Magazine article Management Today

Changing Advisers

Magazine article Management Today

Changing Advisers

Article excerpt

DILEMMA: Until now my business has used small, local firms of advisers who are used to acting for SMEs. As the business expands, when is it appropriate to change advisers?

ISSUES: Several key factors should influence your choice of advisers. First, what are your objectives - do you want to float, remain independent, sell? How is the business expanding: organically, by acquisition, or a mix? If your business is not an international one, is it planning to be? Will the company need to raise capital to fund expansion?

Then you can think about how competent or relevant your current advisers are and how much you can/should pay. Having determined the type of advice you want, weigh up the pros and cons of a smaller or larger firm. But, if you do decide to change, are you competent to choose a replacement?

A big international firm usually argues that it has the highest-calibre people and specialists for every eventuality and sector; that it can give you access to its global network of contacts; and will lend credibility to your company with fund providers, key customers and suppliers etc.

A small firm would say that it knows your business and it sees you as far more important than a big firm would. …

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