August 4, 2008

Keys to Hiring the Right Salesperson

by Marc Goormastic
Growing assets is a key to survival. In the age of specialization, many founders realize that their core competency is investing – not capital raising. How can you outsource distribution? One option is to hire a capital raiser to join your team. The keys to hiring the right capital raiser are (1) nail down an ideal candidate profile and (2) use a thorough and validated selection process to measure candidates against your ideal. An ideal candidate profile or scorecard differs from a typical “job description” chiefly in that you want to define what “A” performance in the role will look like both quantitatively and qualitatively. What numbers do you expect them to hit in their first 90 days and what soft skills and experiences are needed? Once you’ve specified “A” player performance and competencies, you need to interview candidates and separate the eagles from the chickens. Use Brad Smart’s “Topgrading” methods. They are the gold standard and have been used by GE, Citadel, and other uncompromising firms with great results. Throughout the recruitment and selection process, avoid the temptation to jump over dollars to pick up pennies. Great people drive great results. “B” and “C” players will give “B” and “C” results. Take your time and hire carefully and you will find the “A” player who will help you grow your assets and build your firm.
Marcus E. Goormastic is the president of Goormastic Executive Search which specializes in recruiting sales talent for investment firms.

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