Skin in the Game. Jim Gilreath
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(and the company itself) must beware of the consequences of unsatisfied customers.
The VP S&M must:
Be marketing savvy and have an acute sales management focus embracing consultative system selling and solution selling.
Be familiar with the company’s products, industry, and markets.
Deliver business growth market validation and market entry strategy, as well as valuable analytics on sales force effectiveness and customer response.
Drive revenue, sales efficiency, Return On Investment (ROI), and close deals.
Be able to formulate a comprehensive business plan to establish strategic sales direction and if required, define product features needed to satisfy target market requirements.
Be responsible for competitive analysis, product positioning, pricing strategy, promotional materials, customer service, training, and publications.
Interface well with operations and finance in a collaborative style.
Select various appropriate channels of distribution either through independent Sales Reps, Distributor Salespeople, or Employee Salespeople as required.
Knowledge of various effective sales compensation plans is a must.
Be budget conscious, setting and achieving aggressive sales forecasts as well as goals and objectives oriented, KPI and metrics driven, and delegate well with strong consistent follow up.
Be a “no surprises” professional, a motivator, and able to hire, manage and retain a productive loyal superior sales force and a capable marketing assistant.
In certain portfolio companies, new product introduction experience would be vital. Again, PE firms tend to match VP S&M hires industry to industry, markets to markets, products to related products. Desirable background would be fluency in both social media environments and the monitoring and measuring tools for more industry visibility.
In a global PE owned portfolio company, international market development in Europe and Asia will be required, including strategic alliances and periodic overseas travel.
A VP S&M’s expected technical knowledge includes Customer Relationship Management (CRM), such as Salesforce, Goldmine, and Sugar. Also he should have general knowledge of online marketing Search Engine Optimization/ Search Engine Marketing (SEO/SEM), and web analytical tools experience such as the offerings of Adobe Analytics. Travel 30%-40% of the time is often necessary.
It can be very challenging in the confidential interview process for the VP S&M because of his normal work and travel commitments. I have a few suggestions to deal with this interview challenge (see chapter 10, SITG PEG Interviews).
The above criteria for VPs of Sales and Marketing of PEG’s portfolio companies in the aggregate is overwhelming, but it is unlikely that any SITG VP S&M candidate has mastered them all. I am providing a pattern of similar traits and requirements to help SITG VPs of S&M candidates with hiring traits particular to skin in the game VPs of S&M.
What do PEGs seek in their SITG VPs of Operations?
My twenty-eight year skin in the game VP Operations (VP Ops) hiring experience is heavily tilted towards lower middle market diverse manufacturing portfolio companies. There are a number of good points worth noting from this focus. PEGs typically focus on hiring hands-on VP Ops candidates responsible for the production of goods or provider of services. They consistently track KPIs to drive internal and external customer satisfaction and to encourage constructive behavior from the entire workforce. The VP Ops additionally hold subordinates accountable to goals and objectives. These characteristics are key ingredients for all VP Ops.
The VP Ops is the “go to” position to deliver the promised goods and/or expected company services to always satisfy the customers. The VP Ops is typically a take charge leader by example with a sense of urgency and accountability, taking initiative in identifying, analyzing, and solving problems. He needs strong oral and written communications skills to deal with all levels of the business, and must especially express numerics including metrics, percentages, margins, and profit and loss numbers.
The VP Ops oversees the production of company products and/or provision of services. Their role is ensuring that the organization is running comfortably and efficiently according to plan, and that the products and/or services meet client or customer needs.
The VP Ops reports to the CEO and typically manages all company functions except IT, finance, sales and marketing, and is responsible for the Operations Department P&L. Responsibilities are:
Hands-on management of functional areas of supply chain, manufacturing engineering, quality assurance, production, shipping and receiving, inventory, and facilities
Reducing the labor content across all products by targeted percentage objective as percentage of sales
Exceeding operating plan goals in measurements of safety, productivity, quality, and on-time delivery within an ISO9000 2008 workplace
Integrating product acquisitions, new product/ technology introductions (NPI), lean strategy implementation, production transfers, and facilities/ equipment investment
Turning around underperforming operations by transforming company operations and culture into a highly effective manufacturing entity
Incorporating lean manufacturing techniques and continuous improvement to create a sustained favorable cash flow position while increasing production capacity on a global basis
Showing specific metrics and percentages for having improved EBITDA , improved productivity, improved Direct Labor (DL) costs, improved on-time delivery, improved quality metrics, reduced OSHA recordable incident rate plus submitting a company record of consecutive days without a lost time accident
A major driver in successful new ERP system implementation and in establishing a land not previously developed (Greenfield) facility for a new product launch
Overhauling manufacturing flow of materials from receipt to shipment
Conducting training for knowledge and practical application of lean manufacturing methodologies and world class principles to continually drive improvements in EBITDA, cost, delivery, quality, safety, and employee involvement while placing the customer at the center of everything
Rearranging a facilities plan to create flow and eliminate waste
Being grounded in shop floor fundamentals with ability to connect with shop floor personnel in both union and non-union environments
Having extensive experience in buy and sell side M&A, product line consolidation and rationalization, functional consolidation, and re-engineering of business processes post acquisition
Possessing personal characteristics which include being a high integrity, trustworthy, hands-on executive leader with credibility amongst customers, employees, board members, suppliers, and other stakeholders that is underscored by an intuitive business focus
Retaining a reputation for driving positive change that enhances the bottom-line, translates strategy into reality, and implementing best practices across organizations, unifying a winning company culture
Having expertise in operating budget management, acquisitions and integration, product development and introduction, supply chain, operational excellence, lean Six Sigma, quality, customer service, customer satisfaction, facilities, human resources and environmental, and health and safety
Providing multi-operational site responsibility for products, including annual operating budgets, three year strategic planning, and being sponsor/champion of process improvement programs utilizing operational excellence and lean Six Sigma disciplines
Taking responsibility for manufacturing, materials, procurement, manufacturing engineering, quality engineering, customer service, order entry, facilities and environmental,