Critical Power Products & Services buys and sells new and used industrial critical backup power. Typically, this type of equipment is utilized in data centers, hospitals, hotels and many other businesses that cannot risk a power outage without backup infrastructure.
The business also sells new critical backup power equipment, and conducts datacenter decommission and relocation, removing all equipment and providing the construction necessary to return a property to core and shell, ready for lease or sale.
Will Alt founded Critical Power Products & Services in February 2017 after buying the assets of an existing business that had been losing $1 million annually and was owned by a private equity group.
The investors initially planned to hire Glenn Hansen from OneAccord to turn the company around, but changed their mind and decided to sell the assets instead.
Will knew the industry and bought the business. He was aware of of Glenn's ability to create and lead high-performance teams, so he engaged him as chief operations officer on a fractional basis.
Will and Glenn selected the best employees to become part of the new company and parted ways with the ones who would not be a fit in the new culture. Glenn then facilitated a discussion process that led the employees to define exactly what that culture would be.
Together, the employees developed and clearly articulated their vision and mission, as well as their team values. They set team goals and scheduled regular activities that would help them to successfully live out their commitments.
Glenn led weekly trainings, one-on-one coaching sessions and performance management meetings. He set clear expectations, provided the training to enable everyone to succeed and maintained regular monitoring to ensure expectations were being met.
Finally, Glenn constructed a one-page strategic plan for the company's first year which was so successful that much of it evolved for year two.
The new company had a nice profit on the bottom line in its first year. In its second, revenues increased by $5 million, profits tripled and the balance sheet improved by over $1.5 million. Year three is off to a great start with a 700 percent year-over-year improvement in Q1 net income.
The entire team has been upgraded through effective training, skill development and hiring, as well as formal and effective performance management. In the first year of the new business, every project manager in the organization made more money than they had before. In the second year they did it again, several making more than $100,000 for the first time.
Glenn's strategic plan for year one was so effective in achieving key performance objectives that much of it changed and evolved for year two. This new plan was also so successful that the plan for year three is largely different in its evolution.
Critical Power is well on its way to becoming the dominant company in its industry.