Unlocking Value

In a sector where scaling often leads to external investment or an eventual sale, what does it look like to build a consultancy that grows, stays independent and develops a long-term ownership model for its people?

Olly Purnell is the co-founder of Q5, the organisational health consultancy that has grown from a small London start-up into a global firm operating across multiple regions, all without private equity or a planned exit. Instead of organising their business around an eventual transaction, Olly and his co-founders focused on purpose, long-term stewardship and the belief that advisory is a vocation.

This episode explores the decisions that shaped the firm’s early years and the operating principles that allowed Q5 to scale with focus and consistency. Olly discusses how broadening ownership strengthened commitment across the organisation and why different firms choose different paths depending on the futures they want to build.

John and Olly examine what resilience looks like inside a consultancy. They discuss how leadership choices, cultural discipline and a clear sense of identity help boutique firms compete effectively and why the craft of advisory still matters in an AI-enabled world.

Key discussion points include:

• What it takes to build a consulting firm from zero and the early decisions that matter most
• How to scale a firm organically, without a grand plan
• Why Q5 resisted investment offers and broadened ownership among employees
• How ownership shapes culture, accountability and long-term performance
• Why independence can be a competitive advantage for boutique consultancies
• How AI and technology can elevate the consulting craft without replacing it
• Why advisory remains a vocation and what it means to build a firm designed to last

For founders, partners and leaders who want to build consultancy firms on their own terms, this conversation offers a practical blueprint for independence, culture and long-term value creation.

Host: John Howard, Partner at Garwood Growth
Guest: Olly Purnell, Managing Partner at Q5

In this episode of The Unlocking Value Podcast, John Howard speaks with Pekka Metsaranta, founder and CEO of Sisua Ltd, a consultancy known for stepping in to help clients succeed with their most complex programmes. From M&A integrations to large-scale systems delivery, Sisua operates where clarity and execution matter most.

Just as Sisua thrives amid complexity, Pekka’s own path has been equally demanding. He built Sisua from the ground up without co-founders, delivered work while building the business, and learned the hard way what leadership really means when there’s no safety net. His story is one many consultancy founders will recognise: full of steep learning curves, hard decisions and the discipline to keep going when belief is all you have.

Together, John and Pekka explore what it takes to build a values-led professional services firm in real-world conditions, without shortcuts or illusions.

Key discussion points include:

• What meaningful balance looks like for founders and the practical levers that make it possible
• How to lead with accountability in a collaborative, non-hierarchical culture
• What can happen when you scale internal processes too early
• Why leadership in complexity demands belief and resilience

For founders and leaders building firms in uncertain markets, this is a candid, grounded lesson in navigating tough challenges without losing sight of what matters.

Host: John Howard, Partner at Garwood Growth
Guest: Pekka Metsaranta, CEO of Sisua

If you’re leading a professional services firm and want to grow without losing what makes it yours, this episode brings clarity to one of the biggest decisions you’ll face: whether to take on investment and how to do it without compromise.

In this episode, John speaks with Laura Morrill, Investment Director at Agathos Management LLP and a highly accomplished competitive tennis player. Laura offers practical insight into how external investors can help founders sharpen their direction and strengthen their firms, while staying true to the ambitions and aims that led them to be founders in the first place.

Laura brings a rare blend of boardroom discipline, human insight and athletic resilience – and a belief that great partnerships are built on challenge, not comfort.

She has supported founder-led firms at their most critical inflection points. Her view? You don’t have to change who you are to grow and thrive. But you do have to know where you want to be heading and have a plan for how you’ll get there. 

Key discussion points include:

• Why resilient founders actively seek challenge and why investors trust those who do
• What really changes post-deal (hint: not as much as you might think)
• How to prepare your mindset and your firm for long-term value creation, long before external capital arrives
• What a value creation plan looks like inside a consultancy, with or without investment

Whether you’re actively considering investment or simply want to build a firm that lasts, this conversation is a masterclass in resilience, clarity and leading the long game on your terms. 

Host: John Howard, Partner at Garwood Growth
Guest: Laura Morrill, Investment Director at Agathos Management LLP

In this episode of the Unlocking Value podcast, John Howard speaks with Tom Burnet, an experienced chair, former public company chief executive and long-time leader across technology, services and people-centred organisations.

