As the franchise marketplace continues to evolve, candidates and hiring companies alike must keep up with the latest trends, issues, and priorities. While franchises in different niches may have different areas of focus for their talent strategies, one common thread is the need for dependable, versatile financial leadership.
Hiring finance leaders is a balancing act between seeking out financial acumen, industry-relevant skills, and broader skills. A few simple “dos” and “don’t” can help ease the strain of the process and drive better results for everyone involved.
Do: Seek Out Passive Talent
In many cases, the best candidate for the job is someone who isn’t necessarily looking actively for a new job, but who would consider moving for the right reasons. The key is understanding what those “right reasons” are and tailoring your approach to them. Leaders are looking for a strong track record, competitive and multifaceted compensation, and other perks like favorable office locations, relocation and other similar benefits. Focus on what’s important in your industry, and target your value proposition accordingly.
Don’t: Overlook Cultural Fit
Hard skills are critical, but so too is finding a finance leader who is a strong cultural fit for your franchise. The interview process should allow both candidate and company to assess the fit (or lack thereof). Questions posed by the candidate around cultural fit can indicate their level of sophistication and knowledge. Likewise, it’s critical to understand what is important to each candidate, how they envision their role, their ability to serve as a team player, past experiences with various investors (and investor types), and so on.
Do: Be Proactive
One of the biggest advantages that organizations can give themselves is taking a proactive, rather than reactive, approach to hiring. Work ahead on the needs of your growing franchise – infrastructure, financial, organizational – and gauge future hiring and timing needs for all facets of the organization. This gives you the space to better ascertain what is really needed for your franchise’s financial outlook in the near, medium, and long term, without facing the pressure to hire on a too-short timeline.
Don’t: Make Assumptions About Best Fits
It’s a common misconception that CPAs and accountants are your best bet for financial roles, but that’s not always the case. They may not have the specific expertise your franchise needs. Research and assess your needs in detail and see how they align with potential candidates. Similarly, it’s tempting to stick with what you know and promote internally, but in-house candidates may have limits on their vision and capabilities from being “on the inside.” Talk to both external and internal candidates to gauge their perspectives, and don’t be afraid to get input from trusted advisors – or even to look at competitors for ideas on how to succeed or avoid mistakes.
Do: Seek Out a Qualified Search Partner
Partnering with a high-quality executive recruiter, like Blue Rock Search, can streamline the process and provide direct, immediate access to quality franchise candidates. Blue Rock brings a solid track record of transparency, honesty, and exceptional performance, with deep ties to the franchise industry and extensive networks that include top franchise and finance talent. A strong search partner will ask the right questions – of both the client and the candidates – and understands the roles, responsibilities, and qualifications for each position.
Trust Blue Rock to provide the support you need to successfully hire for your franchise’s key financial roles! Contact us to learn more about our franchise executive recruiting solutions.
About the Author
Michael Cullom is a collaborating advisor with Blue Rock Search, focused on executive searches for franchise and multi-unit, multi-regional and consumer-based industries, including but not limited to the restaurant, retail, and ecommerce sectors. He concentrates on senior financial, operational, board, and other relevant searches for a variety of BRS clients.
Michael has served for decades as a senior executive and board member for a number of well-known multi-location franchised and company-operated concepts ranging in size from early stage to the Fortune 500. He has been an officer of publicly and privately held (PE, VC) companies in rapid-growth, turnaround, and restructuring standing. He has held C-level finance, corporate development, and operational roles. He has also been a management consultant to investors, board members, and senior management clients.
Michael received a Bachelor of Science in Engineering from The U. of Cincinnati and earned an MBA from The Wharton School of the U. of Pennsylvania. Michael and his family live in the foothills of the Rocky Mountains west of Denver, Colorado.