Introduction
Earlier this month, Ryecroft Glenton Corporate Finance had the pleasure of co-hosting a lively and insightful panel discussion titled “Building, Scaling and Selling Recruitment Businesses: In Discussion with Anthony Goodwin and Alex Arnot”, alongside partners WardHadaway, Trusted Business Partners, and Barclays. The event, which was attended by several recruitment founders / CEOs, brought together two highly experienced recruitment leaders—Anthony Goodwin, founder of global recruitment firm Antal International, and Alex Arnot, an investor, advisor and serial entrepreneur with a long track record of founding, exiting and advising recruitment businesses.
The discussion was hosted and facilitated by Carl Swansbury, Partner and Head of Corporate Finance at Ryecroft Glenton Corporate Finance and covered a broad range of topics including international growth, acquisitions, franchise models, exit strategies, incentivisation, and business culture. Attendees left with a host of actionable takeaways, and a deeper understanding of what makes recruitment businesses scale successfully and sustainably.
This article sets out the standout insights, perspectives and take aways from the panel discussion – and gives an insight into the types of discussions you can participate in, and key learnings you can take away from our quarterly recruitment founder / CEO networking event.
Anthony’s Journey
Anthony Goodwin founded Antal International in 1993. Today, Antal operates across multiple continents with over 130 offices—many of which are franchised. Antal is a hybrid model, blending franchised operations with a strong core of owned entities. Now three decades in, Anthony’s appetite for growth hasn’t waned:
“We’re looking for more acquisitions. We’re looking for growth; there’s still a lot to do. The best is yet to come, even after 30 years.”
A key turning point in Antal’s journey was its transition from a purely perm business into contract / temp recruitment. With nearly 1,000 contractors / temporary workers now on the company’s books across five entities, the strategic pivot has paid dividends.
“Contract / temp businesses take a long time to build up. We’ve done it, but it took time. Acquisitions helped us scale that part of the group more quickly—not just for the contract / temp book, but for the people too.”
Anthony’s acquisition strategy is laser-focused: he looks for businesses with strong cultural alignment, sound financials, and a heavy weighting towards contract or temp revenue.
“At least 50% of NFI should come from contracts or temps. If the owners are looking to exit, there needs to be a strong management team in place. We also want to avoid taking on additional debt.”
Franchising has played a huge role in Antal’s global expansion, but Anthony’s open about the selective nature of acquisitions:
“There are eight franchise businesses that have reached critical mass where we would consider acquiring them. It’s all about fit, values, and mutual goals.”
Alex’s Journey
Alex Arnot has a deep history of launching, growing, and selling recruitment businesses across multiple sectors and geographies. His first business exit involved taking over another owner’s business; subsequent ventures were built and exited from the ground up.
Reflecting on his journey, Alex emphasised the subjectivity of exit decisions:
“There’s always a bit of doubt about whether it’s the right time. But it needs to be planned. People shouldn’t wake up one day and decide to sell tomorrow.”
He offered candid insights into the mindset and motivations behind exits:
“I’ve had someone want to sell for two million to pay off their mortgage. Another wants thirty million to fund a safari in South Africa. In tech, someone won’t sell until they hit a billion. It’s completely subjective.”
Crucially, Alex warns founders not to miss their window:
“I’ve seen people hold on for too long and miss their opportunity. Ten years later, they’re still trying to rebuild. The window doesn’t stay open forever.”
Now an advisor and investor across recruitment and technology, Alex is helping entrepreneurs optimise the value of their businesses, whether through strategic planning, leadership development, or investor readiness.
Lessons Learned and Key Strategies
Both panellists agreed that one of the biggest drivers of value—and one of the hardest assets to build—is people. Acquiring a business isn’t just about revenue or client lists; it’s about acquiring embedded expertise and knowledge.
“Hiring good people takes a long time,” Anthony noted, “so part of any acquisition is the talent that comes with it.”
Alex also stressed the importance of fractional expertise during early-stage growth:
“If you need high-level marketing or finance advice or expertise , don’t hire a £150,000-per-year person. Bring them in for a day at £1,500, let them set the strategy, then get a junior to deliver it. You can get £150,000 worth of advice for £6,000 a year.”
This approach aligns closely with Ryecroft Glenton Corporate Finance’s own advisory model, where we support clients with tailored, scalable strategic input—balancing cost and capability in a way that supports sustainable growth.
Value Drivers / KPIs
Both speakers outlined a clear focus on NFI composition, contract / temp revenues, management strength, and financial rigour as value drivers.
“We’re looking for at least 50% of NFI from contracts or temps,” Anthony stated. “We won’t acquire if it adds debt. A strong team is also essential if the owner wants to exit.”
