Poonam Kaur, CEO of fds, joins David Broadhead on this week’s episode of the Business Programme.
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The Interview
Can you tell us about fds Director Services and give us a brief overview of what you do?
We’re a corporate finance boutique, helping predominantly owner-managed businesses with their business journey. We have been involved with more than 400 transactions since we began our journey.
Can we chat about the support services you offer with business development, particularly to owner-managed businesses, and in particular, selling and buying businesses and raising finance?
The core services that we provide include helping owner-managers either buy or sell their business. We look at raising finance for businesses, depending on where they are in their growth strategy. We will also assist with company valuations and long-term incentive plans to benefit the growth of the company. One pattern that brings it all together is that we’re working with our managers towards a successful exit. This could be for businesses that are looking at their growth strategy and need to raise finance to ensure that they can get on that path towards their end goal. There will be a time when you want to exit and seek the rewards of all the hard investment you put into that business.
I think a lot of businesses forget that there are so many options available. It is important to consistently work on the strategy of the business. We know where help is required, and we have so many contacts that can assist with that.
Being a company director is a highly responsible position. How prepared are most people for that responsibility? How do you help ensure that they, and the companies they represent, have the appropriate skills and board representation?
You need to understand what being a director means in its entirety. There are so many potential risks and liabilities that are attached to the role. Any aspiring directors should go in with their eyes open and understand exactly what is required of you. I think as long as you’re aware, you’re fully informed, and you ask questions, then they can be managed.
In today’s intense and complex business environment, is there still a role to play for the non-executive director?
Definitely. I think most companies need to have diverse boards, including a mixture of non-executive and executive directors. The more diverse a board you have, the more creativity and strategic thinking you’ll have. As non-executive directors don’t have an operational role within the company (they’re not involved in the day-to-day running of the business), they can ask the awkward questions, and they can bring that outside thinking into a boardroom. They can also share their thoughts and experiences from other boards. This will only improve the strategic direction of a company.
Taking on that theme of diversity, there’s much discussion and debate about the glass ceiling and equal pay issues, particularly regarding women at the board level. Do you see this as an issue here in West Yorkshire?
I can only talk from my experience, but yes, there is still a prevalent equal pay gender gap issue. You see this with many firms and you hear it in the news quite frequently. However, I’m a great believer that if you believe strongly enough about yourself in your role, whether that’s a director or anything else, then you know your worth and it’s therefore down to you to prove that you are carrying out the duties, and this is what you should earn accordingly. It shouldn’t be linked to gender, it should be linked to performance, results and the roles and responsibilities that have been given.
Would you agree that one of the key things is having a purpose in life, working at it, becoming good at it and enjoying it?
Definitely. When I was an auditor, it was very much process-driven- I felt like I wasn’t adding any value. But in my role today, I am working towards making these owner-managers millionaires at the end of their journey. It gives you so much satisfaction to say that I was part of this journey to create this. There are so many advisors out there, and you have to be creative, but you can end up with a lot more from something that may believe to be possible.