Jay Millen in conversation with Dave Winston
Jay Millen, often described as a talent steward and value creator, is the managing partner of Caldwell’s CEO & Board Practice. Jay engaged in an interesting discussion with his colleague Dave Winston, Managing Partner – Industrial Practice and Leader of the Dallas Office, about sponsor trends that have an impact on the selection of potential CEOs and CFOs.
You can watch their conversation here or read it below.
“Dave, some of your insights focus on the differences of sponsor size. As candidates approach this as potential CEOs and CFOs, what considerations should they make about the opportunity they are looking at?”
“The advice I give candidates first and foremost, is that there’s going to be a series of meetings. They are going to have to carve out time for these meetings, regardless of what is going on in their personal and professional lives.
“Sponsors want to see engagement and enthusiasm. The first meeting is not for you as a candidate, it’s for them to fall in love with you. If they don’t, it really doesn’t matter what you find out in the meetings. The second meeting, and subsequent meetings are really all for you. Due to the accelerated diligence cycles and the competitiveness of the marketplace, you really need to focus on decision criteria that consider these things.
‘Is this the right role with right level of responsibility?’ ‘Do I like these people?’ and ‘am I going to have the resources to be successful?’ That last one is probably most critical because you should really do a deep dive on both the sponsor, their investment premise, that market where you don’t have specific domain experience, and that particular company.
“One of our clients characterized private equity as buying chaos at a discount and selling clarity at a premium. It’s going to be your job to provide the clarity, to achieve the premium and the return. Your diligence up-front is absolutely critical.”
“Great, thanks Dave.”
Tags: Jay Millen, Caldwell Partners, Value Creator, Talent Steward