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.
A portfolio company, a prominent player in gourmet cutting boards and countertops, sought a dynamic VP of Consumer Sales. With a strategic focus on eCommerce expansion, the client needed an expert who understood both the world of digital marketing and merchandising.
The Challenge
Finding a Gourmet-Commerce Expert
Balancing a significant Amazon presence and venturing into direct-to-consumer (D2C) eCommerce sales, the client faced the challenge of sourcing a VP of Consumer Sales who could drive success across both channels. They required a professional experienced in gourmet retail, merchandising and eCommerce strategies.
How BluWave Helped
Expertise-Centric Recruitment
BluWave engaged its vast network of specialized recruiters with expertise in consumer-facing industries, digital marketing and eCommerce. The company selected a firm whose strategy focused on identifying candidates with a deep understanding of gourmet category dynamics, housewares marketing and effective eCommerce and merchandising tactics.
The Result
Trailblazer Executive Hiring
Through a diligent selection process, the firm the client selected successfully recruited a VP of Consumer Sales who embodied a unique blend of skills: gourmet category knowledge, eCommerce finesse and retail merchandising prowess. The VP’s strategic vision aligned with the client’s goals of expanding eCommerce presence and fostering strong partnerships with gourmet retailers.
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.
Service Provider Type: Interim Chief Human Resources Officer (CHRO)
Industry: Consumer Products
The Need
Complex Carve-Out Transition
A lower-middle market PE fund was on the brink of closing a significant deal involving the carve-out of a global consumer products business. This would involve separating various entities from a large, global corporation. The challenge was compounded by the need to rely on a Transition Services Agreement (TSA) for critical support in the immediate aftermath of the deal.
The Challenge
Global Intricacies and TSA Reliance
The carve-out encompassed 11 entities distributed across several countries. With each entity presenting unique operational and regulatory challenges, the client required an experienced interim chief human resources officer (CHRO) with global expertise. The interim CHRO would not only have to manage the carve-out but also work within the framework of a TSA for an extended period. The client aimed to ensure business continuity, adhere to regulatory compliance and efficiently transition into operating independently from the TSA.
How BluWave Helped
Expert Interim CHRO Matching
BluWave sourced from its invite-only network an experienced interim CHRO who had a history of successfully executing complex carve-outs and global entity setups. The candidate possessed a deep understanding of setting up new practices, processes and HR functions from scratch. With a strong track record in change management and communication during transitions, the interim CHRO was well-equipped to manage the TSA and oversee the carve-out’s myriad challenges.
The Result
Seamless Carve-out and Transition
Under the guidance of the interim CHRO, the client’s carve-out was executed smoothly and within the expected timeframe. The interim CHRO’s expertise in payroll setup, change management and compliance ensured that all 11 entities were operational and aligned with regulations from day one. The outcome was attributed to the interim CHRO’s ability to effectively communicate with employees and manage expectations during a significant change.
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.
Service Provider Type: Life Sciences/Healthcare Strategy Consulting Group
Industry: Life Sciences
The Need
Clinical Research Expansion
A healthcare-focused upper-middle market PE firm needed in-depth insights into the clinical research sector as part of a commercial due diligence project. Seeking a life sciences strategy consulting group’s expertise, they aimed to assess sustainable margins, therapeutic expansion opportunities and industry trends within Clinical Research Organizations (CROs) and Site Management Organizations (SMOs).
The Challenge
Analyzing Complex Market Dynamics
The clinical research sector’s intricacies demanded a holistic understanding. The PE firm sought to understand margin sustainability, predict therapeutic advancements and evaluate industry consolidation’s influence on partnerships. Amid diverse site portfolios and rapid revenue growth, they aimed to grasp sector intricacies to make informed investment choices.
How BluWave Helped
Expert Life Sciences Guidance
BluWave connected the PE firm with a seasoned life sciences/healthcare strategy consulting group, well-versed in CROs, SMOs and drug development pipelines. This firm brought profound insights to address margin profiles, therapeutic prospects and industry shifts. Their comprehensive analysis empowered the PE firm with a thorough grasp of clinical research dynamics.
The Result
Informed Investment Strategy
Collaborating with the life sciences/healthcare strategy consulting group, the PE firm acquired vital insights for their clinical research sector investment. Armed with a comprehensive understanding of sustainable margins, therapeutic potentials, and industry trends, the PE firm made informed decisions that aligned with their investment objectives.
Industry: Manufacturing – Building and Construction
The Need
Interim HR Expertise for Transformation
Amid the need for strategic HR management, a building- and construction-focused PE firm sought a seasoned HR generalist to steer vital initiatives and oversee a distributed workforce for multiple portfolio companies. With the departure of the HR leader, the company required immediate support to uphold employee relations and operational excellence.
The Challenge
Managing Change and Distributed Workforce
The building and construction firm, encompassing 13 locations, encountered the challenge of nurturing a large and diverse workforce spanning multiple states. As they worked to strengthen HR functions and initiate key projects, the absence of a dedicated HR leader prompted the need for a temporary HR generalist capable of driving transformation in this dynamic environment.
How BluWave Helped
Expert HR Generalist Partner for Transformation
BluWave connected the PE firm with a skilled HR generalist who demonstrated a deep understanding of HR dynamics, change management and distributed workforce models. This accomplished professional not only managed key HR projects but also played a crucial role in employee relations, ensuring seamless communication and support during the transitional phase.
The Result
Strategic Initiatives and Enhanced Employee Relations
Through this partnership, the manufacturing firm achieved strategic milestones in HR management. The HR generalist’s expertise guided projects such as benefits enrollment, handbook rollout and employee onboarding. Furthermore, the focus on employee relations led to enhanced communication channels, fostering a positive and engaging workplace environment.
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.
