47: How Consulting Firms Scale Under Private Equity with Karen Thomas-Bland

What really changes when a consulting firm takes on private equity, and how should founders prepare for it?Karen Thomas-Bland shares practical insights from working across private equity-backed consulting firms, transformations, and integrations. She explains that the biggest shift post-investment is not capital, but discipline: more rigorous reporting, structured governance, and collective decision-making. Founders must adapt from autonomy to accountability, while also managing cultural transition as firms move from “family” environments to scalable businesses.The discussion explores the metrics that matter most in consulting firms, including client concentration, pipeline conversion, sales cycle length, and pricing discipline—often an underdeveloped lever in boutique firms. Karen also highlights the importance of sequencing value creation initiatives, focusing on a small number of priorities, and building operational infrastructure without over-scaling back-office costs.The episode also covers integration strategy, arguing that firms should “transform first, integrate second” to avoid compounding weaknesses. Finally, Karen outlines how leaders can build a strong market presence through focused, insight-led content, emphasizing clarity, consistency, and relevance over reach.In this episode you will learnWhy private equity introduces discipline, not just capitalThe key KPIs consulting firms should track before and after investmentHow to avoid common mistakes in pricing and margin managementWhy focusing on 2–3 priorities drives better value creation than long listsThe importance of transforming businesses before integrating acquisitionsHow to scale sales beyond the founder and embed a firm-wide sales mindsetPractical advice for building a credible and effective LinkedIn presenceFollow Karen on LinkedIn: https://www.linkedin.com/in/karenthomas-bland Follow Joe on LinkedIn:https://www.linkedin.com/in/joeomahoney/Follow Joe on Twitter:https://twitter.com/joeomahoneyVisit Joe’s Website:https://www.equitysherpa.comSend us Fan MailProf. Joe O'Mahoney helps boutique consultancies scale and exit.  Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

What does it take to build a consulting firm that lasts 25 years and successfully exits to a Big Four firm?Adrian Moorhouse, Olympic gold medallist and former world number one swimmer, shares the story of how he transitioned from elite sport to building Lane4, one of the UK’s most respected leadership development consultancies. After retiring from swimming, Moorhouse moved into talent development in British Swimming before co-founding Lane4 in 1995 with academics and a sales partner, applying principles from sport—such as improving inputs to drive better outputs—to leadership development and consulting.Over the next 25 years, Lane4 grew into a multi-million-pound consultancy before joining EY in 2021. In this conversation, Adrian explains the strategic choices that shaped that journey: building a team with distinct roles for sales, delivery, and account management; overcoming growth plateaus; and navigating the realities of selling a consulting firm. He also reflects on leadership, learning, and the mindset shift required to move from individual performance to leading a team-based business.In this episode you will learnHow Adrian Moorhouse transitioned from Olympic athlete to consulting entrepreneurWhy separating sales, delivery, and account management can unlock consultancy growthThe importance of “better inputs lead to better outputs” in building consulting capabilityHow Lane4 broke through a revenue plateau by redesigning roles and investing in new business developmentWhy understanding the difference between the customer and the consumer matters in consultingWhat founders should expect when selling a consulting firm and navigating an earn-outHow leadership mindset shifts from individual performance to building a high-performing teamConnect with Adrian:LinkedIn: Adrian MoorhouseSend us Fan MailProf. Joe O'Mahoney helps boutique consultancies scale and exit.  Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

What does it take to build a consulting firm that is global from day one?In this episode, Joe O’Mahoney speaks with Matthieu Courtecuisse, Founder & CEO of Sia, about the long-term decisions behind building one of the world’s largest founder-led consulting firms.Matthieu shares how Sia was built with international scale in mind from the very beginning, why founder commitment matters more than capital in global expansion, and how early investments in data, AI, and technology shaped the firm’s competitive advantage. He explains Sia’s augmented consulting model, where proprietary platforms and AI tools sit at the core of delivery—not as add-ons.The conversation also covers Sia’s approach to growth through selective acquisitions, the balance between building and buying capabilities, and how culture-led integration supports scale. Joe and Matthieu close by discussing how AI is reshaping consulting economics, talent models, and why firms need to think in decades, not quarters, when building lasting value.In this episode you will learn:Why Sia was built with global scale as a core ambitionHow founder commitment drives successful international expansionWhy early investment in AI and data created long-term advantageWhat augmented consulting looks like in practiceHow Sia approaches M&A without diluting cultureWhy consulting firms must think long-term to build real valueThis episode offers a long-term view on what it takes to build a global consulting platform—through sustained investment, founder leadership, and a clear belief in technology as a driver of scale and value.Connect with Matthieu:LinkedIn: Matthieu CourtecuisseWebsite: SIA-Partners.com Resources:SIA Case StudySend us Fan MailProf. Joe O'Mahoney helps boutique consultancies scale and exit.  Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

