Bringing in an adviser is a significant decision. Knowing how the relationship works helps owners choose well.
A strategic adviser works alongside the owners, not above them. That changes what an owner can expect from the first conversation and from the months that follow.
A confidential start
Most conversations begin informally. Once both sides see a potential fit, a mutual non-disclosure agreement protects the information that follows. Owners should expect to share recent accounts, current trading figures and an honest view of the main risks.
Clear terms early
A short proposal sets out the scope of support, the monthly retainer and how the success fee is measured. Agreeing these early avoids months of discussion that was never going to reach agreement.
The agreement
A management services agreement records the services, the fees, the information the business will share each month and the decisions it will discuss first. Ownership does not change, and the board still makes every decision.
The first months
The first 100 days focus on settling in: reporting, a monthly review and a small number of agreed improvements. The owner continues to lead the business, with more support behind them.
Questions worth asking any adviser
What will change in the first year? How are you paid, and what does the success fee depend on? Who will I work with? How often will we meet? How do we end the agreement if it is not working? A good adviser will answer each one clearly.
This article is general information, not financial, legal or tax advice.