At a minimum it is not an absolute career dream

In France, the LBO is no unanimity among the leaders. At a minimum, it is not an absolute career dream. "Debt-financed firms configurations can sometimes scare, including thirty notes Béatrice Andurand,"partner"of the headhunting Hoffmann & Baretti.". Some readily imagine that in a LBO, the return on investment by the Fund will translate into pressure on their shoulders too strong. On some consider that such a function of direction is really synonymous with "ejection seat", then that achieved financial ratios are derived from the objectives of the shareholder. This perception of things is changing, of course, but there is still a little time, young graduates considered the option of the LBO as the last chance operation.

Since the rise marked transactions in recent years, this vision has changed. The list of signed operations reassures even the most skeptical. "Concerned by the prospect of career candidates quite aware that the stress of profitability is high." They know that, for two to five years, their task will be arduous. "But despite this state of affairs, many vocations," evokes Didier Vuchot, President of Korn/Ferry International for the Europe - Middle East - Africa area.

A watch for skills...

The recent "beautiful years" of LBO have therefore borne fruit. "Managers rank 2 or 3 who participated in a first LBO have acquired a financial maturity and want to continue to take advantage of the system" continues Didier Vuchot. As managers of operational entities in large groups, who saw some of their comrades restart their careers at the resumption of their society by a Fund, they often want to take the step. Other suitable configurations: "A LBO can sometimes resolve a situation blocked, such as a sale or a transmission that do not end, within Béatrice Andurand." It is also a way identified to provide a family business of the means of his ambition to the international. "As many situations which often lead to look for new skills.

It is true that investors themselves are on the lookout for skills. External recruitment are to inject a new dynamic to the target company, or even to boost the team in place. Early post concerned: those of Chief Financial Officer and Managing Director. "Decisions that affect other functions remain the responsibility of management of the company," notes Didier Vuchot. However, positions vary, not in terms of the duration of the missions.

Relatively recent, the job of manager transition takes little by little its brands in the French landscape. Some, however, officiate over the past 20 years, as leaders & investors or ADR. "We did intervene not only in crises, succession Ollivier Lemal, coming to join him as Director, in Paris." Our business is to provide skills to a company that lack of resources internally to manage a stage of development, such as external growth operation or the accompaniment of an LBO.

... and one-time support

Such trade is therefore not intended only for participation of the funds wishing to work their portfolio. Investors, however, actually become aware of the interest of these ad hoc support. Here again, senior management positions, for the most part are concerned. Presidents, general managers, financial officers, or HRD and industrial directors are sometimes called to the rescue. "Normally, funds are particularly attentive to the optimization of cash and the HRW noted Philippe Soullier, President of the cabinet-Valtus Transition." But, currently, in the margins of these cases which give rise to financial directors accompanying missions, multiply crisis situations. Disappointing results in the second and third quarters of 2008 shareholders seek the intervention of Directors General or financial crisis.

The case of the manufacturer of sportswear Eider, recently sold by Argos Soditic to Lafuma, is an illustration. An outside financial Director has worked almost four months to complete the assignment phase. For its part, Activa Capital does not hesitate to resort to such services. A year after regaining Mont Blanc, he must face at the start of the industrial Director. replace, the investor is seeking outside intervention, which last about fifteen months. And when he organized the purchase of the structure of industrial supplies Logitrade, it performs similarly to strengthen financial management. Each has found his account.