Cincoro Tequila, a premium tequila brand co-founded by NBA legends Michael Jordan, Wes Edens, Jeannie Buss, Wyc Grousbeck, and Emilia Fazzalari, aimed to create a luxurious and award-winning tequila. Since its launch in 2019, Cincoro Tequila has garnered 28 awards and accolades, establishing itself as a top player in the spirits industry.
Introduction to the Retained Services Model
Perpetual, a boutique talent advisory firm with a focus on cultivating human-centric high-performance cultures, introduced the Retained Services Model to provide Cincoro Tequila with a strategic partnership for talent advisory needs throughout 2023. This annual engagement model aims to deliver a tailored and bundled set of services, ensuring a close partnership between Perpetual and its clients.
Design Principles of the Retained Services Model
The Retained Services Model offered by Perpetual is characterized by several key design principles:
- Annual Term: The services are delivered over a 12-month period.
- Package Structure: It includes multiple service elements such as executive search, talent development workshops, HR advisory, and more.
- Cost Savings: Clients can save approximately 30% compared to an a la carte service provision.
- Tailored Approach: Services are customized to meet the specific needs of the client using Perpetual’s proprietary T3 diagnostic.
- Collaboration: Dedicated account management ensures full consumption of services and adaptation to evolving needs.
- Flexibility: The model allows for adjustments and trading of service elements using a points system.
- Scalability: Clients can augment their package with additional services at discounted rates.
Retained Service Elements
Perpetual’s Retained Services Model includes various service elements tailored to Cincoro Tequila’s needs:
- Account Management: A partner-level account manager provides oversight, quarterly review meetings, and adapts services as needed.
- T3 Diagnostic: A research-backed diagnostic tool offers insights and benchmarks to guide team development.
- Executive Search: Expertly delivered searches for Director-level and above roles in key functions.
- Leadership & HR Advisory: Access to expert advice and tools across the employee lifecycle.
- Strategy and Culture Labs: High-impact workshops and interventions to accelerate high-performance.
- Coaching: Coaching programs for selected team members to address issues and prepare for growth challenges.
- Talent Assessments: Predictive assessments for hiring and team development.
- Collaborative Account Management: The 12-month engagement includes a Collaborative Account Management process and tool that facilitates communication, scheduling, progress tracking, and reviews of included services.
Outcome and Results for Cincoro Tequila
Cincoro Tequila benefited significantly from Perpetual’s Retained Services Model. Here are some examples:
- T3 Diagnostics: Insights from the T3 diagnostic provided guidance for Cincoro’s high-performing team journey.
- Executive Search: Two key executive placements, including Jeff Agdern as President and Emma Medina as SVP of Marketing.
- Strategy and Culture Labs: Perpetual facilitated the National Sales Conference in Boston.
- Executive Coaching: High-potential leaders underwent six-month coaching programs, supported by talent assessment insights.
Cincoro Tequila expressed their satisfaction with Perpetual’s services, giving a rating of 9 out of 10. Emilia Fazzalari, CEO of Cincoro Tequila, praised Perpetual’s outstanding executive search capabilities, understanding of their needs, positive cultural impact, and value-added team-building exercises during off-site events.
This case study highlights how Perpetual’s Retained Services Model provided Cincoro Tequila with a strategic partnership and a comprehensive set of services tailored to their unique needs, resulting in the successful recruitment of key executives and ongoing support for their high-performance journey.