Staff buy-in is crucial… But what if all staff actually held equity in the company?
For Pitchblack Partners, the clue to the ownership structure is in the name. Partnership revolves around everything the agency does, from the work it creates to how the business itself is built and run.
“Pitchblack Partners is built differently,” says Jono Key, principal partner. “Every single member of our team holds equity in the agency. Senior people on the tools. No passengers. Everyone has skin in the game.”
For clients, it means: “We win when you win.”
The reason behind this unusual ownership model, and why it works, comes down to responsibility, he says. When everyone holds equity, the care and attention to detail for the business is shared by the whole team.
“This changes how people show up,” says Key. “Churn drops, tenure on client accounts grows and clients stop re-briefing new faces every 18 months.
“More than that, because everyone at Pitchblack is an owner, everyone thinks commercially. We care about your business the way you do, because in a very real sense, it’s ours too.”
Pitchblack say they are building a modern agency where ideas win, because everyone has a real stake in their success.
“Last year we spoke to our own clients and senior CMOs across the industry and asked them what they actually wanted from an agency partnership, says Key.
“The answers were consistent. Real collaboration with senior talent, ideas that genuinely move the business and a relationship where the agency’s success is tied to theirs, not just the fee.”
Trading equity
Nigel Douglas, founder of New Zealand’s first pitch consultancy The Counsel, also offers coaching and mentoring for startups.
He says founders might need to trade some equity for some services or skillsets they don’t have.
“I’ve had several meetings with startup founders recently and they all say the same thing, ‘Oh, I don’t really want to give away any equity.’ And I say, ‘But you haven’t got any money.’”
Sneakers Media co-founders Eddy Whatt and David Parker made this decision when they brought in Elaine Gibbons as managing partner in 2019. She now has a one-third shareholding.
Whatt says offering equity was the right call.
“Elaine is a highly experienced and trusted media leader. Her strategic capability, work ethic and industry relationships have been instrumental in elevating the business,” he says.
“Bringing Elaine on board really advanced our offering and attracted a more sophisticated tier of clients, making the decision to offer equity a straightforward one.”
Whatt says they wanted to establish a model where the success of the business is shared.
“That philosophy extends to the broader team as well – while not through equity, all staff participate in the company’s success through competitive salaries and performance-based bonuses.”
This story comes from NZ Marketing magazine issue 87, June-August 2026. Why not subscribe? Get four issues a year for just $50 (including delivery) if you autorenew.
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