Connecting PE Firm with Top Talent for a Vital CFO Role in the Software Sector

Service Area: Human Capital

Client Type: Large Capital Private Equity Firm

Service Provider Type: Specialized Executive Recruiting Firm

Industry: Software Technology

The Need
CFO Search in the Software Sector

A large capital private equity firm, required a new chief financial officer (CFO) for its portfolio company in the software technology sector. This B2B SaaS platform, based on the East Coast, had reached a revenue milestone of nearly $100 million. The task at hand was to identify a highly skilled CFO capable of navigating the dynamic landscape of this technology-driven industry.

The Challenge
Finance Expert with B2B Software Experience

The firm needed a CFO with the right mix of financial expertise, industry knowledge and private equity experience. They also needed to understand the intricacies of the B2B SaaS market, have a track record of success in similar PE-backed businesses and align with the company’s objectives in this critical growth phase. And they needed all this fast.

How BluWave Helped
Knowing the Right Resource for the Job

BluWave provided a short list of executive search firms the next business day. The PE firm quickly selected the best-fit specialized recruiter for the situation. The firm BluWave helped select leveraged their industry experience and history of successfully placing CFOs in similar PE-backed SaaS businesses.

The Result
The Right Leadership at the Right Time

The client and firm were a natural fit, enabling them to choose the best candidate, in a short amount of time. The hired executive not only had the required financial acumen, but also their understanding of the software industry and experience with private equity-backed enterprises. The successful placement gave the portfolio company the leadership it needed to navigate its next phase of growth and development.

I worked with the recruiting firm on a daily basis and was impressed with all three team members.

-PE Firm Portfolio Talent Principal

Recruiting a Turnaround CEO for Sporting Goods Manufacturer

Service Area: Human Capital

Client Type: Lower-Middle Market Private Equity Firm

Service Provider Type: Specialized Executive Recruiting Firm

Industry: Manufacturing

The Need
Sporting Goods Transformation

A lower-middle market private equity fund needed new leadership for their portfolio company as the existing CEO was about to step down. The organization, which makes athletic and sporting equipment, sought a visionary CEO deeply entrenched in the sector who also had supply-chain experience in founder-owned businesses.

The Challenge
A Business in Flux

The sporting goods company spanned two vital sectors: basketball goals and recreational center equipment, and working through dealers and installers who are remodeling or building schools. They faced a tumultuous path forward, though. Projects were priced years in advance, resulting in a backlog of low-margin products. Escalating steel prices due to global supply-chain issues exacerbated the difficulties.

How BluWave Helped
Industry-Specific Executive Search Firm

BluWave tapped its invite-only network for a short-list a executive recruiting firms. Their mission was to locate a team who could place a new executive with extensive experience in catering to schools and recreational centers, coupled with the acumen to navigate the intricate supply chain.

The Result
Turnaround CEO Built for the Job

Thanks to the selected firm’s search, an accomplished CEO with a stellar track record in the sporting goods sector emerged as the ideal fit. This visionary leader not only brought industry expertise but also the ability to deftly manage the complex supply chain and tackle pricing dilemmas head-on. The company was not only stabilized, but began to thrive again under its new leadership.

Scott Becker of McGuireWoods: Insights from the Mind Behind Becker’s Healthcare

When Scott Becker speaks, the healthcare and private equity sectors listen. As a partner with McGuireWoods and the founder and publisher of Becker’s Healthcare and Becker’s Hospital Review, Scott’s insights are invaluable. Recently, he shared his journey and perspectives on the Karma School of Business podcast, hosted by Sean Mooney.

3 Takeaways from Scott

1. The Evolution of Becker’s Healthcare

“I started it literally 30 plus years ago,” Becker began, “trying to develop a reputation as somebody who knew the business and legal issues around, at that point, surgery centers, better than anybody else.”

This drive was not just about establishing a brand but about creating a niche in a saturated market. Scott’s vision for Becker’s Healthcare was rooted in his legal background and his desire to provide thought leadership in the healthcare sector.

Over the years, the focus of Becker’s Healthcare expanded. While it was initially centered around surgery centers, it now revolves around hospitals, health systems and health IT, among other areas. This evolution showcases Scott’s adaptability and his keen sense for market needs.

2. Recognizing and Capitalizing on Opportunities

“A lot of it is not brilliant. It’s following what’s working and doubling down on it as a constant business imperative,” Scott emphasized.

This approach is not about reinventing the wheel but about recognizing what’s effective and enhancing it. Scott’s success is a testament to his ability to identify emerging trends and strategically position himself and his ventures to benefit from them.

Mooney, echoing this sentiment, added, “If you’re the smartest person in the room, you need to find a new room.”

3. Challenges and Trends in Healthcare

Scott delved deep into the current landscape of healthcare, highlighting several significant trends: “Challenges with margins, labor shortages, especially in the physician and nursing sectors, and the increasing involvement of various players in the healthcare space.”

These challenges are not isolated but are interconnected, shaping the future of healthcare. For instance, as healthcare sites increase, there’s a projected shortage in certain specialties, like anesthesiologists. This, in turn, affects patient care, with many unable to access their doctors promptly, leading to a resurgence in ER visits.

Scott’s insights provide a comprehensive overview of the challenges and opportunities in the healthcare sector, offering a roadmap for professionals navigating this complicated domain.

READ MORE: Specialized Healthcare Recruiters

Becker’s keen insights offer a deep dive into the intricacies of healthcare and private equity. His journey from attorney to entrepreneur and his ability to recognize and seize opportunities make him a voice worth listening to in the industry.

When you’re done checking out his episode, head to the main BluWave podcast page for more conversations with business leaders.

Elevating IT Leadership for Tech-Enabled Compliance Services

Service Area: Executive Search for IT Director

Client Type: Portfolio Company

Service Provider Type: Specialized Recruiter

Industry: Professional Services – IT

The Need
Pioneering IT Leadership

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.

VP of Services Recruitment for Roofing Expansion

Service Area: Executive Search

Client Type: Portfolio Company

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.