The managing director of a Glasgow brands consultancy has highlighted the need for good advice when undertaking a management buyout.
Gary O'Donnell, of Frame, is featured in today's Herald, as the subject of the weekly SEM Focus feature.
He is quoted, as saying: “Our current management team didn't start the company. We acquired it in a management buyout (MBO) in 2008.
“The founder of the business, Alan Frame, died the year before and the buyout was from his estate. Those who knew him say he was inspirational and unique, so we have a lot to live up to. We were happy to agree the new company would bear his name.
“One of the things I learned in the deal was the importance of good advisers.
“Prior to that, I might have resented the cost and questioned the value. We also learned a successful past doesn't guarantee a company's future. We don't behave like we deserve to exist. We work really hard to justify our existence by getting better, and delivering more for our clients.”