Graeme Read at UK Recruiter Directors Event
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Graeme Read at UK Recruiter Directors Event

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Graeme Read talking at the UK Recruiter July 2014 Directors event.

Graeme Read talking at the UK Recruiter July 2014 Directors event.

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  • 1. Lemons & Lemonade Graeme Read CEO 3R Partnership
  • 2. The US has “Lemon Law” The UK doesn’t. We do make Exceptional Lemonade
  • 3. IRONY My first “lemon” was in the US NEW YORK • Retained Search & Selection Model • Location, Location, Location - near Wall St • Top clients: Enron, Global Crossing, Worldcom, Tyco, GE, Coca Cola
  • 4. My second happened around the same time ANDERSON EXECUTIVE SEARCH • High-end Search boutique in… Watford • Moved Team of 5 to London • Plan to take it to NY & elsewhere • Clients - Arthur Anderson, BT Nth America
  • 5. Challenges • US model is different • Boston / Stanford nearer a client • Watford staff liked Watford ?!? • We can rely on our clients while we fix them …
  • 6. Pop Quiz
  • 7. What Happened ? • NY model different to Retained Search • Dotcom bubble burst • Lost our top tech / consulting / dotcom clients • AND Enron / Andersen happened • Location - wrong in US • Anderson brand better than location / people view ? • 2 LEMONS but lots of lessons learned !
  • 8. RUSSIA 1993/4 Antal Opened in Moscow
  • 9. Early 1998: Things were going well Moscow & Kiev • 60 staff & growing • Plans to double that • Additional premises signed up • Life was grand
  • 10. Aug-Sept 1998: Russian Crisis • Came back early from honeymoon • 60 staff down to 6 • Stock & Currency Markets Collapse • Inflation 84%, • Many bank closed down, one bad debt • Landlord dealt with • Another lemon??
  • 11. 1998 - 2007 GET THROUGH IT & GROW • Founder & CEO • Shareholders & Management • Team • Finance & Credit Control Team • Stay in the market
  • 12. Fast forward to 2007: >100 staff, Moscow & Yekaterinburg • Dominant in market • EBIT > $3.6m • Real Value Created • Time was right • Appoint broker who knew Russia (not Rec Sector)
  • 13. 2007-2008: First Deal – Jilted at the altar • Buyer had to divert fund elsewhere • Senior Team began marketing to the sector • Got 3 credible offers • Chose FiveTen’s offer • Celebrated
  • 14. 6mths later in 2008 • Despite Lehman & the rest – it’s a good business • Antal Russia continues to grow with great returns • Celebrating 20 years in careers • Now in 3 offices, 2 countries in CIS 100% LEMONADE Today:
  • 15. Poland: Opened 1996 Then in early 2004 • Arrived in Warsaw • Total Team Defection • 20 set to walk out, except 1 Finnish chap • This wasn’t going to be easy
  • 16. Poland: 2004 • We’d always had expat management • Asked staff who they admire most • Artur Skiba made MD • He kept 19 of the 20 (+ the Finn) • Competitor got 1 former expat MD • And 20 cars they had ordered
  • 17. Poland: 2004-2013 • Investment in team and management • Antal Poland larger than Hays / MP • 3 Offices - Warsaw, Krakow & Wroclaw • Staff from 20 to 100+ • Market red hot, the only economy to escape • Used a well known “Big 4” broker in Poland
  • 18. Poland: 2013 • We still had to market it outside Poland • Business sold to WorkService • Only listed staffing group on Poland exchange • Now in Czech Rep and further plans 100% LEMONADE
  • 19. Is Making Lemonade worth it? Antal deals (buy & sell) worth $45m since 2008. Anderson Exec Search Parkside Recruitment Antal Russia Alpha Financial Jobs Antal Poland Antal China + various non recruitment deals & more planned Despite selling 50% of the group in 2008, went on to generate > $10m trading EBIT
  • 20. Key To Do List • Generalist? Only if you dominate market • Keep swimming! • Capacity? Have internal capacity to handle the “deal” • Don’t miss your numbers! • Overseas? Do research but Just Do It! • Brokers? Yes, specialists with international reach • Team? Fundamental - Involve & Incentivise • Hit or exceed your numbers!
  • 21. 3R [inside] 3R [ventures] 3R Partnership 3R [network] Advisory Non Exec Strategic Consulting Board Coaching Investment Advisory CEO Mentoring Business Review Marketing & PR Growth Acceleration Sector Specific Advice & Guidance Funding Mergers, Disposals & Acquisitions Invoice Discounting Legal Services Startup Recruiters Jump Funding Non-franchised start ups Training Support Back Office Website Cloud Email, CRM Technology Legal Advice Growth Funds 3R Investing in the Recruitment Sector
  • 22. 3RPartnership.com Respect Results Returns 3R [inside] 3R [ventures] 3R [network] Investments in or with specialist Business Partners covering: • Training • M&A • Marketing • Software • Accounting Back Office • Legal & HR Solutions • Funding / Investment • Brokering Invoice Discounting