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The merger and acquisition market is way down from its peak a few years ago, but there are still significant consulting opportunities for well-positioned firms. To better understand the upside to the down M&A market, Consulting’s One-on-One sat down with Frank Bernhard, OMNI Consulting Group’s managing principal for its telecommunications, media and technology practice. His 20 year-old M&A firm grew by 7.8 percent in 2009, far outpacing the sluggish market.
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Small Jewels
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2009
»Small Jewels 2009: Impact Advisors
Managing partners Andrew Smith (left) and Peter Smith
Andrew and Peter Smith launched Impact Advisors in Naperville, Ill., just two years ago, right before the economy began its nosedive. But the brothers, who came from First Consulting Group, have no regrets.
“We’ve worked together for probably the last 20 years, so this is just a natural extension for us into something a little bit different and more fun,” Peter Smith says of the healthcare IT consulting firm, which does strategic advisory and implementation services. And fun has translated into profits: Impact Advisors grew by a whopping 300 percent from 2007 to 2008, Andrew Smith says—and the outlook is still bullish. The firm, which has 23 consultants, made $6.8 million in 2008, and is projecting to make $12 million this year.
“We have a slight advantage of being small right now. If we added five consultants over this year, that’s still a growth for us, right?” Peter Smith points out. And while healthcare is somewhat insulated, he says, it is by no means recession proof. “We still feel it, but I don’t think we feel it to the same extent. The highs aren’t as high and the lows aren’t as low.”
Impact Advisors, however, is benefiting from one huge change: the one in the White House, Peter Smith says. “[The new administration] will put a national focus on the healthcare system, and that will have obviously hopefully benefits for the patient care and the quality of care but also for industries and businesses associated with healthcare—us being one of them.”
The firm also benefits from the common perception that technology is key to fixing a broken system, Andrew Smith says. “Our healthcare system is sort of inefficient, and technology is always touted as a way to improve patient care, improve efficiencies and help organizations improve their bottom lines. So we think we’re in a really good space for the foreseeable future,” he says.
The brothers agree that their tenure at First helped them create a culture they’re proud of. “There was not much hierarchy [initially at First], and as the firm grew they had to institute more methodology and structure. But those early days were sure a lot of fun where everybody sort of did everything and knew everybody. So we’ve tried to preserve some of that,” Andrew Smith says.
Both Smiths emphasize the importance of the principles the firm was founded on—the first being a dedication to making a difference in the industry. Also key is ensuring the firm doesn’t get too big to lose sight of its culture. The Smiths have no intention of making Impact Advisors the next First. “Part of our week needs to be spent dealing with our clients’ issues. And we all share the same belief that if you stop doing that, you become irrelevant extremely quickly. So we don’t want to get so big that we can’t do that,” Andrew Smith says. “We’ve actually kind of resisted [growth],” Peter Smith echoes, “because we’d rather have fewer of the best and grow organically when we find the right people.” The firm’s target size is around 100 consultants, the brothers say.
The firm, both add, also is founded on the idea that work should be an enjoyable place to go. That’s why the brothers strive to make the right hires—average for them is not good enough. The Smiths want consultants who want to go to the distance. “I think a small firm is a great place to work if you’re a rock star. I think large firms are good places—and I’m biased—for mediocre people to work,” Andrew Smith says. And as incendiary as that sounds, the Smiths emphasize they often compete against the Deloittes and Accentures of the world, and there’s no bad blood.
And with brothers running the firm, there’s another person who gets double the joy when the Smiths succeed, Andrew Smith says. “When we get really good e-mails we send them to our mom, and she literally posts them on the refrigerator.”
—Jacqueline Durett
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