Tom’s career spans the army, entrepreneurship, public markets and multiple board and advisory roles. On paper it looks unconventional. In practice, a consistent pattern runs through everything he has built. He leads with intent. He focuses on the few priorities that genuinely create value. He is willing to stop initiatives that no longer serve the mission, even when doing so is uncomfortable.

Together, John and Tom explore what it means to build a business on purpose rather than drift with momentum. They discuss how to choose the right priorities, how to make difficult decisions under pressure and how ego, if left unchecked, can become one of the most expensive liabilities in any leadership team. Tom also shares a memorable metaphor about knowing when to “drown the puppies”, his candid way of describing the discipline of ending projects early before they drain time, money or energy.

Key discussion points include:

• What building with intent really looks like in practice
• Why ego quietly destroys more firms than market conditions do
• How to recognise when an initiative should end and act quickly
• What to do when your core market tightens and the firm needs to refocus
• How the best professional services firms become indispensable
• Why trusted advisers and independent voices can help keep leaders grounded

For founders, leaders and investors in professional services businesses, this is a candid and practical conversation about building long-term value with clarity, discipline and intent.

Host: John Howard, Partner at Garwood Growth
Guest: Tom Burnet, Non Executive Director

In this episode of the Unlocking Value podcast, John Howard speaks with Rhys Hefford, a serial founder who has built, scaled and sold multiple professional services businesses over the past fifteen years.

Rhys has launched six firms and successfully exited two, typically taking each from start-up to around £2 million+ in EBITDA before handing over to new leadership teams. His experience gives him a unique view of how to build, scale, exit and start again without losing sight of the life you want to lead.

Together, John and Rhys explore what drives repeat founders, how to design a business that fits your personal goals, and how to know when it is time to step aside and let others take it further. They discuss succession planning, bringing in new leaders, the realities of early-stage growth and why self-awareness is as critical as ambition when building lasting value.

Key discussion points include:

• What keeps a serial founder coming back to build again
• How to align business design with personal purpose and family life
• Recognising when the business needs new leadership
• Building value in the early stages and focusing on what really moves the needle
• The discipline of narrowing focus and avoiding over-analysis
• How to prepare a team and structure for a successful exit

For founders and leaders in professional services, this is an honest, reflective conversation about building multiple multi-million-pound businesses, creating space for others to lead and finding a way to scale without burning out.

Host: John Howard, Partner at Garwood Growth
Guest: Rhys Hefford, Serial Founder 

In this episode of the Unlocking Value podcast, John Howard speaks with Marcus Eden-Ellis, the founder and chief executive of Bid Perfect, a specialist consultancy that helps organisations compete, persuade, and win.

Marcus spent decades in senior sales roles before launching his own firm in 2006. Nearly twenty years later, his team has supported more than 900 companies across the UK, Europe and the US, training their people to sell more effectively and build sustainable growth through better bids.

In this conversation, Marcus shares what he has learned about transforming sales from a personality-led exercise into a measurable, teachable discipline. He also explains why the best firms treat every bid as a reflection of how they think, operate and build trust.

Key discussion points include:

• How to identify winning opportunities before investing in a bid.
  
  
• The value of structure, training and feedback in creating a high-performing sales culture.
  
  
• Why the most successful proposals focus on measurable client outcomes.
  
  
• How AI is changing the mechanics of bid writing without replacing human tone or judgment.
  
  
• What happens when leaders see persuasion as a strategic capability, not a task.
  
  
• Why long-term partnerships, not quick wins, are the foundation of real business value.
  
  

For professional services leaders, this episode offers a clear, experience-led view on how to systemise success, strengthen credibility and create teams that know how to win.

This episode is available to stream below or on any of your usual podcast platforms (such as Spotify and Apple Podcasts).

Host: John Howard, Partner at Garwood Growth
Guest: Marcus Eden-Ellis, Founding Director at Bid Perfect

In this episode of the Unlocking Value podcast, John Howard speaks with Adam Craker, Chief Executive of iqbusiness, one of South Africa’s leading consulting and digital integration firms.

Adam has led iqbusiness for more than 15 years, guiding the firm through three distinct chapters: angel investor-backed growth, private equity ownership, and its current position within a listed corporate group. Throughout that journey, he has built a culture that blends high performance with purpose and personality. Central to that is GESHIDO, the trademarked spirit of Getting Sh*t Done.

Together, Adam and John explore what it takes to lead through long-term change. They discuss the shifting expectations that come with different ownership models, the realities of keeping teams motivated through volatility, and the power of humour, partnership and purpose in building a firm designed to endure.

