The qualities that make a great business adviser – and why they matter when planning your exit.
What’s in a name? Business adviser, mentor, coach or consultant – when you need effective business advice, it’s far better to focus on attributes rather than labels. The real value comes from finding someone who brings the right experience, perspectiveand support to help you move your business forward – especially when you’re thinking about the long-term future of your business and eventual exit.
As a business owner, you carry the dual responsibility of deciding where your business is going and making sure you get there. Much like the pilot of a plane, you need to know your destination, plot your course and navigate changing conditions along the way. For many owners, that destination includes building a business that can thrive beyond them – whether through succession, sale or a gradual step back from day-to-day involvement.
Even the most capable pilot benefits from a trusted co-pilot – someone who provides independent insight, keeps you focused on your long-term goals and helps you make the decisions today that shape tomorrow’s exit options.
Whether you’re looking for a business adviser for the first time or reviewing your existing support, understanding the qualities that make an adviser effective will help you get the most from the relationship and ensure your business is prepared for whatever future you choose.
The five qualities of a great business adviser
- Experience
A strong business adviser brings a wealth of experience across different functions, industries and business situations, alongside a proven track record in delivering strategic advice – including guiding business owners through growth, transition and exit.
Making this work for you: Whatever stage your company is at, a good adviser has likely encountered similar challenges before. Draw on their experience to avoid common pitfalls, strengthen decision-making and build a business that is resilient, scalable and attractive to future buyers or successors.
- Independent perspective
With unbiased opinions and a fresh perspective, an adviser helps you see situations differently and identify opportunities you might otherwise overlook.
Making this work for you: Use your adviser as a sounding board for ideas and challenges. Preparing a business for exit often requires stepping back from familiar habits and confronting difficult questions – the right adviser provides clarity and objective challenge.
- Forward-thinking mindset
A good adviser keeps one eye firmly on the horizon. Strategic thinking, long-term planning and clear goal-setting are essential – particularly when exit planning is involved.
Making this work for you: Work together to define your vision and long-term objectives. Whether your exit is five, ten or more years away, aligning today’s decisions with future outcomes significantly improves both business performance and eventual transferability.
- Accountability
Setting goals is one thing; achieving them is another. A great adviser helps ensure that plans translate into action.
Making this work for you: Agree on measurable priorities and regular reviews. Exit preparation is rarely achieved through one major change – it is usually the result of consistent, focused progress over time.
- Connections
An experienced adviser brings a valuable network of contacts and opportunities.
Making this work for you: Leverage introductions, peer networks and strategic connections that support growth, leadership development and ultimately a smoother transition when the time comes to step back or sell.
Together, these five qualities create a powerful foundation for effective business advice. But there is one additional factor that often makes the greatest difference: chemistry. The right adviser listens, understands your ambitions and supports both your professional and personal goals – recognising that exit planning is as much a personal journey as it is a commercial one.
Why many business owners need a co-pilot
Running a business requires a wide range of skills – strategic thinking, operational leadership, decision-making and execution – and very few people naturally excel at every aspect.
When we’re busy, it’s easy to react to what is immediately in front of us. We respond to urgent demands, focus on familiar tasks or prioritise what feels comfortable rather than what truly matters. Yet preparing a business for long-term success or exit requires deliberate focus and structured thinking.
One recent example highlights the impact this approach can have. Virginia Hicks, founder of Comma Partners, began working with Henchards as she started thinking about the future ownership of her business. Initially, Comma’s success was closely tied to Virginia personally, which limited long-term exit options. Together, we explored different strategic pathways – from a business that relies heavily on the owner to one structured for long-term growth and eventual transition.
Through structured planning and ongoing guidance, Virginia took decisive steps to strengthen the business, including recruiting senior talent, improving operational processes and expanding the service offering. Over time, this reduced reliance on her as the central figure in the business and increased its attractiveness as a transferable asset.
As Virginia reflected:
“I took bigger steps than I would have taken alone, for example building the team, operational improvements, growing Comma’s recruitment offer and ultimately selling the business. Ultimately huge thanks go to Ian for providing strategic insight, confidence, mentoring and guidance as I moved into an unknown space.”
The result was a successful management buy-out that enabled Virginia to step into a semi-retired chairperson role while ensuring the business continued to grow under new ownership – demonstrating how early exit planning and the right co-pilot support can transform both outcomes and confidence.
Ready for take-off?
Determining your destination, plotting your course, managing resources, leading your team and navigating unexpected challenges requires a broad and rare skill set. Working with the right business adviser helps plug gaps, strengthen leadership and maintain clarity – particularly when preparing your business for future succession or exit.
If you’re ready to gain perspective, focus and support from a trusted co-pilot, discover how Henchards can help you shape the future of your business today.