Bruce Greenberg discusses the Path to Placement for Recruiters and Investors alike
The Follow-Up Blog highlights industry trends, insights and keys to success from today’s top sales leaders and executives. Today we caught up with Angel Investor Bruce Greenberg, whose experience running a recruiting business lead him to a successful exit with his first angel investment.
Bruce Greenberg ran Carter/MacKay, a national search firm specializing in sales and scientific positions for firms such as General Electric Medical Systems and Johnson & Johnson. Following 30 years of success, Bruce retired from operating the business and now focuses his time on his investment portfolio which includes angel funding of startups and small businesses. I caught up with Bruce via email this past week to learn more about his operating experience in the recruiting industry and his investing interests.
MH: You had an extensive career as a business operator and now an angel investor. Prior to your retirement, why did you get into the recruitment business? What did you find challenging about the business and why did you eventually sell it?
BG: My brother in law left a career as a CPA to become a headhunter and discussed the ins and outs of the business with me. It made sense and sounded like a career move that would fit my background and put a smile on my face for a long time.
Recruiting is an industry with a lot of moving parts; on both the candidate and client side. Then there is the body chemistry component when both parties are introduced and interact. So, needless to say, the path to a placement is complex and potential issues need to be thought out in advance in order to address any problems that could crop up during the courtship and prevent an offer being made or accepted. There is never a dull day in the working life of a successful headhunter.
I sold the business when the managerial aspect became more time consuming, less satisfying and the day to day client activity stopped being fun. I also saw that the future of the search industry was headed towards less expensive and time consuming alternatives. All in all, it was a good run for 30+ years.
How did your experiences operating your business impact your decision to become an angel investor?
Having learned how to run a business through on the job training and by trial and error, I thought I could offer an expertise and funding to early stage startups with interesting and unique concepts. Kind of a what to do and not to do based on my past successes and mistakes. There are some basic business tenets that are useful in any industry.
Can you tell me about a time or event in your life where you had to deal with adversity? Where things didn’t go as planned? How did you overcome these obstacles? Did this learning help you out in your professional career?
When I was looking for my first job in medical sales a year out of college I met with overwhelming resistance based on my age and lack of related experience. I looked in the mirror and then at my resume and came to the realization that I was going to have to man up and overcome these objections. By thoroughly researching the companies I was interviewing with and turning up my drive and ambition, I was better able to convince potential employers that I could meet and exceed their expectations.
The rejection I faced early on served to strengthen my resolve and help me realize that if I could turn no into yes and sell myself into a job, then I could most certainly be a successful sales person.
You’ve worn many hats in the past as a business owner and as an investor — what have you found good and bad about each?
Being a business owner has many upsides if you’re a visionary because you don’t need approval to implement new concepts. However, it is a true dual edged sword in that you can only blame yourself if you screw up. And if you screw up royally, you can bankrupt a business and put a lot of people on unemployment insurance. Because of this, I always sought out input from my partners, trusted colleagues and friends to help me with mission critical business decisions.
As an investor, I surrender the ability to make unilateral decisions in favor of offering suggestions which may or may not get implemented. This is fine as most of the folks I’m working with are very bright and have much more knowledge of their offerings than me. However, it can be frustrating at times when my advice falls on deaf ears.
How has software changed and impacted your professions since you started your career? Is there another shift in how software will impact your work that you see coming?
Automation was nonexistent when I first started out in the recruiting industry. Everything was based on phone calls and a paper trail. Through the years site licensed software then SAAS became more and more prevalent. The technology kept improving and the programs became much more user friendly. Software is a great organizational and administrative tool for the busy recruiter, but human involvement is definitely required. The big limitation with recruiting software is that a sizable percentage of hiring decisions are made based on body chemistry between company and candidate that is difficult, if not impossible, for a software program to assess. AI, while extremely helpful in the screening process, cannot determine if a candidate will be a cultural fit within a company. At least not yet.
I think the future of the recruiting industry might lie in a web based version of itself where companies and candidates sign up and get matched based on a list of mutual qualifications. Enjoy the benefits of working with a headhunter, but do it online and save time and money. In order to maintain its relevance, the recruiting industry has to embrace the internet and launch itself into the 21st century.
What do you wish you had learned when you were younger that you didn’t, and had to learn later? What advice do you have for your younger self or for those who are thinking about making a career change or going to start their own company?
Never think that you know it all because you don’t. Humility is a great personality trait to embrace and ego a somewhat negative trait to minimize. Embrace change. It is not only good for the soul, but a great way to keep your brain functioning at its highest level. Never sit still in a boring job out of convenience because you will regret not reaching for a position that would have maximized your true potential.
If you have an entrepreneurial desire, follow your dream and make it happen. But always look before you leap and make sure you have the support of your family and friends. Also, make sure that you have thought out the financial requirements needed to chase the dream.
Thanks so much for the opportunity to learn about your journey from operator to investor! If you found this interview on The Follow-Up Blog helpful, please applaud and share with your colleagues!