#United States #Franchise Owners #HireQuest #MRINetwork #Goose Creek

HireQuest's New Ownership Structure for MRINetwork

In a significant move, HireQuest (NASDAQ: HQI), a leader in on-demand staffing and executive search solutions, announced a pivotal shift in the ownership structure of its global executive search brand, MRINetwork. This transition empowers a newly formed leadership group comprised of existing and former franchise owners who will now take majority ownership.*

The new leadership team is made up of notable figures in the executive search arena. This includes Todd Govig from Govig Associates, Mark Angott of Angott Search Group, Mike Brown from Harrison Group, and Mark and Jay Schwartz from The Richmond Group USA. Additionally, Shana Applebaum, who has been serving as Managing Partner and Chief Revenue Officer at Northbound Executive Search, will step into the role of Managing Director of MRINetwork.

A Fresh Vision for Growth

The timing of this change coincides with a renewed focus on growth within MRINetwork. Under Shana Applebaum’s leadership, based in the bustling hub of New York City, the board aims to focus on strengthening client partnerships and fostering a more cohesive global network. In her own words, Applebaum expressed excitement about enhancing collaboration across offices and leveraging collective recruiting expertise to drive sustainable growth.

Rick Hermanns, CEO of HireQuest, emphasizes the significance of this leadership alignment. He believes that operators who are closely connected to the network's mission will lead MRINetwork in a direction that enhances its competitive edge. HireQuest will maintain partial ownership and support MRINetwork by offering vital infrastructure and resources, ensuring a seamless operational transition.

Significance of the Change

This transaction reflects a strategic decision to position MRINetwork for success. With franchise owner leadership, the new group of owners brings invaluable experience in recruiting and service excellence, which will undoubtedly inform operational strategies and best practices throughout the network.

Moreover, by still being a partial owner, HireQuest can provide shared services that include purchasing power, technology solutions, and back-office support. This relationship is expected to not only benefit the current MRINetwork franchisees but also position the brand attractively for future expansion and more franchise sales.

Recent trends in the executive search market indicate a promising turnaround, with many firms experiencing increased revenues due to demographic shifts and changing workforce dynamics. This aligns well with MRINetwork's strategic aspirations to capture new growth avenues amidst a competitive environment.

Looking Ahead

The completion of this transaction is anticipated within weeks, subject to standard closing conditions. Once finalized, the new leadership group will commence initiatives designed to enhance MRINetwork’s service model alongside HireQuest, with plans for a comprehensive rollout starting in the first quarter of 2026.

About MRINetwork:
Since its inception in 1965, MRINetwork has held a strong position in the recruitment industry, offering diverse talent advisory solutions through a global network of offices. As a division under HireQuest, MRINetwork combines industry expertise with an extensive reach to deliver transformative talent solutions.

About HireQuest:
HireQuest is recognized for its franchising model in on-demand, executive search, and staffing solutions, providing numerous employment opportunities annually across various industries through divisions, including MRINetwork, Snelling Staffing, TradeCorp, and more.

In summary, MRINetwork's shift in ownership is poised to bring a new wave of innovation and growth, driven by a leadership team that understands the franchise model intimately. As the new guards step in, they carry the mantle of enhancing a robust network that's ready to forge ahead into a future laden with opportunities.