Interviewed a lot of fiber construction leaders last year. Similar questions keep being asked from the hiring company side. "What was your cost per passing when you started vs. when you left?" was one that continued to come up. Only a few could answer clearly, and I think that's a small indicator of why so many of these searches are dragging 4+ months while PE backed platforms promote from within. I completely understand if you can't share specific metrics from your current role due to confidentiality. Pattern I'm seeing - the hires that work out tend to: - Lead with unit economics. When I/the hiring team ask about their last role, strong leaders open with "Drove CPHP from X to Y while scaling from 8K to 45K passings per month" instead of team size and geography covered. They've internalized the metrics that really matter. - Have scaled complexity, not just headcount. Adding states and crews is great, but the question is whether they've maintained yield across mixed terrain, managed multiple deployment methods simultaneously, or navigated supply chain chaos without blowing timelines - that's usually where the conversation reveals depth. - Think beyond their P&L. The best leaders connect construction performance to business outcomes - unit fallout recovery, how velocity impacts take rates, why their function enables revenue instead of just consuming capex. They get how their work shows up in the investment thesis. - Speak PE fluently. Huge one in my space. They can translate operational wins into financial impact. "Cut cost per foot by 18%" becomes "drove X% of EBITDA margin expansion." If you've reported to a PE board or lived through an exit process, you know why this matters for platforms being positioned for sale. The market's rewarding construction leaders who speak this language. A notable reason why strong external hires keep losing to internal promotions - the internal candidate already proved they can move the needle.
One big missing element though. Building hhp is great even if it's indicative of understanding unit economics... but the real economy of value is market share. Broadband is becoming a bubble i feel sometimes soon to burst since the sub par and constrained leadership fails to understand how to compete...
Fascinating patterns here, Nick. Are you seeing any shifts in how investors themselves are evaluating construction leadership now vs. 12–18 months ago? Has the bar moved in what “PE-ready” looks like?
💯 Nick!
Good list, Nick! It’s good to add a production-to-cash metric as a signal of end-to-end ownership.
Hey guys, I would like to add to that comment. Telecom has been a unpredictable bubble that has burst time and time again since 2008ish. We call that this “The good ol days” The boom in the turn of the century delivered by quickly burst from the WorldCom Scam. It’s been volatile while becoming a smoke and mirror show. At the same time some made it through and some because independent contractors. I’m not one to really speculate I’ve survived by not being the pushover. Businesses have made it though. Unfortunately most did not. At Qwest communications now Lumen communications the president at the time Joe Naccio soon after the WorldCom scandal stole 90 million as active CEO. We see who is still standing today but they didn’t all start off as the same brand. My case is that stay well ahead of the game and see through the smoke. If you see it in a headline of a acquisition of some kind. Start looking. 👀 Thanks 🙏
Great insights
Great insights! I know the hiring manager is probably also trying to gain some competitive insights. It would be difficult to report those KPIs as you mention they are often part of an NDA. The % change can be complex as well based on an organization’s strategy and priorities as well as shift in build type (aerial v buried, SFU v MDU, and build area covering both geography and geology). An organization may see cost per passing increase even as productivity improves because of those factors. I would look for competence in their ability to communicate those challenges as well as external factors (permit velocity, material costs, labor costs, automatic price increases driven by contracts, etc.) and discuss how they mitigate those impacts.