Foster Denovo boss: ‘we kiss a lot of frogs’ on acquisition hunt
Speaking to New Model Adviser, Foster Denovo chief executive Roger Brosch says speedy acquisitions performed on mass scale are not the best way of integrating new acquirees into a business model.
New Model Adviser’s article talks about Foster Denovo’s acquisition hunt; you know how it is with consolidators; you are only as good as your last acquisition. Well, that may be a tad unfair. But finding the next purchase is a full-time job when you take into account due diligence, cultural matchmaking and, of course, looking after all those new clients.
One easy solution is to not call yourself a consolidator, and Roger Brosch (pictured) frequently likes to refer to his business as a facilitator instead – as in ‘facilitating an exit’.
What does that mean? Fewer deals, for one. And not being spread too thinly: Foster Denovo has just five offices. Brosch is taking a cautious approach to growth. But sometimes the biggest risk is doing nothing, and the business is waking up to the challenge of recruiting and training the next generation of advisers as it facilitates the retirement of many others.
Read the full article on New Model Adviser here.