Challenge

• The client sought an experienced medical device marketer with demonstrated success in commercializing a device requiring a missionary sale.
• The medical device sector was particularly attractive at the time, with an abundant amount of private equity capital being deployed, which created a high demand for proficient device executives.
• The client was in need of a candidate with extensive marketing experience, but was still a small, high-risk company attempting to develop a product for a new market.

Sextant’s approach

• Sextant began by working with our client to define the specific objectives for the individual who would assume this role. In particular, we felt that it would be important to articulate milestones and performance guidelines to candidates in a very specific manner.
• Sextant created a credible selling proposition that focused upon the market potential, the opportunity for personal wealth creation and the career path that would be associated with a successful outcome.
• Working with our research team, we identified successfully commercialized devices that required comparable market priming and missionary sale, as well as the individuals who were responsible for the marketing of those products.

Sextant’s solution

• We helped the client refine the candidate profile by introducing several individuals with markedly different backgrounds. Within the first six weeks of the search, we had obtained the requisite clarity.
• The successful candidate was identified in the fourth month of the assignment. Together with our client, Sextant recruited a seasoned marketing executive with experience launching novel devices at large companies and start-ups.

 

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Challenge

• The client had a novel investment platform that required Sextant to dig deeply into the investment strategy to be able to present the opportunity to a candidate pool that was unfamiliar with this business model.
• The perception within the candidate market was that the client’s investment approach required a more “hands-off,” financially-oriented approach.
• Because effective deal sourcing was as important as investment analysis, the client wished to attract a candidate from a top-tier traditional venture firm.  Consequently, the candidate pool was limited.
• The firm was deeply rooted in technology, but did not possess an established health care platform.

Sextant’s approach

• We drew upon our deep network in the limited partner and health care investment community to develop the candidate pool rapidly and to enable the client to gain an overview of the market.
• Much of the initial effort was focused upon educating the candidates about the economics of the opportunity.
• The search team blanketed the market to identify candidates with the appropriate client relationships, investment experience and domain knowledge.

Sextant’s solution

• Despite the numerous challenges posed by the atypical nature of the client’s business model, Sextant heightened the market’s familiarity with the opportunity’s potential.
• Within less than four-months, Sextant and our client successfully recruited a highly credible and qualified candidate from a top-tier Bay Area venture capital firm.

 

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Challenge

The targeted skill set was in particularly high demand due to increased investment activity in medical technology and the subsequent interest by venture firms to recruit such individuals. Midwest location heightened the difficulty of the search.

Sextant’s Approach

Before starting the assignment, we worked extensively with the client to create and position the “value proposition” that would be presented to candidates by leveraging our market intelligence and overall knowledge of the current recruiting environment. The search team collaborated with the client to design a sufficiently attractive compensation package and career path to be highlighted with potential candidates.
 
Leveraging our extensive network within the healthcare entrepreneurial and investment community, we focused on candidates who either had ties to the Midwest or were more likely to be in a position to relocate. We also identified all MD/MBA candidates from leading Midwest academic institutions.

Sextant’s Solution

At the outset of the search, Sextant introduced the client to several candidates to assist in defining the optimal candidate profile. Armed with a clear vision of the ideal candidate, a deep rolodex of Midwest-based talent, and a compelling career proposition, we were able to identify and attract three finalist candidates within four months and successfully negotiate the terms of employment.

 

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Challenge

• Identifying candidates with technical backgrounds as well as the business acumen to serve on boards and help build the ongoing strategy for the firm.  
• The candidate would be based in the client’s Menlo Park office - a challenging geography due to the high cost of living.  
• Operating executives from large companies typically are not familiar with the venture capital industry, and therefore require education on how these firms operate and on how to effectively transition into this business.   

Sextant’s Approach

• Sextant identified the all of the startup medical device companies that had been acquired in the last 18 months, allowing us to target candidates with entrepreneurial experience at startup companies with successful outcomes.
• We identified all of the senior medical device executives who had begun their careers in technical roles before transitioning over to business development roles.
• In addition to leveraging our own network, we also networked with medical device executives who were serving in this same capacity at other venture firms.  
• After discussion with the client’s management team, we expanded the geography to allow potential candidates to be located in the New York City office, which had greater appeal to executives in the northeast.

