Financial Services
Hire the right team to transform a business model
When the CEO of a family-owned financial services business approached us to ask if we could help him rev up his company’s growth engine, we jumped at the opportunity.
The Challenge
A family-owned financial services business was struggling to reinvent itself. The CEO recognized that some of his key employees were not up to the challenge. Our 200% Company audit revealed People issues that were not only hindering individual performance, but they were also interfering with productive team interaction and impeding company growth and profitability.
The audit identified a significant deficiency in leadership capability. People throughout the organization were mismatched with the roles they were performing. Our 200% Company audit also revealed a major Process roadblock: the compensation system rewarded salespeople even when they didn't hit their new sales quota, so there was little financial incentive to drive new business production.
The Solution
The 200% Company launched an intensive growth improvement initiative, with our 200% Company consultant leading the turnaround process, and monitoring progress, every step of the way. We re-assigned staff to newly designed roles that differentiated new business “hunters” from client-focused “farmers”. We also guided the struggling VP of Sales to an alternative role in which she could shine, while maintain her status and income. Our consultant worked with the CEO to hire new leadership, reorganize the sales organization, and build the infrastructure to sustain long-term growth long after the engagement ended. Growth exploded, and the company was eventually sold to a competitor for $40MM, giving the CEO the exit strategy he envisioned.
The 200% Result
- Employee performance improved with reorganization
- Owner successfully implements exit strategy in just a few years
- Instated new leadership team to take company in new direction