{"id":12623,"date":"2024-10-16T09:28:17","date_gmt":"2024-10-16T16:28:17","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=12623"},"modified":"2024-10-18T17:09:44","modified_gmt":"2024-10-19T00:09:44","slug":"a-sustainably-successful-process-for-an-executive-search","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/family-businesses\/a-sustainably-successful-process-for-an-executive-search\/","title":{"rendered":"A Sustainably Successful Process for an Executive Search"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”4px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_cta title=”An increase in income tax rate means you’ll pay a higher percentage of your income to the government. This directly reduces your disposable income, the money you have left after taxes for spending or saving. This can make it harder to afford basic necessities, save for retirement, or invest in your future.” button_url=”https:\/\/familyenterpriseusa.com\/family-businesses\/your-voice-matters-advocate-for-tax-policy-change-through-new-portal\/” url_new_window=”on” button_text=”The House Ways & Means Committee wants your input on key tax issues. Submit your comments today through the new Comment Portal!” disabled_on=”off|off|off” admin_label=”Call To Action Top” _builder_version=”4.27.0″ _module_preset=”default” header_font_size=”22px” background_color=”#397389″ custom_button=”on” button_bg_color=”#ff0019″ custom_margin=”-17px|||||” custom_padding=”16px||19px|||” global_module=”9695″ saved_tabs=”all” global_colors_info=”{}”][\/et_pb_cta][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_5,3_5,1_5″ _builder_version=”4.27.2″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/www.mackinternational.com\/” link_option_url_new_window=”on” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][et_pb_column type=”1_5″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_image src=”https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2023\/08\/Linda-Mack-B4JqGXSA5A_thumb_9.jpg” title_text=”Linda Mack” _builder_version=”4.25.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”3_5″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Author” _builder_version=”4.27.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

By Linda Mack<\/em><\/a><\/strong>
\nFounder and President<\/em>
\nMack International<\/p>\n

[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”1″ _builder_version=”4.27.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

Human Capital Planning: Getting clarity on the \u201cwho\u201d you are looking for\u2026 <\/strong><\/h1>\n

 <\/p>\n

The human capital plan of any Family Enterprise should build consensus around specifically defining\u00a0 each position in the organization\u2019s structure. This definition must include two essential components: position specification and ideal candidate profile\/culture fit.<\/strong><\/em><\/h2>\n

 <\/p>\n

Position specification will include scope<\/a>, reporting structure, responsibilities\/accountabilities, performance expectations and metrics to measure success. Once the position specifications have been clearly defined, the family can determine the skill, knowledge, experience and competency requirements as well as the education, certifications\/designations required for each role.<\/p>\n

Clarity around the ideal candidate profile and culture fit requirements are critical for success. Defining the personal characteristics and attributes, values, behavioral characteristics, leadership, decision making and interpersonal style, and other motivators needed to ensure good alignment and \u201cculture fit\u201d with the family are an essential part of this process<\/a>.<\/p>\n

In our experience, finding a candidate with the requisite skill<\/a>, experience and qualifications for a position is the only the \u201cfirst cut\u201d on a search \u2013 the majority of the search is culture fit. If the culture fit is not on target, there is a high risk of an unsuccessful outcome. The wrong hire can cost much more than money<\/a>; it also wastes time, can impede the family from accomplishing their mission and makes it very difficult to go back to the market in search of a new leader. \u00a0Most families are seeking a leader who will stay with them for 10-15 years, so it is important to approach the position definition and ideal candidate profile with this time frame in mind.<\/p>\n

The Assessment Process: Figuring out the \u201chow\u201d of benchmarking\u2026<\/strong><\/p>\n

Once the family has completed the human capital planning process, they have the information needed to develop a comprehensive search and assessment process that will be used to identify and select candidates. Each family is unique, so the criteria will be unique to each family.<\/p>\n

The first step is to define selection criteria consistent with the position description<\/a>, ideal candidate profile and culture fit requirements. The criteria will also enable candidates to be consistently assessed both in an absolute sense against the requirements as well as in a relative sense, benchmarked to one another.<\/p>\n

For consistency and to identify the best candidate, it is important to use the same criteria and process to evaluate all candidates \u2013 this includes internal and external candidates as well as family and non-family candidates.<\/p>\n

There is no one industry standard for assessment criteria<\/a>, but there are numerous tools available, and they are often used in combinations. The following represents a list of the tools we consider to be most effective:<\/p>\n

\u00a0<\/em>Structured interview<\/strong>:\u00a0 Structured interviews involve asking each candidate the same questions in order to compare responses afterward and assess them consistently.<\/p>\n

Evaluation grids or matrices that indicate the specific criteria to be assessed using a rating scale are an effective way to consistently assess and rank candidates.<\/p>\n

