The big deal that never was

It was January of 1997 and I had just turned down a salaried management trainee position at Enterprise Rent-A-Car. Instead I accepted an all commission recruiting position at a national search firm that had their HQ in Atlanta.

Shortly thereafter I was a on a plane to Buckhead, Georgia for a week of training. We spent our days in a conference room with a retired recruiter telling us recruiting stories about the deals he had closed. He was quite a storyteller and all of us new recruiters listened in awe.

When I got back to California I was all pumped up. I found a cabinet in the conference room full of recruiting and sales training VHS tapes. The videos were from such names as Steve Finkel, Peter Leffkowitz, Lou Adler and Zig Zigler. This was a treasure trove that I would later realize. I wasn’t sure anyone else had payed attention for they looked liked they hadn't been touched for sometime. I took them home and studied them like a rookie watches film in his first NFL season.

Just 2 months into the job and some early success filling a position with my manager, my mother introduced me to a Partner at a Famous law firm in Orange County. She had counseled this lawyer and he felt gratitude towards her. She had told him I started in a new job as a recruiter. The lawyer called me one day shortly after and invited me to come to the law firm and meet with him and a client that he had on retainer.

The next week I dressed sharp and went to the law firm to meet with the lawyer and his client. It was a large office with plush couches, big conference rooms with long tables. Reminded me of what I envisioned when reading John Grisham’s novel “The Firm”. The receptionist greeted me and offered me a Perrier. I then met with the Lawyer and took a small tour of the office. He then introduced me to his client and the three of us went to lunch. It was a fancy restaurant by the Performing Arts Center near South Coast Plaza. We sat down and I listened to a proposal from the Lawyer and his client.

The client was looking to hire a CEO to run his newly formed online Encyclopedia Company. He wanted to give me the opportunity to fill this position and I was excited to say the least. He briefly went into his concept of the company and then, here is the kicker, He was prepared to pay me a contingency fee of $100,000 dollars to fill it ($160,000 equivalent purchasing power in 2020). A large fee at the time for even the big retainer search firm standards such as Heidrick & Struggles, Korn Ferry and Robert Half. An enormous amount of money for someone who was just a few months removed from my Chief of Snorkeling position in Club Med Turks and Caicos. That job paid me $720 a month, room and board and a stipend of Yellow, Orange and White Bar beads! We went back to the Law firm and he handed me a signed contract and it read as clear as day $100,000 dollar fee! I couldn't stop staring at it. I was blown away and chomping on bit to get back to my office and find what he was looking for.

Remember, I was now armed with Recruiting Training and VHS knowledge! What more did I need. I could hear Steve Finkel’s voice in my head. We had a black and white computer screen. DOS I believe (Disk Operating System), note-card, a telephone and a yellow pad of paper. Nobody I knew even had a flip phone yet. Pagers were still ruling the day.

I had the library to get reference info, a telephone directory and a desire to succeed. The carrot was hanging out in front me and I was motivated.

This CEO candidate could live anywhere in the country.

So I did a little research and then it was time to pound the phone. I hit up every publishing company leader, Vice President’s and CEO’s of all the dictionary and encyclopedia companies I could find. It was around 8 business days into the search that one lead led to another to another and then it came to me. A Vice President at a publishing house gave me the contact info to the CEO of Encyclopedia Britannica and told me to use his name. I was told he was transitioning out of the company and was open to opportunities. Jackpot! The CEO was receptive, interested and perfect. He sent me his resume right away. I had done it or at least I thought I had. I found what they were looking for, an ideal candidate. The deal had to happen. The next day I had the resume and cover letter printed out on expensive paper, bought a folder to put it in so to present the candidate in this special fashion (Maybe it was the recruiting videos or maybe it just seemed like the right thing to do!). I called the Attorney and told him I had a candidate to present him and his client. They quickly arranged to come over to my office and see what I had come up with.

Their look was somewhere between happiness and amazement. They said he looked perfect. I arranged a meeting for the client and candidate to speak on the phone. The call went great and the client told me how pleased he was. They then did a follow up call and things continued to progress. The candidate then asked to see the business plan. He signed a NDA per the client’s request. All was looking like a deal and I was just trying to hold myself together.

Two days later the candidate (CEO) called me. He said “Peter, I really wanted this to work out but unfortunately after reading this business plan I am going to have to pass on the opportunity. It read more like a mediocre college thesis rather than a business that had true potential”. The deal was dead and so was my belief in the search.

So what did I learn in my first 2 months as a recruiter. Well, for one thing don’t get overwhelmed by any situation and qualify, qualify, qualify! I was going to do my darndest to not let this happen again.

As recruiters we may be only as good as the candidates we present but it goes the same for clients. A search is only as good as the clients ability to close the candidates that they seek.

Next, what seemed liked failure was really a blessing. This search showed me what I was capable of and instilled me with confidence. I realized I had a natural gift for this type of work. I had found my career!

One month later I was recruited by recruiters to place Software Sales People and I left that firm. In 1998 and 1999 at my new search firm I became back to back recruiter of the year. I placed over 100 Sales Representatives in that time frame.

Now it is 2020 and last week I billed over $100,000 in one day with 4 placements. I am yet to get a $100,000 dollar deal but you can bet I am prepared for the moment it comes.

Stay tuned!

To my fellow recruiters, happy hunting. Think big and qualify.

To my candidates, I always have you in mind.

To my clients and future ones. Let us succeed together.

P.S.- Thanks mom!