I recently finalized a very specific executive search with a new client who was looking to bring expertise, knowledge and diversity into their senior team.

My client, a mission-driven, vertically integrated investor, developer and operator of life sciences, research and mixed-use real estate, approached Hanover with a unique requirement. Even though they had an internal HR team, they were looking for external expertise with a search firm that specializes in the real estate sector.

Overcoming the competition

But my client didn’t just approach Hanover, of course. They did their due diligence as we would always expect, and spoke with several executive search firms.

So, how did we beat our competitors to win the mandate? It was our unique combination of deep real estate experience and a research-driven process that set us apart. Initially, my client entrusted us with formulating a job description for the CFO role without their input. This allowed us to showcase our proficiency in understanding industry-specific roles, an ability honed through years of experience.

Creating the perfect job CFO description

Leveraging eight years of real estate search experience, I crafted three distinct job descriptions for the CFO role; one focusing on strategic leadership, the second on an accounting background and the third a blend of both.

This versatile approach allowed us to cover all possible preferences the client might have for the CFO position.

Understanding the client needs

Our initial hour-long conversation with the CEO allowed us to gauge the company’s needs and expectations. Some upheaval within the accounting team and a need for efficiency and growth made it clear that they needed a strategic leader with a strong foundation in capital markets.

My client’s requirements, however, evolved over the course of the mandate, which included a shift towards a diverse hire and a location-based role instead of a remote one.

Addressing the challenge of timing

In executive search, one of the key challenges we face is timing – and it was no different in this case. The incumbent CFO was set to leave in June, necessitating us to ensure that a suitable replacement was ready to take over.

Following a comprehensive nationwide search, I presented my client with 10 candidates, later narrowing this pool down to three after considering the evolving requirements.

The quality of the candidates I presented made the decision process challenging for the client – they told me that they would have been happy to hire any of them. To assist their decision-making process, I revisited the qualifications, refining and altering parameters to suit the evolving requirements. This guided approach helped us narrow down the pool to three final contenders.

Guiding compensation expectations

My responsibility didn’t just end with presenting suitable candidates. I also educated the client on current market conditions and competitive compensation packages. I used data from various real estate firms to set realistic salary expectations, guiding them towards a comprehensive, competitive package for the new CFO.

Selecting the right candidate

The final selection was a tough decision due to the caliber of the candidates. After multiple discussions and considering the startup nature of our client, I recommended a candidate with an entrepreneurial background.

Each candidate was required to present a business plan, and we provided the necessary guidance for its formulation. The final selected candidate quickly showcased their impact by revamping the accounting system, much to the client’s satisfaction.

A successful outcome

The success of the partnership we built together through this search process led my client to sign a Master Service Agreement with Hanover, making us their exclusive executive search firm for future roles. They have since entrusted me with another role, which required specific expertise and experience in historical tax credit and development management.