Max Fulton is a Senior Director with Alvarez & Marsal’s (A&M) Private Equity Performance Improvement (PEPI) group in Denver. Max earned a joint bachelor’s degree in finance and marketing from the University of Denver. In his spare time, Max enjoys skiing, running marathons and endurance sports.

In the Q&A below, Max shares his first fundamental lesson learned at A&M, how it felt to be part of PEPI at its inception and his advice for fellow alumni who are considering returning to A&M.

You studied finance and marketing at the University of Denver. What led you to pursue a career in consulting? Were there any “aha” moments that led you to that decision?

College was expensive, so I wanted to learn as much as possible and be efficient with the time I had. It seemed like getting two degrees in four years was better than one. I did not use my marketing degree early on, but it has proven valuable as I've taken on larger roles and expanded responsibilities. I set out to do consulting because the profession offers a variety of experience.  On top of that, I was extremely lucky to find myself working with incredible colleagues from the start. The first two interviews of my professional career were with Jeffery Stegenga, head of A&M’s North America Commercial Restructuring practice, and Richard Jenkins, head of A&M’s CFO Services practice. Rich became a trusted mentor and has helped me throughout every step of my career. Finding a reliable mentor can make a world of difference.

Tell us about your experience with the Restructuring & Turnaround and Private Equity Performance Improvement groups and the skill sets you strengthened/acquired working for each group while at A&M?

I originally started in Restructuring & Turnaround (NACR), so I learned to follow the cash first. A strong understanding of cash flow can unlock incredible insight into an organization. From there, I learned how to prioritize and analyze information and to build processes and procedures to support companies. One fundamental lesson I learned during my first tour at A&M was the importance of building insight into operations that is actionable from top to bottom.  As PEPI was being formed, I saw an opportunity to help PE funds operationally improve their investments. Being there at the beginning of the Private Equity Performance Improvement group was an exciting opportunity to learn about growing within an established company and helped me develop the knowledge to build high performing finance organizations within companies.

You recently re-joined A&M as a Senior Director. What were some of your reasons for returning? What would you tell someone who has left and is contemplating coming back?

I was fortunate to have a variety of experiences when I left A&M ranging from start-ups to 100-year-old companies. However, through those experiences I realized that I missed the people A&M is able to attract and the variety and scope of projects encountered at the firm. I really enjoy that once you are deployed to a project, things start to move really fast. You are trying to understand the situation and solve so many problems at once. Sometimes you are asked to bend time and accomplish the impossible. I find it interesting in those situations to see what we can accomplish as a team. Joel Rogers, Matthew Frank, Joe Sciametta, Brandon Crawley,  Richard Jenkins and so many others made the impossible, possible.

If you are thinking about coming back, I would add that A&M has certainly grown up over the last 10 years. Many things are different but doing your own analysis and being cash focused will always be a part of our culture. I am also glad that diversity and inclusion has become a focus and sixth Core Value for the firm.

What do you enjoy most about working at A&M? Do you feel that our core values (quality, personal reward, objectivity, diversity, inclusivity, integrity and fun) stand true?

A&M's values are evident in everything we do. While each one holds great value, objectivity and integrity resonate strongly with me. I’m very independent and like to form my own opinion and understanding of an organization or situation. A&M's focus on objectivity enables me to feel that I can ask questions and provide a new perspective. I also like to do what I say, so integrity is very important to me. 

How does A&M differ from other consulting firms?

I have found that there is less bureaucracy at A&M than at other consulting firms. This has allowed me to jump in on projects that have interested me and offered a broad diversity of professional experience. Also, I find there are more entrepreneurial opportunities throughout the organization as new practices are formed and grown. The quality of the people that A&M attracts and retains also sets it apart from competitors.

What are some of your hobbies and passions outside of work?

When I realized (as a running back) that I was slower than most of the offensive lineman, my football career ended and I decided to focus on skiing, which has been a large part of my life since I learned to walk. I also learned that while I may not be fast, I do have more endurance than most. That led me to running marathons and other endurance sports. To date, I have completed five Boston Marathons, three Ironman triathlons and six Leadman competitions.

What are some random fun facts about you?

I won the limbo contest on a cruise when I was 12 years old. I swam with the largest fish in the world during my first snorkeling trip. I traveled around the world in six months with my wife.