Executing a Successful Search for a Diverse CFO

The client, a mission-driven, vertically integrated investor, developer and operator of life sciences, research and mixed-use real estate, approached Hanover with a unique requirement. Some upheaval within the accounting team and a need for efficiency and growth made it clear that they needed a strategic leader with a strong foundation in capital markets. The client's requirements, however, evolved over the course of the mandate, which included a shift towards a diverse hire and a location-based role instead of a remote one. In executive search, one of the key challenges is timing - and it was no different in this case. The incumbent CFO was set to leave in June, necessitating that a suitable replacement was ready to take over.

Hanover's unique combination of deep real estate experience and a research-driven process set them apart. Initially, Hanover was entrusted with formulating a job description for the CFO role without the client's input. This allowed Hanover to showcase its proficiency in understanding industry-specific roles, an ability honed through years of experience. Leveraging eight years of real estate search experience, Hanover crafted three distinct job descriptions for the CFO role; one focusing on strategic leadership, the second on an accounting background and the third a blend of both. This versatile approach allowed coverage of all possible preferences the client might have for the CFO position. Following a comprehensive nationwide search, Hanover presented the client with 10 candidates, later narrowing this pool down to three after considering the evolving requirements. Hanover also educated the client on current market conditions and competitive compensation packages, using data from various real estate firms to set realistic salary expectations. Each candidate was required to present a business plan, and Hanover provided the necessary guidance for its formulation.

The final selected candidate quickly showcased their impact by revamping the accounting system, much to the client's satisfaction. The success of the partnership built through this search process led the client to sign a Master Service Agreement with Hanover, making them the client's exclusive executive search firm for future roles. They have since entrusted Hanover with another role, which required specific expertise and experience in historical tax credit and development management.