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From Partner to founding a startup. Pros and Cons?

Anyone know success stories or colossal disasters? Direct experience?

I am a year 4 Partner- so don’t have a big nest egg to fall back on.

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Left Accenture with five colleagues. Had an investor. Grew to 490 colleagues. SchellingPoint is my new company, self funded. Profitable from year one. I’ve done several years of early stage VC work, happy to privately discuss specifics of what you’re considering.

uplifting

Even perfect execution can’t fix a faulty strategy. Speak with people who have experience in what you’re doing. If they aren’t willing to invest a little, think twice or three times. And remember that most consultants aren’t experienced operators, so if you go ahead, surround yourself with execution grit.

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The key is funding. You should figure out the maximum payroll you’d be able to float and still support yourself for at least 3 months. Not all clients pay at the same time. Therefore you’ll need an alternate source of funding other than revenue till you build up the necessary reserves. Go to a bank for a line of credit. Growth is great, but growing too quickly can be as devastating as not growing. Best of luck!

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We would need to know more about the startup and its prospects. You are giving up a relatively safe high income source, for an unknown, but presumably more exciting, role. With small "nest egg" I would need good assurances it will pay off. If it fails, what is the backup plan?

What MD 1 said. Depends on what you are doing. I’ve been involved with more than a few. A couple of crash and burns and some great success stories.

It’s a B2C venture I am planning- aims to create a niche and prep for when open banking hits US and Canada. Of course, I think that there is tremendous potential with unshackling of the consumer and space for differentiated value propositions.

Make sure you are ok with a highly likelihood of failure and an almost assured massive comp reduction for several years, if not indefinitely unless you hit the jackpot. Be real with yourself.

You will not foresee all involved and resource needs will be more than expected. and if your used to large support, you wont have this, meaning alot of your time will be spent here. Your projections will most certainly be met with reality. I'd think hard about this before jumping. Have a backup plan

Without getting deep into the business model, from your initial statement I’d also say you need to think seriously about what you’ll do if open banking just doesn’t hit the US and Canada, or not for years. How long could you (and your co-founders, investors, employees and other business partners) ride out delays in any of the legal/regulatory developments needed to foster it? Will the capabilities your firm develops be able to be pivoted to other valuable uses in the short and long run, or could it wind up bleeding out with nothing to show for it?

Left as a Partner/MD. Founded a start up. After a yearish ran out of personal funding and started to look at investmentors. Big 4 partnership offer became too hard to turn down given the limited success. Still the next year of my career so far. Do it

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Im looking to get back into consulting after taking a year off during the COVID situation. I’m a former Booz&co / Strategy&, FS Partner with a ~3 years as an MD at a fairly large global bank. My focus is on IT Strategy and large Technology Transformations. Are any of your firms hiring at the partner level? Trying to get back in the game, any leads are greatly appreciated

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Owner of a small agency, here. Am considering making an offer to a partner at Accenture/another MBB to come help build our digital transformation practice. Advice on this strategy and on my outreach?

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