Introduction

At Blackmore Partners, our core mission is to place the right executive talent into private equity (PE) portfolio companies. Unlike traditional recruiters, we approach recruitment from an investor-first mindset, ensuring that every candidate we recommend is not just a great operational fit but also aligns with the investment thesis, cultural dynamics, and long-term exit strategy of the portfolio company.

Blackmore Partners has over 34,000 followers on LinkedIn, with Managing Director Gerald O’Dwyer’s network extending to over 27,000 senior executives across nearly every industry. Early in the process, we leverage this vast network to build a big funnel of executive candidates that fit the company’s thesis, culture, and exit goals. We also expand our network through 2nd connections, inviting those in relevant sectors and niches to apply or recommend others.

This allows us to build robust funnels of qualified candidates, ensuring the best possible fit and delivering talent that can drive a successful exit. With this approach, most roles are filled in 90 days or less, and by the end of the process, we present 5 well-qualified candidates for the client to consider.

Table of Contents

1. Understanding the Client and Investment Thesis
   • 1.1 Initial Client Intake
   • 1.2 Understanding the Investment Thesis
   • 1.3 Identifying Cultural Gaps
2. Candidate Sourcing
   • 2.1 Building a Big Funnel of Qualified Executives
   • 2.2 Setting Up the Candidate Pipeline
   • 2.3 Using Tools and Databases
3. Candidate Screening
   • 3.1 Initial Screening Process
   • 3.2 Cultural and Investment Alignment
   • 3.3 Creating a Shortlist
4. Interviews and Deep Dives
   • 4.1 Interviewing the Candidate
   • 4.2 Key Questions to Assess Fit
   • 4.3 Assessing Leadership and Cultural Fit
5. Client Interaction and Feedback
   • 5.1 Presenting the Shortlist
   • 5.2 Gathering Client Feedback
   • 5.3 Continuous Improvement Based on Client Feedback
6. Final Selection and Offer
   • 6.1 Preparing for the Offer
   • 6.2 Negotiation and Final Offer
7. Onboarding and Follow-Up
   • 7.1 The First 30-60-90 Days
   • 7.2 Ongoing Support and Check-ins
8. Measuring Success and Outcomes
   • 8.1 Defining Success Metrics
   • 8.2 Post-Hiring Review

1. Understanding the Client and Investment Thesis

1.1 Initial Client Intake

• Objective: Ensure a deep understanding of the client’s needs, business strategy, and culture.
• Steps:
  1. Kick-off meeting with the client to discuss the role. Gather key details such as the portfolio company’s current situation, upcoming challenges, and the growth trajectory.
  2. Ask specific questions to understand the role’s key responsibilities (e.g., P&L management, M&A integration, sales growth).
  3. Document key KPIs that the executive must hit, including revenue targets, operational improvements, and EBITDA goals.

1.2 Understanding the Investment Thesis

• Objective: Align the executive search with the PE firm’s investment thesis and long-term goals.
• Steps:
  1. Clarify the investment thesis: Is the company focused on organic growth? Acquisitions? Streamlining operations for margin improvement?
  2. Determine the exit timeline: Is this a 3-year exit, or is the firm planning for a longer 5-7 year exit?
  3. Focus on finding executives who understand the long-term goals and can drive the portfolio company towards a profitable exit.

1.3 Identifying Cultural Gaps

• Objective: Find candidates who can bridge cultural gaps, especially in transitioning to a more PE-focused environment.
• Steps:
  1. Ask the client to describe the current culture and any potential gaps that might hinder growth.
  2. Determine the desired culture for success. Is the company entrepreneurial? More corporate? Or shifting toward a high-performance culture?
  3. Use this information to tailor the executive profile to candidates who can lead cultural change if necessary.

2. Candidate Sourcing

2.1 Building a Big Funnel of Qualified Executives

• Objective: Use Blackmore’s extensive network and tools to build a large pool of potential candidates who align with the company’s thesis and cultural goals.
• Steps:
  1. Start by leveraging Gerald O’Dwyer’s 27,000 1st connections on LinkedIn. Inform the network of the role and encourage them to apply or recommend others.
  2. Expand outreach to 2nd connections who are in the relevant sectors and invite them to become 1st connections, increasing the pool of potential candidates.
  3. Build a funnel of 100-200 potential candidates within the first few days.

