One stop along the way through The Hidden Job Market is frequently referred to as succession planning.
Executives should be watching companies they're interested in and then approach them when they get a sense the CEO is planning to leave.
Meet Jason.
His reputation as a go-to guy and turnaround expert for growing businesses means that he sometimes advises companies on their operations as an external board consultant for holding companies.
Company X is failing fast. Newly acquired, with an excellent valuation and (acquired at a bargain), there are rumblings that the legacy CEO is creating unpleasant circumstances for employees — a narcissistic bully in the boardroom.
Unprofitable and with a high employee turnover, the board is very concerned. Investors are asking questions and scrutinizing the balance sheet.
During a networking dinner, the Operating Partner of the private equity company learned that Jason’s skillset with revenue stabilization, inventory management and recruiting top performers, led his previous company to a very profitable exit.
Coincidentally, Jason is ready to leave and seek out a new challenge.
Jason’s expertise lies in redesigning operating structures and performance-based compensation while transforming salaries from fixed to lower fixed with higher commission structures.
With Jason’s imminent departure from his previous company, he’s ready for a new project. Company X and the Operating Partner are ready to make him an offer—with barely a whisper.
It’s over quickly. Out with the old and in with the new.
Sometimes the answer the board will choose is not so cut and dried. Sometimes the decision is to bring in a special advisor. You.
Learn more about our Career Navigator Program here.
#gethiredup #privateequity #successionplanning
At Westgate we like to have fun! Here is Maddison Shears, our Career Success Strategist, on Halloween this year dressed as Patch Adams, her all-time favorite movie (featuring Robin Williams launched in 1998).
