Richard garnick biography
Our investment team offers a depth of experience supporting management teams to reach their goals while generating attractive returns for its investors. ConJoin brings together a team with a deep background working as a part of the leadership which helped build Wipro Technologies into a global leader. The team also boasts shared diverse set of experiences at other leading companies.
The team of industry experts brings extensive transaction, operating and strategic experience to our unique value proposition.
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The team is the driver of our success, having realized significant gains with ConJoin or their previous firms. We began as a small group of like-minded people working together across organizations. Though we have grown as a firm, we have maintained the spirt of one team. He is the center of gravity and a great source of motivation to the team for delivering innovative solutions.
Anything that can be digitized, and that is part of a repeatable business process, is outsourced to India. And there are many political obstacles towards change within companies. We bring in our own leadership, we align ourselves with the goals of the owners, and we implement best practices that can reduce operational costs by at least 50 per cent, and as much as 75 per cent.
Conjoin has its own practice, staffed with ex-McKinsey people, to perform this work at less than half the cost. Conjoin outsourced much of the company's back-end operations to India, it retrained some of the staff, and it tripled the number of people selling the service.
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Mr Garnick is using his own money, and the company has a partnership agreement with Canadian VC firm Jefferson Partners. It is open to additional partnerships. This doesn't seem a very scalable strategy but Mr Garnick is very confident in his abilities to manage large numbers of people. He says he scaled Wipro from 5, to 75, people in three years and he managed more than 45 VPs.
Generous severance and retraining packages are key. Although restructuring can cut as much as 50 per cent of a company's North American workforce, the process also saves jobs. Companies are made more competitive and able to grow by 15 per cent per year or more, and that creates jobs.
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And so is his receptionist. Visitors to his US office are greeted by a plasma screen connected to a camera pointed at a receptionist in Conjoin's Mumbai office. His 17 year old son, after graduation, will be heading to Mumbai to learn the family business.