This past week was focused on networking in the Franchising arena with some interesting learning on one concept in particular. Franchising companies are the bread and butter of my search practice so it is natural that I will spend a lot of time with professionals from this segment, both clients and networking contacts. The recession has not been kind to the franchisors I support. The capital crunch has made it difficult, if not impossible, to close new franchise development deals. In fact, when the market crashed in the early fall of 2008, many franchisors gutted their development departments as they understood that the prospect of granting new franchise licenses would be dim for the foreseeable future. As one would expect, the concepts requiring the greatest capital investment were severely impacted.
The week began learning about a compelling new, well new to me, franchising concept called Firestorm. I was first introduced to the concept at the February meeting of the Southeast Franchise Forum when I met Hutch Hodgson, their EVP of Franchise Sales. Hutch is a very engaging gentleman who has had a full career as a Fortune 500 executive, and later as an entrepreneur building The Heavenly Ham Franchising Brand. He has now come full circle to help a start-up company build their market share through franchising. Hutch and I really hit it off. I told him a little about my background, my business, and my writing projects. He graciously agreed to contribute to this series and suggested that I learn more about Firestorm prior to our interview by attending their weekly webinar. I gladly accepted. It was a fascinating presentation moderated by the company’s CEO and co-founder, Jim Satterfield. More about that later. The next day, Hutch and I met to talk about my article.
Before we started, I gave Hutch the set up. I told him that I am convinced that the economy is restructuring into a “new normal” with leaner companies using out-sourced contractors over full time employees. Further, it is my opinion that many of the over-50 aged executives riffed this time will not find suitable employment opportunities in their field, at the same level. Self-employment, and entrepreneurial pursuits, like franchising, will take on a whole new level of importance. Hutch agreed. “All too often, you hear people say; I’ve lost my job! I need to find a new job!’
He began by telling me that the current recession reminded him of the early 80’s. At that time, companies were reorganizing and downsizing which resulted in a lot of corporate-types willing to consider franchising as a viable career alternative. Personal Computers were just hitting the market, but the Internet was still over a decade off. He went on to say that “at least there was financing in the 80’s. Franchise brokerage was new. Now, franchise brokerage is mature, but funds are scarce.”
Clearly, Hutch has a great deal of empathy for the unemployed. “It is tough to be out of work. The wife and the kids are on their case. Egos are bruised, especially for men, whose self-worth is tied to their careers. They know that they must take charge of their own destiny and that franchise opportunities should be given due consideration, but that is risky and can be frightening. ” Hutch went on to say that unemployed executives spend too much time looking for a new job before looking at other alternatives. By the time they consider buying a franchise, they have burned through their assets and have no funds to make the investment. They need to get to that point early on.”
Hutch went on to confirm what other folks have told me recently. The first thing that the unemployed executive must do is to take stock of their personal situation. “They need to write down on paper, those things that are important to them. What are their values? What income level do they need? What are their outside interests? Who do they want to work with?” The gist of his message is that one must know one’s strengths and weaknesses; the resources at their disposal; the needs of their families; and the kind of work that best suits their personality. Hutch suggested that they commit to four or five major objectives, develop a plan, and work it. If owning a business fits with ones skill base and resources then that option should be part of the plan. The message to me was clear. I need to help my candidates get to a better place early in their job search process, before they have exhausted their finances and emotional strength.
