Public Finance Blog

A bad year.  We’ve all had them.  That year (or maybe even two) we are not particularly proud of, but they are now part of our history. What are we to do with this new information if we decide it’s time to move on from our current position?  On the converse, what should you do if you are being asked to move on?  This important topic regarding past performance is something that must be addressed.

Acceptance & Admittance

It’s not easy to admit to ourselves, and even harder to come to terms with poor production performance with a new intended suitor, but the reality is you may have to.  In a career that spans so many years there may just be one or two “less than stellar” years.  How you address this tells mountains about you.  If you blame your past performance on interest rates, a bad platform, the economy, etc., it’s going to sound like every other banker or bond counsel that had a bad year or two.  However, if you examine the real cause of the slump and it turns out to be you, a new firm is going to respect that so much more.  This is especially true if there have been personal circumstances beyond your control, and you are candid about them.  Coming clean as to reasons for poor past performance is like admitting ahead of time that there are things in your background check – they are always handled better up front rather than surprising an employer.

Have Faith

For some reason, this particular year has unearthed more successful bankers in the past having a few “not so great” years.  The truth is, if handled properly, firms will hire you.  The key is to have the reason down and an extremely strong history of solid past performance.  Here is where your past is more vital than your current.  Researching your past numbers will be what you must rely upon.  Your contacts and your knowledge now become more crucial than ever.  Your covenants, if any, need to be minimal so a new company can see that you can hit the ground running.  However, you also need to be honest with yourself.  Understanding that the compensation you have had with the guarantees will not be provided.  Getting a seat at the table is what is important for you now.  The past is the past, and you must demonstrate that you can move on and hit your stride again.  You don’t need a guarantee, but you have complete faith in your performance and the contacts that you have created over the years.  They will come through for you.

Convincing Who?

Convincing a hiring manager of the above becomes your watchword.  If you are able to do so, you will get a new position.  Before you convince a new firm of your importance to their growth trajectory, you must convince yourself.  Take time to truly examine why you did not live up to your intended origination and revenue production as you have in your past performance.  By knowing this you will be able to convey valuable information to a new firm.  Hiring managers are just like you: they know and understand that performance can dip.  However, they need to know they are not buying into a sinking ship but rather one that has been in choppy seas where the horizon has since cleared and it’s smooth sailing again.

Conclusion

You don’t need a resume to chat with us! If you would like to discuss your options, please reach out for a confidential conversation at 760-477-1284 or email at harlan@hfriedmansearch.com. He can also be reached on LinkedIn. Harlan publishes a blog every Thursday here. Subscribe to our monthly newsletter here, which is a compilation of our weekly blogs, so you never miss one. 

About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all levels Public Finance Bankers, Healthcare Bankers, Municipal Advisors, Compliance Officers, Issuers, and Bond Counsels.