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.
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.
Filling Critical Sales Positions to Drive Expansion
A prominent private equity firm in the lower-middle market sought to rapidly fill two pivotal sales roles for a portfolio company in the manufacturing industry. The roles — a regional sales manager in the Midwest and a territory sales manager for the Pacific Northwest — required adept individuals capable of navigating intricate industrial buying processes. The firm needed aggressive sales professionals who could not only engage clients but also drive growth through strategic selling.
The Challenge
Matching Expertise with Manufacturing Sector
While industry-specific technical expertise wasn’t essential, the client was searching for candidates who possessed strong sales acumen. The candidate pool needed to exhibit a mastery of client engagement and the ability to proficiently close deals, a combination that could catalyze the company’s growth.
How BluWave Helped
Specialized Recruitment for Aggressive Sellers
Leveraging its close relationship with third-party non-executive recruiters, BluWave connected the PE firm with a specialized resource from the Business Builders’ Network. The recruiters then targeted individuals who could craft compelling sales narratives and nurture client relationships to drive expansion.
The Result
Accelerated Growth Through Strategic Hiring
The recruiter landed professionals who not only possessed the desired aggressive sales skills but also displayed a knack for strategic thinking within the manufacturing industry. By filling these key positions, the manufacturing company could now adeptly engage industrial clients, converting prospects into customers and driving growth.
The healthcare industry is in a constant state of flux. It’s a field that requires a dedicated workforce to manage patient care effectively.
With the growing demand for healthcare services, the need for specialized professional healthcare recruiters has never been higher. Especially in areas such as multi-location healthcare services and chief medical officer searches, both on the clinician and corporate side.
“Specialized recruiters will not only know the subset of candidates really well,” says Scott Bellinger, BluWave’s co-head of research and operations, “but they’ll also understand what candidates are relative for certain size companies.”
We’re going to explore why a people expert with industry experience is essential for health and medical organizations.
Benefits of Working with a Professional Healthcare Recruiter
Healthcare providers save time and money when they work with recruitment experts. An experienced talent leader will have access to a large pool of candidates and can quickly identify the most qualified applicants for your specific need.
They know how to guide employers through the hiring process, from defining the job description to negotiating compensation and benefits.
“A specialized provider will be able to more quickly identify and recruit candidates,” Bellinger says.
Job seekers also benefit from working with professional healthcare recruiters. They can match their skillset and experience to the ideal opportunity so that both sides feel like they win in the end.
When selecting a specialized recruiter in the healthcare industry, it’s important to consider their experience, expertise and personalized attention to your needs.
Look for a recruiter who has experience in your industry, as well as a deep understanding of the recruitment process. A good recruiter should also have the skills to provide personalized attention to your needs, offering tailored advice and guidance.
It’s also important to work with a recruiter who stays up-to-date with the latest industry trends, compensation and benefits.
“When you work with specialized healthcare recruiters, they’re focused on serving the middle market and their network of candidates reflects that,” Bellinger says.
In today’s labor market, finding the right job or candidate can be a daunting task. That’s why professional healthcare recruiters exist, and why they are such an important resource for both job seekers and healthcare providers.
BluWave has the best specialized recruiting resources in healthcare on standby. Our expertly vetted network has what you need on standby before you even contact us.
Set up a scoping call today with our research and operations team and get presented with two or three best-fit options in less than one business day.
How do firms and portfolio company leaders manage through current labor market conditions? What are the emerging trends in different roles, industries, and sectors? These were among the pressing topics in the latest BluWave-hosted Human Capital Forum on May 24.
Esteemed panelists Peter Allen of Aegis Ventures, Steven Berman of Accel-KKR, Michelle Nasir of Arsenal Capital Partners, Dan Grosh of Diversis Capital, and Damon Beyer of Warburg Pincus LLC, joined our own Erez Schnaittacher for this insightful virtual event.
Here are some highlights of what was discussed.
Summary Takeaways
Find a balance in preparing portfolio companies without being overbearing.
Encourage knowledge sharing and development through forums for functional leaders.
Invest in developing the next generation of talent within portfolio companies.
The demand for leadership roles has shifted from growth-centric positions to CFOs.
Understand candidate priorities and ensure alignment with the company’s goals for higher performance and retention.
Invest time upfront in C-Level hires, including comprehensive assessments and coaching.
Navigating Through Current Labor Market Conditions
Panelists addressed how they are supporting their firms and portfolio company leaders in navigating the current labor market conditions. They discussed various considerations that have both short-term and long-term effects and whether these considerations are complementary or conflict with one another.
Uncharted economic cycles require balance between providing necessary support and respecting the autonomy of portfolio companies. Emphasis was placed on coaching and working with deal teams, managing cash prudently, and hosting functional leadership forums. These strategies ensure a well-prepared and resilient portfolio despite the labor market uncertainties.
The need for a long-term perspective was discussed, with a focus on nurturing talent for future needs and aligning compensation structures to foster loyalty and dedication. Panelists highlighted the importance of creating a conducive environment for growth, where employees feel recognized and challenged.
Emerging Market Trends
The discussion shifted toward emerging trends in different roles, industries and sectors across the portfolio companies. The panelists also shared where their focus had been this year.
In 2021, the focus was on revenue and GTM leaders, but the CFO role has recently seen a spike in demand. Companies are looking for CFOs who can manage costs efficiently, so the company can maintain a position of strength.
Panelists highlighted the challenges in filling entry-level jobs and niche roles such as business intelligence and business operations. Also, the current labor market is very competitive, particularly for C-suite roles in the healthcare sector.
In some instances, portfolio turnover is greater than 50 percent for all C-Level roles, indicating the importance of nurturing talent internally and conducting thorough assessments before making C-Level hires. Industrial and Manufacturing businesses are currently experiencing a shortage of mid-level management roles.
When you’re ready to use the same resources as the world’s best PE firms, contact BluWave to set up a scoping call with our research and operations team.
Whether navigating the labor market, investing in talent or any number of other services for business builders, we have an exact-fit solution for you on standby.
