Maneesha Khandelwal, a former Director with Alvarez & Marsal’s (A&M) Private Equity Performance Improvement (PEPI) practice from 2008 to 2014, is currently the Chief Operating Officer of NexTerra Wine Company, a premier wine producer headquartered just outside of Chicago. 

In the following Q&A, Ms. Khandelwal shares the biggest challenge she’s overcome as COO, how she utilized her time at A&M to gain knowledge and exposure and her best advice for her daughters. 

Tell us about your time at Indiana University. 

Looking back, when I started college, I really did not know what I wanted to do career wise, so I thought the best decision was to give myself options. I first started college as a pre-med business major, but I quickly decided to change course as that was just too much for me. I eventually decided to major in finance and accounting because I figured they were both solid foundations that I could utilize for some type of business career even though I was not sure what that career was at the time.  

What ultimately brought you to A&M?

I became acquainted with A&M because the company in which I got my first job out of college had filed for Chapter 11 bankruptcy a week after I started. My team worked closely with A&M in restructuring the company. That was my initial exposure to what A&M was initially known for. My second job was at a smaller consulting firm prior to A&M, and I eventually wanted a broader consulting experience and knew A&M could give that to me. When I joined A&M in 2008, PEPI did not exist. I started in Corporate Performance Improvement (CPI) and then transitioned over to PEPI. While I was in CPI, I started working on projects for PEPI. PEPI would pluck people from different groups, and I was one of the team members that landed on PEPI projects. I really enjoyed the projects and wanted to transfer over to PEPI, and my request was granted. 

Looking back at your time with A&M, what did you enjoy the most?  

I love working in teams. The mentality of the team was a “work hard, play hard” environment. People are very collaborative, and I had the opportunity to learn a lot and still have fun at the same time. I appreciated the nonhierarchical structure where Managing Directors would work alongside analysts. There was so much collaboration and willingness to teach and learn from one another and that’s part of the reason I stayed at A&M for as long as I did.

I also greatly appreciated that I was able to provide feedback on the projects I liked and didn’t like, and leadership listened and helped navigate me towards projects that I desired. It’s very much part of my personality to ask to be staffed on certain projects and it is important in consulting, or any career, to ensure you have a voice for yourself. You must be an advocate for yourself because opportunities are not always going to be handed to you.   

It was also important to me that, while at A&M, I gain exposure to different types of operational projects from due diligence to performance improvement to working with different company sizes and industries. I was able to get that depth of experiences. And sure enough, my background from A&M has always been something that people have loved when they’ve called me for a role. 

Whom do you consider to be your closest mentors during your time at A&M? What is the best piece of advice you have received from a mentor?

I worked closely with Riddhish Dubal while I was at A&M. When I left A&M to go to industry, he told me something that has always stuck with me. He said, “You’re going to learn a lot about yourself going from consulting to industry. Dealing with clients in consulting versus running a business is very different.” Your understanding of boundaries and how to deal with people in industry is very different than in consulting. 

Additionally, I was always able to talk to and learn from Ajay Raina, Michael Simoncic and Gabe Mesanza. They were all willing to coach me and give advice. I could have that mentorship but also joke around with them. We dealt with a lot and worked a ton, but we also were able to have fun. 

What were your top three takeaways after working at A&M? 

1. How to deal with ambiguity. In business, you have to be comfortable with uncertainty and coming up with solutions just based on the information you have. 
2. How to get things done in a short amount of time. Multi-task, be efficient and effective in your work. The due diligence work I did while at A&M demanded a lot of this.
3. Options matter. There was rarely a time that I presented a one-and-done solution for a client. There are usually multiple paths that can be taken but it comes down to the considerations and risk tolerance.

What’s a piece of advice you would have given to your younger self?

Don’t take things too seriously. Not everything is worth worrying about. 

In August 2022, you stepped into a new role as Chief Operating Officer of NexTerra Wine Company. How did you end up at NexTerra? 

Prior to NexTerra, I had been at my previous company for eight years. I loved the company and had built great relationships but felt that it was time to move on. The opportunity at NexTerra presented itself and I grabbed it.  

What are some challenges you have had to overcome as COO?   

Building trust and credibility. Getting people to buy into my approach and vision for the future while also ensuring that they feel seen, heard and recognized for what they have accomplished and where they are coming from. The people side is the hardest part of it. You need and want them to be on your side, so it is important to understand why they are where they are and that goes from the CEO all the way down. 

What are the key qualities and skills a COO should have? 

A successful COO needs to have integrity, be personable and objective. It’s important to be able to take emotion out of the decision-making process because it’s not personal, it’s business. It’s also important to be a visionary and bring things to life in a way people can understand and execute those plans accordingly. You need to see the forest through the trees and see what people don’t see. 

