Case Study: Chief Financial Officer at Becker's Hospital Review
Written by Lancor
Becker’s Hospital Review is a monthly publication that offers up-to-date business and legal news as well as analysis related to hospitals. Content is geared toward high-level hospital leaders such as CEOs, CFOs, COOs, CMOs, and CIOs. It publishes hospital and health system news, best practices, and legal guidance specifically for these decision-makers.
Becker’s Healthcare was acquired by Pamlico Capital about 6 weeks prior to Lancor launching their CFO search. Historically, Becker’s never had a CFO or any Finance and/or Accounting professionals within the organization. This had been an outsourced function trusted to a third-party consulting firm for several years prior to Lancor’s involvement. As a result of the recent ownership change and Pamlico’s aggressive growth strategy, Becker’s demanded a full-time CFO to help professionalize the organization from a financial, people, reporting, and systems perspective.
The Becker’s team wanted to move quickly to identify someone for the role. They had identified a few internal CFO candidates but still wanted Lancor to blanket the market for high-quality, PE-experienced CFOs.
How Lancor Helped: The Search
The search process went smoothly. The Becker’s team was very focused on finding a CFO in the local Chicago market with significant experience within a PE-backed organization. We quickly formulated an extensive list of local prospective CFOs. Jessica Cole, Becker’s CEO, and the Becker’s team met with Lancor’s top 5 candidates within a few short weeks and quickly decided on a finalist.
Lancor’s rapid CFO placement enabled the Becker’s team to immediately begin focusing on their growth strategy, along with building out the rest of their Executive team over the following months.
The search took 55 days from start to finish, ultimately placing Jim Milligan, former CFO of VSA Partners.
“The Lancor team ran a very efficient and effective process. They were able to screen candidates quickly and determine the best fit for our needs. We were very happy with their process and our selection for CFO.”