Retained Search

The optimal way to land a high-end individual is via retained search.    An Advanced Dynamics client partner who surgically seeks a CFO, VP, Director, Partner Level Attorney, Plant Manager, Engineering Manager, Plant Controller, or any individual with a starting salary above $150,000, retained search serves  the interest of the client and the search firm.

 

Retained search serves the client’s interest because the client must unequivocally land the best individual. This is required for the long-term health of the business.   There may be only half a dozen to two dozen people in the country qualified for the role.    Therefore, the client requires the full attention of the most skilled recruiting firm.   The firm must have expertise in the identification, recruitment, verbal influence, and close of valuable game changers from the client’s competition.    Brides running from the altar immediately prior to receiving the ring are not an option. 

 

Further, the first question from a VP of Sales, CFO, or a Plant Manager to the search firm is always:   Is this a retained search?   If the answer is no, the next statement from the individual is:  I am not interested.   Highly selective individuals at the peak of their career, who are often accustomed to receiving recruiting calls, are cautious and smart regarding whom they speak to and commit to.

 

The opposite is also true:  If a VP or Director receives phone calls regarding the same position from 2 different search firms, the individual will immediately withdraw their candidacy.   Why?   Because they know the game and immediately become concerned that the hiring firm is not smart enough to ensure exclusivity of search.   

 

Further, retained search serves client interest as the client is protected by the fact that the search firm is bound to the client.  The search firm cannot walk away.   The search firm must fill the position within a particular time frame.   Period.  Industry standard is 6 months.   Frankly, if the client is serious and committed to moving forward quickly, searches of this nature rarely take more than 120 days.    Six months therefore is ample time.

 

There are typically two types of bound searches, retained and re-tingent.    Advanced Dynamics Corp. has 30+ years of success in filling both.   Clients like choices.   Therefore, my team offers the following choices to clients:

 

Option I:  Classic Retained

1. 1/3 of total fee to commence the search.

2. Second 1/3 of total fee once interviews begin.

3. Final 1/3 of total fee upon placement date.

 

The client pays in 3 installments which protects the client’s interest.   The company is further protected as the search firm is required to deliver a short list of qualified candidates.  

 

Option II: Re-tingent.

1. 50% of total fee billed to commence the search.

2. Final 50% of total fee billed upon placement date.

 

Re-tingent searches are a good choice for clients who want the simplicity of making only 2 payments or want to ensure the highly valuable player accepts the company’s offer before committing more than half of the fee to the search firm.

 

As the search firm is contractually bound to the client for 6 months without the ability to be set free, the risks to the search firm are many:  The client does not pay or is slow to pay; the client does not schedule interviews or there is no feedback from the client after candidates are ready to interview;  the client contacts a candidate directly at work or home for any reason (which provokes good candidates to withdraw); or the client avoids the search firm and hires an individual that is not a part of the search firm’s pool of candidates at the 11th hour after all of the search firm’s work has been carried out.

 

Therefore, all of the following clauses are standard in a retained search.  Namely, that it is understood and agreed that the search commences when the initial payment is received; that if the client contacts any of the candidates directly during the search, the search is closed and the total fee is payable in full; that if the client delays for more than 15 days any of the processes of the search – no feedback on setting up interviews with viable candidates, no arrangement of setting up second interviews after a positive initial interview, no offer after interview process completed, or making an offer to a candidate not submitted by the search firm – the search is closed and the fee is payable in full.  

 

If the company has names and contacts of internal or external candidates, the names and contact info of these candidates are provided to the search firm at the commencement of the search. This allows Advanced Dynamics the ability to objectively evaluate all of the candidates to support the client’s primary interest:  landing the strongest candidate.  

 

It is prudent to have a weekly status call in a search of this nature.  The purpose of the call is to keep the train moving down the tracks as well as ensure that the search is calibrated properly with client and search firm on the same page.    Thus, a weekly call (typically on a Thursday or Friday) with either HR or the Direct Hiring Manager is a requirement of retained search.

 

A search of this import requires deep experience, knowledge of the client, deep knowledge of the industry, and the ability to influence great players who may be passive and sitting on the fence, initially unsure if willing to interview.     Advanced Dynamics Corp., with 10 individuals in 2 offices supporting the experienced team who will run the search under the supervision of Founder and President Jeffrey A. Davis, has 35 years of successful retained search experience.  

 

In short, retained searches are fun and the particulars of every single one of these many dozens of searches over the years can be instantly recalled in vivid detail.   Every search is custom.    Every search is challenging.   Advanced Dynamics has built our business one by one, brick by brick, by delivering every single time for our clients.   This is how we began with 3 clients and have 100 clients today.    

 

The key to a retained search is that 100% of them are successful.    There is a sense of responsibility and commitment from both sides, a mutual partnership which always bears excellent fruit.     All of these searches over many decades of work have yielded an extremely happy client who demonstrate gratitude by providing additional business to Advanced Dynamics Corp.

 

Very Truly Yours,

 

Jeff Davis

Founder & President

Advanced Dynamics Corp.
jeffdavis@advanceddynamicscorp.com