Back to Firestorm. This is the kind of franchise that any recently displaced corporate type should give serious consideration. Firestorm’s business is “business continuity.” Their concept is directed at disaster preparedness planning for businesses. Their slogan is “Predict, Plan, Perform.” Over the years, I have met many professionals in the disaster recovery business. Those folks help companies get back in business after a disaster, but usually focus on a limited slice of the business like electronic data systems. The Firestorm concept is proactive, identifying business risks before they occur, putting plans in place to mitigate those risks when and if they do occur. This is a business to business concept that is ideal for a former corporate executive as one would be selling this service in an environment they know and understand. Additionally, the investment required is modest by comparison to other franchise concepts requiring almost no investment in plant and equipment. This results in a very attractive revenue to investment ratio. The labor component is nil as well, unless the franchisee wanted to hire sales people to help build the business. For more information about Firestorm, you will enjoy visiting their website at: www.firestorm.com
It did not take me long to put Hutch’s advice into action. The following day I met with a candidate over lunch. Doug, is a newly displaced CEO, who I had recently met and decided to get to know better. As you would expect, Doug is a very polished executive with a clear understanding of his strengths and career aspirations. His focus is on mid-cap companies in the chemical industry. We had a good exchange with both of us sharing a lot about our careers and interests. I learned that he was just getting into the networking phase of his job search, but was not all that familiar with the landscape in Atlanta. So, I told Doug about The Kettering Group, an excellent networking venue for senior executives who are employed or between situations. As membership in The Kettering Group requires a sponsor and validation of the candidates career progress, I committed to him that I would connect him with a friend who is a member. He attended his first meeting this past week.
Toward the end of our time together, I told Doug about my recent discussions with the folks at Firestorm. I gave him a brief overview of the concept and offered to make a personal introduction if he was interested. Doug is a smart guy who knows the value of looking at various opportunities so he gave me the green light to make an introduction and share his resume with Hutch. Things moved fast after that introduction. Doug attended their webinar and was presented with Firestorm’s franchise disclosure documents for further consideration. I don’t have a financial interest in this transaction, but I am curious as to Doug’s take on this concept and its potential fit with his goals.
The key learning this week is to help the newly-unemployed executive candidate face the reality of the new normal, encouraging them to look at all of their options, including interesting concepts like Firestorm. When one finds themselves between situations, looking for a new career opportunity, it is vital that one’s first action is to put some effort into understanding their situation. One must know one’s strengths and capabilities; interests; ideal work situation; and personal financial situation among other important considerations. One must also consider all of the career options, including self-employment and business ownership, which match their personal inventory. In this environment, it makes a lot of sense to explore all potential career options at the beginning of the job search when one’s resources are still solid and intact.
Do you really want to work here? Show me!
When a number of people tell you the same thing, at different times, unprompted, it might be smart to pause and listen carefully. Well, I had that experience last week while talking with more executives on the topic of getting noticed by hiring managers. My inquiry is pretty straight-forward. What does it take for a job seeker to break through the cluttered competition to make an impact on the hiring manager. Well, what I found may not be new, but the solution has a renewed interest. Now more than ever, hiring managers are keen to determine if the candidate really has a passion for the brand and the job. In other words, how motivated is this candidate to come work for me? Does the candidate just need a job; or does the candidate have a driving passion for this job?
Jim Lyons, a friend and candidate for a few of my search assignments, reminded me that it is important to him to know that the candidate has a serious interest in working for his company. By serious, he meant a passion for the brand and the product or service. One way that Jim judges this passion is by the amount of homework the candidate has done in preparation for the interview. “I want to see that they have reviewed our Annual Reports; 10K and 10Q; Franchise Disclosure Documents, and other information in the public domain. Do they understand our competitive environment? Do they understand our strengths and weaknesses? Do they know our goals and objectives? I want to know that they understand our situation. Does this candidate really want to work here?”
Obviously, one would expect that better preparation by the applicant, results in a better discussion and interview. Properly prepared, candidates are in a better position to ask relevant questions which help them validate their interest in the job. Even better, if the candidate understands the problems facing the company, and is in a position to offer solutions based on their experience, that candidate will rise to the top of the heap. So, preparation results in a better interview. It also sends a strong message to the hiring manager that this person has a high interest level in the company and job.
Later that week, I talked with Keith Lerme, COO for the café division (Starbucks) of Barnes & Noble. He told me that B&A has gone a step further and institutionalized some of Jim’s thoughts into their selection process. He told me that after candidates successfully complete a telephone screening interview they are invited to visit stores in their area and to report their assessment. This is a very revealing exercise which tells Keith a great deal about the viability of the job seeker. The candidates are encouraged to introduce themselves to store employees as job seekers interested in joining the company. They are encouraged to ask any question they deem to be relevant.