What does leadership really look like when growth, pressure, and personal risk collide?In this episode, Joe O’Mahoney speaks with Richard Goold about scaling consulting firms, leading under strain, and building long-term value without losing culture.Richard Goold supports founders, CEOs, and boards through the hardest stages of growth—scaling sustainably, protecting culture, and preparing for long-term value creation. He has led and exited consulting businesses, including a £35m sale following an MBO, and now advises fast-growth firms across the UK and US. Earlier in his career, Richard also served as a frontline Met Police officer, an experience that deeply shaped his views on leadership, trust, and decision-making under pressure.Richard shares his journey from big consulting firms to leading Moorehouse through an MBO, growing the business from £3m to £35m, and ultimately selling it. He reflects on the realities of leadership during high-stakes moments, including remortgaging personal assets, navigating near-deal failures, and carrying responsibility for people as the firm scaled.The conversation explores what truly drives firm value beyond revenue—succession planning, client concentration, codifying knowledge, and leadership depth—as well as why these factors must be addressed years before an exit process begins. Joe and Richard close by discussing today’s consulting landscape, including the cultural challenges of remote work, the risks and opportunities of AI, and what leaders must do now to stay relevant and protect enterprise value.In this episode you will learn:What leadership under strain really looks like in growing consulting firmsHow Morehouse scaled from an MBO to a £35m exitWhy people, succession, and culture drive long-term firm valueThe risks of waiting too long to prepare for an exitHow to codify delivery IP and reduce founder dependencyWhy everyone—not just partners—must contribute to growthHow AI and remote work are reshaping consulting firm valueThis episode offers a grounded look at leadership when the stakes are real—from scaling and exits to culture, people, and personal risk. Richard’s experience provides practical insights for consultancy leaders navigating growth, strain, and long-term value creation.Connect with Richard:Website: RichardGoold.com LinekdIn: Richard GooldSend us Fan MailProf. Joe O'Mahoney helps boutique consultancies scale and exit.  Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

What does it take to scale a consulting firm internationally without external capital? In this episode, Joe O’Mahoney speaks with Olly Purnell, Managing Partner and co-founder of Q5, about how the firm grew from a five-person partnership to a global consultancy. With nearly 30 years of consulting experience, he leads client engagements across sectors while also focusing on attracting top talent to support Q5’s growth in the UK, US, and Australia.Olly explains why Q5 moved away from an associate-heavy model, how they built a culture around organisational health, and how their internal tool—Org Maps—supports operating model work by analysing spans, layers, and resource allocation directly from client ERP data.They also discuss Q5’s shift from a traditional partnership to a broader shareholder structure, the targeted mergers that helped them enter new markets, and the leadership decisions that preserved the team during COVID-19.Olly closes with insights into the future of consulting, the impact of AI, and Q5’s focus on strengthening their tools and international footprint. In this episode, you will learn: How Q5 scaled from a small founding team to an international consultancyWhy the firm shifted from an associate-led model to full-time hiringWhat “organisational health” means in practice and how Q5 delivers itHow Org Maps supports operating model and workforce decisionsWhy Q5 moved from a partnership to a broader shareholder structureThe leadership decision that protected the firm during COVID-19How Q5 approaches growth, culture, and the future of consulting in an AI-driven eraThis conversation offers a clear look into how Q5 has grown, adapted, and defined its approach to organisational health. Olly’s reflections on culture, structure, and leadership provide practical insights for any consultancy thinking about scale. We hope you found the discussion valuable and thought-provoking.Connect with Olly:Website: q5partners.comLinkedIn: Olly Purnell Send us Fan MailProf. Joe O'Mahoney helps boutique consultancies scale and exit.  Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

What if selling your business wasn't the end of your wealth creation journey, but rather the beginning? In this fascinating conversation with Todd Taskey, M&A advisor and host of the Second Bite Podcast, we explore how marketing agency founders can transform a business sale into an extraordinary wealth-building opportunity.Todd reveals the three currencies every business seller receives – cash, earn-out, and equity – and explains why that third component often becomes the most valuable. Through real-world examples like Social SEO (which grew from $2M to $16M in EBIT DA after acquisition) and Endrock Solutions (whose founder went from running a 20-person team to becoming Chief Growth Officer at a 1,700-person powerhouse), Todd illustrates how the "second bite" strategy works in practice.The conversation dives deep into the human elements that make or break these deals. We explore how personality fit between sellers and buyers determines long-term success, why private equity firms in the agency space focus on growth rather than cost-cutting, and the art of structuring earn-outs that actually motivate founders post-acquisition. Todd shares his counterintuitive advice for presenting conservative growth projections during sale negotiations to ensure achievable earn-outs later.We also tackle how AI and automation are reshaping the value equation for professional service firms. Rather than threatening agency values, these technologies may actually increase profitability by enabling firms to serve more clients with fewer people. Todd offers practical wisdom on why agency owners should focus on employee and client retention metrics as the true indicators of business quality, and how to distinguish between building a lifestyle business versus building to sell.Whether you're years away from an exit or actively considering one, this episode provides invaluable insights into maximizing the value of what you've built while creating alignment between your personal goals and your business strategy. The path to extraordinary wealth might just involve taking a smaller slice of a much bigger pie.Send us Fan MailProf. Joe O'Mahoney helps boutique consultancies scale and exit.  Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

Agentic AI is rapidly transforming professional services, yet many consultancies remain cautious about its implementation. In this groundbreaking conversation, Professor Joe O'Mahony and Rob Price explore what happens when multiple AI agents work together as a team to tackle complex business challenges.Rob explains how agentic AI differs from traditional AI applications by creating virtual team members with specific expertise, memory capabilities, and tools. These aren't simple chatbots – they're sophisticated systems that can handle complex workflows while maintaining human oversight. The most fascinating examples include agent teams already working in regulated environments for apprenticeship coaching and due diligence processes, reducing tasks from hours to minutes.The conversation takes a profound turn when examining how this technology threatens the traditional consulting pyramid. As AI increasingly handles work previously done by junior consultants, firms face difficult questions about talent development, pricing models, and the very nature of their business. "It's not AI that will steal your job—it's the person using AI who will," warns Rob, highlighting the competitive advantage for those who master these technologies.For young consultants, this shift demands a hybrid skillset combining technical understanding with enhanced human capabilities. The most valuable consultants will be those who build trust, understand context, and create innovative solutions that AI alone cannot. Meanwhile, established professionals might explore what the hosts call "influencer consultancy" – using AI to amplify their personal brand and impact beyond traditional firm structures.The conversation concludes with a balanced view of consulting's future: short-term opportunities for those who embrace AI capabilities, alongside longer-term questions about how value and profits will be distributed. Whether you're leading a consultancy or considering a career in professional services, this episode provides crucial insights into navigating the agentic AI revolution that's already underway.Send us Fan MailProf. Joe O'Mahoney helps boutique consultancies scale and exit.  Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

Anish Patel takes us on a fascinating journey from his beginnings as a "physics geek" to building and selling a successful consultancy in this candid conversation about growth, leadership, and knowing when to exit.With refreshing honesty, Anish reveals how his scientific background created the perfect foundation for consulting work. "The scientific method was something that really I was interested in," he explains, describing how identifying issues, gathering data, developing hypotheses, and convincing others translates perfectly from physics to business consulting.The conversation delves into the struggles of transitioning from a well-known consultancy to founding Patel Miller. Anish shares a powerful realization that many founders experience: "I thought I was one of the best salesmen of consultancy in the retail industry out there... What I realized when I started my own firm was that I was brilliant at converting opportunities, but I wasn't very good at originating them." This distinction between originating and converting work becomes a crucial insight for anyone building a consultancy.Perhaps most valuable is Anish's framework for success - the "three A's" that differentiated his boutique firm from larger competitors: Availability (being responsive when clients need you), Amiability (maintaining genuine relationships beyond projects), and Ability (delivering excellence beyond methodological competence). This approach helped his firm punch well above its weight in a competitive market.The discussion also covers the eventual sale to Metis, with Anish offering candid reflections on the post-acquisition phase. His advice to avoid becoming overly focused on earn-out terms at the expense of activities that actually drive business success provides valuable perspective for consultancy owners considering an exit.Whether you're contemplating starting your own consultancy, struggling with growth challenges, or considering an exit strategy, Anish's journey offers practical insights and honest reflections on what truly matters in building a successful consulting business.Send us Fan MailProf. Joe O'Mahoney helps boutique consultancies scale and exit.  Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

Send us a textTom McMakin's path to consulting success began far from boardrooms – with a political philosophy degree followed by Peace Corps service in Africa. This unconventional start equipped him with unexpected skills that would later prove invaluable when leading a bread company to nationwide success and eventually purchasing Profitable Ideas Exchange (PI).Under Tom's leadership, PI has transformed from a small firm with six employees to a thriving business with 100 staff and approximately $15 million in revenue. Their unique value proposition? Creating meaningful connections between large consultancies and the executives they hope to serve through facilitated peer group conversations."We're sort of Match.com for businesses," Tom explains, highlighting how PI brings together CXOs facing similar challenges. This approach addresses a fundamental truth about professional services – they're sold through relationships and trust, not features or attributes. By positioning consultants as hosts of valuable peer discussions, PI helps them stay proximate to potential clients throughout lengthy sales cycles.The challenges Tom faced growing PI mirror those encountered by many professional service firm leaders. He needed to focus the business on what was already working rather than chasing new innovations, transform company culture by recruiting the right people, and build systematic approaches to business development beyond the founder's personal network.Perhaps most compelling is Tom's perspective on consulting's purpose. In an age where many professionals seek meaning beyond financial rewards, he frames the work as "connecting human intelligence with profound problems" – a high calling that involves cross-pollinating best practices across geography to solve significant challenges.Ready to transform how you connect with potential clients? Discover how relationship-based approaches can accelerate your consulting firm's growth by exploring Tom's books "How Clients Buy" and "Never Say Sell."Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com

Send us a textBill Poston's remarkable journey from truck stop motel clerk to successful consulting entrepreneur offers a masterclass in professional services growth. With disarming candor, he shares how his farm upbringing and hospitality background instilled the relentless work ethic that became his competitive edge at Deloitte and beyond.After a decade at Deloitte that served as his "apprenticeship" in consulting fundamentals, Poston took the entrepreneurial leap to found Calypso, a firm focused exclusively on helping clients deliver on the promise of innovation. What began as a "bet on ourselves" quickly grew beyond expectations, with first-year revenues approaching $4 million. Yet success brought unexpected challenges – from the administrative burdens of running a business to the delicate balance of maintaining focus while pursuing growth opportunities.Perhaps most fascinating is Poston's candid assessment of their missteps: expanding internationally too quickly, venturing into training that became "a huge distraction and commercial failure," and attempting government work that "proved futile." These hard-won lessons underscore a crucial truth about entrepreneurship – recognizing mistakes early and pivoting before they become fatal is as important as getting things right initially.Today, Poston channels these experiences into LaunchBox, helping new founders launch professional services firms by providing both business infrastructure and capital. His screening process focuses on two critical questions: Do you want to build a business to scale rather than a lifestyle practice? And are you commercially viable – able to sell work, not just deliver it? This practical wisdom exemplifies why Poston has succeeded where many professional services entrepreneurs falter.Whether you're considering entrepreneurship, growing a consulting practice, or simply fascinated by the inner workings of professional services, this conversation delivers invaluable insights from someone who's navigated the journey from startup to successful exit. Ready to transform your consulting firm's equity value? Visit equitysherpa.com to discover how we help consultancies quadruple their worth over a two to four year period.Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com