Poonam Kaur, CEO of fds, joined Davinder Singh Bal for an interview on CEO Talks, as part of the Sikh Channel.
Sikh Channel is a community television station based upon the principles of the Sikh faith but includes programming for all, Sikhs and non-Sikhs alike. The central theme and objective of the channel is to unite communities with the assistance of the universal message of the Sikh faith. Sikh Channel acts as a conduit for promoting participation and interest in the local community and greater understanding between all faiths, with a strong commitment to intra-faith.
Sikh Channel endeavours to improve the quality of life, in particular for the elderly and housebound who are disconnected from the local community and also to connect the next generation of Sikhi.
The Interview
You were shortlisted by the Institute of Directors in the small to medium-sized business category. Let’s talk about your work and how you became shortlisted. You work in corporate finance- can you tell us about the company you work?
The company is fds Director Services. We’re an award-winning corporate finance firm, based in Wakefield, helping owner-managed businesses work towards a successful exit. We’re a team of 10, so we’re boutique. To us, it’s important to work with owner-managed businesses because we’re an owner-managed business as well. We know that best, we know that market well. We’ve been involved in over 400 transactions, and this is where our concentration has been- ensuring that these hardworking people end up with a successful exit.
Can you help businesses of all sizes?
We aim for 1 million-plus turnover businesses. The majority of our deals are between 5 and 20 million. The reason for being in that market is that there’s a set process, and for smaller businesses, it just wouldn’t be an appropriate process for them. There are a number of steps, but to us, a lot of our fees are contingent, so we have to sell the business to get a lot of our fees. We do have a commitment fee, just because it can be a one to two-year process before we get to that exit.
Do you have any problems with clients due to your gender or religion? Have you had any incidents where people said they want to deal with a man instead? Or a woman of a different background?
I try and break down any barriers that come in our way- times are changing. I’m just as good as any man, and I think you’ve got to have confidence within yourself that you can perform to the best of your abilities. You’ve got to be focused on how you are going to be able to deliver the results, not about anybody else.
Has there been a sacrifice you feel you had to make between their family time and home life? Is that a necessary component for success?
I don’t think so at all. My family are my strength, and if I’m succeeding, it’s because of them. You’ve got to have that balance. You need some rest time- you need to give your body and your mind that rejuvenation to excel again. So, to me, I don’t find it a struggle at all.
And how important is the role of your husband in this?
My husband and my mum are my support system. A lot of this wouldn’t have been possible without that support network. You’ve got to have that tight-knit support- it’s very important. Whether it’s in family life or work life, you are more productive and you will succeed further if you work as a team rather than an individual.
For anybody starting out in corporate finance, it’s a tough area to be in. A lot of accountants focus on this area of practice in varying degrees. What advice would you give to anybody who wants to enter this field as a professional?
I think it’s fair to say that for a lot of accountancy firms, this is not their core subject. They’re very reactive in this field, whereas we’re very proactive. While they may have a client who comes to them and says somebody has approached them to buy their business and is asking for help with the process, we are very much the other way around. Somebody comes to us saying they want to exit their business in two years and asks how to prepare their business for that transaction. We would work with them during that period, and then we would go to the open market. We never place a price on our businesses- we invite offers to be placed. This is because once we’ve put a price on that business, we will never achieve anything above that price. It’s always about maximising value.