A valuable revenue generator can’t keep his people.
Based in Chicago, this multi-billion dollar Professional Services Firm is one of the top five organizations in its industry. The company is recognized world-wide for its market-leading innovations and decades-old history of professional service to some of the largest public and private organizations world-wide.
THE CHALLENGE
One highly profitable segment of the firm’s offerings is its Valuation Services Group. This is a niche offering that has created a “brand” within a “brand” for this PSF. The PSF’s Valuation Services division is typically one of the most prized and highly profitable pieces of business. Their key senior partner over this offering has a reputation for being the “go-to” person when you need your business valued. Professional sports organizations like the New York Yankees, the Boston Red Sox and a whole host of other professional sports franchises from Seattle to Los Angeles, from Dallas to New York, all rely on this group’s accurate valuations of their franchises for everything from sales transactions to financing. In addition to the professional sports franchises, the Valuation Services Group serves other industries with their highly complex valuation needs. Part of this complexity also involves the ability to develop new business within target markets. Because of the complexities involved, worker aptitude, attitude and morale within the Valuation Services Group greatly effects the business development and end-result product of this high profit group.
The one strength of the Valuation Services group is also its weakness; the senior partner. This star player in charge of this piece of business demands error-free, perfect client product for their customers. This is difficult in the very subjective world of valuation services and it has been demanded at the expense of this Senior Partner’s department; his people. Consequently, the department has shrunk from twenty associates to just five, a 75% reduction rate, in just 18 months. The majority of his people left, not through normal attrition, but to escape the senior partner’s intense, over-bearing management style. In Professional Services Firms you make your money with people. The fewer people you have, the less billable hours you’re able to charge the client. Therefore, your revenue is directly tied to the number of people you have on your team as you service your clients. The managing partners of the PSF knew it had to do something. With falling revenues and shrinking workforce, everyone knew there was no time to lose. Customer satisfaction and new prospect business were at great risk to competitors. There was a fire in the theatre. People were running for the exits. The entire business group not only had to be saved, but turned around into a vibrant profit center once again.
As a result, the PSF sought a consulting/training partner that could help them navigate through all of the internal minefields, restore goodwill within their group, and preserve the ongoing business service to its Valuation Services customers.
THE SOLUTION
Over the course of the next twelve months, TLS worked hand-in-hand with Firm leadership, the Senior Partner, and his team. This included:
THE VALUE
After several months of weekly deliberations, training and education, the Senior Partner and the team of the Valuation Services Group of this Multi-billion dollar Professional Services Firm were on track. TLS was able to assist the Senior Partner in understanding the opportunities he had with pursuing management and leadership training and with restoring the people's trust and confidence in the Senior Partner as a leader. Now, the VS group resolves internal and customer issues fast. In the 24 months following their TLS training program the VS group realized an almost 200% increase in production, unheard of in their industry. And this increase occurred during one of the Nation’s slowest times economically. The bottom-line, the VS Group is now realizing: