Episode 20 - Steve Watmough, Chair, Mason Advisory

Send us a Text Message.Productization offers considerable opportunities to consultancies as the cost of development has collapsed. Eisha Armstong is the world's leading expert on how this is achieved in consultancies, co-founder of Vecteris and celebrated author. Chris Dando is a member of the Boutique Leaders Club and founder / CEO of Reinvigoration - an operations consultancy which has recent successfully productized some of its offerings. Eisha,  brings her expertise in helping service companies reinvent their business models to thrive in today's market. Meanwhile, Chris shares insider knowledge on developing a software spin-off aimed at facilitating operations transformation and building recurring revenue streams.Transitioning from consultancy to software business can be riddled with pitfalls. Learn how to avoid common mistakes by ensuring you have the right people in strategic roles and conducting thorough market validation. Discover why a market-minded product leader can make all the difference in commercialization success. We also discuss how focusing on urgent and expensive problems can guide product development, along with the importance of co-designing with your target market segment for best results.We explore actionable methods like the Van Westendorp price sensitivity meter and the 10x value rule, essential for aligning pricing with perceived value. Explore the future of productization, including how AI and automation are revolutionizing service delivery by enhancing standardization and efficiency. Join us as we provide a comprehensive framework for optimizing your consultancy’s offerings and staying competitive in a rapidly changing landscape. Don't miss out on these invaluable insights from Eisha and Chris!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 Text Message.Meet Michael Kempner, the mastermind behind MIKEWORLDWIDE. His is a story a narrative woven with tenacity and transformation moving from a solo operation to spearheading a leading independent PR firm, where embracing past hurdles has been integral to the company's monumental growth.This episode peels back the layers on how valuing human capital has been pivotal to MWW's success, revealing that nurturing talent is just as crucial as attracting it.  We discuss the importance of brand perception to consulting firms as well as learning from the journey of Michael in growing his own firm to over 300 people. We explore some innovative strategies his firm employs, juggling AI and predictive analytics with human decision-making. Join us for this exploration of reputation, trust, and leadership—and how these pillars can chart a course to success in the competitive realm of PR.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 Text Message.Unlock the secrets to a triumphant M&A journey in the knowledge economy with Jerome Glynn-Smith, the Equiteq's Head of Europe. As a former JP Morgan and Deloitte luminary, Jerome provides wisdom on the pivotal role of specialization within the technology and professional services sectors. Our chat navigates through the critical $10 million revenue threshold, the allure of private equity in the consultancy sphere, and the delicate art of balancing risk and scalability for consulting firms on the brink of a sale.We dissect the valuation conundrums and profit trajectories that influence the consultancy industry's M&A trends and shine a spotlight on the non-negotiables of EBITDA evaluation. Jerome also weighs in on the potential pitfalls of diversification, urging firms to sustain a laser focus on their core services to cultivate a tantalizing appeal for prospective buyers.In our final exchange, Jerome lays out a roadmap for boutique consultancies anticipating a sale. Aligning stakeholders' visions, bolstering market presence, and maintaining a pristine and comprehensive data room emerge as the cornerstones of a well-prepared exit strategy. By championing specialization and crafting a compelling equity narrative, Jerome assures us that small to medium-sized firms can navigate M&A transactions with the precision and confidence of seasoned pros.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 Text Message.Phil Rolfe founded, grew and sold FS101 to P2 Consulting, then P2 Consulting to Valcon, where he is now the country COO for the UK. This episode promises a treasure trove of wisdom, from Phil's transformative journey from Eagle Star, KPMG and RBS to the innovative frontiers of Vulcan's data problem-solving focus. As your host, Professor Joe O'Mahoney, I'm thrilled to share how Phil's bold leap to the Netherlands and the launch of FS101 led to an exhilarating adventure in financial crime advisory.You'll gain rare insight into the delicate dance between new leaders and their predecessors, and how Phil's commitment to transparent communication shaped a resilient path through the challenges of private equity involvement. His reflections on personal growth and cultivating a supportive leadership atmosphere within a large organization provide a candid glimpse into the essence of effective management.As we explore the intricate tapestry of business growth and scaling, Phil unveils the strategic musings behind hiring decisions in a growing firm. We then discuss the future of consulting in a digitally transformed world, where AI and data analytics are not just buzzwords but pivotal tools reshaping the industry. For anyone eager to understand the forces driving business success and innovation, Phil's incredible journey is a beacon of inspiration and strategic acumen.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 Text Message.Imagine if you could transform your consultancy's repetitive tasks into a unique service offering or automate more of your back-office? That's precisely what our guest, Tim Redgate Strategy Director of Axioned, discusses in this fascinating episode of Consulting Growth. We dive deep into the concept of productisation and how it can be a game-changer for consultancies and professional service firms.I kick off the conversation with Tim by exploring the role of tech investments for decision-makers and the potential benefits and pitfalls of productising people services. We share essential strategies, including the significance of having a passionate product owner, a dedicated team, clear goals, and budget constraints. We also highlight why it's crucial to start with a feasibility study or proof of concept before jumping into the deep end.Later, we venture into the exciting realm of automated workflows and productisation. Imagine having a tool that could streamline your consultancy's repetitive tasks – that's the power of automation. We also discuss AI's potential across various industries and its possible impact on the consulting industry.  Tim also shares his experience with low-code and no-code solutions and how they can help to supercharge the first stages of product development. Join us on this fascinating journey, where we explore the cutting-edge intersection of technology and consulting.