HEART DOCTOR/CONSULTANT COMPARISON
Just about every time I am at a party and asked what I do for a living (yes, that question is still being asked); I find it more and more difficult to explain, since my consulting firm is so varied from advising on acquisitions, to financial restructuring, capital formation and sales just to name a few of our areas of expertise.
So, I decided to compare many of my colleagues, including Mitchellette and Associates, to a HEART DOCTOR, whose mission is PREVENTION and/or SURVIVAL of his or her patients. So, let’s take a look at these three stages and dissect them as to their application to a business.
PREVENTION (“An ounce of)
DOCTOR CONSULTANT is called-in as a pure pre-vent avoidance of ever having a company with a HEART problem. This is the best and most preferred way of prevention as the prescription is simple compared to subsequent events like a heart attack.
Here Doctor Consultant checks all the vital signs of the client/patient:
The day after or years later
Chest Pains-The loss of key customer(s) and/or key personnel-including the founder, industry slump, asset devaluation and bank problems et al just what the Doctor Consultant, who you now need to call-back, warned against; nevertheless, plenty of time to work on the cure, even if you disregarded the Doctor Consultant’s early pre-vent advice, if caught in-time.
EMERGENCY CORRECTION (is worth a pound of cure”)
DOCTOR CONSULTANT may now prescribe such remedies as the hiring of an interim CEO or other positions, securing new bank lines, seeking outside equity capital, new product acquisitions (build, buy or lease), find synergy partners, not the least of which is consider acquiring or merging with another company and last but certainly not the least, sell the company while it is still marketable before other problems (known or unknown surface).
The above is, of course, an over simplification of actual events and/or recommendations but should give the reader a general idea of what business consultants do to earn the trust and respect of their clients and in many cases save them from themselves.
FYI: The above paragraph is so evident in many cases where the client dose not listen to their Doctor Consultant and does their own thing, only to end-up, unfortunately, in many cases-dead or dying.
Hiring a professional business stagger, who will first, after their due-diligence is complete, write a professional current business plan including, but not limited to:
Then when the above is complete we meet with the principals in the company and discuss the options, which will include many of the observations recited in the above descriptions. Perhaps, it may be a simple cure as finding a fresh new contributory investor as the best solution or deciding the business is ready to sell; if that be the case, we have many potential buyers/investors to whom to offer a business opportunity; in fact, we post these opportunities on our website (www.mitchelletteandassociates.com) under the category of CLIENT TEASERS, which is a very effective match mate concept.
We also help/advise our client on the structure of a reorganization or selling their business in part or whole, through our own experiences and/or through our legal team and if necessary our brokerage group; for example, we can recommend what course of action to take after the seller receives a valid PO or a binding or non-binding LOI or MOU, all of which definitely needs the right language to establish the buyer’s commitment and the seller’s protection from an aborted offer.
We also serve as advisors when, throughout the selling process, the owner/founder may second guess him/herself and wishes to discuss other options, which again often happens, especially after agonizing over undesirable offers from potential buyers; such as:
Bottom Line, we have experienced just about any combination of start-up, growth or liquidation situations and like a HEART DOCTOR have saved many a company, not withstanding, a few that did not make it, mostly because they would not listen or we got there too late but to make burial plans, which in the business community is akin to liquidation of one type or another.
MITCHELLETTE AND ASSOCIATES, LLC