Missouri will pay Parker Executive Search the sum of $80,000 plus expenses for its help in the quest to hire a new men’s basketball coach, according to the terms of a contract released Monday to The Star.
On Monday, first-year Tigers athletic director Jim Sterk signed the agreement — which received approval from the University of Missouri System Board of Curators last week — for assistance “identifying, recruiting, and assessing candidates for your consideration.”
Utilizing pricey search firms has become commonplace in such high-profile hires, because it provides a degree of discretion as well as a second opinion — and perhaps a degree of cover, if things don’t work out.
Parker Executive Search promises to provide original research and candidate identification, and ongoing assessment as well as arrangement and scheduling of interviews.
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The search firm handles the logistics of setting up confidential meetings and also promises criminal, credit and motor vehicle background checks, conformation of a candidate’s degrees, and a review of NCAA sanctions and media reviews along with reference checks.
The contract stipulates Missouri must pay a $40,000 retainer up front and another $40,000 after the search is complete or 30 days after it begins.
The billable expenses — including fees for teleconference calls, secure site access, research and delivery services as well as travel and interview costs — are capped at 12 percent of the total fee or $9,600.
However, fees for advertising, background searches, committee interviews and travel costs and candidate travel expenses are not included in that 12-percent maximum allowance and will be invoiced separately, according to the contract.
If a candidate Parker Executive Search helps Mizzou identify, resigns or is fired within one year of his start date, a new search will be conducted at no fee (though out-of-pocket expenses still must be reimbursed).
Missouri paid Collegiate Sports Associates $75,500 for help in hiring Sterk last summer and $42,500 for help in identifying outgoing basketball coach Kim Anderson three years ago.
The Tigers paid College Sports Solutions $84,720 for help with a football search two years ago after Gary Pinkel retired and wound up on the hook for more than $200,000 to Korn Ferry for an athletic director search in early 2015.