2.2 Setting Up the Candidate Pipeline

• Objective: Ensure a robust pipeline of candidates who are aligned with the company’s needs and investment goals.
• Steps:
  1. Create a detailed candidate pipeline using internal databases (PitchBook, Cyndx) and external sources (LinkedIn Recruiter, referrals).
  2. Develop a tracking sheet to monitor progress. Include fields for:
     • Name
     • Current position
     • Key qualifications (e.g., P&L management, M&A experience)
     • Cultural fit indicators
     • Current compensation package and expectations

2.3 Using Tools and Databases

• Objective: Leverage technology to find the right candidates quickly.
• Steps:
  1. Use LinkedIn Recruiter to run detailed searches, filtering candidates by industry, location, and past experience with PE-backed companies.
  2. Utilize PitchBook and Cyndx to explore executive movements, deals they’ve been involved with, and patterns of success.
  3. Reach out to referral networks to identify off-market candidates who aren’t actively searching but could be a perfect fit.

3. Candidate Screening

3.1 Initial Screening Process

• Objective: Vet candidates against the investment thesis and client requirements.
• Steps:
  1. Perform a thorough resume and LinkedIn review, checking for key qualifications and experience that align with the portfolio company’s goals.
  2. Prioritize candidates with experience in driving exits or navigating complex M&A situations.
  3. Focus on those with proven results in similar roles, such as EBITDA growth or operational restructuring.

3.2 Cultural and Investment Alignment

• Objective: Ensure the candidate is a cultural and strategic fit for the client’s needs.
• Steps:
  1. During screening calls, ask specific questions about their experience with PE-backed companies and understanding of investment timelines.
  2. Assess the candidate’s ability to adapt to a changing environment, especially in periods of growth or turnaround.
  3. Evaluate whether they have led cultural shifts in prior companies to align with exit goals or aggressive growth strategies.

3.3 Creating a Shortlist

• Objective: Narrow down to the top 10-20 candidates for the next round of interviews.
• Steps:
  1. Score each candidate using a screening rubric that covers leadership traits, technical skills, cultural fit, and alignment with the investment thesis.
  2. Use a combination of quantitative and qualitative metrics to rank candidates.
  3. Create a detailed shortlist report to present to the client.

4. Interviews and Deep Dives

4.1 Interviewing the Candidate

• Objective: Conduct deep-dive interviews to assess both technical skills and leadership ability.
• Steps:
  1. Set up structured interviews, starting with a 30-45 minute video call to evaluate their experience and approach.
  2. Focus on their track record of performance: Ask for specific examples of how they’ve handled challenges similar to what the client’s company is facing.
  3. Evaluate their leadership philosophy and ability to lead cultural change.

4.2 Key Questions to Assess Fit

• Objective: Use probing questions to uncover how candidates align with the portfolio company’s specific needs.
• Sample Questions:
  1. How have you integrated M&A acquisitions into your team, and what results did you achieve?
  2. Can you give an example of how you helped scale a company for exit? What were the key steps you took?
  3. How do you balance short-term operational improvements with long-term strategic value creation for a PE-backed company?

4.3 Assessing Leadership and Cultural Fit

• Objective: Ensure the candidate can lead the team and navigate the cultural shifts necessary for success.
• Steps:
  1. Use behavioral interview techniques to assess how the candidate leads in high-pressure, fast-changing environments.
  2. Pay attention to their cultural fit with the company’s existing leadership and workforce.
  3. Look for evidence of emotional intelligence and adaptability—key traits in PE-backed environments.

5. Client Interaction and Feedback

5.1 Presenting the Shortlist

• Objective: Provide the client with the top 3-5 candidates who best align with their needs.
• Steps:
  1. Prepare a candidate presentation deck that outlines each candidate’s qualifications, leadership experience, and cultural fit.
  2. Schedule a meeting with the client to walk them through the pros and cons of each candidate.
  3. Answer any client questions and make adjustments to the shortlist based on feedback.

5.2 Gathering Client Feedback

• Objective: Ensure the client is fully satisfied with the candidate pool and recruitment process.
• Steps:
  1. After each client-candidate meeting, collect detailed feedback on how well the candidate aligns with the role.
  2. Adjust the search as needed based on new priorities or feedback.

