Five Years Later: How the Shutdown Redefined Business and Leadership

June 11, 2025 – Five years ago this week, the world came to a sudden halt. In March 2020 marked the beginning of a global shutdown that reshaped business, leadership, and the way companies operate. “At Z3Talent, everything came to a standstill,” Steve Ziegler, founder of the Denver-based executive search firm, remembers. Were companies going to keep hiring? Would the executive search industry even survive the economic freefall? “Like so many business owners, we had no answers—just uncertainty,” he said. “Our clients were freezing searches, candidates were rethinking career moves, and companies were in survival mode rather than growth mode. The playbook for running a business no longer applied.”

That same day, Steven Holtkamp, the successful candidate of Z3Talents for a CFO search assignment was supposed to start work. “Yes, Monday March 16, 2020, was the day he was scheduled to start his career at our client, Accruit,” Mr. Ziegler said. “With offices closed and uncertainty everywhere, his first day wasn’t in a conference room, but at CEO Brent Abrahm’s’ personal residence—a surreal but fitting start to a job that would demand resilience, adaptability, and strategic vision in the face of unprecedented challenges.”

The shutdown forced every business leader to rethink operations overnight, according to Mr. Ziegler. “For Accruit, a company specializing in 1031 exchange solutions, the impact was immediate,” he said. “Markets stalled, transactions froze, and economic uncertainty made long-term planning nearly impossible. Steven didn’t just step into a new role—he walked into a crisis.”

Adapting to the Unknown: Leadership in a New Era

“But challenges create opportunity,” Mr. Ziegler said. “Over the next three years, Steven and Brent redefined Accruit’s strategy” He pointed a few things these executive did to navigate this difficult time:

• Navigating the Immediate Crisis – With financial markets in turmoil, Mr. Holtkamp helped steer them through cash flow challenges, market volatility, and strategic pivots to keep the business stable.
• Building for the Future – Recognizing that business as usual was gone forever, they adapted their product solutions and go-to-market strategy, positioning the company for accelerated growth.
• Driving Toward Acquisition – Their ability to innovate during uncertainty paid off. By 2023, Accruit had grown into an attractive acquisition target and was successfully acquired by Inspira.

A New Normal for Business

“At Z3Talent, we saw firsthand how the shutdown forced companies to rethink everything—including how they hired and what they needed from their leaders,” said Mr. Ziegler. “The pandemic didn’t just change how we work—it changed what leadership looks like. The ability to pivot, make bold decisions in uncertainty, and foster a culture of innovation has become essential for executives.”

Mr. Holtkamp is still with Accruit (now Inspira) today, ensuring continuity and momentum under new ownership. “His story isn’t just about surviving the shutdown—it’s about how the right leader, placed at the right time, can help a company emerge stronger than ever,” Mr. Ziegler said. “We believe the business landscape has permanently shifted. The leaders who thrive today aren’t just financially strategic—they’re adaptable, innovative, and resilient. They don’t just react to change; they create opportunities from it.”

Mr. Ziegler brings over 25 years of experience in retained executive search and has a successful track record partnering with client organizations to deliver best-in-class talent to companies that are entrepreneurial-led, private equity-backed, and family-owned businesses. Throughout his career, he has placed over 1000 professionals spanning most industries, geographies, and functions. He is passionate about partnering with entrepreneurs, private equity firms, and family businesses in identifying hard-to-find executives for their companies that are going through some sort of transformational shift. Mr. Ziegler recently sat down with Hunt Scanlon Media to discuss his firm’s approach to finding the right senior talent for leaders.

Steven, how do you tailor your search process to fit the unique needs of a company in my industry?

We’re experts in partnering with entrepreneurial companies that tend to be PE backed, privately held, and many time family-owned businesses. Z3Talent takes a highly tailored approach to each search, ensuring alignment with the unique demands of your industry. We invest time upfront to deeply understand your business model, leadership needs, and competitive landscape. Our experience across diverse industries, including engineering, construction, industrial services, technology, and professional services allows us to adapt best practices while addressing sector-specific challenges.

What strategies do you use to identify and assess high-caliber talent, and how does your behavioralist contribute to this process?

Z3Talent leverages a multi-channel sourcing strategy that includes: A proactive outreach to passive executive talent; referral networks built through years of industry relationships; and targeted research leveraging our proprietary database. We utilize a professional behavioralist who plays a crucial role in assessing leadership competencies, decision-making styles, and cultural alignment through structured interviews and validated assessment tools.

What is your typical timeline for filling executive positions, and what key performance indicators do you use to measure success?

Typical executive searches take 8-12 weeks, depending on role complexity and key stakeholders’ availability. We measure our success is measured by: Candidate quality & fit (skills, leadership style, and culture alignment); client satisfaction & retention (tracking performance post-hire), and time-to-fill (balancing speed with precision).

How do you ensure that candidates not only have the right skills but also align with our company culture and long-term goals?

Z3Talent integrates culture mapping into our assessment process, ensuring candidates align with your values and leadership team dynamics. We also conduct 360-degree reference checks to validate fit beyond skill sets. Z3Talent maintains a structured communication cadence, providing: Weekly progress updates; real-time market insights, and transparent feedback loops between candidates and your team.

“Our commitment extends beyond placement as our success as a firm is directly tied to the success of our placement outcomes.”

Do you offer any guarantee on placements, and what kind of post-hiring support or follow-up do you provide to ensure a smooth transition?

We offer a placement guarantee of 12 months and remain engaged post hire with structured check-ins to ensure a smooth transition. Our commitment extends beyond placement as our success as a firm is directly tied to the success of our placement outcomes.

Tell us what you see happening in the Denver/Colorado Market.

The Denver market is highly competitive, with increasing demand for executive talent across industries. Growth sectors include technology, healthcare, manufacturing, and private equity-backed businesses. Cost of living and talent mobility are key factors influencing executive hiring trends. We provide market intelligence and compensation benchmarking to help position your opportunity effectively. Denver’s business market remains diverse and resilient, with key industries such as aerospace, energy, technology, financial services, and healthcare driving economic activity. The city continues to attract talent and investment, though certain sectors, particularly office real estate, are experiencing shifts.

What about looking ahead?

Looking ahead to the rest of 2025, Denver is positioned for moderate economic growth, supported by its diverse industry base and strong consumer demand. However, commercial real estate challenges may persist, particularly in office leasing, as businesses continue to adjust workplace strategies. The retail sector is expected to remain strong, driven by population growth and urban revitalization efforts. Additionally, venture capital and private equity interest in Denver-based startups and high-growth companies will likely contribute to sustained momentum in technology and healthcare innovation. While macroeconomic conditions such as interest rates and inflation will play a role in overall business confidence, Denver’s broad economic foundation and strategic location make it a city poised for continued long-term success.

Related: A Look at What is Transforming the Executive Search Landscape

Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor  – Hunt Scanlon Media