What does leadership really look like when growth, pressure, and personal risk collide?
In this episode, Joe O’Mahoney speaks with Richard Goold about scaling consulting firms, leading under strain, and building long-term value without losing culture.

Richard Goold supports founders, CEOs, and boards through the hardest stages of growth—scaling sustainably, protecting culture, and preparing for long-term value creation. He has led and exited consulting businesses, including a £35m sale following an MBO, and now advises fast-growth firms across the UK and US. Earlier in his career, Richard also served as a frontline Met Police officer, an experience that deeply shaped his views on leadership, trust, and decision-making under pressure.

Richard shares his journey from big consulting firms to leading Moorehouse through an MBO, growing the business from £3m to £35m, and ultimately selling it. He reflects on the realities of leadership during high-stakes moments, including remortgaging personal assets, navigating near-deal failures, and carrying responsibility for people as the firm scaled.

The conversation explores what truly drives firm value beyond revenue—succession planning, client concentration, codifying knowledge, and leadership depth—as well as why these factors must be addressed years before an exit process begins.

Joe and Richard close by discussing today’s consulting landscape, including the cultural challenges of remote work, the risks and opportunities of AI, and what leaders must do now to stay relevant and protect enterprise value.

In this episode you will learn:

What leadership under strain really looks like in growing consulting firms

• How Morehouse scaled from an MBO to a £35m exit
• Why people, succession, and culture drive long-term firm value
• The risks of waiting too long to prepare for an exit
• How to codify delivery IP and reduce founder dependency
• Why everyone—not just partners—must contribute to growth
• How AI and remote work are reshaping consulting firm value

This episode offers a grounded look at leadership when the stakes are real—from scaling and exits to culture, people, and personal risk. Richard’s experience provides practical insights for consultancy leaders navigating growth, strain, and long-term value creation.

Connect with Richard:

Website: RichardGoold.com

LinekdIn: Richard Goold

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Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

What does it take to scale a consulting firm internationally without external capital?
In this episode, Joe O’Mahoney speaks with Olly Purnell, Managing Partner and co-founder of Q5, about how the firm grew from a five-person partnership to a global consultancy. With nearly 30 years of consulting experience, he leads client engagements across sectors while also focusing on attracting top talent to support Q5’s growth in the UK, US, and Australia.

Olly explains why Q5 moved away from an associate-heavy model, how they built a culture around organisational health, and how their internal tool—Org Maps—supports operating model work by analysing spans, layers, and resource allocation directly from client ERP data.

They also discuss Q5’s shift from a traditional partnership to a broader shareholder structure, the targeted mergers that helped them enter new markets, and the leadership decisions that preserved the team during COVID-19.

Olly closes with insights into the future of consulting, the impact of AI, and Q5’s focus on strengthening their tools and international footprint.

In this episode, you will learn:

• How Q5 scaled from a small founding team to an international consultancy
• Why the firm shifted from an associate-led model to full-time hiring
• What “organisational health” means in practice and how Q5 delivers it
• How Org Maps supports operating model and workforce decisions
• Why Q5 moved from a partnership to a broader shareholder structure
• The leadership decision that protected the firm during COVID-19
• How Q5 approaches growth, culture, and the future of consulting in an AI-driven era

This conversation offers a clear look into how Q5 has grown, adapted, and defined its approach to organisational health. Olly’s reflections on culture, structure, and leadership provide practical insights for any consultancy thinking about scale. We hope you found the discussion valuable and thought-provoking.

Connect with Olly:

Website: q5partners.com

LinkedIn: Olly Purnell

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Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

What 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 Bite 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.

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Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

Agentic 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.

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Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

Anish 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.

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Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

Richard Brackstone, the managing partner of Moorhouse Consulting, and I talk about growing consultancies. We talk about his time at Andersen Consulting and spearheading projects in the Blair-Brown government era to leading major projects at Lloyds.

We'll explore the interesting evolution of Moorhouse Consulting, tracing its rise from Dom Moorhouse's vision to the fast-paced expansion that followed their management buyout. We explore how leadership changes, a commitment to diversity, and service line transformations fueled the firm's expansion to a powerhouse of nearly 300 dedicated professionals.

Richard also offers an insider's perspective on the nuances of ownership transitions in the consultancy sector, illuminating the management buyout process when BT sold Morehouse. He discusses the strategic decisions that shaped the firm's future, from choosing between private equity and independent ownership to the cultural shifts that ensued. We delve into the importance of a robust operational structure, highlighting the role of a strong leadership team and strategic systems to support sustained growth.

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Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

Chris Tomlinson, the founder and CEO of Muuto, is reshaping his firm by embracing AI. Learn how Chris and his team are leveraging the power of generative technologies to shift their consulting practices.

Chris shares his insights on how boutiques can outpace larger organizations by harnessing the agility to innovate without the usual constraints. We explore the potential of AI agents in modeling and refining work processes, transforming traditional consulting models to be more adaptive and efficient.

Chris and I discuss the critical role of leadership in this transformation and share strategies for fostering a culture of experimentation. Whether you're in the camp of early adopters or cautious observers, this episode offers valuable perspectives on the organizational change needed to harness the exciting opportunities presented by AI and digital transformation.

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Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

Any business school student will tell you about the S-curves that most companies encounter when they scale: when what got you to point A will actively prevent you from getting to point B. Anticipating these leads to smoother growth, happier employees, less stressed CEOs/owners, and keener investors / buyers.

Here, we learn from the growth journeys of Richard Goold (ex-CEO of Moorhouse) and Mark Palmer (ex-CEO of GoBeyond and OEE Consulting) - both of whom grew and exited their firms around the £40m mark.

The episode explores the critical inflection points that consultancies must navigate during their growth journeys: the importance of external perspectives, and strategies to sustain entrepreneurial spirit while scaling their firms.

• Defining inflection points and their significance in growth
• Emotional challenges faced by consultancy leaders
• Importance of engaging external advisors for fresh perspectives
• Balancing growth without losing entrepreneurial spirit
• Understanding client needs to define value propositions
• Diversifying client bases to mitigate risks
• Necessity of rigorous systems and processes for effective scaling
• Strategies for overcoming challenges at various growth milestones
• Importance of strong governance and succession planning
• Role of brand positioning in achieving competitive advantages

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Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.