Do you have what it takes to cut it in Corporate Finance? If you're working as a student, you may already have the skills that you'll need to develop and fine-tune to flourish in PwC.
Senior associate Susannah Meeke was part of a multi-disciplinary team led by Corporate Finance partner Stuart McKee that advised the shareholders of one of the UK's best known handbag and accessory brands, on their sale of the business to a private equity-led management buy-out team.
Empathy with the client
Susannah said, 'With the credit crunch beginning to bite and consumer confidence eroding, we knew that we were operating in a rapidly changing environment. We would have to move quickly and offer a lot more than just technical proficiency; we had to understand the business and truly empathise with the company's brand and products.
'To win the job in the first place we had to encourage the management team to talk openly to us about their business. That means knowing the right questions to ask and understanding what's relevant and what's not.
'The company distinguishes itself by delivering high quality products for the premium market that are colourful, fun, practical and affordable. Our pitch materials mirrored these attributes and, in turn, helped differentiate us from our competitors and win the job. We presented our pitch documents in a gift bag, incorporating the company's branding, as a "pitch in a purse" - which quickly grabbed their attention; it wasn't just quirky for the sake of it; we demonstrated that we really "got" what they were about as a business.'
Creating a compelling story
'While the business continued to outperform its market, we had to recognise the trends of uncertainty in the economy. We worked with the management team to articulate a compelling growth story but also focused on how defensible the brand was in a downturn. That meant considering the brand's unique selling points, being able to demonstrate their strong track record of success and identifying why the business's opportunities for future growth were realistic.
'The deal - which we completed in less than three months - generated a lot of interest from potential purchasers. We delivered an outstanding result for the existing shareholders while leaving the business in a very strong position. The new company now has a low level of debt on its balance sheet and is well placed to meet the opportunities and demands of its markets.'
Employing a range of skills
According to Susannah, a range of skills came into play in order to secure success. 'People management for a start!' she says. 'When we were at the stage where bids were coming in, we started to receive all sorts of extra requests for information from bidders and their advisers. In the tight time frame involved, not all of these could possibly be answered. A significant part of my role was to manage the bidders, recognising their deadlines and legitimate concerns, whilst sheltering my client from innumerable questions. If you're a student who's worked in, say, a restaurant or a busy shop, you'll know exactly what it's like - everyone wants to be served first! That can't always happen, so you have to be polite but firm. You quickly develop good negotiation skills, especially when you want your bidders - like your customers - to stay interested.
'There's also an element of research - which again, most students will understand. We needed to think carefully about a list of buyers who might want to acquire such a brand - and it's not always the most obvious candidate that ends up as the highest bidder.'
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