For big consolidators or even smaller firms that want to grow through acquisition, the most critical skill is one of discipline in sticking to alignments in culture and digging down into financials.
“In this industry there’s a little-known illness called deal fever, and if you get caught in that you can pay for that decision for the rest of your life,” Oros said. “Each of us will find fit differently. But when you’re looking at firms after 12 years of bull market, everyone thinks they’re growing. But they’re not really when you look at same-store growth.”
Consistent, same-store sales growth is a primary checkbox, along with quality of leadership and fit, he said. “What you didn’t hear me say was size or geography,” Oros continued. “The opportunity in this industry is in delivering great value to [clients] and high client retention. So fundamentally, just being bigger doesn’t make you better.”
Dickson agreed that the best deals come down to culture. “It’s either a fit or it’s not. Each of us have unique cultures and values, and the best thing we can do is stick with it,” he said. “There’s so much opportunity in the world, we can all find our right tribe.”
“If you’ve got a misalignment of culture, everything else can go perfectly, but it won’t be enough,” Carson concluded. “And if you have culture, you’ll get the rest right ... eventually.”