Frequently Asked Questions
Read our FAQs.
We use an Executive Search techniques which includes using our extensive database, LinkedIn networks,our website and advertising.We also employ a Researcher/Search Manager to approach people directly (headhunting). We put together an Information Memorandum to market your business. This is a confidential document that only goes out to qualified people who have signed an NDA.
The Platform 1 process works well when the business has grown potential and is profitable.There must also be sufficient profit to accommodate the salary of the incoming GM. Most of our clients have a business turnover of between $2M to $20M. Industry type is not important and the owner must be committed to making it work.
Platform 1 cover New Zealand through team members based in Auckland,Waikato,Taranaki and Christchurch.
The first step is a free no obligation meeting with yourself and any Advisor you work with, to get a clear understanding of your business situation and your emotional and financial drivers. We will also assess whether we believe your business and situation would suit the Platform 1 model.
There are companies that raise capital and others that search for talent. As far as we are aware we are the only business that combines both and finds people with "Smart Money" to help drive your business forward. We also wrap a process around the journey to ensure it is successful.
We have been trading for approximately 10 years under Platform 1 and prior to that as under other brands. In that time, the business has been involved in over 70 transactions where equity was involved for the incoming leader.
Platform 1 absolutely want to make sure we get the right person so we usually say, "as long as it takes". This normally means around 3 months depending on the assignment and any notice period for the incoming owner. The process is comprehensive and clearly mapped out so we get the right person who will grow your business and improve your wealth.
Not at all. You can sell as little or as much as you prefer; the control is in the hands of the owner and is generally agreed on a case by case basis. For owners exiting their business it is 100% over time however where owners are looking for capability to grow or a business partner they will sell down less equity.
This depends on several factors and there is no one size fits all. It can take as little as a few months and up to many years. It depends on the goals of the outgoing owner however the intention is to agree the timeframe upfront. On a full transition, the owner generally steps back from the day to day running of the business based on the business needs.
Experience has shown us that structure is important when a Business Partner or new owner is transitioning into a business. We set up a Transition Planning Board to ensure there is alignment towards the shared goals. This is not an Advisory Board and the Transition Planning Board meets monthly for the first 6 months and consists of the owner,incoming Business Partner and Platform 1 .The purpose is to ensure the transaction works and if any issues arise they are dealt with.
We work particularly closely with Accountants, Banks, Legal Service providers and others. It is very important that your financial and advisory providers are kept closely in the loop and providing the appropriate level of support for these sorts of transitions. Banks and Accounting/Advisory firms are supportive of our process because it does ensure a continuity of relationship and growth opportunities for them. They often refer their clients to us.
Every assignment is different, and typically we will charge as milestones are achieved and over different time frames depending on what is needed for a business. You do not pay anything until you formally engage us. Platform 1 charges a fee to search for the Business Partner and the Business Partner pays you a deposit equal to that fee. Platform 1 then charges a percentage of the capital raised when the Business Partner invests.
The reality is that because we are working with people nothing is ever cast in stone and it is very much a relationship management process. Sometimes working with an owner who has done things a certain way for a long period can provide some tension, but we have found critically that the Transition Board role is vital across a range of levels - both personally and professionally to the owner and this certainly mitigates any risk and allows for changes in direction to be managed.
Typically, not, as we work for the owner of the business to maximise both personal wealth and individual opportunity.
We have relationships with financial institutions and private equity and can introduce all sorts of beneficial financial arrangements and outcomes for our clients, but this is done by always acting on their and not our behalf.
On larger deals we know people who may back a Business Partner into a strong business We want the incoming Business Partner have real skin in the game so they must be prepared to invest some capital.
No problem. We work with a wide range of business advisors all the time. If you want your own Advisor to be part of the Platform 1 process, we will introduce them to the appropriate Platform 1 disciplines so they can be involved in the process to ensure everything runs smoothly and the goals and opportunities are being met.