Preparing for Transition
A business transition prompted this independent IT consulting firm to seek expert advice from an Advisory Board as this was outside the business owner’s experience.
Finding the Right Advisors
The Company Director found Helen Down on the Advisory Board Register. (This is New Zealand’s only online register designed to help connect business owners and Advisors.) The Director chose Helen because he was looking for Sales and Marketing experience. (Advisory Boards NZ encourages Advisors to fill out their profile with their relevant experience to assist business owners find an Advisor with the skills and experience they require.)
Adding Structure to Facilitate Growth
Advisory Boards NZ began work by creating board and governance structures, such as minutes and board reports, to ensure a disciplined approach.
Once these basics were mastered, our specialists assisted in:
- Improving the sales pipeline
- Tracking and measuring financial performance
- Using reports to inform high level decisions
- Seeking opportunities for growth
- Preparing the business management buyout
- Business transition.
Using Advisory Boards for Transition
This focus for this Advisory Board was to assist the business owner in transitioning out of the business and giving his staff the opportunity to buy in.
One of our inhouse experts conducted several workshops to educate the staff on their new roles as shareholders, what their responsibilities were, and how to meet these.
Advisory Boards NZ also has an extensive network of partnerships and specialists throughout New Zealand. After one year, an expert was brought in to review the company’s performance (after one year) to provide an outside perspective. A separate specialist was also called to assist with the final business transition.