When the business does not need a full-time executive appointment yet, but does need senior commercial and operational judgement — on performance, value creation, working capital, pricing, execution or transaction readiness.
“This is not consulting theatre. It is commercial and operational judgement from someone who has carried the P&L.”Scott Foster · Shape Executive
Advisory is not the right structure for every situation. It is designed for situations where independent judgement is more valuable than embedded execution — where the board, CEO or investor needs a clear read on what is actually happening before deciding how to respond.
A founder has been approached by a PE firm or trade buyer and wants to understand what buyers will see when they look through the business — EBITDA quality, working capital, owner dependency and commercial defensibility — before engaging the market.
A board is trying to understand whether the problem is leadership, execution, market structure or the operating model itself. Internal views are divided. An independent operator’s view helps isolate where performance drag is actually sitting.
A CEO needs objective commercial clarity on pricing architecture, margin leakage, working capital, branch performance or execution cadence — from someone who has operated in similar environments and understands what the numbers are actually saying.
A private equity firm wants an operator’s assessment before diligence closes, before the first 100-day plan is written, or during the hold period when the value creation thesis is not translating into EBITDA. See private equity value creation advisory.
An accountant, M&A adviser or corporate finance firm needs a commercial operator to help interpret the business behind the numbers — to identify where reported earnings are defensible and where quality of earnings may be challenged in diligence.
An owner is 12 to 36 months from a sale and needs to understand what will be tested, what will be discounted and what commercial, operational or structural issues need to be resolved before the process starts. See sell-side advisory.
Operator advisory is applied to specific commercial and operational problems. The scope is defined by the issue — not by a consulting framework. Common focus areas include:
Reviewing reported EBITDA against normalised EBITDA. Identifying where margin leakage is occurring across pricing, mix, customer profitability and cost structure. Assessing defensibility of earnings for diligence.
Reviewing debtors, creditors, inventory and working capital cycles. Identifying where cash is being consumed by operational structure rather than returned to the business. Supporting working capital improvement planning.
Reviewing how pricing decisions are made, governed and enforced across the business. Identifying where pricing leakage is occurring at the point of sale and what the margin impact is at volume. Using the pricing margin calculator as a diagnostic tool.
Assessing whether the business has a functioning operating cadence — review cycles, accountability structures, decision velocity and commercial visibility. Where execution drift is occurring, identifying where the operating rhythm has broken down.
Reviewing the business through a buyer’s lens — quality of earnings, customer concentration, owner dependency, operational reporting quality and commercial defensibility ahead of a sale process or capital raise.
Most consulting engagements start with a methodology and deliver a report. Operator advisory starts with the actual numbers, the operating model and the commercial reality — and delivers commercial clarity.
Traditional consulting
Framework-first. Stakeholder interviews. Slide presentations. Recommendations that stop at the edge of implementation.
Operator advisory
Numbers-first. Operating model analysis. Commercial judgement from someone who has run the P&L and knows where performance drag hides.
Advisory can be structured as a single review session, a defined-scope assessment, or an ongoing advisory relationship. The format follows the issue. If the situation requires embedded execution, operating partner support or a focused mandate may be more appropriate.
Operator advisory covers four distinct commercial situations. Each has its own search intent, stakeholder set and output.
For founders preparing for growth, investment or sale. Covers EBITDA quality, working capital, owner dependency, pricing discipline and how buyers will read the business.
For PE firms and deal teams needing an operator’s view before diligence, during the first 100 days or when the value creation thesis is not tracking to plan.
For business owners preparing for sale. Covers what buyers will test, where value will be discounted, and what needs to be resolved before the information memorandum is written.
For mid-market businesses where revenue is not translating into EBITDA, cash flow or enterprise value. Covers commercial engine review, margin leakage, working capital and execution drag.
These tools are used within advisory engagements to create commercial visibility before the advisory review begins.
Value Leakage
Client Value Leakage Diagnostic
Assess EBITDA quality, cash conversion, pricing discipline and management dependency in one structured diagnostic.
Run Diagnostic →Pricing
Pricing Margin Calculator
Model pricing scenarios, margin at volume and the EBITDA impact of pricing decisions across customer segments.
Open Calculator →Working Capital
Working Capital Calculator
Model the cash conversion impact of debtors, creditors and inventory cycle changes before committing to operational changes.
Open Calculator →Operator advisory is senior commercial and operational judgement applied to a specific business situation — without requiring a full-time executive appointment. The adviser has carried the P&L in real industrial and distribution businesses and brings a practitioner’s view to performance, value creation, transaction readiness or commercial structure issues.
Traditional consulting typically delivers frameworks, reports and recommendations that stop at the edge of implementation. Operator advisory works directly with the numbers, the operating model and the commercial reality. The output is commercial clarity and a clear view of what needs to change — not a presentation of options for the client to decide from.
When the business does not require a full-time executive but does need independent judgement on a specific commercial or operational issue. Common triggers include margin compression that cannot be explained internally, a transaction approaching that the business is not ready for, a board wanting a second view on execution, or a PE firm needing an operator’s lens on a portfolio company.
Yes. Advisory often reveals the scope and urgency of the issue. Where the situation requires embedded execution rather than independent review, advisory can transition into a focused mandate, interim CEO engagement or operating partner appointment.
If the situation needs an independent operator’s view before a decision is made, that conversation is the right place to start.