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 Text Message.What does it truly take to build a PR and communication firm that stands tall among the giants? Today, we're joined by Jessica Schaefer, founder of Bevel, a strategic PR and communications firm that has carved a unique niche at the intersection of financial services and technology. Jessica's remarkable journey takes us from her start in the throes of the Great Recession, through prestigious companies like Moody's to the establishment of her own game-changing venture. Learn how Bevel's strategic approach of applying a hedge fund-based performance model to communications, coupled with a focus on quarterly KPIs and bonuses tied to client retention, set it apart in an intensively competitive market.Dive into the heart of the challenges and rewards of creating a consultancy powerhouse with us. Jessica offers an insider's view into the delicate art of managing clients, nurturing talent, and maintaining a work-life balance while steering a successful firm. Our conversation touches on the factors that contributed to the impressive acquisition multiple on Bevel's sale, providing valuable insights into the business of PR and the nuances of selling an enterprise. Strap in for a thrilling exploration of the world of entrepreneurship that every aspiring professional should hear.As we navigate through the rapidly evolving landscape of communications and technology, Jessica shares her perspective on the future of Bevel and its synergies with Avenue Z. The focus is also on their recent acquisitions and the increasing emphasis on digital marketing, PR, and influencer strategies. The conversation delves into the importance of attracting and retaining top talent and how Bevel's dedication to meaningful work and ownership has been a critical factor in their success. We wrap up with a deep dive into the benefits and challenges of being a young, female founder from a non-privileged background. This is an episode you won't want to miss. Tune in for a truly inspirational journey and invaluable lessons for emerging entrepreneurs.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 Text Message.Want the inside scoop on how to successfully navigate senior leadership appointments in consultancies? Don’t miss an enlightening conversation with our experts, Deri, Simon, and Caroline as they pull back the curtain on designing organisational structure, performance management systems, and effective team engagement to prepare for a prosperous exit. We discuss strategies for growth and succession planning. Listen and learn from the experts as they share their personal experiences and strategies on building both internal capability and external recruitment to catapult a business to its desired size. Overcome the hurdles of building a talent pipeline and uncover the ways to maximize value at an equity event. Also, unearth the importance of finding the right people to fill gaps in your business and how to quickly make them value accretive.Finally, we explore the recruitment order for growing boutique firms, the roles necessary as a firm expands, and the significance of each role in the business. Take note of the importance of a Chief Operations Officer, Chief Business Development Officer, the role of an operations lead, and when it's crucial to have these roles within your firm. Also, learn about constructing internal capability and external recruitment strategies to facilitate growth. Prepare yourself for an informative and insightful episode that you simply can't afford to miss.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 Text Message.Welcome to a captivating conversation with David Fields. David is does similar work to me, but on the other side of the Atlantic. Ever wondered how small consulting firms manage to compete in an oversaturated market? David offers his perspective on the role of marketing and the power of referrals, inviting us to question our own strategies. Finding effective differentiation in the sea of sameness, they say, comes down more to reliability and credibility than standing out. We chat about Artificial Intelligence and its potential impact on the industry. AI's ability to enhance solutions, streamline operations, revolutionize communication, and even manage information storage and dissemination might just be the game-changer we're all waiting for. But what if AI could also create custom bots for clients (it can now!) and play devil’s advocate?Finally, we dive deep into the art of building a consulting firm for not just short-term wins but long-term success. The secret lies in creating a culture that's satisfying and profitable for everyone, from the owners to the partners. David illuminates the nuanced difference between a firm built to last and one polished for sale, sparking a thought-provoking conversation about the balancing act of competing in two markets - clients and employees. This is a critical examination of the consulting industry that you won't want to miss. Tune in to gain valuable insights from two seasoned professionals.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 Text Message.Have you ever wondered how an aspiring clinical psychologist ended up co-founding a successful tech consulting firm? That's exactly the intriguing journey of Meg Newhouse, our guest for this episode. We get a fascinating peek into Meg's career pivots, starting with her initial discovery of the field of instructional design and her subsequent roles in a tech company and a large consulting firm. Her company, Inspirant Group, was sold to 10Pearls in 2023.Meg shares how she went from writing training programs to building her boutique learning and development consulting firm. She vividly explains how the Inspirant Group was born when a good friend asked her to help build a consulting firm. In this episode, we dig into the nitty-gritty of how the Inspirant Group's founding team disrupted the consulting industry. They established their core values and behaviors and created an attractive culture for potential team members. We also touch upon the importance of resource utilization and the pitfalls of solely focusing on it.Our conversation takes us to the complexities of being a solo entrepreneur and the crucial role of transparency and trust among co-founders. Meg reveals how they balanced decision-making processes, incentivized employees beyond sales, and kept company secrets. To top it all off, she discusses the crucial aspects of preparing for exit strategies, constructing a fair bonus structure, and the importance of engaging a broker during a company sale. This conversation is a treasure trove of insights for anyone interested in entrepreneurship and team-building.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 Text Message.Pritul is now a Director at PWC after selling his firm, People Force to the company in April 2023. People Force was a Consultancy specialising in people technology services, payroll & immigration. Since 2013, the company grew organically & through acquisition. Pritul led the company through year-on-year growth, which included an astonishing 237% growth during the pandemic. Pritul successfully sold People Force to PwC UK, where he now works as a Director within HR Technology in the People & Organisation team. Here, with others Pritul is leading the Ceridian Dayforce practice. Starting with a practice size of 60 in April 2023, which includes 50 people that joined through the acquisition of People Force, this team is expected to increase to 100 by the end of 2023. PwC UK has become the largest Global Ceridian implementation partner in the EMEA Region. Projects are delivered in various market segments to include Majors, Enterprise and Large Enterprise. Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com