FHM Forensic Accounting: the First 90 Days
The First 90 Days of FHM Forensic Accounting: Key Takeaways and Review
Although it seems longer, it really is just three months since we took the plunge and launched FHM Forensic Accounting following enormous encouragement from family, friends and fellow professionals.
The cautious accountant in me was nervous about starting completely from scratch. On the one hand, I was excited about the opportunity to build something different in a field of work I am passionate about. But on the other hand, having spent many years in larger practices, I was conscious of the need to replace the infrastructure that is so easy to take for granted.
But I needn’t have worried: we have made huge progress in our first 90 days.
Branding and design
Before the launch we invested time with our fabulous marketing consultant to create the brand and imagery which now runs through the website, our reports, presentations, social media and even running shirts for the weekly blow-away-the-cobwebs dash around the Parkrun course. I thought I had a clear idea of what I wanted but our consultant came up with various options and ideas. Over a few weeks we refined the design and did an about turn from my initial choice of pink/purple to the green shades and Bauhaus design we landed on. I am glad we were brave and explored beyond our original ideas with someone well versed in graphic design.
Website and SEO
We also spent time with our website developer and, with his invaluable input, planned how the website would look and work. It was important to us to get a handle on search engine optimisation (SEO) and to be able to update the site ourselves so we can keep it fresh. We drafted the content from scratch and since the website has launched, we have monitored its performance and made tweaks to the content.
Resource and technical support
I spoke to several fellow professionals to address my concerns about how we would ensure access to technical support and additional resource. It was reassuring to receive so many offers of help and a massive thanks to those who are already working with us. They provide technical support, additional resource and a sounding board to ensure we can provide a full range of services and the service levels we are committed to deliver.
It has been a bonus to speak to former colleagues and work with them again. I look forward to working with familiar faces and new faces as we progress further.
The all-important numbers!
We have been delighted by the level of enquiries from instructing solicitors, other professionals and corporate clients.
I have always believed that the key elements to building a specialist practice are professional reputation, personal relationships together with focused and consistent marketing.
We are delighted and reassured to have accepted 20 new instructions. Whilst our core specialism is business valuation and expert witness work, the variety of forensic accounting instructions is encouraging. We are also seeing more enquiries for company valuations for commercial and strategic purposes. The corporate work offers a welcome opportunity to work with other corporate finance specialists to provide a holistic service to business owners.
The diagrams below reflects the split of work in the first three months and the location of instructing clients. A few of the new assignments include:
• A Single Joint Expert assignment including the valuation of a group of media businesses. In addition to the valuation my report included opinion on the liquidity of the businesses, maintainable earnings of the parties and tax implications.
• A Party Expert assignment on a financial dispute arising from a joint venture in the software sector. My report gave my opinion on the quantum of loss looking at alternative scenarios.
• Several Shadow Adviser engagements including providing a second opinion on Single Joint Expert reports and assisting with the consideration of relevant questions. Other assignments have included the review of the Form E disclosure and giving input on the complex rights on certain shareholdings.
• A valuation of a successful specialist engineering business to assist the business owner in his strategic planning.
• A valuation of an advertising business as Single Joint Expert. The assignment included the capital gains tax calculations on several properties owned personally.
• The valuation of a professional partnership to assist in strategic planning.
Work-life balance
Having decided there was an alternative to “semi-retirement”, we have achieved far greater balance and flexibility in our life outside of the office. Working flexibly and remotely has allowed us to travel more whilst maintaining the level of client service that is important to instructing clients.
It has been enlightening to be able to focus on getting things done without the obstacles and politics that are inherent in large partnerships.
I have enjoyed spending more time on causes that matter to me including my role as a Samaritan volunteer within our local prisons.
Key Takeaways from the First 90 Days:
• The time spent at the start of the journey considering and refining ideas for the brand imagery and colours was time very well spent.
• Starting from scratch has given us the opportunity to start afresh and learn some new skills that have already enabled us to do much more with the business. We have paid for the specialist input we needed but taken the time to ensure we could then run with the output.
• Check in to see what is working and to adapt processes at an early point. I am fortunate my business partner is a technology specialist and we have recently revisited and improved our IT platform.
• Not all the team needs to be in-house. Working alongside external consultants has been invaluable. In the post pandemic world, it is far easier and acceptable to work remotely as a team.
• BELIEVE IN YOURSELF!
What next for FHM Forensic Accounting?
We are looking forward to continuing to work on interesting assignments and to supporting instructing solicitors and corporate clients in resolving disputes and continuing to build successful companies.
We have plans to continue the development of the firm and to look at how we can support our instructing solicitors. If you are not on our database, do get in touch and we will keep you informed.
And finally, a massive thank you to everyone who has supported and encouraged us. There is a special thanks coming to you from us very soon!
Getting in Touch
Fee estimates and CVs are readily available. Quotes can typically be provided within two working days.
Email: fiona@fhmforensic.co.uk
Telephone +44 (0)7770 642491