In instances where the family wants to get a deeper understanding<\/a> of how a candidate approaches an analysis or problem-solving situation and\/or a client advisory interface, or are torn between finalist candidates, case studies or presentations can be helpful.<\/p>\n

Behavioral Interview:<\/strong> A behavioral interview is a technique that requires candidates to be introspective and asks them about past behaviors in order to predict future behaviors; candidates are also asked to provide specific experiences and stories to clarify and explain their behaviors and motivations.<\/p>\n

There are numerous behavioral assessment tools available, and they are often combined.\u00a0 These tools are not intended to be a short cut or a \u201csilver bullet.\u201d No assessment tool is a substitute for comprehensive interviews in which you get to know the person, their values and their experiences in depth to assess fit.<\/p>\n

Open ended questions<\/strong>: Determining in advance what you want to learn from a candidate and then preparing and asking open ended questions is important in all assessment interviews. The interviewer can then ask follow-up questions to clarify the meaning or intent of the candidate\u2019s responses. Open ended questions are important. They encourage a candidate to expound on their point of view which opens the conversation for a richer dialogue and more effective assessment.<\/p>\n

Proper assessment is critical to making the right long term hire decision. Families who do not have an effective assessment process have a high risk of failure. In other words, if you do not know what you are looking for or have specific criteria and a consistent process to screen and assess whether you have found it, you might get lucky, but you cannot succeed on a systematic basis. You need a process that can produce a reliable, consistent and successful outcome.<\/p>\n

Accessing the Universe of Potential Candidates: Understanding the \u201cwhere\u201d to begin your search\u2026<\/strong><\/p>\n

In cases where a leadership role is not filled via internal succession, the family will conduct an external search. Whether the family decides to manage the search process themselves or engage an outside professional search consultant to conduct the search, it is extremely important to have a well-defined, structured process to ensure a successful outcome. The search process timeline, milestones and deliverables must be established. The individuals involved in the process and their accountabilities and responsibilities should also be clearly laid out.<\/p>\n

Development of a strategic Human Capital Plan<\/a>, managing the search, assessment and selection process, and having access to the potential (and often proprietary) universe of candidates are some of the benefits families enjoy when working with professional search consultants who have a proven track record of finding \u201cneedles in haystacks\u201d that suit the criteria the family is seeking.<\/p>\n

When conducting a search<\/a> for a leader for their Family Office or Enterprise, the family\u2019s goal is to \u201cget it right the first time\u201d. The approach outlined in this article is a proven process to enable families to sustainably and successfully hire the best candidate on a consistent basis.<\/p>\n

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\"\"<\/p>\n

About Mack International LLC<\/strong>
Mack International is the premier boutique retained executive search and strategic management\/human capital consulting firm serving national and international clients in the family office, family business enterprise and the wealth management industries on a national and international basis. Founded in 2002, the firm has achieved an exceptional track record of success as evidenced by its unmatched industry expertise, in-depth market knowledge and unparalleled track record of success. Founder and President, Linda C. Mack has established proprietary methodologies such as the Mack 360\u00a9 and is credited for having coined the term \u201cexpert generalist\u201d in the industry.
<\/em><\/p>\n

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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n

As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n

The need for fact-based reporting of issues important to multi generational businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, multi generational businesses<\/a> and family businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to generationally-owned family businesses<\/a> built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n

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Family Enterprise USA<\/a> promotes generationally<\/a> owned family business<\/a> creation, growth, viability, and sustainability by advocating for family businesses<\/a> and their lifetime of savings with Congress<\/a> in Washington DC.\u00a0 Since 2007, Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0Family foundations can donate.<\/a><\/p>\n

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#incometax #taxseason #federaltaxpolicy #taxation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #CapitalGainsTax #incometaxrates #incometaxseason #taxrefund #taxreturn #incometaxreturn #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #FamilyBusiness #promotefamilybusinesses #familyowned #supportlocalbusiness #womeninbusiness #AdvocatingForFamilyBusinesses #Generationallyowned #Multigenerationalbusiness\u00a0 @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax<\/p>\n

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By Linda Mack Founder and President Mack InternationalHuman Capital Planning: Getting clarity on the \u201cwho\u201d you are looking for\u2026   The human capital plan of any Family Enterprise should build consensus around specifically defining\u00a0 each position in the organization\u2019s structure. This definition must include two essential components: position specification and ideal candidate profile\/culture fit.   […]<\/p>\n","protected":false},"author":2,"featured_media":12625,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,92,103],"tags":[],"class_list":["post-12623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business","category-next-gen"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12623"}],"version-history":[{"count":5,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12623\/revisions"}],"predecessor-version":[{"id":12645,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12623\/revisions\/12645"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/12625"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}