‘An Organisation Powered by Doers’

Just over ten years ago, Alvarez & Marsal (A&M) was a relatively unknown player in the Netherlands, focusing almost exclusively on rescuing companies in dire straits. Since then, the firm—which has recently opened an office in Brussels—has grown into an established organization with a broad outlook and a strong international presence. Managing Director Age Lindenbergh looks back on a decade of rapid growth and ahead to the future of consulting in a world full of change.

A&M's success in the Netherlands has not gone unnoticed. Market watchers see A&M as the firm that helps to accelerate growth. It is the organization that supports companies and investors in creating robust plans and converting those plans into action. This clearly sets it apart from the Big Four and strategy houses. Age Lindenbergh is quick to point out the difference between A&M’s approach and that of traditional consultancy practices. ‘In those firms, you often see pyramid-shaped teams, in which most of the work is carried out by relatively inexperienced consultants,’ says Lindenbergh. ‘We do precisely the opposite. We send in small, experienced teams that quickly get to the crux of the matter. Rather than layers of hierarchy, we prefer direct lines of communication that achieve rapid impact. Our structure is a good fit for developments where, increasingly, experience and expertise make a big difference.’

Entrepreneurial and pragmatic

This difference is reflected in our focus on what clients really need. ‘Whereas other companies target processes, project management and administrative compliance, we focus on quickly achieving tangible results. We’re entrepreneurial in our approach and pragmatic in our execution. Clients notice that difference immediately.’ And the results speak for themselves. ‘In the past ten years, we’ve grown from 15 to around 120 employees in the Netherlands,’ says Lindenbergh. ‘This isn’t through acquisitions but rather year-on-year organic growth of around 20 percent.’

From turnaround to transformation

Whereas we were once primarily known as turnaround specialists, A&M’s services are now broad and deeply rooted in almost all facets of transaction advisory services, performance improvement, and strategic transformation. ‘Our background is in board-level interim management for struggling companies. But now we operate in compact, multidisciplinary teams that target strategy, finance, operations, and technology deployment,’ says Lindenbergh. ‘Our core approach has remained the same: action-oriented, results-driven and fast.’

A&M’s motto is not just a collection of hollow words. ‘There needs to be a pressing issue for a client: a transaction, a dispute, an evolving market. We get called in when it really matters.’

Getting things done

According to Lindenbergh, the disconnect between report writers and changemakers is emblematic of the current consulting world. ‘Sometimes you see consulting firms that deliver a wonderful report, but then they step back. But that's when the real work begins,’ he says. ‘We shoulder the responsibility. We understand what it takes based on our experience in companies. We stand alongside the client to help implement the solution. We’re only satisfied when it is up and running – and working.’

Diamond-shaped team model

Something that distinguishes A&M from its competitors is the way it structures its teams. ‘We deliberately work with quite small teams with a high proportion of senior expertise. We call this the diamond-shape model because of the high involvement of experienced employees. We train our newer employees ourselves rather than putting that responsibility on our clients – unlike consulting firms that staff large projects with many junior employees.’

A&M’s people have proven experience in their field. ‘With our teams, you’ll be working alongside former CEOs and CFOs. Heavyweights who know what it means to take on responsibility, act quickly, and make critical decisions. With this team model, you learn incredibly fast, which is hugely motivating for all our employees.’

Organic growth while maintaining quality

A&M's growth has been rapid, but not uncontrolled. ‘We grow in response to demand, not for the sake of growing,’ Lindenbergh emphasizes. ‘In everything we do, the quality of our work comes first. We are selective in the assignments we take on and the people we hire. We’ve even deliberately decided to stop working for a number of clients because their way of working was not a good fit with our standards.’

He believes that internal culture and values are crucial. ‘We can only grow in a controlled way by adhering to clear standards and values that all team members know and monitor. This allows us to safeguard our culture and the quality of our work.’

A culture of ownership and entrepreneurship

What makes A&M special is that everyone in the organization is encouraged to take on responsibility. ‘We’re an organization of doers. Our people are given a lot of freedom, but it comes with an expectation: You take responsibility and show ownership,’ says Lindenbergh. ‘That creates a culture in which employees not only contribute ideas, but also really get involved. It means we can stay agile as an organization, while at the same time remaining deeply committed to our customers.’

Diversity as a strategic foundation

At A&M, diversity is not a checkbox but an integral part of our strategy. ‘We’re convinced that teams with different backgrounds make better decisions,’ says Lindenbergh. ‘That's why we actively invest in attracting people with diverse profiles, backgrounds, and perspectives. It also aligns with the diversity of our clients. We want them to recognize themselves in our teams.’

A partner who participates, rather than merely contributing ideas

‘For us, the report is the beginning, not the end,’ Lindenbergh states emphatically. ‘We don't just provide advice, we also assist with implementation. And we are willing to take risks. Where we help determine what a change will look like, we’re also happy to participate in the implementation and the outcome of that changes.’

