The Weekly Adjerian Bulletin Ep.3

AlixPartners Is Using Investor Rotation to Stay Agile: What Smaller Firms Can Learn

AlixPartners is a global consulting firm renowned for its work in corporate turnarounds, financial restructuring, and performance improvement. With a reputation for stepping into complex, high-stakes situations, the firm has become a trusted advisor to Fortune 500 companies, private equity firms, and other stakeholders going through periods of transformation.

Now, AlixPartners has initiated the sale of a minority stake in its business. Goldman Sachs has been tapped to oversee the process, and early estimates suggest the firm could be valued between $5 billion and $8 billion.

AlixPartners isn’t doing this out of financial distress. Quite the opposite, in fact. The firm is cycling investors as part of a strategy that’s helped them stay agile while growing aggressively over the past decade. It's an intentional rotation of minority shareholders, something they’ve done before, and a move that reflects a thoughtful approach to capital and control.

For smaller and mid-sized consulting firms, it’s a playbook worth studying, especially for those eyeing strategic growth.

What AlixPartners Is Doing and Why It Matters

AlixPartners is a consulting firm that operates differently from many of its peers. It often helps distressed companies navigate tough financial waters. But internally, it’s known for tight operational discipline and a partner-driven ownership model that avoids bloated hierarchies.

The minority stake sale is being used to bring in new long-term investors without disrupting leadership or diluting the firm’s decision-making power. In short, it’s about bringing in capital that fits the firm’s strategic vision.

It’s a subtle but powerful model: keep control, bring in strategic capital, and use it to double down on what’s working.

Why Should Small and Mid-Sized Firms Pay Attention?

Most consulting firms under $100M in revenue don’t think much about equity structures until it’s too late. They grow fast, burn out, or end up selling for less than they’re worth.

AlixPartners is showing that capital doesn’t have to mean chaos. It can mean clarity if you approach it right.

Here are four takeaways for consulting leaders watching from the sidelines:

1. Investor Money Isn’t the Enemy

You don’t have to bootstrap forever. Strategic capital, especially minority, non-controlling capital, can be a powerful accelerant. The key is choosing investors who bring more than just money: relationships, industry insights, and a long-term mindset matter more than short-term ROI.

Ask yourself: If you needed $5M to scale faster, where would you look? And what kind of investor would actually help you grow?

2. Ownership Rotation Can Be Healthy

Too many firms hold onto the same equity cap table for 20 years, even when it no longer reflects the reality of the business. AlixPartners rotates investors to keep things fresh and dynamic without giving away the company.

If you’re a founder with early partners who are ready to exit, or you’ve taken on dead equity that’s no longer active, think about ways to rebalance ownership. It’s not about selling out, it’s about setting up your next phase.

3. You Don’t Need to Go Public to Grow Smart

Unlike Accenture or McKinsey (with their more complex structures), AlixPartners has remained private and nimble. They’ve proven you can build a billion-dollar firm with strategic investors.

Smaller firms don’t need to chase IPOs. You can access growth capital, build long-term enterprise value, and still stay in control.

4. Valuation Discipline Matters Early

AlixPartners is valued at up to $8 billion. That’s a reminder that value isn’t just revenue, but it’s also margins, recurring business, reputation, and positioning. Even if you’re a $10M or $30M shop, you should be thinking about valuation drivers.

Are you building something buyers would pay a premium for? If not, what would you need to change?

The Big Picture

AlixPartners has quietly shown that consulting firms can be both elite and entrepreneurial. They’ve scaled intentionally, brought in capital without losing their soul, and stayed agile in a space that doesn’t often reward it.

For mid-sized consulting firms, this is the model: grow on your own terms. Stay lean. Control your destiny. And when the time is right, invite in the kind of partners who help you go further, not just faster.

Looking to sharpen your firm's growth strategy before thinking about outside capital?

Adjera helps smaller consulting teams stay ahead by making project delivery clearer, faster, and more client-focused.

Book a call today or request access if you want to learn more about how we might be able to help your team.

The first consultation is absolutely FREE of charge, and is only meant to help you shed light on where your firm could improve.