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Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

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Page 1: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

Why build for an Exit?Twenty Recruitment Case Study

Adrian Kinnersley – Managing Director Twenty Recruitment Group

Page 2: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Agenda

Lifestyle or Exit Reality of a Start Up Reality of Building for an Exit Timing – some good news Wheel of Fortune Secrets of Silicon Valley What’s your focus Challenges for the Future Conclusion Questions

Page 3: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Lifestyle or Exit

What type of business are you in or thinking of starting?

Lifestyle OR Exit / Valuable

What is the difference Definition of success

Neither is right or wrong As a founder / leader it is your responsibility to chose What do you really want / need short term and long term Every decision should get you closer to success

Page 4: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Decisive Leadership?

Page 5: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Reality of a Start up

Human Institution designed to create a new product or service under conditions of extreme uncertainty. Eric Reis

No Brand No People No Clients No Infrastructure No Office No Revenue No Suppliers No Culture No History Nothing of Value

You and your vision is your only collateral

Page 6: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Reality of building to Exit

05

10152025303540

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Transactions Greater than £10m in last 12 years

• Approximately 19,000 recruitment companies in the UK • Roughly 12,000 recruitment companies employ less than 5 staff (62%)• Only 10% employ more than 50 people • 5.4% turnover more than £5m• Average 0.05% chance of selling for more than £10m

FTSE low 3287 March 03

.com bust + Iraq war

FTSE high 6732 June 07 pre

credit crunch

FTSE low 3500 Mar 09

Page 7: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Timing – some good news

Page 8: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Wheel of Fortune – Ground up

Page 9: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Strategy

Growth

Current Markets

Adjacent Markets

New Markets

New Geographies

Headcount =60+

Page 10: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Brand

External

AwardsPR / Social Media

NetworkingWebsite

Client perceptionCandidate perceptionInvestor perception

Values

Page 11: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Culture

Internal

Induction

Training

Systems

Appraisals

Career Progression

ISO & IIP

Values

Vision

Page 12: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Team

Management

Skin in the gameStable

Future proofComp Control

Next GenStandards

Page 13: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Earnings

Strength

Visibility Quality

Contract : PermPSL : Spot

Diversification

Page 14: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Back Office

Discipline

ForecastingFin Management

Debtor daysCash-flow

InfrastructureTax planning

Documentation COO!!

Page 15: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Secrets of Silicon Valley

Secrets of Silicon Valley: What Everyone Else Can Learn from the Innovation Capital of the World by Perry Piscione.

Value People – They are all team players and should all be able to gain an equity ownership in the business. Value Ideas – Ideas are the prized commodity in Silicon Valley. Take Risks and Accept Failure – This is part of the human experience that makes you smarter. Innovate – Let go of old ideas and reach out to your customers for feedback. Always think of yourself as a start up – they are lean, hungry and open and have no legacy to tie them down.

Page 16: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

What’s your focus – Isaiah Berlin

The fox knows many things the hedgehog knows one big thing

Page 17: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Challenges for the Future

Social Media / Mobile Value of information / database completely changed Candidate behaviour changes

RPO / in house recruiters New competition What are you doing to position your business appropriately

Margin pressure What’s your plan

Globalisation Global mobility of talent likely to increase

Regulation Increasing barriers to entry Increasing costs to business

Politics / Taxation

Page 18: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Conclusion

Exit = lot of hard work for a 0.05% chance of exit in excess of

£10m

Lifestyle = Lot of hard work but much greater chance of success

So why bother?

Page 19: Why build for an Exit? Twenty Recruitment Case Study Adrian Kinnersley – Managing Director Twenty Recruitment Group

                            

Questions ?’s


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