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Author: Gerald O'Dwyer
Case Study: Landing a PE Board Seat through Networking and Conferences
Case Study: Landing a PE Board Seat through Networking and Conferences
Written By: Gerald O’Dwyer III
The PE Guru — Blackmore Partners, Inc | October 10, 2024
Executive Summary
John, a seasoned executive with a background in consumer goods, wanted to transition into private equity. Despite his extensive industry experience, he struggled to secure a seat on a PE-backed company board. His initial approach was typical of many executives: focusing on perfecting his resume and waiting for the “right moment.” However, this mindset delayed his entry into the private equity world. It wasn’t until John engaged in BlackmoreConnects’ conferences and built strong relationships that he broke into the PE sector and secured a valuable board position. This case study explores how John’s journey transformed through networking, actionable steps, and leveraging conference opportunities.
The Problem: Lack of Focused Networking and Engagement
John was highly qualified, with over 20 years of experience leading a $50M consumer goods company. However, like many executives, he believed that simply submitting applications to PE firms would eventually land him a board role. This approach was not producing results, as John wasn’t engaging directly with the decision-makers in PE firms. His key mistake was staying in the “spectator” role instead of getting on the “court” by actively networking, attending PE-focused conferences, and engaging with firm owners directly.
John’s key pain points were:
- Lack of PE firm contacts.
- Inability to translate his executive experience into PE boardroom value.
- Limited knowledge of how PE firms value board members’ strategic connections over operational skills.
The Solution: Engaging with BlackmoreConnects and Building Relationships
John attended a BlackmoreConnects full conference after realizing that waiting for the “right moment” was costing him opportunities. At the conference, he learned the critical value of networking with owners, PE firm partners, and fellow executives. BlackmoreConnects introduced him to over 50 relevant connections within a short period.
Key steps John took:
- Attended six BlackmoreConnects conferences in 12 months – Each conference allowed John to network with 10-15 PE firms, accumulating 60-90 potential board role connections.
- Leveraged the BlackmoreConnects Sherpa Model – The Sherpa model guided John on how to introduce himself and pitch his unique value as a market connector and strategic advisor rather than purely focusing on operational expertise.
- Followed up on connections – John systematically built relationships with 20 PE firm owners and executives, positioning himself as a strategic resource for their portfolio companies.
The Results: Securing a Board Seat and Building Momentum
After 12 months of networking and consistently attending conferences, John landed his first PE board seat with a $25M consumer goods company backed by a lower middle-market PE firm. His connections with the firm’s partners, built over months of engagement, played a critical role in securing the position.
The impact:
- Board Seat Secured: John was appointed to the board of a PE-backed company, leading strategy discussions focused on market growth and industry consolidation.
- Expanded Network: John’s active participation in BlackmoreConnects positioned him as a go-to advisor for multiple PE firms, significantly expanding his opportunities for future roles.
- 3x Return on Investment: By securing a board role, John’s compensation package, including equity, resulted in a potential 3x cash-on-cash return at the company’s exit.
Conclusion
John’s case highlights the importance of moving beyond traditional job-hunting methods and engaging directly with the private equity world through focused networking and conference participation. BlackmoreConnects’ repeatable, measurable process was crucial in helping John shift from being a spectator to a player, ultimately landing a highly sought-after board role.
Key Takeaways:
- Networking is Non-Negotiable: Executives must build relationships with PE firm owners to break into board roles.
- Attend Full Conferences: These offer direct engagement with decision-makers, which is impossible to achieve from a distance.
- Invest in Yourself: John’s commitment to attending six conferences paid off significantly in both network growth and financial returns.
This case study underscores the value of BlackmoreConnects and its process in helping executives transition to board-level roles in private equity.
