Unlocking Value

Episode 35: Duncan Ramsay – Inside the investor mindset: Building scalable consulting firms

In this episode, John is joined by Duncan Ramsay, a Partner in the commercial team at ECI Partners, where he works closely with management teams to help scale and grow businesses across the portfolio. Before moving into private equity, Duncan spent time at PwC advising investors and businesses on commercial due diligence and growth strategy, giving him experience from both the consulting and investment side of professional services. Having spent years evaluating, investing in and supporting consulting and professional services firms, Duncan brings a clear investor perspective on what really drives long-term value creation in the sector. The conversation explores what separates scalable firms from those that struggle to grow, why operational maturity matters far more than many founders realise and how AI is beginning to reshape both consulting delivery and the economics of professional services itself. John and Duncan discuss: * What investors actually look for in a professional services business, including the importance of revenue quality, repeatability and operational scalability * Why forecasting, utilisation management and clean operational data become critical as firms grow and why leaving those foundations too late creates major challenges later on * The difference between relationship-led businesses and transactional consulting models and why customer advocacy is such a powerful driver of resilience and value * How AI is already changing professional services, from internal delivery workflows through to pricing models, productisation and the future structure of consulting firms * Why firms that properly codify their methodologies, workflows and intellectual property are likely to have a major advantage as AI adoption accelerates * What private equity involvement actually looks like in practice, including how investors support management teams through value creation planning, leadership evolution and scaling challenges * Why specialist boutique firms are increasingly gaining ground in the diligence market and how AI is shifting the value of judgement versus analysis If you lead a consulting or professional services firm and are thinking about growth, scalability, operational maturity or the future impact of AI on your business model, this conversation offers practical advice and perspectives from someone who sees these challenges across dozens of firms. If you enjoy conversations like this, follow the show so you do not miss future episodes. Host: John Howard [https://www.linkedin.com/in/john-howard-b7b11215/], Partner at Garwood Growth Guest: Duncan Ramsay [https://www.linkedin.com/in/duncanramsay/], Partner at ECI Partners

Episode 34: Jenny Burns – The Accidental CEO: The Leadership Path She Never Planned

In this episode, John is joined by Jenny Burns, CEO of Magnetic, an innovation consultancy that helps organisations solve complex problems and create new products, services and experiences at pace. Jenny’s career spans more than 25 years across large corporates and smaller businesses, before an unplanned move into leading and growing her own firm. Jenny describes herself as “the accidental CEO”, having never set out to run a business but instead following opportunities, taking risks and learning along the way. Her journey includes scaling Magnetic, navigating the sale of the business to a larger consultancy and, more recently, buying it back to restore its independence. This conversation stands out for its honesty about what leadership actually feels like, particularly in moments of uncertainty and transition. Jenny shares a grounded perspective on building a business – not just as a commercial exercise but as something deeply human. Jenny and John discuss: * What it really feels like to step into the CEO role, including the emotional weight and shift in responsibility * Why smaller businesses are not inherently simpler than large corporates and how leadership “shadow” shapes culture at any scale * The reality of selling a business, including the intensity, isolation and unpredictability of the due diligence process * Why Jenny chose to buy the business back and how independence enables a more agile, differentiated position in today’s market * The ongoing tension between structure and agility and how to avoid over-engineering a growing consultancy * How personal brand, leadership style and culture come together to shape both client relationships and long-term business value If you lead a consulting or professional services firm and are navigating growth, change or leadership for the first time, this conversation offers a refreshingly candid view of what that journey actually involves. If you enjoy conversations like this, follow the show so you do not miss future episodes. Host: John Howard [https://www.linkedin.com/in/john-howard-b7b11215/], Partner at Garwood Growth Guest: Jenny Burns [https://www.linkedin.com/in/jennyburns55/], CEO of Magnetic

Episode 33: Andrew Laird – Where values lead, growth follows: Rethinking how consultancies scale

