Mike MoffettPartner, Advisory at PwC
My background is in working with companies to deliver rapid and tangible outcomes, achieving stability and turnaround at pace. These can be high-pressure environments, where you have to get to grips with complex situations quickly, make rapid assessments of key priorities and bring a level of rigour and challenge to deliver both cash and cost improvements.
Post-deal, I concentrate on reshaping the business to be fitter for the future and create a stable platform for growth. This means working closely with management teams to identify and deliver opportunities that drive synergies and reduce costs quickly, optimise the business model, as well as maximise cash within the business. I also need to create buy-in to ensure that people are held to account for achieving the promised improvements. In my experience, if mergers fail, cash and cost have often been neglected and I’m here to make sure that doesn’t happen.
It’s critical that I work in partnership and collaborate with management teams, because that’s the best way to ensure the changes you make are sustainable. I put a high priority on skills transfer too – my team and I share the skills we have so that the management team and the wider organisation can carry on driving effective change long after our programme is over.
One of my recent projects was with an $800m global business, focusing on creating reliable and visible cash management processes across many different territories. With the support of PwC’s data and analytics experts, we helped the company identify three times the savings they thought they could achieve, and we did it quickly. We also helped them change the culture, and instil a ‘cash is king’ mind-set throughout the whole organisation, giving them a practical, sustainable action plan that would continue to deliver savings over the long term.
I’ve been lucky enough to work overseas for extended periods of time, which has given me invaluable experience of different cultures, languages and business environments. That’s a huge advantage when you’re working on global deals.
To sum up, I’m focused on the phase of the deal that happens after it’s signed: the all-important delivery phase. I’m there to help stabilise and streamline the new entity, create visibility around cash and achieve a step-change in performance, fast.