The question that always comes up when discussing an employment search with a potential client is, “How much will this retained executive search cost?” Several factors come into play when determining cost:
There are many ways in which we can help a firm – from a very targeted search to referrals of likely candidates to consultative needs based on our experience. Below, we’ve provided an example of a particular position and potential costs involved. However, Beatley Palmer would like to have a conversation with your firm and learn what your needs are, before we can provide more exact costs.
At Beatley Palmer, our Retained Search fees are based on a percentage of the expectant starting salary of the successful candidate. Let’s say you are a professional service firm with annual revenues of approximately 15 million and are looking to replace your current CFO who will be retiring in 6 months. The current CFO is currently making a base of $225k, plus a bonus ranging from 10-40% of his/her salary. Your current CFO has been with your organization for over 20 years and has been a significant contributor to your firm. Over the years, besides overseeing your accounting and financial department, they have also taken on the supervision of your IT and HR departments, as well as Office Administration. It is recognized that the incumbent’s compensation package has grown not just because of their contribution to the firm, but also their longevity and loyalty.
Will the new CFO be responsible for the same departments as the incumbent or will they have less responsibility? This decision will affect the experience level of the prospective CFO and correspondingly affect the compensation package. Let’s assume it is determined that the compensation range for an appropriate candidate would be a base salary of $130-170k with a bonus of up to 20%.
Beatley Palmer’s search fees are based on a percentage of the expectant starting salary (the bonus does not enter into the computation). A non-refundable retainer is due upfront of approximately 20% of the expectant fee.
Beatley Palmer guarantees our work. If a candidate is not performing to expectations or leaves on their own within a specified period after their start date, Beatley Palmer will find a replacement candidate for no additional fee other than additional incurred out of pocket expenses. Depending on the nature of the position, this guarantee period will last from six months to 1 year after the start date of the initial hire.
This guarantee does not cover dismissal of candidate or elimination of a position for either budgetary or operational reasons. This placement guarantee is subject to timely payment of prior invoices.
When you choose Beatley Palmer for your Accounting and Financial Professional position recruitment, you’re working with trusted advisors who are committed to finding the best fit for your employment needs. We are committed to providing the following time-saving benefits for your firm:
Our CPA firm of 50 professionals was experiencing strong growth in the Tax area. We needed an additional Partner. Unfortunately, we had no one in the pipeline that was ready to be promoted for the position. We heard about Beatley Palmer from one of our friendly competitors. We retained Beatley Palmer to help us find the much needed additional partner. We had used various recruiting firms in the past but never for this level of a position. Beatley Palmer exceeded our expectations. They took the time up front to meet with all of our current Partners to not only understand our requirements but to get a good "feel" of the type of person who was successful at our firm. They really understood our corporate culture. They not only found someone who satisfied our clients’ technical and service needs, but someone who relates well to our staff.Managing Partner - CPA firm – Northern Virginia
We needed a “shirt sleeved” Assistant Controller and we needed one fast. Our current Assistant Controller left us with little notice. Beatley Palmer met with us to understand our needs and quickly came up with a suitable replacement.Controller – Real Estate/Property Management firm in Montgomery County MD
Our Professional Service firm was in transition. We were combining our headquarters on the west coast with our larger office in Washington DC. This involved moving the entire accounting and finance department to DC. We had no idea if the existing members of this department would want to move east. Beatley Palmer immediately began vetting various levels of accounting and finance professionals that would accommodate whatever scenario developed. It turned out no one in the department wanted to come east, but our current CFO was willing to help with the transition. Beatley Palmer guided us in the selection of our new CFO who possessed the experience necessary to not only transfer all our accounting and financial records, but had the skills to rebuild the department from scratch. Beatley Palmer help make a potential chaotic transition very manageable.President – Professional Service firm Washington DC