The first installment of this series (and subsequent topical coverage), exploring the evolution of private equity and procurement, is based on a presentation given by WCAS’s Jeff Gallant at Sourcing Interests Group’s Spring 2013 Summit.
Soon after WCAS makes an acquisition, Jeff does quick due diligence on the new portfolio companies’ procurement capabilities and then follows a 100-day plan to develop a longer-term vision and program for each. This includes a diagnostic, dashboard, and multi-year plan. This initial activity is then reinforced with monthly operating reviews and board meetings. In Jeff’s words, “My Fridays are 30 minute segments scheduled back-to-back reviewing progress and scorecards with portfolio companies.”
Operationally, Jeff focuses on the highest value areas to drive savings opportunities on a sustainable basis. Supporting recruiting and talent acquisition is at the top of the list. To reinforce this – but really not for effect – Jeff even tried to recruit a new VP of procurement for one of his portfolio companies on stage. Being a talent evangelist and source of recruiting, Jeff uses LinkedIn himself (in addition to recruiters) to help fill positions in his companies. Talent tracking within procurement among portfolio companies rolls-up to the top, including reporting on metrics in a scorecard for WCAS partners that considers the current talent portfolio of the companies – showing the number of individuals retained, recruited, or put into a new role.
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