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Lemons & Lemonade
Graeme Read
CEO
3R Partnership
The US has “Lemon Law”
The UK doesn’t.
We do make
Exceptional Lemonade
IRONY
My first “lemon” was in the US
NEW YORK
• Retained Search & Selection Model
• Location, Location, Location - near Wa...
My second happened around the same time
ANDERSON EXECUTIVE SEARCH
• High-end Search boutique in… Watford
• Moved Team of 5...
Challenges
• US model is different
• Boston / Stanford nearer a client
• Watford staff liked Watford ?!?
• We can rely on ...
Pop Quiz
What Happened ?
• NY model different to Retained Search
• Dotcom bubble burst
• Lost our top tech / consulting / dotcom cl...
RUSSIA 1993/4
Antal Opened in Moscow
Early 1998: Things were going well
Moscow & Kiev
• 60 staff & growing
• Plans to double that
• Additional premises signed ...
Aug-Sept 1998:
Russian Crisis
• Came back early from honeymoon
• 60 staff down to 6
• Stock & Currency Markets Collapse
• ...
1998 - 2007
GET THROUGH IT & GROW
• Founder & CEO
• Shareholders & Management
• Team
• Finance & Credit Control Team
• Sta...
Fast forward to 2007:
>100 staff, Moscow & Yekaterinburg
• Dominant in market
• EBIT > $3.6m
• Real Value Created
• Time w...
2007-2008:
First Deal – Jilted at the altar
• Buyer had to divert fund elsewhere
• Senior Team began marketing to the sect...
6mths later in 2008
• Despite Lehman & the rest – it’s a good
business
• Antal Russia continues to grow with great
returns...
Poland: Opened 1996
Then in early 2004
• Arrived in Warsaw
• Total Team Defection
• 20 set to walk out, except 1 Finnish c...
Poland: 2004
• We’d always had expat management
• Asked staff who they admire most
• Artur Skiba made MD
• He kept 19 of t...
Poland: 2004-2013
• Investment in team and management
• Antal Poland larger than Hays / MP
• 3 Offices - Warsaw, Krakow & ...
Poland: 2013
• We still had to market it outside Poland
• Business sold to WorkService
• Only listed staffing group on Pol...
Is Making Lemonade worth it?
Antal deals (buy & sell) worth $45m since 2008.
Anderson Exec Search Parkside Recruitment
Ant...
Key To Do List
• Generalist? Only if you dominate market
• Keep swimming!
• Capacity? Have internal capacity to handle the...
3R
[inside]
3R
[ventures]
3R Partnership
3R
[network]
Advisory
Non Exec
Strategic
Consulting
Board Coaching
Investment
Adv...
3RPartnership.com
Respect Results Returns
3R
[inside]
3R
[ventures]
3R
[network]
Investments in or with specialist Busines...
Graeme Read at UK Recruiter Directors Event
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.

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Transcript of "Graeme Read at UK Recruiter Directors Event"

  1. 1. Lemons & Lemonade Graeme Read CEO 3R Partnership
  2. 2. The US has “Lemon Law” The UK doesn’t. We do make Exceptional Lemonade
  3. 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. 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. 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. 6. Pop Quiz
  7. 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. 8. RUSSIA 1993/4 Antal Opened in Moscow
  9. 9. Early 1998: Things were going well Moscow & Kiev • 60 staff & growing • Plans to double that • Additional premises signed up • Life was grand
  10. 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. 11. 1998 - 2007 GET THROUGH IT & GROW • Founder & CEO • Shareholders & Management • Team • Finance & Credit Control Team • Stay in the market
  12. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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
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