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ANATOMY OF A CFO SEARCH

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.

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ANATOMY OF A CFO SEARCH

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  1. ANATOMY OF A CFO SEARCH June 22, 2011 FENG Presentation

  2. ANATOMY OF A CFO SEARCHAgenda - 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

  3. ANATOMY OF A CFO SEARCHUnderstanding 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

  4. 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.

  5. 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

  6. 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.

  7. 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

  8. 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

  9. SELECTION PROCESS

  10. 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

  11. DECIDING FACTORS • Start-up & rapid growth experience • Prior CFO experience. • Close ties to Operations. • Entrepreneurial Orientation. • Chemistry • Client had very solid backup candidates

  12. 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.

  13. SUMMARY • Employers are looking for specialists • Large Markets; larger relevant labor pool • CFO Specs varies with company situation

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