key findings from 2022 include:

  • Annual value creation activity increased ~14% YoY.
  • Human capital remains PE’s primary area of focus at 50% of all 2022 value creation activity.
  • Strategy resource usage in 2022 diligence activity increased from 43% in 2021 to 46% in 2022.

Learn more about the insights we gleaned from Q4 and 2022:

Learn more about how we can support your value creation, human capital, and strategic diligence efforts.

Have a live need? Start your project.

Video transcript:

BluWave serves a trusted role with hundreds of the world’s leading private equity firms and thousands of proactive businesses by connecting them with the best-in-class third parties to help build value with speed and certainty. With the conclusion of 2022 and the inception of the new year, we’ve gathered insights from our unique vantage in the private equity landscape. From our proprietary data, we are able to glean insights into how and why the best business builders in the world are assessing opportunities and building value in their portfolio companies. Here are some of the top takeaways from the BluWave Activity Index from Q1-Q4 2022.

The common theme throughout the entirety of 2022 is that business builders were focused on creating value in their companies. In the BluWave Value Creation Index, activity related to value creation was up to 72% by year-end – a more than 14% increase from 2021. Furthermore, Human Capital is surging to historically high numbers. The BluWave Activity Index shows that 50% of all value creation activity was invested in human capital for the year, and 54% in Q4.

On the due diligence side, deal flow was down in 2022. The BluWave Value Creation Index shows private equity activity related to diligence was down to 28% for the year. Within the diligence activity that we did see, we saw firms focus heavily on strategy initiatives – accounting for 46% of all diligence activity, up from 43% in 2021. In 2022, PE firms perceived the cost of misreading the market to be high in an uncertain economy, so they brought in strategic resources to help.

BluWave is pleased to work with some of the best business builders in the world every year. We hope the insights from our 2022 BluWave Insights Report will help you close deals with certainty, create differential value in your companies, and prepare for a confident exit. If you’d like to learn more and get the full report, please contact any member of the BluWave team or follow the link below.

Sean Mooney on the Thrive LouD podcast

January 17, 2023 Delaney Walker

Recently, BluWave founder & CEO, Sean Mooney, spoke with Lou Diamond on his Thrive LouD podcast. Their conversation covered Sean’s story, how he got into private equity, how he transitioned into founding BluWave, what BluWave does, and much more.

Interested in listening to the full episode to learn how BluWave now supports the best business builders in the world? Click below.

Gain more insights from Sean by listening to our very own Karma School of Business podcast.

You can also glean more wisdom from Sean through other podcasts he has been a guest on, including:

If we can help you be successful by quickly connecting you to the PE-grade, pre-vetted, third parties you need, give us a shout.

Interim CFO for a Financial Crisis

January 13, 2023 Brad Gerick

When a company faces a financial crisis, an interim chief financial officer can make all the difference in a successful turnaround.

Whether going through a restructuring, facing bankruptcy or other challenging financial situations, an experienced financial leader is essential.

A man wearing a suit sitting at a desk with an open gray laptop, a white coffee mug and papers and folders. He's looking down and the desk and looks very stressed.

Situations for an Interim CFO

A financial crisis can be due to something within a company, external economic forces, or both.

Poorly responding to a distressing financial situation can destroy a business. A capable interim CFO, however, will know how to navigate the following scenarios.

Access Interim CFO Resources

Bankruptcy

The two most common bankruptcies a company will file for are chapter 7 and chapter 11.

When a company files for chapter 7 bankruptcy, it plans to shut down.

Chapter 11 bankruptcy, though, means a company is still viable but needs help relieving some of its debt.

While an interim CFO would seldom take on a chapter 7 bankruptcy, it’s common for them to step in and help a company try to avoid chapter 11 bankruptcy. If it’s not avoidable, a temporary chief financial officer can also help navigate the situation.

“A very good interim CFO can be a lot of help because they come in and they look at, ‘What are the things between gross profit and net earnings that are negatively impacting the business?’” BluWave controller Justin Scott says.

Cost-saving measures could include lowering headcount, cutting advertising costs or negotiating with creditors, which we’ll discuss more below.

Restructuring

While most restructuring situations are tied to bankruptcies, there are exceptions. Here are some of the more common ones.

Carveouts

An interim CFO who can adeptly perform carve-out tasks is key for organizations looking to sell off part of their company. That can mean getting their hands dirty setting up general ledger architecture or determining which employees to include in the sale.

“Let’s say 25 percent of the existing team is going with the carve-out, then I’ve got to decide ‘What’s the 25%? How are those processes going to work?’” Scott says. “Where you typically see the carve-out CFO come in is because they don’t want all of those activities to take away from the core business that the existing CFO is already managing.”

