Authored By Eric Walczykowski​

Bespoke Partners is the largest recruiting firm solely focused on software and SaaS companies, and we specialize in firms backed by private equity sponsors.

The stalemate in exit volume has caused private equity portfolios to surpass time proven ratios, straining private equity firm resources and creating challenges with fundraising and achieving return targets. Leadership talent is critical for positioning a portfolio company for exit.

Our Marketing and Technology practice has completed hundreds of successful placements in portfolio companies. Our placed Marketing and Technology leaders have been part of over 35 different company exits, with over $50B in enterprise value created via their work.

Here is an overview Q&A of my discussion with Ryan about the state of the Marketing, Product and Technology talent market and the increasingly pressing push for exits.

Eric: When you look at Marketing, Product and Tech and how those roles go together, what are you excited about building out the practice?

Eric: As we look at 2023, that was a slower year in private equity software. There weren’t a lot of exits. There weren’t a lot of new platforms built. What are you seeing in the marketing domain as we head from 2023 to 2024?

Eric: Maybe you can give me some thoughts on the product and tech market from 2023 to 2024?

Here is the tricky part, these leaders don’t turn over as much. The reality is that they need a little more time to bring a product roadmap to life, bring the delivery of those capabilities to life. And so, the churn of those leaders is not as frantic as it was in 21, 22, 23. I have a feeling we’re going to start to see a higher demand for those folks and the movement of those folks on the product side. 

And what’s interesting to think about is I believe those roles and the turnover is highly correlated to new platform investments. Because if I’m buying a new platform as a private equity firm, I’m going in with that thesis. And those are the moves I’m going to want to make early in my hold period, not late in my whole period.

I think that pickup in 2024 shows a lot of optimism around new platforms in 2024. It’s consistent with what we’re seeing with the private equity firms we’re talking to about their pipeline of new deal flow, the robustness of that and the quality of the assets they are looking at.

Eric: Absolutely. Yes, I agree.

Learn more about our Marketing and Technology Practices Leader, Ryan Bonner, or contact him at:

ryan.bonner@bespokepartners.com

You can find out more about our Product & Technology Practice at:

www.bespokepartners.com/transformative-technology-leaders/

Author:
Eric Walczykowski
Chief Executive Officer

Eric is passionate about building high-performing teams that value doing their best, working together, overcoming adversity and learning.

As a proven growth executive, Eric has served as CEO, President, Board Member, Investor and Advisor for technology companies that achieved over $4.5B in successful exits.

Eric brings to Bespoke Partners significant professional services experience from Deloitte and Andersen, as well as the high-growth client executive perspective for private equity-backed technology companies.

Eric earned an MBA from the Kellogg School of Management at Northwestern University and a BS in Business from Fresno State University.

Outside of work, Eric enjoys spending time with family, coaching baseball, travel, attending live events and sipping good wine.

Featuring:
Ryan Bonner
Partner

Ryan Bonner is a Partner leading the Marketing and Technology Leader Practices with Bespoke Partners. Based in Boston, he joined the firm in 2024. Prior to Bespoke, he spent the previous decade with Spencer Stuart focused on supporting both PE backed and public companies recruit B2B Technology Marketers, Product leaders and digital transformation teams.

Prior to search Ryan was a 20 year operator holding senior go-to-market roles with brands like Bose Corporation, Thermo Fisher Scientific and CVS Pharmacy.

Ryan has his bachelor’s degree in Economics from Princeton University.  He ran D1 Track at Princeton as well as owning and operating his own business on campus while earning his degree.

In his spare time, you can find Ryan at the gym, a concert or comedy show or on hikes with his wife and puppy.

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Authored By Eric Walczykowski​

To us, these shifts underscore the high regard the market has for leaders who are adept at navigating the complexities of an ever-changing business landscape.

The increase in executive compensation reflects a significant influx of capital into the private equity sector in 2021, which led to fierce competition for experienced talent.

By year-end 2023, OTE levels showcased a substantial 19% increase from the figures recorded in 2020, signaling a tight market that seemed impervious to the deceleration in deal activities. What we saw with our clients was a fierce demand for leaders known for value creation, and a cautious approach from our candidates when considering major career moves in uncertain times.

Equity Value Projections Soften

Beyond cash, the conversation around equity payouts, expressed as a multiple of OTE at the point of signing, saw a downtrend across all roles through 2023.

We feel this shift is due to a broader sector valuation reset and a growing preference among executives for cash over equity.

We are witnessing the reduced attractiveness of equity packages in a market where private software and SaaS companies’ valuations are coming back down to earth from the high levels of recent years.

As private equity firms navigate the complexities of today’s market, having executive leaders with the right experience is an indispensable lever to unlocking value and steering private equity firms towards successful outcomes despite the current challenges.

Compensation is a major key in attracting and retaining such talent within the industry. These trends discussed in our newest edition of the 2024 Talent Market Update reflect the ongoing dialogue between market conditions, company growth stages, and the undeniable value of seasoned leadership.

Author:
Eric Walczykowski
Chief Executive Officer

Eric is passionate about building high-performing teams that value doing their best, working together, overcoming adversity and learning.

As a proven growth executive, Eric has served as CEO, President, Board Member, Investor and Advisor for technology companies that achieved over $4.5B in successful exits.

Eric brings to Bespoke Partners significant professional services experience from Deloitte and Andersen, as well as the high-growth client executive perspective for private equity-backed technology companies.

Eric earned an MBA from the Kellogg School of Management at Northwestern University and a BS in Business from Fresno State University.

Outside of work, Eric enjoys spending time with family, coaching baseball, travel, attending live events and sipping good wine.

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Authored By Eric Walczykowski​

Bespoke Partners is the largest recruiting firm solely focused on software and SaaS companies, and we specialize in firms backed by private equity sponsors.

