Hiring Tip: Follow Up With All Candidates, Whether They Are Offered The Position Or Not

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Lately I have been hearing a common complaint from many colleagues who have been engaged in job searches. This complaint involves the failure of many companies to send follow up emails to inform potential candidates that they were not selected for the position. In several cases, the candidates were for senior level positions and attended several rounds of interviews at the company’s headquarters. In at least two (2) instances, candidates sent one or more follow up emails to inquire about the status of his/ her candidacy and the emails were ignored.

As someone who has both gone through the job search process and has also interviewed and hired candidates at all levels, I believe I have a balanced perspective on this issue. I believe it is always appropriate to send an email to every candidate who has interviewed for a position with your company to inform them they have not been selected; and more importantly, to thank them for their interest in your company, for time they spent interviewing and to wish them well in their job search. First and foremost, every candidate deserves to know when he or she is no longer a candidate for a position. To leave a candidate hanging without either an offer of employment or a rejection is neither kind nor professional. While receiving a rejection is always disappointing, receiving no feedback at all adds insult to injury.

It seems that many companies have abandoned the simple courtesies that were once commonplace in the business world. You may dismiss me as “old school” but in my company, anyone who interviews for a position with our firm is treated with the utmost respect and courtesy. We communicate with all potential candidates by telephone or email as soon as a decision has been made with respect to their candidacy. We even send follow up emails to anyone who submits a resume. Such courtesies do not take much time and set your company apart from your competitors who may not extend these basic courtesies. I personally believe that courtesy and respect are always appropriate and are always good for business. You never know where that candidate you left hanging may end up. You may find him or her at a company that you may be soliciting business from in the future. Rest assured they will remember and appreciate being treated with respect and courtesy by your company, even though you did not ultimately hire them.

Picone Advisory Group Facilitates Real Estate Sale For The Institute Of The Blessed Virgin Mary

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(Oakbrook Terrace, Illinois)—Picone Advisory Group has successfully negotiated and closed the sale of a significant property in Wheaton, Illinois. The parcel of land and structures on it had been owned by The Institute for the Blessed Virgin Mary (IBVM) since 1946 and was sold to PulteGroup. The sale closed in May 2017.

The complicated deal had many moving parts, all of which were managed by Picone Advisory Group, thus showcasing the firm’s broad capabilities and ability to handle large-scale, complex projects. The company specializes in strategic planning, mergers and acquisitions, operational enhancement, business turnarounds and restructurings, asset disposition, litigation support, neutral claim administration, real estate, and crisis management.

Picone Advisory Group was retained in June 2013 to provide IBVM with real estate consulting services. IBVM is a worldwide religious community of Catholic women dedicated to serving God by responding to the needs of people through educational, pastoral and social ministries. In Illinois, the Sisters resided in a convent at the Loretto Center located on the Wheaton property. The 16-acre parcel included a 19th century mansion on its landscaped grounds.

The first order of business was a full assessment of the property, including current operations and potential revenue generating opportunities. Upon completion of the evaluation, Picone Advisory Group presented several strategic options to the IBVM Advisory Board.

“Our recommendation was to sell the property,” said Christopher L. Picone, president of Picone Advisory Group. “We firmly believed that was in the best interest of the organization and all of the Sisters.”

Although it was a difficult decision to sell the estate that had been their home for 71 years, the IBVM Advisory Board agreed with Picone Advisory Group’s recommendation. At this point, the strategic consulting firm conducted a confidential marketing process to locate the most advantageous buyer. This yielded multiple offers and Picone Advisory Group helped the organization analyze them all. The firm also managed the due diligence process and negotiated with potential purchasers.

According to Picone, “This was a very complicated sale due to significant environmental contamination on site, complex zoning issues, and the historic nature of the 19th century mansion located on the property. So we knew not everyone would be the right fit.”

And, in fact, two contracts were terminated during the due diligence period for various reasons. Ultimately, Picone Advisory Group inked a deal with PulteGroup that successfully closed in May 2017.

Prior to closing, full remediation of the property was completed and a No Further Remediation (NFR) letter was issued by the Illinois EPA. This letter confirms that the site does not constitute a significant risk of harm to human health or the environment.

Picone Advisory Group worked closely with both PulteGroup and the City of Wheaton to receive municipal approval of development plans despite significant public opposition. The firm also worked with PulteGroup to obtain approval from the Illinois Historic Preservation Agency to allow demolition of the historic building. This included a “museum quality” archive process.

But the firm’s role did not stop there. Picone Advisory Group supported IBVM even further by coordinating the relocation of the Sisters and the disposition of surplus furniture and other salvage items prior to the May 2017 closing.

Today, PulteGroup has begun sales for the 48 homes that will be built on the land. Proceeds from the sale of the property are being used to fund IBVM’s retirement plan and health care needs as well as continue the order’s mission.

“It’s rewarding to have found a solution that put this not-for-profit’s retirement fund back in a solid financial position,” said Picone.

Based in Chicago’s western suburbs, Picone Advisory Group provides consulting services to an international client base in a wide variety of industry settings including: financial services, manufacturing, aerospace, building and construction, food and food service, homeland security and first response, healthcare, energy, real estate, wholesale and retail services, technology, telecommunications, and transportation.

Adding Outside Directors To Your Board Can Help In Guiding A Company’s Strategic Direction

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Many times we are asked to serve on “Advisory Boards” for companies that do not have any outside directors on their existing Board of Directors. In many instances, particularly in small to medium sized companies (also in companies that are family owned or closely held) the Board is made up of owners and/or senior management that are all employed by the company. While there is certainly a place for inside directors on a Board, having independent Board members can be a valuable addition to the company Board.

Outside directors bring a broader perspective of the business environment and the economy and a broader experience base that can be immensely helpful in guiding the strategic direction of the company.  Many times inside directors and particularly senior management directors are too vested in their own management decisions and strategies to make truly independent decisions on significant business issues such as mergers, acquisitions, dispositions, restructuring, etc. At times inside directors suffer from “tunnel vision” or “forest and the trees” syndrome or “that is the way we have always done it” mentality. An independent director/advisor can provide fresh perspective and challenge conventional strategies to help the Board make better strategic decisions.

If your company’s Board is made up of insiders, we strongly recommend that you consider adding an independent director or establishing an Advisory Board that includes some independent advisors. It will greatly enhance the effectiveness of your Board and Facilitate better Board level making decisions.