CASE STUDY: Interim CFO with Expertise in Commodities, Hedging for Manufacturing PortCo

M&A Integration

An acquisition, of course, is the opposite situation. The finance executive must determine how to integrate multiple teams in the same company.

“You likely have multiple sets of books. You have multiple systems. None of them talk to each other,” Scott says. “Essentially, you’re running parallel systems or parallel processes for everything. And then you have to manually consolidate everything and that’s just no fun.”

Ginessa Ross, who is often the first point of contact for interim CFOs BluWave works with, says lots of clients have been emphasizing M&A skills recently.

“All sides of it, whether it be due diligence, post-merger integration or prep for sale – having M&A experience, especially in private equity, is key,” she says.

Cost Savings

A turnaround CFO may be sought when accounts payable get out of control.

If the internal team has become bloated, they’re likely to partner with someone in human resources to reorganize the company more efficiently.

“It’s not typically just finance here. It’s typically that a new technology has been implemented that’s changed the field and headcount needs to be reduced,” Scott says. “How do we eliminate or mitigate the overhead expense of the SG&A of what’s happening today?”

They may also cut marketing costs or improve operations to find savings. This can be done by spending less on advertising, implementing automation tools or canceling automated subscriptions, for example.

Hostile Takeover

Although unusual, there are times when a temporary finance executive is brought in for a hostile takeover.

“It is possible to go to an interim CFO as a stopgap,” Scott says. “But it’s not a likely scenario.”

More often, the company executing the takeover will already have a CFO in place.

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Skills Needed for a Financial Crisis

What skills does an interim CFO need in a time of crisis? Accounting and finance, of course, are fundamental.

“You have to know the full revenue cycle cradle to grave,” Scott says, adding that strong management is also a key trait.

There are other things, though, that are particularly important for a chief financial officer in financially distressed situations.

Internal Communication

When managing a company’s finance team, the interim CFO must be able to communicate their plan of action. Since they’re typically in the role for around six months, they don’t have as much time to win trust and build unity.

Focusing the early days on getting to know the team helps with buy-in for the duration of the project. One component of this is alleviating fears of the unknown.

“The first day, I think, is talking to as many people as possible in the company, on the finance team, and reassuring them that things are going to get better,” says one long-time interim CFO from our network of experts.

A temporary finance executive must also be able to communicate with his or her peers and superiors. Not only do they sit in the C-suite, but they may be a direct line to a private equity firm that has a lot at stake.

“They have to be able to build credibility going both directions quickly if they’re going to get anything done,” Scott says.

READ MORE: Interim CFO Urgently Needed after Abrupt Resignation

External Communication

Beyond providing clarity for coworkers, a chief financial officer must also be skilled at working with clients, creditors, vendors and other outside entities.

If a company is in danger of filing for bankruptcy, the interim CFO will likely negotiate with creditors to lower their debts.

They may also ask clients to move up their timeline for accounts receivable so the organization can have more cash sooner.

In either case, being able to work well with others is paramount.

“The situations where financial executives most often fail to reach an agreement are when they don’t have any people skills, or they don’t truly want a result,” Scott says. “You have to be able to bend and give a little bit on some of these things just like in any negotiation.”

Access Interim CFO Resources

Crisis Exit Strategy – Prep for Sale

Before taking a company’s financial reins in the midst of a crisis, an interim CFO should understand if the firm is planning an exit, and if so, what the strategy is. That allows the company to get the maximum benefit out of its new executive resource.

“Bringing in somebody from the outside allows you to access a broader set of skills and brings a fresh perspective,” BluWave managing director Houston Slatton says.

Here are some differences between prepping to sell the entire company vs. just a few assets.

Sell the Entity

If someone is brought on to prep for the sale of an entire company, their job is to get it in the best shape possible for the buyer.

Not only will this make it a more attractive purchase, but the seller will extract more value, too. This process should be planned for months, if not years in advance, when possible.

The interim chief finance officer brought on in this situation should have experience improving operations, cutting costs, increasing accountability and more. They should also be well-versed in evaluating and working with potential buyers and closing the transaction.

CASE STUDY: Interim CFO Elevates Real Estate Search Engine’s Financial Strategy

Sell the Assets

Even when parts of a company are being sold, as opposed to the entire organization, many of the same skills apply.

In this scenario, though, the company remains intact, and employees are not typically part of the package.

The right executive will help an organization receive a large return for those assets, boosting cash flow.

Each interim CFO in the BluWave network has been vetted and reference-checked before we ever put them on our roster.

That way, when companies in financial distress reach out, we can provide two or three exact-fit solutions in less than one business day. Whether your company is in the nation’s capital, Atlanta, our hometown of Music City, or any other major city, we have the resources you need.

This attention to detail and our private-equity speed turnaround give organizations a greater chance of getting back on track financially.