The gridlock in exit opportunities has caused private equity portfolios to swell, straining private equity firm resources and creating challenges with fundraising and achieving return targets.

Leadership talent is critical for positioning a portfolio company for exit.

Our dedicated CFO practice has successfully completed over 270 finance placements in portfolio companies. Our placed finance leaders have been part of 81 different company exits, with $77B in enterprise value created via their work.

Here is a summarized Q&A of my conversation with Katelyn about the state of the finance talent market and the increasingly pressing push for exits.

Eric: As we ended 2023 and head into 2024, what do you see in store for financial officers as it relates to roles in private equity?

Katelyn: Great question. 2023 was a tough search market with not a lot of new deal volume, so we had to get creative in terms of pipeline volume for active search work. As we head into 2024, we’re quite optimistic.

We continue to hear a desire for increased private equity deal volume from both candidates and sponsors, which I think is going to be pretty interesting in terms of cracking open the deal market and allowing us to get a little more volume speed with quality executives. So, we’re optimistic heading into 2024. I think it’s going to be a great year.

Eric: When you think about demand in 2024, what are you seeing in terms of the roles that are most in demand right now?

So, someone who’s been through a successful exit as we get into a market that will be more frothy and sponsors are looking to exit some of their portfolio companies.

Bringing in a CFO that can really partner with the CEO and the team to make sure that it’s a successful transaction is going to be critical.

Eric: How is the notion that PE firms are holding their portfolio companies a bit longer to achieve the value creation getting the exit value that they’re looking for impacting the financial officers market, whether it be financial officers compensation or financial officers’ willingness to make a move?

Eric: Talk to me a little bit about the nuances that we’re seeing in the financial officers world versus some other executives.

Katelyn: CFOs and financial officers, next to the CEO, are among the most important hires that a sponsor can make. They work closest with the sponsor, so in terms of search and finding the right person, there’s an incredible pressure to get the hire right.

It’s still really seeing an environment where a lot of people have an opinion on who the right hire is, both from the sponsor side and then obviously CEO and team.

It just makes it continue to be very tight for good talent out there. The CFO has tremendous influence over the business, and I think a good CFO makes the difference, the make or break, on an investment thesis that really makes the difference for the outcome of the asset.

Eric: I think to sum it up, having an executive search partner that understands private equity software as well as you do in the CFO market is critical.

Katelyn: Absolutely, and I think it also can help on the sponsor side be a resource on these levers we need to pull, this what’s going to be important to this candidate, and let’s be mindful not to negotiate against ourselves.

So, I think we could be great partners on both fronts, and we’ve had huge value adds there for our current clients.

Want to learn more about Bespoke’s industry leading search services for finance executive search?

Head to https://www.bespokepartners.com/high-impact-finance-executives/ for more information and contact our Finance Practice team to find out how we can help navigate your next CFO hire.

Author:
Eric Walczykowski
Chief Executive Officer

Eric is passionate about building high-performing teams that value doing their best, working together, overcoming adversity and learning.

As a proven growth executive, Eric has served as CEO, President, Board Member, Investor and Advisor for technology companies that achieved over $4.5B in successful exits.

Eric brings to Bespoke Partners significant professional services experience from Deloitte and Andersen, as well as the high-growth client executive perspective for private equity-backed technology companies.

Eric earned an MBA from the Kellogg School of Management at Northwestern University and a BS in Business from Fresno State University.

Outside of work, Eric enjoys spending time with family, coaching baseball, travel, attending live events and sipping good wine.

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Authored By Lindsay Restrepo

This achievement isn’t just a testament to our eye for executive talent; it’s a reflection of our deep-seated belief in the transformative power of female executives. Our work goes beyond filling positions—it’s about creating environments where women’s insights and leadership flourish.

Cultivating Industry Connections

Our commitment to supporting female executives in PE also means actively participating in industry events. Several of our firm’s Partners attended the Women in PE Summit this week, hosted by WITH Intelligence. By making this a priority we build connections that help shape a more inclusive future for the industry.

Living Out Our Values Daily

The spirit of female leadership is ingrained in Bespoke’s DNA. Our culture is one of diversity, teamwork, and excellence, driven by a belief in the power of women to drive business success. This ethos is not just theoretical but practiced daily, guiding our interactions, decisions, and every layer of operations.

Our own Chief People Officer Julie Catalano states

“My personal journey, deeply rooted in the ethos of family entrepreneurship, underscores the invaluable impact of women at the helm of business and decision-making. In the realm of private equity, where I’ve carved my niche, I’ve witnessed the transformative power of diversity firsthand. It’s through the concerted efforts of mentorship, inclusive policies, and the dismantling of traditional barriers that we can amplify the voices of women in private equity.”

Author:
Lindsay Restreppo
Director of Marketing & Product

As Director of Marketing & Product, Lindsay is responsible for managing the execution of new and existing product initiatives through product development, adoption, and growth. She works cross functionally with multiple teams, as well as external clients, to ensure the success of Bespoke’s product offering.

Lindsay brings to Bespoke a wealth of experience with product management, specifically catering to high-level executives. In her previous role at Vistage, she grew and launched two products in a new market segment that allowed CEOs to better retain and develop their middle managers that were on the fast track to executive ranks.

Lindsay is passionate about working for organizations that contribute to better leaders and better cultures for the organization. She loves meaningful work where there is a chance to make a difference in people’s lives. Communication and strategy are two things near and dear to her heart, but you can always find her collaborating and connecting with others.

Lindsay graduated cum laude from California State University San Marcos with a degree in Communication, with an emphasis on Media Studies.

Lindsay enjoys spending time with her husband and son, which can include weekend mornings at the dog beach or exploring new restaurants throughout San Diego.

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