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Selecting a search firm is a difficult task. It's not a service you use frequently, and the chances are you've dodged every Headhunter who's ever tried to connect with you, until suddenly you need them!
Ideally, a search firm will be able to combine an understanding of your business (in terms of stage, business model, domain, etc) and the candidate market you need to hunt from (functional expertise, location, etc). Besides the obvious, a few tips to help zero-in on the right search partner...
1 - Ask around. Lean on your Board, investors, executive team, and peers for search firms they have worked with before and rate. It is increasingly a value-add for VCs, in particular, to have a strong network with executive search firms in their field.
2 - Ask for references from recent clients. And don't just accept a one-line testimonial - have a 10 minute conversation with them to understand how the search process played out, how to best manage and work with that search firm, are there any red flags. If a search firm is reluctant to let you speak to recent clients, walk away.
3 - Probe their understanding of the skill-set you need to hire. For example, if this is a VP Sales for a SaaS company, quiz them on companies with similar GTM challenges to yours in terms of deal sizes, sales cycles, channels, etc. If they don't bring at least reasonable domain knowledge to the table, this may be a concern.
4 - Pay attention to the questions the search firm asks you. If they show detailed and genuine curiosity to understand your business and the hiring challenge, this is a good sign. If it feels like they just want to get the retainer signed before really qualifying you as a potential client, not good.
5 - Does their pricing model indicate they back themselves? Or does it feel rigid and skewed towards attaining most of the fee regardless of performance? Avoid firms working on time-based rather than milestone-based fee events. Searches with early-stage companies can often pivot and evolve - are they pragmatic and does their model flex accordingly?
6 - What is their process, and who is actually doing what? Is that experienced, articulate, charismatic Partner who pitched for the search going to be on the front-line with candidates? The best candidates are rarely looking and probably haven't heard of your company before - you need a Headhunter with the credibility to, firstly, get them on the phone, and then the ability to convince them to come and speak with you. Be sure you know who is actually doing that.
7 - What is their bandwidth? How many searches does this team currently have on and realistically where are you on that pecking order? The more searches we have on, the slower we move - simple as that. If a search firm's other live searches are for greater fees or higher visibility clients, you know where their priorities will be if they are spread too thinly.
8 - Trust your gut. Do you click with the main point of contact? Searches tend to be an iterative, consultative process and partnership. If you just don't feel that person 'gets' you or your business, listen to that.
9 - Do they respectfully challenge you? The last thing a Founder needs when hiring a leadership role is a 'yes' firm. No one will ever see your business the way you do, but a good search firm will get the good bits (passion, mission, potential) whilst bringing objectivity to the table. A good search firm should be willing and able to challenge you on things like process, compensation, etc. I'm a big believer in 'the customer is usually wrong' - otherwise you wouldn't need us in the first place!
10 - Combine network and research. Be wary of any firm that leans exclusively on its network (the markets change quickly) or overly-stresses its research capability (that screams you aren't a specialist nor do you know your candidate market). There is a happy middle ground where a search firm leans on an immediately relevant network but this is always supplemented and refreshed by new research.
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