Bohan and Bradstreet

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Addition or Replacement?

Friday, August 10, 2018  by Bailey

 

A privately-held industry had organically tripled revenues over the past decade primarily due to expansion into additional market channels. The CEO had a tenured senior leadership team. The business model was at one time a vertical manufacturer and over the years had outsourced 90% of their machining to contract manufacturers. Over last six months profitability was down and revenues had flatlined due to challenges on meeting customer expectations and deliverability.

B&B met with the CEO. The original thought was to add on a Supply Chain Manager to report to the VP Manufacturing. The goal was to improve purchasing, order management, material deliverability from contract manufacturers, and better accountability to customers. OTD was declining. B&B had a detailed conversation on the business evolution, current business model, existing challenges, going forward strategy, and culture. In a very candid conversation B&B brought to the attention of the CEO that as the company had transitioned from a vertical manufacturer to primarily an assembly operation, the need for strength in leadership shifted from manufacturing to supply chain.

B&B looked at the organization chart and discussed the key employees and roles. The VP Manufacturing was underperforming and adverse to change. The manufacturing operation was being run by a manager that upside potential. B&B made the suggestion to promote the Assembly Manager to Manufacturing Director, eliminate the VP Manufacturing role, and create a VP Operations position that would be responsible for all order management, supply chain, and assembly operations.

B&B teamed with the CEO to define short and long term goals for the new role, create a search and evaluation process, and establish a fair and attractive compensation package. B&B evaluated 83 local candidates, presented a slate of four, collaborated on the interviewing process, and concluded the search from original conversation to acceptance in 39 days.

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Puzzle Pieces

Friday, July 27, 2018  by Bailey

 

Recruiting can be like a puzzle. Finding the perfect person to fit into an existing team and culture while finding the right time for the candidate to take the next step in their career is the challenge. However, not all searches B&B manages have a clearly defined scope with an established void to be filled. Helping our clients define the needs of the company is the cornerstone of our consultative recruiting approach.  B&B was approached by a global company with $300+ in annual revenue and multiple profit centers in Asia, Europe, and the Americas that was carved out of a global parent and purchased by private-equity. The finance department had been centralized at the global parent; the carve-out necessitated the creation of a finance department and organization structure. Our team partnered with CFO to create an organization structure, inclusive of roles/responsibilities, reporting structures, compensation structure, and job descriptions. What followed from our consultancy work was an exclusive engagement to find the Treasury Director, Tax Director, Corporate Controller, Corporate Accounting Manager, Compensation & Benefits Director, Financial Consolidation Manager, and 2 Financial Analysts. We are thankful for opportunities to partner with our clients which allows B&B to play a role in creating the puzzle and fitting the pieces.

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Attract Top Talent & Keep Them Engaged

Friday, July 13, 2018  by Bailey

Studies have found businesses that excel in talent management and recruitment achieve earnings of 15-20% higher than their peers. Recruitment can have a direct and very positive impact on revenue creation and profitability.

Here are some factors that are value-adding to the recruitment and performance process:

  • Measure if new hires meet expected performance levels and change recruiting and evaluation processes as needed; this requires evaluation of soft and hard skills as well as onboarding process and commitment of both company and recruit.
  • Identify best sources for hiring at various levels; engage those sources to be current with business evolution (i.e. promotions, new products/services, awards, expansion), best practices, culture, and other insight that supports reasons why talent would be attracted
  • Measure time to fill a position; validate internal vs. external supply chain challenges to expedite hiring process
  • Analyze characteristics of new employees that resign in first 100 days to best understand opportunities to improve recruitment and onboarding process.
  • Proactively review characteristics, behavior, and work history of talent that has added value to leverage future recruitment and evaluation processes.
  • Identify opportunities to reward performance; this can be pay-for-performance, special awards, promotions, recognition announcements, or time off. Top performers need to be acknowledged and recognized.

As a business partner, Bohan & Bradstreet proactively supports the recruitment of talent for our client companies through alignment of talent needs with candidate capabilities and expectations.

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It Must Be The Water

Friday, June 29, 2018  by julie

It Must Be the Water

Now in our 31st year of business, Bohan & Bradstreet has both a long term client base as well as many new customers ranging from entrepreneurial and private equity funded business to privately-held and publicly traded corporations.  We have always been busy with a diversity of searches; however, in the first six months of 2018, revenues are up 40% over last year.

Why?

#1 Hiring authorities appear to be more decisive. We adhere to quality over quantity on every search and the average number of candidates interviewing for searches that we have completed has dropped to 3.4 and the average number of interviews with a client before offer is down to 2.3…..so less number of candidates and interviews with hiring companies has increased the speed of the interviewing process and faster completion of searches.

#2 Candidates are impatient Candidates are looking for a variety of stimuli whether it is upside potential, employment stability, an empowering culture, rewarding benefits and/or acknowledgement for contributions. If current employment is not meeting expectations, then the attitude is to identify a better solution. 

#3 Clients are less tolerant: Companies are not willing to endure non-contributors, ineffective managers, and employees that cannot change or adapt. Competition and the demand of business is driving this. We have experienced an increase of confidential replacements where the client is looking to upgrade on talent. There is stiff competition for talent.

#4 No bench strength. There is a lot of organic growth. New products, markets, and channels. Acquisitions have increased whether private equity roll ups or companies trying to grab market share. Growth creates need for talent and most companies do not have bench strength so look to hire and promote.

At Bohan & Bradstreet, we are all drinking more water!

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Recent Completed Searches

Friday, June 15, 2018  by Bailey

  

2nd Quarter Completed Searches:

VP Finance for a $20+M multi-branch building services division that is expanding organically at 15+% annually and is looking to acquire competitors in southeastern USA.

Lead Accounting Manager for a global business that partners with medium to large corporations, universities, state governments, and investment firms on technology strategies and deployment.

Senior Accountant for a leading Regional CPA Firm.

Senior Marketing Manager for a fast-paced, nimble and expanding division of a global, multi-billion dollar company.

Senior Accounting Manager, Sales & Use for an international company with a significant reputation, established product ingenuity and a history of strong company performance.

Senior Accountant for make-to-contract manufacturing company that is headquartered in Connecticut.

Vice President & General Manager for a multi-site leader in machined components for global OEM customers such as GE, John Deere, Halliburton, Westinghouse, Dewalt and Caterpillar.

Human Resources Director for a profitable and expanding developer, manufacturer, and marketer of products used for commercial and consumer applications

President of Bank Capital for a global bank that has a boutique, entrepreneurial environment and is looking to scale beyond it’s over 2000 customers across multiple lines that it currently serves. 

VP Finance for a company whose parent is a global, PE backed, ranked #4 in their market niche worldwide, and has completed 10 acquisitions in USA over last 18 months.

VP Finance for $20M multi-branch building services division that is expanding organically at 15+% annually.

General Manager for a privately-held manufacturer of engineered products in the Hackensack-Teaneck area.

Project Manager for a B2B that manufacturers (internationally) and distributes business products over 80,000 customers in USA.

Process Engineer for a company whose investments in infrastructure on processes, training, and capital equipment have improved productivity, broadened technical capabilities, and attracted global customers.

VP Finance for a profitable and established multi-state B2B/B2C with recurring revenues.

Production Supervisor for a consumer products business which manufacturers and distributes to Big Box, regional retailers, & niche consumer markets.

Category Manager for an established global leader in the technical marketplace, offering more than 100,000 state-of-the-art products.

Regional Sales Director - Restaurant Solutions for an industry leader and global manufacturer who develops innovative technology/capital equipment that is utilized in the restaurant industry.

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