For leaders in professional services, this is a practical and reflective conversation about scaling with intent, staying agile under pressure, and building a business that does more than last. It makes a difference.

Host: John Howard, Partner at Garwood Growth
Guest: Adam Craker, Chief Executive at iqbusiness

In this episode of the Unlocking Value podcast, we welcome Jon Grant, Tech M&A Director at Clearwater, one of Europe’s leading corporate finance firms. 

Jon is one of the UK’s most experienced advisors on technology and consulting deals and works closely with founders and leadership teams to help them build, grow and realise value in their businesses. Over his career, Jon has advised on some of the sector’s most high-profile transactions, including the sale of Infinity Works to Accenture, Growth Capital Partners’ investment in Hippo Digital, and the sale of Oakland Partners to Softcat. That track record gives him a clear and practical perspective on what really drives value in professional services and what buyers and investors are looking for today.

For leaders thinking about investment or exit, there are many challenges to grapple with:  understanding what acquirers actually value, deciding how to position the business, and making sure their firm is not just ready to sell but is also ready to be bought. Together, Jon and John explore the changing M&A landscape, what kinds of businesses command premium valuations and how founders can prepare.

Key discussion points include:

• How the market has changed since 2020 and how that has affected valuations
• The fundamentals that still drive value in professional services
• Why things like sector focus and alignment with major technology ecosystems can increase resilience
• Managing customer concentration and reducing risk before a sale
• The importance of leadership alignment and complete management teams
• The differences between trade buyers and private equity
• What getting ready to be bought really means
• How and when to start conversations with investors

For founders and leaders in professional services, this is a practical, candid view of what drives value today and how to prepare your firm to thrive, whether you plan to sell or simply want to build a more resilient and valuable consultancy.

Host: John Howard, Partner at Garwood - Growth
Guest: Jon Grant, Tech M&A Director - Clearwater

In this episode of the Unlocking Value podcast, John Howard speaks with Andy Strickland, Partner at Palatine Private Equity.

Andy has spent more than a decade backing ambitious Professional Services founders and management teams, often at the point where external investment is being considered for the first time. He shares Palatine’s philosophy of Positive Equity, an approach that focuses on partnership, sustainability and people-led growth.

Together, John and Andy talk about what private equity really means for leaders in professional services. They explore how the right investment partner can help firms grow responsibly, strengthen culture and create long-term value.

Key discussion points include:

• What Private Equity looks like in practice and what it means for founders
• How Palatine’s value-enhancement approach supports sustainable growth
• Why integration and culture are central to successful buy-and-build strategies
• The real sources of private-equity capital and its wider economic impact
• The questions founders should ask before choosing an investment partner

For founders and leaders in professional services, this is a clear and practical conversation that removes the uncertainty around private equity and shows how investment – done the right way – can unlock lasting value for people, businesses and communities.

Host: John Howard, Partner at Garwood Growth

Guest: Andy Strickland, Partner at Palatine Private Equity.

In this episode of the Unlocking Value podcast, John Howard speaks with leadership coach and former consultancy partner Richard Jones about one of the hardest things to get right in professional services: senior leadership transitions.

On paper, it sounds simple: bring in a talented new leader to help the business grow. In reality, it’s far more complex.

Richard and John talk about why these moments are so high-stakes and why more than half of senior hires fail within 18 months. They explore the messy web of explicit and implicit expectations, the challenges of navigating strong internal cultures in mid-sized firms, and the paradox of hiring for difference while instinctively resisting it.

Richard draws on years of research and first-hand experience to reveal what makes transitions succeed. He explains why leadership changes must be treated as a team game, how to build a safe environment for new leaders, and why maintaining high standards matters most when everything feels uncertain.

The conversation covers:

• The impact of complex, unspoken expectations on both sides of a hire
• The paradox of seeking difference while resisting change
• How mid-sized firms can prepare their culture for new leadership
• Why successful transitions are a team effort, not a solo challenge
• How leaders can create psychological safety without lowering the bar
  
  

For leaders navigating growth, or anyone responsible for bringing senior talent into their firm, this episode offers a candid look at the complexity of transitions and how, with the right mindset and preparation, they can become moments of real progress.

Host: John Howard, Partner at Garwood Growth

Guest: Richard Jones, Board Advisor at OLIA