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Blog
Tell me: What would it take for you to leave?
August 19, 2008
What would it take for you to quit your fancy, perk-laden job in a public restaurant company and move to a smaller privately held company?
If you've been paying attention to the trades, you know there has been movement within industry ranks lately. The biggest switch of this sort -- or at least the most publicized -- has been big-dog Russ Bendel's move early this summer from publicly traded The Cheesecake Factory, where he was president and COO, to the CEO spot at the small, privately run The Habit, a 20-unit burger chain. Both companies are headquartered in Southern California.
Less noted was the departure of Ed Eynon, a veteran human resources executive who joined the Cheesecake Factory in 2003. In June Eynon split for KSL Resorts, in La Quinta, Calif., a private company owned by KSL Capital Partners.
Shaker: Russ Bendel
How much the flailing economy sparked these departures is anyone's guess, though it would be a good one in the case of departing execs from publicly traded casual-dining companies. There, options are probably worthless at the moment. How much a meaningful piece of the action was a part of their deal with their new employers requires no guessing at all.
Mover: Ed Eynon
All this brings me to a conversation I had recently with industry guru Jim Parish, a strategic adviser to many chains and a former CFO at Brinker International. While chatting about compensation trends, I asked him to imagine himself a public company officer. He's approached by a private company.
"My observation over last four or five years," he began, "is that running a public company is far more intricate than running a private one because of the regulatory requirements and corresponding liability. There are still people who relish the experience of being a C-level executive in a public entity and that may be it a enough of a compensating factor."
Guru: Jim Parish
Apparently not for him.
"If it were me and if someone were interested in recruiting me out of public company," he continued, "and I could get into a private company with people I knew and had confidence in and capital was secure and I had a incentive package that played to my skills, I’d be gone in a heartbeat."
I guess given those conditions, who wouldn't? What would it take for you to call it quits?
Posted by David Farkas on August 19, 2008 | Comments (5)
In response to: Tell me: What would it take for you to leave?
Jim Coromel commented:
David, I am seeing more candidates at all levels deciding to make the move now. This summer seemed to be one of staying put and watching. Now people are starting to become active in their searches. As this different economic wind blows, I think they are learning to swim with the new "waves" in the industry. They feel they can make better career decisions now. Jim Coromel Senior Recuriter Alliance Search, LLC
In response to: Tell me: What would it take for you to leave?
Dave commented:
Great comment, Jim. Thank you.
In response to: Tell me: What would it take for you to leave?
Mel Mann commented:
Dave, I'm acting on my answer this month and leaving my position in the public corporate world to explore the private, "small giant" opportunities. Reason? Public ain't fun anymore - too many chefs in the kitchen, I believe. What did it take? Realizing life's too short to not have meaning at work. All my prior meaning has been wtih small, focused groups who see financial statements as the outcome of delighting customers, not the other way around.
In response to: Tell me: What would it take for you to leave?
Dave commented:
Mel, Life is to short not enjoy one's. work. Congrats and good luck on any new venture.
In response to: Tell me: What would it take for you to leave?
Ready to go commented:
Dave great blog! I would leave for an oppertnity to make a difference! However, today companies just want to maintain the status Quo!