Alex advised businesses to have clear value expectations and stay pragmatic:
“Have a minimum you’ll accept, a budget you’ll take, and a figure you’re aiming for. But don’t be greedy. Once you’ve got financial security, you’ve got choices.”
Culture and People
Culture, unsurprisingly, was a recurring theme. Anthony attributes much of Antal’s success to aligning values with partners and franchisees:
“Cultural fit is crucial. We need to get on with the people we’re acquiring. Franchisees typically have 10–20 years of corporate experience. They’re used to representing a brand.”
Maintaining brand integrity across franchises hasn’t been an issue, he explained—though pricing has occasionally needed oversight:
“Sometimes there’s a bit of rate negotiation where someone undercuts what we would charge. But in terms of service, franchisees often go above and beyond.”
Management and Employee Incentivisation
Both panellists agreed that performance, clarity, and tailored incentives are essential to building effective teams and sustaining growth.
Alex warned against automatically promoting top billers into leadership roles:
“We had someone billing £800k who wanted to become a trainer—she was perfect. But that’s not always the case.”
He recommended outsourcing functions like finance, HR, training, and marketing until growth demands internal hires:
“Training, coaching, marketing and finance —outsource these until you need someone permanently.”
He also underscored the value of equity incentives in leadership retention:
“I believe shares and options are important. In one of the companies I advise, the COO owns 10%. He’s been with the business since the beginning.”
“There’s no point in hiring a COO or CFO without building an incentivisation structure that gets the most out of them and encourages them to stay.”
Anthony, meanwhile, takes a different yet effective approach—rewarding key contributors through deal-based payouts rather than formal equity grants / share options. Reflecting on past experience, he shared:
“I’ve had at least seven or eight different shareholders within Antal, and it hasn’t always worked out. The best deal I did was a commitment to the management team that they’d get a material bonus, based on a percentage of the sale price, on exit. It wasn’t a contract, just a handshake—and I paid it.”
“We don’t formalise it now. If I give people shares that have value, they have to pay tax on them. Instead, we agree upfront—‘If we build this to significant value, we will pay out.’ And we did, even during the 2008 financial meltdown.”
This approach, built on trust, track record, and transparent leadership, helps Anthony create alignment without diluting equity or introducing unnecessary complexity.
Together, their insights reveal multiple paths to incentivisation—whether through equity, deal-based bonuses, or LTIPs—tailored to each business’s structure and goals. At Ryecroft Glenton Corporate Finance , we regularly advise recruitment firms on how to design such frameworks to drive performance and retain top talent.
Geography
Antal’s footprint spans the globe, and Anthony noted that managing geography is less about location, more about structure and support. Through franchising and licensing, the business adapts to diverse markets while maintaining core standards.
Alex, by contrast, sees opportunity in geography as long as there’s execution capability and ambition.
Business Model
Antal operates a rare hybrid model: part-owned offices, part-franchised. Franchisees pay a percentage of turnover, not profit, to Antal—a point that clarifies their economic relationship with the parent brand:
“We get a share of the overall turnover, not the profit. We don’t own the franchise business.”
Interestingly, Antal has built in a buy-out clause with many of its franchisees, allowing both sides to explore acquisitions later:
“There is an option to buy or sell in the franchise agreement. It’s almost like due diligence over time.”
This “try before you buy” model echoes other successful frameworks in financial services and travel sectors and could become more prevalent in recruitment.
Carl added:
“One of our longstanding clients, The Recruit Venture Group, helps entrepreneurs start recruitment businesses by providing capital and support services, taking 51% equity and leaving 49% with the operating partner. Over time, there is an option for The Recruit Venture Group to acquire the remaining shares, or for all of the shareholders to sell the business to a 3rd party trade buyer. Ryecroft Glenton Corporate Finance often advises on similar, successful models.”
Conclusion
This event showcased the depth of experience and strategic insight required to build, scale, and exit successful recruitment businesses. From cultural fit and contract / temp revenue, to acquisition strategies and leadership philosophy, the panel offered valuable perspectives for founders / CEO at all stages of growth.
Anthony’s final thoughts summarised the ethos that underpins Antal’s success:
“We’re just getting started. Even after 30 years, we’re hungry to grow. The best is yet to come.”
And Alex’s candid reflections offered a reminder to founders to know their endgame:
“Once you’ve got money, you can do what you want. Just don’t wait too long. The window doesn’t stay open forever.”
At Ryecroft Glenton Corporate Finance , we’re proud to support recruitment businesses through every phase of the journey—from start up, scale up, to exit. We combine technical expertise with deep sector knowledge to help our clients navigate their most important decisions.
We’ll be hosting our next Recruitment Founder/ CEO networking event in the coming months. If you’d like to attend or discuss your own growth, acquisition or exit plans, we’d love to hear from you.