Five Years After the Shutdown: How Business—and Leadership—Changed Forever
Five years ago this week, the world came to a sudden halt. March 16, 2020—the day Denver issued its stay-at-home order, marking the beginning of a global shutdown that reshaped business, leadership, and the way companies operate.
At Z3Talent, everything came to a standstill. 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. 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 ours 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. 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.
Adapting to the Unknown: Leadership in a New Era
The shutdown forced every business leader to rethink operations overnight. For Accruit, a company specializing in 1031 exchange solutions, the impact was immediate. 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.
But challenges create opportunity. Over the next three years, Steven and Brent redefined Accruit’s strategy:
Navigating the Immediate Crisis – With financial markets in turmoil, Steven 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.
Five Years Later: 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. 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.
Steven 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.
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.
Steve + Z3 Team