Sextant’s Solution

Sextant was able to identify a senior business leader from one of the largest medical device companies as the successful placement. With a medical degree and experience running a $300M business unit, he had the technical knowledge coupled with the necessary business acumen for this role.  He also had previous experience serving as a president of a medical device startup company, which gave him crucial exposure to the venture world.  To best integrate him into the venture partner role, the candidate has partnered with the managing director at the firm on several deals and is serving on the boards of several of their portfolio companies.

 

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Challenge

• Re-launch of a lower middle-market buyout platform after our client had made two well publicized attempts in this market. Had to overcome strong skepticism from the candidate universe regarding our client’s commitment to this strategy.
• Client’s platform represented a non-traditional private equity structure with non-traditional LP relationships and commitments, further exaggerating concerns about long-term commitment.
• A key component of success would be the candidate’s ability to leverage the parent organizations’ brand, expertise and resources and to build awareness among business owners, bankers and intermediaries of our client’s investment strategy.
• The client sought a candidate with a top quartile investment track record in the lower middle market with the experience and desire to be an architect and leader of this new effort.

Sextant’s Approach

Having spent considerable time with our client to understand their overall investment philosophy, their history in this sector and their unique advantages, we were well prepared to address skepticism in the market about the client’s commitment and to highlight the compelling aspects of this opportunity.  The search team developed a two-pronged strategy:

1. Identifying successful partners at lower middle market firms
2. Targeting investment professionals at larger firms who had pursued smaller deals earlier in their careers

We leveraged our industry sources (limited partners, research analysts, investment bankers, operating professionals, etc.) to gain additional insight into the fit and potential interest of the candidates in this universe.

Sextant’s Solution

Despite the challenges presented by the non-traditional and non-independent nature of the fund, Sextant seized the unique opportunity to shape and lead this new effort within an institution with a world-class brand – almost from a standing start.

The successful candidate was a partner in a leading buyout firm who had demonstrated superior investment performance across several funds and two economic cycles. He had completed 11 platform investments that were ideally aligned with the growth and services aspects of the client’s investment strategy. That the candidate thrived during dramatic growth at his previous firm and was instrumental in building his investment team was a strong indication that he would flourish in this entrepreneurial environment. 

Sextant has since been retained by the candidate to help him rebuild his investment team.

 

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Challenge

 

• The client sought candidates with undergraduate degrees from top-tier universities, as well as a CPA and MBA.  Equally important, however, was the 'fit' with the CEO. The VP/CFO was to be second-in-command to the current CFO, as well as the eventual sounding-board and close confidant to the CEO.
• The ideal candidate would have to have 10-15 years of institutional private equity operational experience as a controller/CFO.  The ability to transition from a task-oriented role to a strategic position was crucial; the ideal candidate would need to possess the necessary tactical analytical skills but also an aptitude for seeing the bigger picture.
• The prospect needed to have exposure to a middle market private equity firm and know general partner accounting well.  Uncompromising personal integrity was a must. 
• Good interpersonal skills were crucial. The position demanded communication with upper-level individuals at banks, private equity groups, auditors and existing prospective clients.
• This new hire was required to be tenacious in meeting deadlines, with a strong sense of urgency and self-management discipline.  Sextant screened individuals to be certain that they were capable of working effectively under pressure.

 

Sextant’s Approach

 

• The client and the Sextant team spent hours discussing the kind of business the firm was involved in, the future plans, issues facing the CEO and the goals he had for the CFO and his successor.
• Sextant spoke in depth about the organizational structure of the firm, the customer base, and the background of the potential key prospects.
• Sextant prepared a thorough and detailed profile and developed a hiring process that met with the client’s expectations.
• Within a month we had a short list of five qualified candidates. Three candidates came from the private equity industry, and two from the public accounting and advisory sector. 

Sextant’s Solution

 

• Sextant’s deep understanding of the client’s needs paired with our experience in the private equity and CFO marketplace allowed us to identify an exceptional cultural and business fit within four weeks of inception.
• The new hire had served within one of the largest diversified financial institutions, leading a team which administered profit sharing and co-investment programs.
• The VP/CFO role was a positive opportunity for the candidate.  He took a step back in his career in order to move two steps forward.  By accepting the offer, he put himself in line for a quicker rise to management. He knew that this post had strong long-term potential within the organization, which had an enviable reputation within the industry. This transition to VP/CFO boosted his overall career trajectory within the private equity sector.
   

 

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