“Management teams and investors must align on immediate priorities, so leaders can hit the ground running”, says Chief Investment Officer Michael Mowlem.
The period immediately following the completion of a new private equity investment is a critical time for both management teams and investors. After the distractions of the transaction process itself, the first weeks and months under new ownership are a time to stabilise the business following a change of control, focus on the key value creation priorities and ensure everyone is aligned towards achieving these goals. Implementing a well-constructed 100-day plan is vital. In doing so, businesses formulate their immediate agenda within the context of their longer-term strategy, establish a timeframe for action, and set the tone for how they mean to go on.
What is a 100-day plan and why is it important?
The importance of the first 100 days under new leadership has been well-understood in political circles for approaching a century. Ever since Franklin D. Roosevelt first undertook an ambitious programme of reforms in the first 100 days of his presidency in the early 1930s to rebuild the US economy after the Great Depression, this is seen as the moment to set the direction (and pace) of change that new incumbents will take.
The same is true of companies starting the next stage of their journey having secured new private equity backing. Now, the hard (and rewarding) work begins to make the ambitions of all the shareholders a reality. Management teams and their new investors will need to hit the ground running, with a clear understanding of what needs to happen straight away. Hence, the rationale behind setting out the early milestones and how they will be targeted in a 100-day plan. Disciplined execution of that plan in those first 100 days sets the course for the overall growth trajectory and can materially influence how the company performs over time through to exit.
“Disciplined execution of that plan in those first 100 days sets the course for the overall growth trajectory and can materially influence how the company performs over time through to exit.”
There’s another reason those early days are so vital. To use a different analogy, if private equity investment can be likened to a marriage between investor and investee, the first 100 days after the transaction is something of a ‘honeymoon period’. Management and investors should be aligned on what they see as the key drivers of success, what is required to maximise value creation, potential risks and challenges, and how progress will be measured. It is important to capitalise on the initial sense of excitement and goodwill which should develop into a constructive relationship built on mutual respect over the lifetime of the investment.
What should a 100-day plan look like?
Clearly, the details of each company’s 100 day plan will differ depending on the nature of the business, but essentially it should provide a structured roadmap for delivering early strategic wins, and form the basis for the execution of the longer-term value creation plan over the anticipated three-to-five year term of the investment.
Much will have been learnt about the business, its risks and its value drivers during the due diligence process (even by those who have been running it for years), and that knowledge should be applied to what comes next. Opportunities and challenges will have been identified and clarified and leaders must decide whether (and how) to address them now or wait until later.
For example, if a company plans to use the investment to increase manufacturing capacity, the 100 day plan could include actions such as determining where a new factory should be built, ascertaining what services (e.g. architects, developers) are required, and drawing up initial marketing campaign ideas for new products. If it is looking to expand into new geographies, the plan could cover honing demand modelling, diving deeper into market research or mapping out how products or services will be delivered as part of a ‘go-to market’ plan.
The company may need to review personnel resource including filling immediate skills gaps in the leadership team, onboarding an experienced Chair to help guide the organisation through rapid change, or implementing a timetable for renegotiating costs with suppliers. If difficult decisions are required, the plan could carve out time (and set deadlines) to make them.
Given the drive to show progress in a short space of time, the 100-day plan should be:
- Targeted: focused on key priorities within the overarching value creation framework;
- Achievable: i.e. ambitious yet realistic;
- Flexible: to adapt to any unforeseen changes in circumstances; and
- Measurable: to create clear accountability for actions and ensure deliverables are meaningful.
Illustrative 100-day plans from Connection Capital’s portfolio companies
Winder Power
When Connection Capital clients invested in Winder Power in 2024, a manufacturer of transformers for the electricity distribution sector, our 100-day plan covered 60 items, many of which were smaller matters resulting from due diligence findings to target an efficient future exit. Some highlights from our 100-day plan included:
- Making two senior executive hires (Technical Director and Sales Director);
- Revising terms & conditions in customer and employment contracts;
- Improving third party ESG ratings;
- Investing in training and development of the senior management team;
- Expanding the supply chain (UK and overseas) to cater for forecast growth; and
- Reviewing feasibility of entering the market for large-scale 132kV transformers - assessing client demand, risks, developing designs, scoping manufacturing capacity (eventually leading to a substantial capital investment in expanding the existing factory and employment in Leeds and opening a new site which is now operational).
Jermyn Street Design
In 2025, Connection Capital clients invested in Jermyn Street Design (‘JSD’), a provider of bespoke workwear solution services to clients who prioritise brand equity. Our 100-day plan covered c.70 action points across financial, operational, and commercial aspects. These included:
- Putting in place improved banking and working capital facilities;
- Exploring new premises to support growth aspirations;
- Finalising the implementation of the new ERP system; and
- Renewing JSD’s B-Corp status, being the first corporate clothing supplier to have received the award.
*The above case studies are illustrative only and do not constitute a guarantee of future outcomes.
How a 100-day plan influences performance over time
Metrics matter because they enable performance to be kept under review, so wins can be celebrated, lessons learnt and tactics altered as necessary along the way. The monthly board meeting is a good moment to assess progress, encourage ongoing engagement and ensure momentum is maintained, while strengthening cohesion and alignment between investor and investee.
A clearly articulated and well-executed 100-day plan can set the scene for success. It will shape the next phase of business development within the wider value creation strategy and help future buyers take an informed view about management’s effectiveness when the time comes to exit. Companies that can show a demonstrable track record of improvement right from the get-go once they have investment behind them, will be well-placed to make a good case for further capital to support their future growth when they need it.
Franklin D. Roosevelt was the longest-serving US President in history, having been elected to a record four terms. Whatever else he did during his tenure, his 100-day plan marked him out not just as a visionary, but as someone leading an administration who got things done. Those taking businesses to the next level should take note.