In this episode of Tank Talks, host Matt Cohen sits down with Michael Platt, CEO of Carma Corp., and lifelong friend, to explore his incredible journey from corporate lawyer to building and selling one of Canada’s leading sub-metering companies.
Michael’s roots in a family of lawyers, and his early career in corporate tax law.
The “non-merit-based” soft skills learned as a junior lawyer: preparation, punctuality, and clear communication.
The decision to supplement his skills with business courses leading him to a new path in management consulting.
Why Michael chose the self-funded search path over the traditional model for greater flexibility.
The grueling process: building a team of unpaid analysts, sourcing thousands of leads, and the power of relentless follow-up.
The 23-month proprietary pursuit of Carma, including an 8-month stint living in a Lindsay motel to build trust and conduct diligence.
Finding the right capital partner in Terranova Partners.
Stepping in as CEO and fostering a “soft landing” with the existing team.
The acquisition strategy that fueled growth: buying competitors like Priority Submetering and expanding services with Spectrum Building Services.
Scaling from 40 to 225 employees and from 40,000 to 135,000 customer accounts.
Recognizing the right time to sell and the decision to go to market.
The intense, year-long sale process: working with Jefferies, meeting global buyers, and running an auction.
Why CVC Dif was the ideal partner for Carma’s next chapter.
The key takeaway: it takes a deep bench of advisors, investors, and a strong leadership team to reach the finish line.
Michael’s pride in what the team built and the people he built it with.
Advice for aspiring searchers: “You have to be all in” and hold yourself accountable.
The life lessons that guided him: “The Man in the Arena” and “This too shall pass.”