Presentation on theme: "ANATOMY OF A CFO SEARCH June 22, 2011 FENG Presentation."— Presentation transcript:
ANATOMY OF A CFO SEARCH June 22, 2011 FENG Presentation
ANATOMY OF A CFO SEARCH Agenda - Objectives Have a discussion Flush out some biases Learn from each other Explore a real-world situation Insight into a recruiter’s role and process Insight into candidate experience & expectations
ANATOMY OF A CFO SEARCH Understanding the Audience Experience with Executive Recruiter Contingency vs. Retained Search How many people are in the market Thoughts on the current economy Thoughts on demands for Financial Execs
CLIENT BACKGROUND $50 Million, 20-plus years in business. 25 owned & operated branded locations. 12 one-off concepts with partial ownership. Leases signed for locations Cal. AZ, and NC. Owners are well respected local chefs.
SITUATION: ENTREPRENEURIAL Concept is believed to have “legs.” Financing is in place to grow the brand. Owners lack Corporate Experience Have hired an Interim CEO Large “Mom & Pop” Each restaurant is a separate legal entity Each GM is unit CFO
PROCESS Determine key deliverables from position. Gain consensus around ideal candidate profile. Search internal and external network. Thorough vetting to arrive at a ‘short list.’ Present viable candidates to client. Manage logistics and selection process. Facilitate offer negotiation and background check.
CFO CANDIDATE SPECS CPA, MBA, or Equivalent 15 years related experience Restaurant Experience, Full Service Pref Familiarity with Subchapter S and LLC Public Company Experience Multi-unit Retail/Franchisor Experience Experience with Aloha and Radiant
SEARCH RESULTS 26 Viable Interested Candidates Considered 9 Lacked Industry Experience 8 Were Outside the relevant Geography 9 Were rated as viable 8 Were presented to the client 7 Were interviewed
SELECTION PROCESS CandYears Exp CPA/ MBA LevelPublic Co Start up Pub Acc EntreX Factor 116BothDirYesNoYesNoPlanning 223BothCFOYesNo YesPersonal 335CPACFOYesNoYesNoBlue Chip 435BothCFOYesNoYesNoHi Trans 535MBACFOYes NoYesGM-Ops 630BothCFOYes NoYesStart- rapid Grth 720CPAContrlYesNoYesNoSegment
PROCESS: SELECTION Two candidates interviewed by CEO. Five interviewed by CEO & Principals. Two finalists were identified. Background checks and references done. Finalists were invited back then ranked. Primary candidate offered position
DECIDING FACTORS Start-up & rapid growth experience Prior CFO experience. Close ties to Operations. Entrepreneurial Orientation. Chemistry Client had very solid backup candidates
RESULT The client had an excellent cadre. Two candidates stood out on relevance. One was eliminated due to salary required. Two were a little light on experience. Two were a little off the mark on segment.
SUMMARY Employers are looking for specialists Large Markets; larger relevant labor pool CFO Specs varies with company situation