Learn more about the select group of private equity-grade interim CFOs we work with daily.

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Human Capital Forum Recap | December 2022

December 21, 2022 Delaney Walker

Every quarter we gather human capital professionals from private equity firms to discuss current industry topics and to offer peers the chance to gather, share information, and decompress with one another. In our most recent event, we gathered to discuss top trends in 2022 and top areas of focus for 2023.

These forums are for human capital professionals at private equity firms only and follow Chatham House Rules, so listed below are high-level takeaways only. If you are a human capital professional in private equity and interested in joining fellow human capital professionals at our next PE Human Capital Forum,  RSVP here.

Top Trends in 2022

  • Human capital professionals in PE are playing a wide variety of roles within PE firms and for portfolio companies:
    • The dynamic economy and labor market resulted in constantly shifting priorities throughout the year which has led to human capital professionals having to lead varying initiatives from retention & recruiting to organizational design.
  • Recruiting and retention:
    • Certain sectors are experiencing higher turnover than others and HR leaders have been charged with identifying root causes for turnover and then offering solutions.
    • PE human capital professionals have been spending time helping portcos clearly portray their brands to help in recruiting efforts.
  • Leadership and talent upgrading:
    • In portcos where turnover stabilized, PE human capital leaders have been able to spend more time on leadership and talent assessment.
    • Proactive PE firms are using market conditions as an opportunity to upgrade talent for the long term, including bringing in wartime generals in place of peacetime ministers. Interim executives and specialized recruiters have been common tools to execute these initiatives.

2023 Top Areas of Focus

  • Quantifying and communicating human capital initiatives:
    • Human capital leaders are using data, key performance metrics, and tools like scorecards to illustrate the value they are adding and/or progress being made within the portfolio.
  • Pay transparency:
    • Upcoming pay transparency rules are expected to have a meaningful impact on how companies recruit employees across the country. PE human capital professionals are getting up to speed on these new rules and making sure their portfolio companies are ready to comply.
  • Leadership to navigate tough economic conditions:
    • PE firm human capital professionals are supporting the evaluation of organizations to make sure they have the right players in the right seats, particularly with senior executives and one level down. They are encouraging portco leaders to be prepared to upgrade talent where needed and/or equip teams with leadership coaching to enhance skills if possible.

We thoroughly enjoyed these thought-provoking conversations that occurred during this recent gathering of PE human capital professionals. If we can be of assistance, please let us know.

Additionally, you may be interested in checking out some of our human capital-specific resources, which can be found here:

Operating Partners’ Forum Recap | December 2022

December 20, 2022 Delaney Walker

Every quarter we gather operating executives in PE to discuss current industry topics and to offer peers the chance to gather, share information, and decompress with one another. In our most recent event, we gathered to discuss top lessons learned in 2022 and 2023 initiatives.

These forums are for operating executives at private equity firms only and follow Chatham House Rules, so listed below are high-level takeaways only. If you are an operating executive in private equity and interested in joining fellow operating executives during our next Operating Partners’ Forum, RSVP here.

Top Lessons Learned in 2022

  • Even the most resilient supply chains struggled in 2022.  We continue to be in a global supply chain crisis.  
  • Pricing strategy and related pricing strategy advisor usage was a major focus in 2022 to try and stay ahead of the inflation curve. 
  • Labor is still a big challenge and will continue to be. Turning to PE-grade recruiters as well as interim execs is a common solution.
  • PE firms and Portcos are doubling down on IT, data & analytics strategies, and implementation processes to be more agile, informed, and automated.  

2023 Initiatives

  • Debt has become less available and more expensive with rising interest rates, which will make it tougher to complete platform deals in 2023. 
  • Digitization efforts will accelerate in 2023. 
  • Having the right org structure in place is top-of-mind for 2023 as labor markets will continue to be tight.   
  • PE-grade, third-party resource usage will accelerate, offering force multiplication for PE Ops teams, bringing them specialized expertise, and enabling portcos to operate more variably.   
  • The PE industry is largely prepared for 2023 and a recessionary environment due to the proactive actions taken in 2022.

We thoroughly enjoyed getting to gather with PE Operating Executives to discuss these current topics. We’d be happy to connect you to the PE-grade, exact-fit, third-party resources you need, just contact us here.

Learn more about how we can specifically help ops execs here.

PE VP Forum Recap | December 2022

December 20, 2022 Delaney Walker

Every quarter we gather Vice Presidents in PE to discuss current industry topics and to offer these peers the chance to gather, share information, and decompress with one another. In our most recent event, we discussed the current state of the economy, debt markets, and the outlook for 2023.

These forums are invite-only and follow Chatham House Rules, so listed below are high-level takeaways only. If you are a private equity vice president and interested in joining fellow PE VPs during our next forum, you can register here.

