What does leadership really look like when growth, pressure, and personal risk collide?
In this episode, Joe O’Mahoney speaks with Richard Goold about scaling consulting firms, leading under strain, and building long-term value without losing culture.

Richard Goold supports founders, CEOs, and boards through the hardest stages of growth—scaling sustainably, protecting culture, and preparing for long-term value creation. He has led and exited consulting businesses, including a £35m sale following an MBO, and now advises fast-growth firms across the UK and US. Earlier in his career, Richard also served as a frontline Met Police officer, an experience that deeply shaped his views on leadership, trust, and decision-making under pressure.

Richard shares his journey from big consulting firms to leading Moorehouse through an MBO, growing the business from £3m to £35m, and ultimately selling it. He reflects on the realities of leadership during high-stakes moments, including remortgaging personal assets, navigating near-deal failures, and carrying responsibility for people as the firm scaled.

The conversation explores what truly drives firm value beyond revenue—succession planning, client concentration, codifying knowledge, and leadership depth—as well as why these factors must be addressed years before an exit process begins.

Joe and Richard close by discussing today’s consulting landscape, including the cultural challenges of remote work, the risks and opportunities of AI, and what leaders must do now to stay relevant and protect enterprise value.

In this episode you will learn:

What leadership under strain really looks like in growing consulting firms

• How Morehouse scaled from an MBO to a £35m exit
• Why people, succession, and culture drive long-term firm value
• The risks of waiting too long to prepare for an exit
• How to codify delivery IP and reduce founder dependency
• Why everyone—not just partners—must contribute to growth
• How AI and remote work are reshaping consulting firm value

This episode offers a grounded look at leadership when the stakes are real—from scaling and exits to culture, people, and personal risk. Richard’s experience provides practical insights for consultancy leaders navigating growth, strain, and long-term value creation.

Connect with Richard:

Website: RichardGoold.com

LinekdIn: Richard Goold

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Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

What does it take to scale a consulting firm internationally without external capital?
In this episode, Joe O’Mahoney speaks with Olly Purnell, Managing Partner and co-founder of Q5, about how the firm grew from a five-person partnership to a global consultancy. With nearly 30 years of consulting experience, he leads client engagements across sectors while also focusing on attracting top talent to support Q5’s growth in the UK, US, and Australia.

Olly explains why Q5 moved away from an associate-heavy model, how they built a culture around organisational health, and how their internal tool—Org Maps—supports operating model work by analysing spans, layers, and resource allocation directly from client ERP data.

They also discuss Q5’s shift from a traditional partnership to a broader shareholder structure, the targeted mergers that helped them enter new markets, and the leadership decisions that preserved the team during COVID-19.

Olly closes with insights into the future of consulting, the impact of AI, and Q5’s focus on strengthening their tools and international footprint.

In this episode, you will learn:

• How Q5 scaled from a small founding team to an international consultancy
• Why the firm shifted from an associate-led model to full-time hiring
• What “organisational health” means in practice and how Q5 delivers it
• How Org Maps supports operating model and workforce decisions
• Why Q5 moved from a partnership to a broader shareholder structure
• The leadership decision that protected the firm during COVID-19
• How Q5 approaches growth, culture, and the future of consulting in an AI-driven era

This conversation offers a clear look into how Q5 has grown, adapted, and defined its approach to organisational health. Olly’s reflections on culture, structure, and leadership provide practical insights for any consultancy thinking about scale. We hope you found the discussion valuable and thought-provoking.

Connect with Olly:

Website: q5partners.com

LinkedIn: Olly Purnell

Send us a text

Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.

What if selling your business wasn't the end of your wealth creation journey, but rather the beginning? In this fascinating conversation with Todd Taskey, M&A advisor and host of the Second Bite Podcast, we explore how marketing agency founders can transform a business sale into an extraordinary wealth-building opportunity.

Todd reveals the three currencies every business seller receives – cash, earn-out, and equity – and explains why that third component often becomes the most valuable. Through real-world examples like Social SEO (which grew from $2M to $16M in EBIT DA after acquisition) and Endrock Solutions (whose founder went from running a 20-person team to becoming Chief Growth Officer at a 1,700-person powerhouse), Todd illustrates how the "second bite" strategy works in practice.

The conversation dives deep into the human elements that make or break these deals. We explore how personality fit between sellers and buyers determines long-term success, why private equity firms in the agency space focus on growth rather than cost-cutting, and the art of structuring earn-outs that actually motivate founders post-acquisition. Todd shares his counterintuitive advice for presenting conservative growth projections during sale negotiations to ensure achievable earn-outs later.

We also tackle how AI and automation are reshaping the value equation for professional service firms. Rather than threatening agency values, these technologies may actually increase profitability by enabling firms to serve more clients with fewer people. Todd offers practical wisdom on why agency owners should focus on employee and client retention metrics as the true indicators of business quality, and how to distinguish between building a lifestyle business versus building to sell.

Whether you're years away from an exit or actively considering one, this episode provides invaluable insights into maximizing the value of what you've built while creating alignment between your personal goals and your business strategy. The path to extraordinary wealth might just involve taking a smaller slice of a much bigger pie.

Send us a text

Prof. Joe O'Mahoney helps boutique consultancies scale and exit. Joe's research, writing, speaking and insights can be found at https://equitysherpa.com.