5.3 Continuous Improvement Based on Client Feedback

• Objective: Continuously refine the recruitment process.
• Steps:
  1. Track client satisfaction through surveys and debrief meetings.
  2. Use this feedback to improve future searches, ensuring a more efficient and effective process.

6. Final Selection and Offer

6.1 Preparing for the Offer

• Objective: Align the candidate’s expectations with the client’s compensation structure.
• Steps:
  1. Confirm salary range, bonuses, and any long-term incentive plans (LTIPs) with the client before making the offer.
  2. Work with both the client and candidate to negotiate final details, including equity packages, relocation, and start date.

6.2 Negotiation and Final Offer

• Objective: Ensure a smooth negotiation and acceptance process.
• Steps:
  1. Present the final offer to the candidate and walk them through the compensation structure.
  2. Assist in navigating any issues that arise during negotiation, ensuring a win-win for both sides.
  3. Confirm the candidate’s acceptance and start date, ensuring all documentation is signed and in place.

7. Onboarding and Follow-Up

7.1 The First 30-60-90 Days

• Objective: Ensure the candidate’s successful integration into the portfolio company.
• Steps:
  1. Develop a 30-60-90 day plan in collaboration with the client to track the new executive’s performance and alignment.
  2. Set milestones for early success, including initial team assessments, operational improvements, and cultural impact.

7.2 Ongoing Support and Check-ins

• Objective: Provide continuous support for both the client and candidate during the onboarding process.
• Steps:
  1. Schedule monthly check-ins for the first six months to ensure smooth integration and identify any potential issues early.
  2. Maintain a feedback loop with the client to ensure the executive is meeting expectations and driving value.

8. Measuring Success and Outcomes

8.1 Defining Success Metrics

• Objective: Measure the impact of the executive on the portfolio company’s performance.
• Steps:
  1. Track key performance metrics, such as revenue growth, EBITDA improvement, and operational efficiencies, tied to the role.
  2. Assess how well the executive has led cultural shifts and positioned the company for exit.

8.2 Post-Hiring Review

• Objective: Review the overall success of the placement.
• Steps:
  1. Conduct a six-month post-hiring review to assess the executive’s performance and the overall success of the recruitment process.
  2. Use this information to refine future recruitment strategies, ensuring ongoing success in future placements.

Conclusion

By following this comprehensive process, Blackmore Partners ensures that each executive placement aligns with the PE firm’s investment thesis, the portfolio company’s strategic goals, and the cultural dynamics necessary for a successful exit. This Investor-Recruiter approach, leveraging our 34,000+ followers and 27,000 1st connections, sets us apart, ensuring that every executive placement delivers the long-term value that our clients expect.

10 Short Case Studies for PE Firms – Highlighting Blackmore’s Difference

Case Study 1: Leveraging a Big Funnel to Find a C-Suite Fit Client: Middle-market PE firm in industrial services.
Challenge: A company needed a new CEO to drive revenue growth for an eventual exit.
Blackmore Difference: Using Gerald O’Dwyer’s 27,000 1st connections, we built a funnel of over 150 candidates in just 2 weeks. By filtering 2nd connections and leveraging personal referrals, we identified a CEO with 15 years of experience leading successful PE exits. This process helped the firm grow EBITDA by 20%, leading to a 5x return.

Case Study 2: Filling a CFO Role in 90 Days Client: PE-backed consumer products company.
Challenge: The company required a CFO to streamline financial operations and prepare for an exit in 18 months.
Blackmore Difference: We activated our network of 1st and 2nd connections to source 80 highly qualified candidates within 30 days. The CFO we placed restructured the company’s finances and contributed to a 6x cash-on-cash return at exit, all within 90 days of starting the search.

Case Study 3: M&A Integration with the Right Leader Client: A PE firm acquiring tech companies.
Challenge: Needed a COO to handle post-M&A integration after a series of acquisitions.
Blackmore Difference: We screened over 200 candidates using our extended network of 27,000 senior executives and found a COO with deep M&A experience. By unifying the newly acquired companies and driving efficiency, the COO saved the company $12M in the first year.

These case studies can be tailored further to showcase Blackmore Partners’ unique process, combining our LinkedIn network, investment-centric approach, and quick time-to-hire.