Is there any part of your role as COO that is intimidating?

I don’t think that this is necessarily intimidating, but in my experience, I would say one of the biggest challenges for a COO is bringing a strategy and vision to life. It is being able to sit in a room with the CEO/Board/Owner and have a conversation about a concept that may seem unachievable only to come back to the table and present an execution plan that makes it achievable. The thrill of figuring out that challenge is what makes the role exciting.

What are the most important aspects of a company’s culture?

Without a doubt, it’s hiring the right people. You can hire people that meet the right skill set but that alone will never be enough. You have to make sure they will fit culturally with your team. I have seen people who have been hired but are not culturally a fit and it rarely works out long-term. Secondly, ensure a strong camaraderie amongst employees and create an environment that is fun. An employee who wants to come to work rather than an employee who has to come to work is a much different employee. 

What have you learned about wine since being at NexTerra? 

I will be the first to admit that I drink wine, but I am not an expert on wine. I learned that there is a lot that goes into making wine. I have a greater appreciation for what it takes to make a bottle of wine, specifically the impact a harvest can make and the actual harvest time period itself, from finding the right grapes and bulk wine to blending it to the right specification and managing that process.    

I've learned there are a lot of wine varieties that I never knew existed. There's so much science that goes into winemaking. It is amazing. The amount of chemistry, artistry and complexity that goes into making a bottle takes a lot more steps than I thought. I definitely have gained a much higher appreciation over the past several months.

What is your favorite wine that NexTerra produces?

I tend to prefer red wines, but I am trying to be more open now that I work for a wine company! I love the Wines of the Month; these wines vary by appellation so it is fun to have something different each month. These wines are one-time releases and when they are sold out, they’re sold out. NexTerra produces 50+ year-round varietals which is a tough list to choose from. Some of my favorites are the Super Tuscan, Luxury Cabernet and Rose wine. 

What makes NexTerra different from its competitors? 

What’s interesting about NexTerra is that we have full ability to take an idea from concept to market. As a customer, you can come to us with a concept or creative wine brief, and we will put together ideas for you and we’ll do everything from top to bottom. We have a very hands-on approach. We already produce 50+ types of wines across all types of appellations, which is pretty amazing, so we have the ability to start from an existing portfolio, but we can easily do something from scratch as well. We are nimble allowing us to develop quickly and take advantage of what’s on trend or leverage spot market opportunities. In addition to developing and bottling the wine, we have impressive in-house warehouse and distribution capabilities set up in multiple states and can work with partners to add new ones within the regulation limits.

Using several adjectives or short phrases, how would you describe yourself?

I am hardworking, caring and fun, and I try not to take myself too seriously. I’m also a mother, wife and daughter and I’m very family-oriented.  

How do you differentiate yourself from other leaders?

I try to be compassionate from a leadership perspective. I can be very hands-on, but I want to be able to coach people to grow so they can build confidence, see what they can do for themselves, and reach their full potential. I have had to pivot and learn quite a bit over the years as a manager because not every person and situation is the same. A successful manager is constantly evolving. You need to be a chameleon. It’s all about finding the best ways to get the results you want.

Who inspires you?

This is a big question! There are a couple sets of people who have inspired me in my life that are important to me.

First off, my parents inspire me. I have gained an incredible work ethic from them. I’m the first in my family to be born here in the United States. My parents came to the United States from Agra, India. My dad originally came to the United States to earn his master’s degree at the University of Washington. Then, they went back to India but found that there weren’t as many opportunities, so they returned in the hopes of building a better life. They came to the U.S. with nothing to build a better life for their children and had an incredible work ethic to succeed. I’ve always wanted them to know that I can handle challenges, and I’m grateful they have been there to help me through the tough times when I’ve needed a helping hand. 

Secondly, my husband Erik inspires me. He has been through so much over the past 15 years, but you would never know it. Between family, children and sickness, he has handled everything that comes his way with so much strength and resiliency no matter what and never complains or feels sorry for himself, even in the most challenging of times. He lives each day to its fullest and cherishes every moment. 

How do you spend your time outside of work?

I spend a great deal of time with my husband and kids. We have two daughters, 7- and 4-years old, and two boxer dogs that are one and 11 years old. I try to spend as much time as possible with my daughters because they are young and at such a fun age. I also enjoy spending time with friends and family, working out and traveling. I traveled a lot to India growing up and look forward to taking my kids there. 

What advice would you give your daughters?

Live in the moment and really enjoy it because tomorrow is unknown. Be confident in yourself, know that being different is a good thing, and always be kind, caring and loving.

The truth is that life is not fair. But what really matters is how you choose to handle that unfairness and whether or not you allow it to define or consume you versus growing and becoming stronger and better from it.