Keith said that most applicants prepare a two page summary of their visit. The best candidates make an extra effort. He told me about one lady who not only visited his stores but visited a number of competitors also located in the trade area. This candidate completed a 15 page report that addressed operations, marketing, and even the quality of the real estate. “It was not the kind of report that was appropriate to share with upper management, but it gave me great insight into her capabilities. It was a very good report. I really wanted to hire her, but she accepted another offer.” Clearly, this was a serious professional with a passion for the job.
The message is clear. If you really want to work for the company in question and the job in particular, you must show it! You must show a passion for the job. To sum it up:
- Know your passion: Understand the kind of job that drives your interest and the environment that fits you best. If you don’t have a passion for the work, you are wasting everyone’s time, especially yours.
- Be proactive. Use active investigation and analysis to open doors, get interviews, and gain a leg-up on your competition.
- Do your homework. Don’t stop at the obligatory background investigation; understand the issues driving the company and how the job supports their goals and objectives. Demonstrate that knowledge in a tangible way at every stage of the selection process.
- Better than just answering questions, demonstrating your work in a relevant context will be impactful and important to the hiring manager. It is so much better if your work is about the brand and job you seek.
Preparation is the key to any successful interview. Demonstrating your passion for the job is crucial. Showing your ability to understand the company’s issues and presenting your solutions will cinch the deal.
You Need a Website!
Last year, in my first column for my Alumni Magazine I wrote about my Top Ten Tips for a successful job search. I suggested that you (job seekers and career minded professionals) think of yourself as a product. Better yet, think of yourself as a brand. I also encouraged you to build a website to help employers find you and learn about your capabilities. Based on recent conversations with newly unemployed executives it is clear that I must give this topic more emphasis. Whenever I ask a candidate if they have their own website, I usually get a blank stare in response. Savvy professionals have their own websites. A career-focused personal website is an excellent way to promote you and your brand, further supporting your job search. If you have your own website presenting your professional credentials you will stand out among the crowd.
The ideal website domain name is your name or some close derivation thereof. Ideally, you want to own your name. Remember, you are a Brand. Your website must be professional, focused on your career accomplishments and your job search goals. Let’s be clear though, I am not talking about Face Book or My Space Accounts. Social media accounts have value, but are better suited to managing your network.
Doing background work for this article I did a simple Google search on the subject of building your own Website. It came as no surprise that there was a huge number of hits. Every ISP that I am familiar with offers the ability to create a personal website, usually at a very modest cost. If you are a subscriber to an internet account, the cost of a website is likely included in your subscription fee. Additionally, there are a number of low cost options for template-driven, do-it-yourself websites which deliver acceptable products at a reasonable cost. Some prominent web hosting services you should consider include GoDaddy; JustHost.com; FatCow; Yahoo; SuperGreen; BlueHost; Hostmonster; PowerWeb; HostGator; and Register.com.
I even have a personal friend who has developed a very creative do-it-yourself website product which I find very compelling. She offers affordable classes called “CoCreateAWebsite” which are a hybrid between doing it yourself and hiring a professional. She does the background and setup work (the hard part!), and you just enter and edit your content. You get a very professional, custom-designed website with a lot of flexibility and functions.
When developing a website to support your job search, there are a few items that must be included. Obviously, you want to display your resume very prominently, with the option to download. This is a common capability which adds value to your website. Other items you may want to consider are articles you have published, a sample of a project you completed, and letters of recommendation. I advise against posting references and their contact information as that is something that can be abused, to your detriment. But it is a good idea to put some quotes from others on your site – perhaps excerpts from your LinkedIn recommendations. Your contact information, especially a cell phone number and hyper link to an email address should be displayed prominently as well.
One of the best resources I can recommend is LinkedIn. The basic service is free, so even if you have your own website, you should still have a LinkedIn account. LinkedIn is the ideal multi-purpose tool for conducting your job search and building your career. LinkedIn gives you the opportunity to display your resume in as much detail as you like. You can also secure and display recommendations from colleagues and past employers. Use its services to the fullest.
