Business development in corporate finance world… 1 year in….
Joining Forward Corporate Finance last year, after 35 years in banking, was a breath of fresh air in the work sense. I enjoyed my banking career, but this is refreshingly different.
In fact, to call it work is unfair. I feel that I am going to work to see my friends, talk about what we offer and getting paid for it. Which is easy to do, by the way, when Rob, Sarah and the team are first class at what we do!
On top of that the regional accountancy market ‘gets what we are doing’ and most importantly it’s a win-win for clients, being able to access quality, honest corporate finance advice locally. I like the fact that we work alongside other advisors such as the company’s accountants and lawyers, rather than competing against each other, but ultimately for the benefit of the business and the individuals that make it tick.
I thought I knew a fair amount about Corporate Finance before I started, however I soon realised that view was incorrect, as I had lots to learn. The key in any new challenge is to keep engaged and I’ve really enjoyed what I’ve learnt, some of which I share here.
On lenders…
My view when I started…. Banks say no for good reason, and that’s that.
And now… Numerous alternative funders, with strong product offerings, and lenders will work alongside each other.
On private equity…
My view when I started…. Asset stripping, quick returns, large transactions.
And now… Growth partners, can be long term investors 7 yrs+. Many funds with different requirements, and will look at smaller investments £1m+.
On valuation…
My view when I started…. Not an exact science.
And now… Not an exact science, but strong market knowledge provides good benchmarking.
On people…
My view when I started…. Business decisions tend to win over personal decisions.
And now… Personal circumstances always have an influence on business decisions, we’re humans first!
On corporate finance advice…
My view when I started…. Most accountants offer it.
And now… Needs a specialist to make sure all available options considered, need to get it right as most business owners’ exit is a liftetime’s work.
On collaboration…
My view when I started…. Competition within sector is fierce
And now… Collaboration with competitors more important, each brings a different skill set to the transaction, without everyone it wouldn’t happen.
The overriding message from my first year, but the company’s third is that ultimately people do business with people that they trust, respect and like and that a good corporate finance adviser is worth far more than their fee!
Good news travels, Maycast Nokes in Halstead completed an MBO in late 2019 with our help and this has resulted in another company in the town approaching us for advice in 2020. Similarly, during lockdown we have an offer for growth funding from a new lender for one of our clients, enabling them to accelerate a new COVID product to market and significantly enhance margins and complete their burgeoning order book….….watch this space when the world gets back to normality…….
Obviously, we are in the midst of unprecedented times but we are agile meaning we can adapt to support East Anglian businesses with their transactional needs, both during this crisis and beyond. I love the fact that no two situations are the same and it’s good to put our thinking caps on and come up with a solution that works for all parties and to be able to act quickly to get it done. Between us we have many years’ experience and have seen most scenarios, and there’s always an answer. Mostly though we’re honest and won’t always suggest the easy option, but a well thought through one that is the right solution.
I guess that is the difference of working for a small company where you have influence over your message and offering, which can be adapted and give the flexibility that each situation requires. It feels good to make your own rules and deliver life changing results, in the business world of course!
Sue Young
Business Development Manager, Forward Corporate Finance