What You Think You’re Getting from a Search Firm. And What You’re Actually Getting

Okay financial leaders, it’s time for some straight talk. Do you really know what you’re getting when you hire a search firm?

Because based on what I see in the market, most of you don’t. Even the seasoned ones. Even the private equity partners and serial CFOs who’ve been through the hiring trenches more times than they can count.

A recent thread on LinkedIn called it out:

A lot of PE folks are frustrated. Search firms come in hot, pitch a few candidates from their network, then go cold.

No hire?

You’re back at square one.

After nearly two decades in the recruiting business, I can’t say I’m surprised.

What does surprise me is how few leaders actually understand the search models driving these outcomes.

So, let’s fix that.

First, the Reality: Not All Searches Are Created Equal

There are three core models used by search firms to fill roles. Some roles and client needs/preferences are better suited to one model vs. another.

Yet few firms present and explain all 3 to the client. Quite often, the model is not discussed at all.

Knowing the difference can mean the difference between a dream hire and a painful time suck.

Let’s break it down:

(aka Spray and Pray)

This is the bargain-bin model. Here’s what you’re actually getting:

  • A shortlist of maybe 3 candidates, pulled from a recruiter’s database or scraped from job board responses
  • Minimal research, limited outreach
  • No real commitment, because the recruiter isn’t guaranteed a fee
  • High-volume, low-touch execution
  • Little-to-no candidate follow-through

Why?
Because most firms working these searches know they’ll only fill ~10% of them. So, they flood the zone with résumés, move on quickly, and hope something sticks.

📉You think you’re getting a partner. You’re getting a coin flip.

(aka Let’s Actually Try)

Now we’re getting somewhere.

This search firm model still operates on a contingency basis, but with exclusivity. And that changes everything. Here’s what it usually includes:

  • Broader research beyond the usual suspects
  • Some fresh outreach, alongside database and ad-driven sourcing
  • A higher-quality list (50–100+ candidates is reasonable when done right)
  • Better alignment between recruiter and client

When executed well, this model works, especially if you, the client, do your part:
✅ Give timely feedback
✅ Run a sharp, decisive interview process
✅ Know how to sell your opportunity in the interview

🤝 The firm works harder when they know you’re all in. Match their energy.

(aka We’re in This Together)

This is the gold standard for high-impact roles. It involves an upfront investment, and real skin in the game from both sides.

  • Dedicated recruiter (and often a support team)
  • Full market mapping and outreach. Not just who’s looking, but who should be looking
  • Deeper vetting and candidate diligence
  • Regular updates, proactive communication, and full transparency
  • Commitment to stay on the search until it’s filled
  • Longer replacement guarantees and, often, onsite visits and competitive intel

When I run a retained or engaged search, I go to bed and wake up thinking about your hire. It’s not “another req.” It’s the #1 priority.

💡 If you’re hiring someone critical, this is the model that protects your time, reputation, and outcomes.

So Why All the Confusion?

Because most firms, unless its’ engaged or retained, aren’t transparent.
They don’t walk you through process.
They don’t define service levels.

They take the job order, smile, nod, and say “We’re on it.”
Then… they ghost. Or worse, deliver half-baked candidates and call it a day.

Meanwhile, you’re frustrated, left wondering why hiring is so hard and why the recruiters you’re paying can’t seem to deliver.

It’s not that you hired the “wrong” firm.
You just didn’t get clear on what you were actually buying.

What to Do Next Time

The next time you hire a search firm, ask better questions:

  • What search model is best for this role, and why?
  • How many candidates will you source outside of your existing database?
  • How big is the target market, and how much of it will you cover?
  • What’s your process for outreach, follow-up, and candidate screening?
  • What level of communication and reporting should I expect?

Get specific. Get aligned. Get real.
That’s how you avoid the missed expectations, wasted time, and hiring disasters we’ve all seen too many times. And if you’re ready to work with someone who does explain the process, who does prioritize partnership, and who treats your hire like it’s personal, you know where to find me.