Some other features available through LinkedIn include:
- Links to websites and blogs
- Participating in interest groups
- Search functions to find people and companies
- Search Job postings
- Networking with colleagues and friends.
- Search for experts and ideas
- Explore new opportunities.
To benefit further from the capabilities of LinkedIn, especially the ability to directly contact potential hiring managers, you should consider one of the paid account options. A paid subscription also results in a much more prominent position if someone were to conduct a Google search on your name. Believe me, people will Google your name, so this feature will be very beneficial.
Recently LinkedIn has added the option of uploading files, allowing potential recruiters and hiring managers to download your resume. Please understand that this is acceptable if you are unemployed and actively looking for a job, but you should never make your resume available for download if you are gainfully employed. If you do so while employed, you put your current employment at particular risk.
If you promote your website by adding its address to your resume and in the signature area of your correspondence, you will not only be viewed as a serious professional, you will gain a significant competitive advantage over your peers. More importantly, it will make it easier for interested parties to contact you. This tip alone will help shorten the duration of your job search.
Jim Weber, President
New Century Dynamics Executive Search
Learnings from the first week of interviews.
It has been a productive first week of interviews. Everyone I have talked with thinks the subject matter is both timely and relevant. That is good validation for my efforts, but really comes as no surprise. There is a consensus that employers will be slow to staff back to the pre-crash levels, if ever. Many of the jobs shed were held by highly compensated, mature employees. Reducing those positions resulted in big labor savings and improved profitability. Now, employers are reluctant to put profitability at risk. This does not bode well for highly compensated employees, also known as mature employees. The consensus is that we are moving into a new normal.
I talked with a cross section of employers, entrepreneurs, private equity investors, and unemployed executives. Each has a unique perspective on this environment. Employers are deluged with resumes for the few jobs they are trying to fill. Entrepreneurs are hustling to make connections and garner new business. Private Equity Investors are beginning to see a thaw in mergers and acquisitions albeit at a slow pace. Unemployed executives, some out of work for the better part of the past year are only now beginning to understand the new normal. It is this last group that is of most interest to me.
There is every reason to believe that much of the downsizing of the past year was a knee-jerk reaction to the crash, meant to protect the company from risks unknown. A survey conducted by OI Partners-Career Management Resources of Atlanta, GA supports this thesis. That report revealed that 40% of employers plan to rehire some workers they terminated. The survey indicated that Financial Services and Manufacturing companies are more likely to rehire their workers. These sectors were hit hardest by the down-turn. The Health care and government sectors, which terminated fewer employers, are much less likely to rehire laid-off employees. Given the speed of the layoffs, it is doubtful that employers had adequate time to initiate plans to cover the work left for those who held their jobs. The work that has not been covered internally must be outsourced. This will create some opportunities for free-lancers.
I also talked with a number of self-employed entrepreneurs and small business owners. Most of these people started their businesses within the last ten years; some, less than two years ago. Their ages and motivations varied, but most were baby-boomers with a wealth of experience, skills, and contacts. Their stories were very similar and they provided an insight that will be very compelling to the recently unemployed. Their message to the unemployed is clear: One must approach this environment with an open mind and a lot of intestinal fortitude. Be prepared for a big emotional roller coaster ride. As one self-employed consultant told me, “attitude is everything.” This is a time when one’s support group will be critical to help maintain an upbeat and positive attitude. Don’t spend any time with negative people or other unemployed. It is depressing and unproductive.
The unemployed executives I talked with revealed a variety of backgrounds and attitude. Admittedly, these folks were looking for new employers, more so than self-employment. Notwithstanding, they all understand that short-term project work will be required. These people were all C-level professionals accustomed to commanding six-figure salaries and big bonuses. They all have a lot to offer prospective employers or clients. To varying degrees, they were not clear about self-employment opportunities or how to approach those opportunities. This is an area where I believe I can add value.
