‘Fit’ Is the Ultimate Criterion

Ending the week by sharing a bottle of wine with a friend is most satisfying.  Especially, someone, you hold in high esteem.  Faith is one of those people.  She is a confidant and muse. She is my ‘go to’ person for a different perspective, including comparisons between dating and job search. Oh yes, there are many parallels as both activities are about developing relationships.   Her insight can be profound.  An added benefit is that we share the same taste in wine.  I always defer to her recommendation.   Sometimes, I need her help to sort out the week, to select the topic for my article.

I arrived a little early to secure a strategic location at the bar; then selected a favorite vintage and uncorked it to breathe.   Faith arrived shortly thereafter.  After she told me about her week, she asked about mine.  She was most interested to hear about my experience as a panelist speaking on “Alternatives to Traditional Employment.” Holding a good job is difficult today as companies struggle to adapt to the digital age.  Considering alternatives to traditional employment is worthwhile.  

I was invited because I left the corporate world to start my business and for my work supporting freelance consultants. We talked about the need to follow our passion when picking a business. We reinforced the need for confidence to strike out on our own. Perseverance through difficult times was recognized as a fundamental requirement.  We all agreed that the major reason for starting a business is to gain control over one’s life and career, especially in a highly volatile environment where tenures are short. 

The audience was mostly Baby Boomers. They’re generally healthy, competent, and technically savvy if not necessarily perceived as such by potential employers. They have solid interpersonal skills, more so than their younger peers, but don’t necessarily recognize this strength.

FENG Panelists 2-13-2019

One member of the audience surfaced the issue of age discrimination.  I told Faith I found that a bit odd for a discussion about alternatives to a traditional job.  Age discrimination is a significant concern for Baby Boomers, albeit overblown, in my opinion.  It is less of an issue during periods of full employment.  It is also less of an issue at smaller, emerging brands.  In many cases it becomes an excuse for difficulty finding a job.  After hearing the question, I thought the issue was less about age discrimination and more about his presentation. He lacked the image and energy employers expect from someone at his level.  

When I mentioned that point, Faith’s expression changed significantly, indicating an ‘ah ha’ moment. She had a flashback to a conversation with our mutual friend Hope. I was a participant in that conversation, well more like an interested observer. 

Hope was talking about a conversation with her brother who was puzzled that another romantic interest had fizzled. He was perplexed that she was still single as she’s an attractive woman with an effervescent personality.  However, she seems unwilling to risk being hurt again.  Hope said he asked if the guy had “crooked toes.”  I was clueless as to what that meant.  I have learned that these ladies often talk in code that requires a debriefing after the fact. As I think back, I remember that I listened to them as if they were speaking a foreign language.  I didn’t interrupt for clarification though, as the wine was awesome, and I was in the company of two beauties.  Besides, they were having a great time and I didn’t want to spoil the moment. I just enjoyed the fun.

Faith reminded me that the code-word, “crooked toes” means “unidentifiable, unspoken reasons one does not find the other attractive enough to continue dating.  Or, when one candidate is selected over another, when all else is equal or favorable for the candidate not selected.” In my world this means the unsuccessful candidate wasn’t the best fit.  Faith had done it again.  She found my topic for the week!

All things being equal, ‘fit’ is the ultimate consideration.  From an employer’s perspective, all new hires carry risk.  A bad hiring decision can be very costly. The more important the position, the greater the risk. Fit is the critical criterion, as all finalists will have met the quantifiable selection requirements.

Lack of fit means the hiring manager was not satisfied with the candidate’s personality, speaking skills, management style, presence, or energy level. As these details are seldom revealed, it creates a quandary as one doesn’t know how to become more competitive.  However, success in job search or romance, requires one to understand and address their weaknesses. The candidate may need professional help.  Recording a video of practice interview sessions will provide useful insight.  Videos may be painful for some, but it is worth the expense. Audio recordings can be an important tool as well.  A career coach will find solutions to overcome one’s weaknesses.

When a runner-up hears that the person selected was a better fit, it is a signal to seek constructive criticism. Find a professional, or a trusted adviser with recruiting and selection knowledge. You must get back into the game.   If you have crooked toes, fix them!

Thank you for visiting our blog.

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Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com


Author of:  Fighting Alligators, Job Search Strategy For The New Normal

In Your 50’s, 60’s or 70’s Without an Exit Plan?

 

Shavzin & Associates
David Shavzin

By David Shavzin

I hear it more and more coming from Baby Boomers. This question is often posed casually: “So what do you think, should I start my exit plan 2 years ahead, maybe 3 years ahead?”

 

They often ask knowing the answer. They are trying to make themselves feel better because they haven’t created an exit plan and they know they should have started it long ago. If I respond that waiting until 24 months ahead of sale is ok, they can let themselves off the hook for not having an exit plan in place.

 

I hear from business owners every day.

  • Some say they are tired and would like to get out. They do not want to put in much more time or invest in building the value of the company. Yet, they are not satisfied with what it is worth today.
  • Some in family businesses have put off building a succession plan for a generation to generation transfer. They may feel they have time, or they may feel that their children (children often in their 30’s and 40’s) are “not ready yet”. They may fear losing an income stream as they transition out of the business.
  • Some are simply working the business, taking no time to develop an exit plan that could dramatically increase the value of the business when it comes time to sell.

If any of these ring true for you, there are many potential solutions to address your concerns and situation. Take the first step and have a conversation with all in involved. A good advisory team can help guide those exit plan discussions and provide an objective, experienced perspective. There are so many business exit options.

 

If you do have just a few years, there are a number of things you can do to optimize that exit and get everyone on the same page. But “2 – 3 years” is NOW, especially if you are a business owner in your 50’s, 60’s, 70’s or older. You have heard when talking about stocks that you can’t time the market. It’s the same thing for your business. And, remember, the sale process itself can take 6 or 9 months to a year.

 

There will be a downturn in the market. Getting caught in that next downturn will likely reduce the value of your business. Perhaps more importantly, it could keep you captive in your business for another few years as you rebuild.

 

Questions to ask yourself:

  • Do you know the value of your business? Don’t rely on a value that is some industry multiple or that sounds reasonable or what you’d like. Get professional assistance. This is your life, livelihood, and retirement.
  • When do you want to be completely or mostly out of the business?
  • Can you wait out the next downturn? If you are thinking of a 2- to 3-year timeframe, what if the economy slows down? Can you wait another few years to rebuild the value of your business? Or are you willing/able to walk away with less money?
  • Do you have a solid plan for what you will do after your exit?

By the Way, It’s NOT all about YOU!

 

Without an exit plan, you are not just risking your own retirement or next phase of life. You are putting in jeopardy your spouse, children, their families, your employees, their families and more.

 

The message is simple: work with your advisors now to get a good understanding of your situation. The more informed you are, the better positioned you will be in creating an exit plan that works for you, maximizes value and minimizes risk. You will leave the legacy that you want, not what others want. You will create your future!

 

Get Started on Your Exit Plan

If you haven’t begun to plan, get on it! Get a business valuation done, build your advisory team, start on building business value!

 

Need to Get an Idea of Where You Stand?

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com