At Garwood Growth, we believe fresh perspectives can spark meaningful ideas. Earlier this year, we partnered with the University of Cardiff Business School, sponsoring MBA research projects that explored some of the biggest questions facing consulting firms today.

Two talented students, Rhea Sharma and Ansh Tandon, produced research projects with our support and with input from several of our clients. Their work brought practical insights into what makes consulting firms valuable to investors and how mid-sized consultancies can build resilience in a changing market.

How private equity investors value consulting firms

Rhea Sharma’s project focused on consulting firm valuation in private equity transactions. Her study revealed that investors are increasingly focused on structural and operational maturity alongside traditional financial performance.

Key findings included:

  • Overheads can raise investor questions. Lean cost bases may signal under-investment in what’s required for a scalable infrastructure.
  • Succession planning builds confidence. Firms with strong leadership pipelines command higher valuations.
  • Revenue concentration is risky. Diversified, recurring revenue is valued more highly than dependence on a small number of clients.

For founders and leaders preparing for investment, the lesson is clear: resilience and scalability matter as much as profitability.

Building resilience in mid-sized consulting firms

Meanwhile, Ansh Tandon’s project examined how mid-sized consultancies can thrive in a challenging UK market. His research identified 10 differentiators of successful firms and introduced a “Resilience Playbook” – a practical framework for growth and adaptability.

Key success factors included:

  • Codified IP and delivery assets to ensure consistent, repeatable value.
  • Lightweight digital tools that improve impact without heavy IT investment.
  • Sector specialisation to strengthen credibility and differentiation.
  • Building habits that capture lessons from every project – what worked, what didn’t – and sharing them across the firm so knowledge isn’t trapped in teams but improves how everyone delivers.

Together, these capabilities help firms deliver measurable value, adapt to disruption and scale sustainably.

Why this research matters

Both projects offered valuable perspectives on the issues that often determine whether consulting firms plateau or prosper. The findings reinforced much of what we see in our own client work, while also bringing fresh thinking from the next generation of business leaders.

We’re proud to have supported Rhea and Ansh in their work, and grateful to the clients who contributed to their research. It’s a collaboration we hope to continue in the future – connecting academic insight with real-world consulting practice.