The good news for those unemployed executives is that looking for a new job and seeking self employment/entrepreneurial situations are mutually supportive. Whether looking for one employer, or multiple clients, the activities are the same. In each situation, the job seeker must network, communicate a unique selling proposition, and be clear on their relevant target market.
Job seekers must face reality fast. The economic forecast is projected to be a “jobless recovery.” Don’t misunderstand, jobs will be created, and people will go back to work. However, the pace of job creation is expected to be anemic, taking in excess of five years to reach the pre-crash level of employment. The young and inexperienced, unskilled, and baby-boomers will have a more difficult time of it. People with skills and experience should understand that they have options beyond traditional employment. These folks must expand their scope to pursue short-term project work. This blog will continue to focus on helping this group.
Genesis and my invitation.
This is probably the worst recession I have seen since my graduation from college in 1977. The recession in the early 80’s may have been as bad but I did not feel it. I was gainfully employed, building my career, and the optimism of the Regan Revolution tempered the pain. It was a different world indeed. The baby-boomers were hitting the market in full force creating their own demand for goods and services; while many industries were benefiting from deregulation. The work force was a lot smaller then too.
Fast forward 33 years to today. I have enjoyed a successful career as a Corporate gypsy with several Fortune 500 brands. I continually advanced to become a Sr. VP and Division General Manager for a major fast food restaurant chain. In the industry we used the term Quick Service Restaurant chain, or QSR. Twelve years ago, I struck out on my own, starting an Executive Search company which I called New Century Dynamics Executive Search. It was a new century, after all, and I was feeling very dynamic. For more background about my company, please refer to my website: www.newcenturydynamics.com
Life is better now. I don’t have to move to advance my career, or travel unless I choose to. Roots are a good thing too, and the Atlanta area is a great place to build a business. I enjoy helping my clients find great talent to further their businesses and potential candidates (job seekers) to reconnect with great employers. Sometimes, like now, there is a real imbalance of job seekers (candidates) and available jobs. I cannot place every candidate, but I can provide encouragement, networking support and advice.
A key strategy that I have employed more recently to market my business is writing articles on employment matters. I began by contributing to the Alumni Voice, the quarterly publication of the University of South Florida Alumni Association. That column, called “Employ-A-Bull” has struck a cord with younger alumni at the front end of their careers. I also post those articles on my website for broader distribution. This humble little column is leading to new opportunities to speak to larger groups and hopefully soon, to other media outlets. Building my business while helping my clients and candidates, whether I make a placement or not, is a win-win proposition.
Now, I am at the very beginning of writing a new article on “Innovative Job Search and/or alternative employment strategies for a difficult economy.” I chose this topic as it is very relevant to our current economic situation. With so many people on the market, standing out from the crowd is a big challenge. Additionally, the people that seem to be most effected are younger folks at the beginning of their careers, and the more mature among us, especially the most highly compensated professionals. The employment forecast is pretty grim too. It may be five years or more before the market is able to reabsorb these folks. This demands a new way of looking at employment. Traditional job search methods must be reconsidered, including options for self-employment and starting a business. Needless to say, this should be a topic that will get some attention.
While interviewing a colleague for this article I was advised that I should include some type space on the value of social media, including blogging as an important tool for finding a new job. My friend also advised me that I should consider blogging as a part of my marketing mix. He even suggested that I go to Google to begin blogging. I will admit that I have had thoughts about starting a blog but could never justify the time when I was preoccupied with other matters. Pondering the scope of this article was the justification I needed. This is the beginning. We shall see where it leads.
Toward this end, I am interested in talking with people who have been successful in their job search efforts in the past two years. I am also interested in talking with people who have chosen to start their own business to include self-employment. The goal is to identify innovative methods which have led to success. This work will be useful information which I can share with my clients and candidates. I am looking forward to hearing about your experiences and/or thoughts in this matter.
This blog will be a useful place to recap discussions and organize my thoughts as I work through this process. I hope you will join me.
Jim Weber, President
New Century Dynamics Executive Search
www.newcenturydynamics.com