Dean Fischer
CEO
WEST MONROE PARTNERS
Q: Where is the firm today?
A: We are fortunate to have enjoyed consistent growth and financial performance over our first 11 years in business. That said, 2013 was a particularly strong year for West Monroe Partners—one of our best ever in terms of growth and profitability. If anything, what surprised me is the strength of demand for consulting services. In my experience, when recessions hit, companies go into survival mode; they keep the lights on but do not enhance their businesses. But as we emerge from recessionary periods, we typically see significant pent-up demand for change and improvement.
Even though we're several years into a recovery period and the media would have you believe the economy is still very much struggling, we're still riding that wave of demand today. It also surprises me that the chaos and dysfunction in our government—and this is not a partisan comment because I strongly believe it applies to both sides of the aisle—has not had a bigger impact on our economy.
Q: How would you describe your firm's outlook for 2014?
A: I am extremely bullish about 2014 and believe our firm can achieve 25 to 30 percent growth during the year. One key reason for this is the profound change shaping industries where we have particular strength in the market. For example, whether you agree or not with the Affordable Care Act and regardless of what will happen to it, our healthcare system is fundamentally broken and in need of massive overhaul. The energy and utility industry is another sector changing rapidly, driven by several macroeconomic factors—including an insatiable appetite for energy and the growing pressure for sustainability—that are forcing utilities to change their businesses.
And a third example is in the financial and capital markets sector as the baby boom generation moves into retirement. This generation has spawned one of the most prolific entrepreneurial periods we've ever seen in the United States, amassing tremendous value in small and mid-sized businesses.
Now, these individuals need to retire and monetize their businesses—and there is a sub-stantial amount of investment capital waiting for them to do so. We've built distinctive capabilities that are helping companies in these markets transform to do business in new environments with new demands. That is the primary reason I'm so bullish about the coming year.
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