The Second Bite Strategy | Todd Taskey & Prof. Joe O'Mahoney
Send us a textWhat 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 Byte 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.Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com
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The Future of Professional Services: How Agentic AI Will Reshape Consulting Forever | Rob Price & Prof. Joe O'Mahoney
Send us a textAgentic 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.Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com
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Scaling a Boutique Consultancy | Anish Patel & Prof. Joe O'Mahoney
Send us a textAnish 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.Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at www.joeomahoney.com
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From Political Philosophy to Peer Groups | Episode 9 - Tom McMakin & Prof. Joe O'Mahoney
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
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The Real Cost of Entrepreneurship | Episode 8 - Bill Poston & Prof. Joe O'Mahoney
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
Joe O'Mahoney is Professor of Consulting at Cardiff University and a growth & exit advisor to boutique consultancies. Joe researches, teaches, publishes and consults about the consulting industry.In the CONSULTING GROWTH PODCAST he interviews founders that have successfully grown or sold their firms, acquirers who have bought firms, and a host of growth experts to help you avoid the mistakes, and learn the insights of others who have been there and done that.Find out more at www.joeomahoney.com
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