LAST
RODEO
Mary McCarthy,
Managing Director, Terra Search Partners
Real estate executives don't typically face the
stark career choices of long-tenured athletes,
and their last rodeos rarely make headlines.
But we recruiters often have age 55+ job
seekers come to us and say, "I want to work
5 to 10 more years. I have 30 years'
experience. I've seen a few cycles and
now I am ready for one more challenge."
Unfortunately for those job seekers, recruiters
are retained and paid by employers. We rarely
hear from an employer, "I want to hire a senior
person with five or 10 years of runway and
30 years' experience." Maybe this is a tad
cynical, but clients more often think about
the minimum level of experience absolutely
necessary, the long future a new hire
may have, and what a new hire will cost.
Nevertheless, we recommend that clients
consider Last Rodeo candidates. We may
encourage a client to ask, "What is the time
frame for a useful employee?" Perhaps five
years is the useful tenure of the new hire.
Here are a few real-life examples
that illustrate when a Last Rodeo
candidate becomes a great solution.
• Growth Company – A young operating
company on its second or third investment
fund seeks to build the "institutional"
team that its LPs require. With a larger
volume of investments, this firm now needs
defined asset management and acquisition
functions, whereas before, everyone
doing a bit of everything worked just fine.
The Last Rodeo candidate may have worked
at several firms in the past, and he or she
brings knowledge about processes and
institutional investor expectations, as well as
expertise that will allow the firm to build this
capability quickly and efficiently.
D
enver Broncos quarterback Peyton Manning made headlines
in the prelude to 2016's Super Bowl when he told New
England Patriots head coach Bill Belichick, "Hey listen … This
might be my last rodeo, so, it's been a pleasure." In the end,
Manning's friendly prediction turned out to be true as the
Broncos defeated the Carolina Panthers in the final game
of the legendary quarterback's career.