To illustrates this, Lindenbergh talks about a project that A&M carried out for an international media company. ‘It was stuck with an outdated, paper-driven business model. We helped with its change to a new business model, the digital transformation,including personnel changes, new structures and processes. Within 12 months, it had become a robust, future-proofed company.’

Fact-based and execution-driven

A key element in A&M's approach is its deep understanding of what goes on day to day for its clients. ‘Our people have both feet firmly planted in the reality of the business,’ says Lindenbergh. ‘We don't advise from behind a desk. We are actively present on the work floor, in the boardroom as well as in operations. This proximity means we are strategically sharp – and we’re ideally positioned to give practical, actionable advice that makes an immediate difference.‘

According to Lindenbergh, factuality is also one of the pillars of A&M's approach. ‘We are fact-based in everything we do. That dovetails with our position as a leading player in commercial, financial, tax, and operational due diligence. We don't act on gut feeling but instead dive into the data and ask tough questions from day one. You have to get the organization on board, and you can only do that when your actions are backed by data.‘

Technology is also becoming an increasingly larger factor in the way A&M works. ‘AI is not just a buzzword for us. We use tools and automation for faster and more accurate analysis. Not just for clients, but also in our own processes.’

Why a hands-on approach is needed now

Companies are looking for certainty and speed in a time of geopolitical uncertainty, technological disruption, and rising costs. At the same time, they want to do business more sustainably. ‘The world is a more uncertain place than ever before. So you need someone who not only tells you what needs to be done, but who will also stand shoulder to shoulder with you to get it done,’ says Lindenbergh. ‘Our practical, entrepreneurial approach is a perfect fit for that. We are not afraid to do complex work, make decisions, or get involved in implementation.’

Market demand: From PE to Corporate

How is A&M positioned in the market? ‘We are well known in the private equity world,’ says Lindenbergh. ‘But our brand awareness in the corporate sector is still limited. And that's a pity, because larger, international companies are facing the most rapidly changing environment. Being able to respond quickly to unexpected developments is incredibly important. Compounding that, the pressure to deliver a strong performance is constantly increasing. You want someone by your side who understands what is at stake and who will actually do something about it.’

A culture of boldness and commitment

A&M is known for its clearly distinct culture. ‘We have an opinion. We also speak up when something doesn't sit right with us, and we're not afraid to turn down an assignment if it doesn't fit with our values. Integrity and objectivity are our top priorities.’

Our corporate culture is also characterised by diversity. ‘We build diverse teams because that leads to better results. And because it suits the clients we serve.’ . Due to the unique mix of consultants and people from industry we are able to have an opinion but also understand what drives a business and our commitment.

Talent with drive and insight

When asked what type of people A&M is looking for in this growth phase, Lindenbergh is clear. ‘We’re looking for people who want to build, who are confident and entrepreneurial. People with a background in finance, engineering and operations – they need to have a robust financial background, strong analysing skills, want to contribute their ideas and get involved.’

And that works both ways. ‘Many of our people come from the business world and have joined us because they’re looking to do exactly what we do: Transform, not report.’

In practice, A&M is doing this at an increasing number of interesting companies. ‘We’ve worked for firms such as Novartis, Rolls-Royce and Heijmans – organizations with complex issues, to which we have brought focus and action.’

Future: Focus on relevance

What will the next ten years bring? ‘We will continue to grow, and develop our services to meet our client needs, but always with quality as our compass,’ says Lindenbergh. ‘We will not compromise on our standards. Sometimes we say “no” because what we do, we do well.’

And that is perhaps the key to our success. We do not try to do everything. Instead, we do precisely what is needed – with speed and acumen that is informed by senior expertise and experience. And with a team that doesn't stand on the sidelines but gets stuck in.

‘The dramatic growth of the last ten years? That was no accident. It was the result of a well-defined vision and the courage to do things differently,’ Lindenbergh concludes.

Alvarez & Marsal’s new focus

Whereas ten years ago A&M was primarily concerned with rescuing companies that were struggling, its services are now much broader. ‘Nowadays, it’s increasingly about growth, transformation, and future-proofing,’ says Lindenbergh. ‘We aren’t just helping companies to survive; we are helping them to build. We create agility, strengthen competitiveness, and support companies that want or need to grow rapidly. That’s just as challenging – but also much more energizing.’

Alvarez & Marsal's activities in the Benelux:

•    Performance Improvement
•    Turnaround
•    Digital & Technology Services
•    Commercial & Operational Due Diligence
•    Financial Due Diligence & Transaction Advisory Services
•    Disputes & investigations
•    Tax 
•    Risk & Regulatory Advisory Services
•    Valuation Services

Alvarez & Marsal operates worldwide with over 12,000 employees, approximately 120 of whom are based in the Netherlands. Alvarez & Marsal serves entrepreneurs, medium-sized and large companies, private equity investors and government.