Economy and Debt Markets

  • The state of the economy has compelled PE firms to be more intentional with their investment theses.
  • With rising interest rates, inflation, and recession risk, the debt markets have been curtailed, causing private equity firms to rethink how they structure deals.
  • As debt financing becomes less available, PE firms are becoming more creative to get deals done – including increasingly utilizing commercial lenders, and non-traditional funding sources.

Outlook for 2023

Looking ahead to 2023, private equity firms are developing strategic plans for their portfolio companies to find opportunities in the face of recession and determine where to deploy their capital in a relatively volatile deal market.

  • Many are expecting the first half of the year to be challenging, but are foreseeing a recovery later in the year if/as interest rates and inflation stabilize.
  • Different industries have been impacted differently by the economic downturn.
  • PE firms are proactively building value by using internal and external resources to do whatever they can to lift portfolio company revenues, optimize costs, increase cash flows and liquidity, and get the right people in place.

We thoroughly enjoyed getting to gather with PE VPs to discuss these current industry hot topics. We’d be happy to connect you to the PE-grade, exact-fit, third-party resources you need to assist you in this pressurized market, just contact us here.

Learn more about how we can specifically help Deal Quarterbacks here.

Women in PE Forum Recap | December 2022

December 9, 2022 Delaney Walker

Every quarter we gather leading women in PE to discuss current industry topics and to offer intelligent women the chance to gather, share information, and decompress with one another. In our most recent event, we gathered to discuss debt markets, navigating recession in the portfolio, and diversity at the PE firm level.

These forums are exclusively for women at private equity firms and follow Chatham House Rule, so listed below are high-level takeaways only. If you are a woman in private equity and interested in joining fellow leading female PE professionals during our next Women in PE Forum, RSVP here.

Debt Markets

  • Difficult debt markets are affecting the ability to get deals done, requiring more creativity to get deals across the finish line.
  • PE firms are shifting back towards commercial bank financing options as they are more active and holding relatively steady. 2023 predictions include:
    • Traditional banks are going to be relatively active lending on new deals versus unitranche lenders.
    • It will be particularly difficult to get financing for distressed/story assets.
    • Credit officers may try to clear underperforming loans off of their books.
    • As the cost of debt increases, the M&A market will continue to cool.

Navigating a Recession in the Portfolio

  • As the economy slows, PE firms have had to shift value creation priorities (and spend more time on the portfolio than usual). Some of those new priorities include:
    • Talent. PE firms are trying to get the right people in the right seats.
    • KPIs and Reporting. PE firms are also focusing on getting the right KPIs/reporting in place to track all leading indicators.
    • Add-Ons. If the portfolio company has a strong balance sheet, it can be an excellent time to acquire competitors or struggling companies to expand market share.

Diversity at the PE Firm Level

  • The data is overwhelming – diversity is the right and the smart thing for business, yet most PE firms struggle to recruit and retain women.
  • PE firms need to have a thoughtful strategy to recruit women, track KPIs, and hold everyone within the firm accountable.
  • Recognizing the applicant pool for women in PE can be smaller, PE firms are looking outside of the traditional PE background to identify top talent.

We thoroughly enjoyed getting to gather with women in private equity to discuss these current topics. We’d be happy to connect you to the PE-grade, exact-fit, third-party resources you need, just contact us here.

Recruiter for Interim Controller Critically Needed

Firm had immediate need for interim finance recruiting firm with SaaS experience

A PE partner came to us with a vital need for a recruiting firm to place an interim controller in their software portco. The recent departure of their previous controller and senior accountant left the PE firm in urgent need of an interim controller who could come in, take the reins, and assess the function while the PE firm searched for a fulltime hire. With the task beyond the internal recruiter’s reach, the firm was seeking a recruiting service that could identify interim candidates who had controller experience in other PE-backed portcos, familiarity with the company’s systems, relevant industry experience, the ability to quickly ramp up in the role, and the potential to be a rent to own hire.

BluWave identified top recruiting firms from pre-vetted network

Leveraging our founder’s 20 years in private equity and our experience working on thousands of projects with 500+ PE firms, we have extensive frameworks for assessing PE-grade recruiting needs. BluWave utilizes technology, data, and human ingenuity to pre-map, assess, monitor, and maintain deep pools of recruiters that uniquely meet the private equity standard. We interviewed the PE firm to understand their specific key criteria, and then connected the client with the select pre-vetted recruiters from our invitation-only Intelligent Network that fit their exacting needs.

Client quickly sourced the needed controller thanks to the recruiter BluWave provided

The day after the initial scoping call, the PE firm and portfolio company were introduced to a PE-grade recruiting firm that specialized in finance and accounting with experience recruiting for SaaS businesses. The PE firm engaged the provider and was able to quickly source a controller with relevant experience for the SaaS portco.