In this episode, John is joined by Andrew Laird, Chief Executive of Mutual Ventures, a specialist consultancy focused on public service reform and local transformation. Andrew co-founded Mutual Ventures over 15 years ago with a clear but unconventional ambition: not to build a large consulting firm, but to create a vehicle for doing meaningful, impactful work in public services. Since then, the firm has grown steadily, building a strong reputation for combining central government policy insight with practical, on-the-ground delivery. Now, as the business enters a more deliberate phase of growth, Andrew reflects on what has changed, what has stayed constant and what it really takes to scale a consultancy without losing the culture and values that made it successful in the first place. A central theme throughout the conversation is the idea that growth should be a consequence of value, not the objective itself. Andrew shares a candid perspective on the consulting industry, highlighting where it adds real value and the areas where he thinks it falls short, particularly in public services. Andrew and John discuss: * Why Mutual Ventures was never built for growth in the traditional sense and what has prompted a more intentional shift towards scaling the business * How culture, team structure and internal investment underpin sustainable growth, even in smaller consultancies * What it takes to embed business development across a team and why consulting “sales” is fundamentally about relationships, not selling * The role of thought leadership in building credibility, creating demand and differentiating in a crowded market * Andrew’s perspective on the legitimate role of the consulting industry, including the importance of delivering real value and knowing when to step away If you lead a consulting or professional services firm and are thinking about how to grow without compromising what makes your business distinctive, this discussion offers a thoughtful and practical perspective on what to prioritise and what to avoid. If you enjoy conversations like this, follow the show so you do not miss future episodes. Host: John Howard [https://www.linkedin.com/in/john-howard-b7b11215], Partner at Garwood Growth Guest: Andrew Laird [https://www.linkedin.com/in/andrew-laird-07035714/], Chief Executive of Mutual Ventures

Episode 32: Tamzen Isacsson – The state of consulting today, from the CEO of the MCA

In this episode, John is joined by Tamzen Isacsson, Chief Executive of the Management Consultancies Association (MCA), the body representing the UK’s leading consulting firms. Tamzen works closely with firm leaders, government and stakeholders across the consulting profession, giving her a broad and well-informed perspective on how the sector is evolving, from growth and talent to AI, hybrid working and the UK’s position on the global professional services stage. A theme that comes through clearly in the conversation is that the consulting industry doesn’t always tell its story particularly well. Much of the most impactful work happens behind the scenes with clients, and firms don’t often step back to articulate the value they create. Tamzen and John discuss: * The current state of the UK consulting market, why growth is returning and why the reality is more nuanced than the headlines * Why the UK remains one of the most competitive and globally respected consulting markets, and how international demand is shaping firm strategy * How talent models are evolving, from increased demand for experienced hires to more fluid career paths and the impact of hybrid working on development * The reality of AI in consulting, where it is starting to create real value, where expectations are still running ahead of reality and why firms need to stay focused on outcomes * The growing importance of consulting to the UK economy, alongside the opportunities and ongoing challenges for SMEs in accessing work Throughout the conversation, Tamzen emphasises one core idea: in a profession shaped by constant change, uncertainty and new technology, the fundamentals still matter most. The firms that succeed are those that invest in their people, build trust with clients and stay focused on delivering real value. If you lead a consulting or professional services firm and want a clearer view of where the industry is heading, beyond the headlines, this episode is for you. If you enjoy conversations like this, follow the show so you don’t miss future episodes. Host: John Howard [https://www.linkedin.com/in/john-howard-b7b11215/], Partner at Garwood Growth Guest: Tamzen Isacsson [https://www.linkedin.com/in/tamzen-isacsson-mca/], Chief Executive at the MCA

Episode 31: Jeremie Guillerme – Turning reputation into a strategic advantage

In this episode, John is joined by Jeremie Guillerme, Partner at Reputation Inc, a specialist consultancy focused on helping organisations understand, build and protect their reputation with the stakeholders that matter most. Jeremie has spent his career advising businesses across corporate affairs, communications and strategy. His work centres on a simple but often overlooked idea: reputation is one of the most valuable assets a company has, yet very few organisations manage it in a deliberate or structured way. For professional services firms – where value is almost entirely intangible and built on trust – that gap matters even more. Jeremie and John explore what reputation really means in practice, why it so often falls between the cracks in leadership teams and how firms can take a more intentional approach without overcomplicating things. They discuss: * Why reputation is best understood as the collective perception of your stakeholders and how it directly influences commercial outcomes * The idea that reputation is a “risk of risks,” where operational or cultural issues can quickly become reputation problems if left unchecked * How an “outside-in” perspective, particularly through structured conversations with clients, can highlight risks and opportunities leaders often miss * Why consulting firms are especially exposed, including the concept of “reputation by association,” and why choosing the right clients matters more than people think * How firms can build and protect their reputation in a noisy environment by being clear on what they stand for and selective about what they engage with If you lead a consulting or professional services firm and want a clearer, more practical way to think about reputation beyond brand and communications, this discussion offers a useful perspective on where to focus and what to do differently. If you enjoy conversations like this, follow the show so you do not miss future episodes. Host: John Howard [https://www.linkedin.com/in/john-howard-b7b11215/], Partner at Garwood Growth Guest: Jeremie Guillerme [https://www.linkedin.com/in/jeremieguillerme/], Partner at Reputation Inc