Access: Nima Fara, the man selling private capital's 'hidden secret'
“Authenticity is your biggest currency.” - Nima Fara
Hello reader,
Welcome to the 39th edition of Access - it’s great to have you here.
This week, we’re sharing an interview with Nima Fara, who works with private equity backed businesses and the firms that invest in them.
We started this newsletter as a way to share some of the insights we’d gained during our conversations with people working in private capital. It’s gathered pace over the last year, and ended up growing into something bigger than we envisioned. But the original premise was always to tell the stories of the people working in this industry - like our retrospective on the late, great Jerome Kohlberg.
Earlier this month, we were lucky enough to persuade Nima to join us for a conversation about his role as sales leader for a fast growing financial consultancy - one that has achieved ~35% organic growth year-on-year but until now has largely flown under the radar. Nima talks to Melissa about why he chose to move from Australia to London, how he maintains relationships in an online world, and what he really thinks about the private equity people he meets. The resulting transcript was sufficiently engaging that we decided to publish without edits - a rare treat! - which makes for a more intimate and unvarnished glimpse behind the scenes.
Until next time -
Liz & Melissa
In case you missed it…
For last week’s edition we shared 89 of the very best private equity resources, including podcasts, books, online courses, long reads, profiles, and more! Check it out below or share it with a colleague 👇
Access: 89 Private Equity Essentials
IN DEPTH
“I'm a big believer that we naturally gravitate to what we're good at and what we enjoy as human beings, so when it comes to success, we kind of find our feet and follow that.”
This interview was recorded between Melissa Lim and Nima Fara in September 2023. Nima is head of business development for Kent Finance, a financial consultancy partnering with small and mid-cap leveraged businesses and their investors.
Melissa: Hi Nima, thank you so much for participating in this interview with us. It's been just under a year of us running Access. With this newsletter, we wanted the opportunity to be able to give access to different areas of private markets, potentially sections of the industry that aren’t as well known. Everyone knows about the deal making side, but not so much about the behind-the-scenes - back office, the sales and the marketing teams, the rest of the organisation. So, thank you for joining us today! If okay, would you mind starting us off with an elevator pitch?
Nima: Thank you for inviting me! So, I guess I'll start from the start… I'm an Aussie living in London; I landed in London in the middle of last year and prior to that I grew up in Sydney. My career back home was in the wealth management industry for seven and a half years with broad experience across investment platforms, superannuation, asset management, and the stockbroking space. And I'm a very big believer that as human beings we naturally gravitate to what we're good at and what we enjoy, so when it comes to success, we kind of find our feet and follow that. Across those areas of financial services, a majority of my roles have been in sales and relationship management. Above all else, what’s driven a lot of success in my career, what you might call the secret sauce, is two-fold.
“One - hard work. I’ve always been willing to grind, make the sales calls, book the meetings, do the follow-up after hours if need be, which is especially important in a sales role. And then two - put simply, I really love what I do. I love financial markets and I love sales. And I think that’s what really sets me apart – the hard work and the passion.”
I left my [previous] role in the middle of last year & came to London. Started with Kent Finance in November 2022. The big draw factor for me with Kent was very much the growth journey. The opportunity that was presented to me: prior to me coming onboard, we had been operating for seven years. They had 35% year-on-year organic growth, all just with word-of-mouth referrals. I think that’s a testament to the quality of work that we do, to grow without a sales and marketing function.
So, to have the opportunity to join a company where it’s a hidden secret within the SME market, in that people need these kinds of services - it’s a big problem in terms of finding a finance function that can support your growth. They don’t necessarily know that there are services that we offer, that they can tap into at the smaller end of the market. So for me, the big prospect around joining Kent Finance and the big opportunity was to be able to say: we’ve started here in terms of revenue, year one when I’ve joined, and then, in five years’ time, being able to look back and say: we’ve grown it all the way up here, and I can materially demonstrate the impact of my hard work from the sales and marketing functions.
ML: Agreed, its lovely to be able to see your hard work come to fruition. It’s exactly what I also enjoy within a growing business – that impact. Thank you for the intro! You’ve had a fascinating career, which started off in Australia. Could you tell me a bit more about what prompted you to want to emigrate to the UK? I’m very curious.
NF: There were a couple of driving factors. I've always had in my mind that I was going to move overseas and work abroad. That was something that I've always wanted to do, it was just innate. I did have plans to do it in 2021, but obviously COVID happened, so that wasn't going to take place. And, part of the reason why I've always wanted to work abroad. I've always had my sister, who’s been a very big mentor in my career. We’ve gone down a similar career path so I’ve always thought if I could emulate her to a certain extent, I would be in a great position. And she’s worked abroad & lived outside of Australia for the last seven years.
And so, when it got to the start of 2022, she was kind of in my ear saying “hey, come to London, it’s great over here!” Professionally, Australia is great too – there are opportunities there, but if you really want to progress your career or do something fantastic, London is one of the biggest financial services hubs in the world compared to this relatively small, remote island that is Australia. From a personal perspective, there are also the opportunities to travel more, experience different cultures and cities, every month if I want. Having people in my life and inner circle that are not just Australians, but they’re coming from all different diverse walks of life. So, those are probably the key reasons driving the move over to London.
ML: There are so many opportunities in London – like you said, financial services and being within the centralised hub of Europe, presents so many different opportunities. It sounds amazing that you’ve drawn mentorship from your sister! That she convinced you to make the move – that’s fantastic.
NF: I don’t think I needed much convincing though!
ML: Perhaps just a nudge in the right direction.
NF: Exactly.
ML: Since moving over, have you noticed differences between the working culture of UK compared to Australia?
NF: I wouldn’t say it’s too dissimilar. For me, it’s hard to compare, in the sense that the roles I held at home, they were with large institutions with thousands of people in their workforce. So, to a certain extent, there was a sense of playing a smaller part in a much larger machine. Whereas, over here, my experience with Kent Finance – a boutique firm, they had five people when I started and now, we’re growing. It’s a very different culture working in a boutique firm – I’m the only person in sales and marketing.
In terms of environment, it’s very different to the large institutions where there was already very strong brand recognition and market presence as well as a mature client base. Coming to Kent Finance, whilst we have been operating for eight years now, it has more of a startup feel where some of the things that we’re doing – particularly on the sales side, is still in its infancy and we’re still figuring out the best way to go out to market and find new clients.
We're getting a lot of success, but there's a lot of room to grow and improve what we're doing - leaning into what clients are telling us, understanding our clients needs more, focussing on a lot more client feedback, and off the back of that, adjusting the way that we work and adjusting the value propositions to align to our clients.
“It's definitely been a different work journey, being in a boutique environment. For me, it’s been a bit like a startup versus a large institution. Whilst both are great experiences, I am really enjoying the boutique culture where change can happen at a rapid pace. We wouldn’t necessarily go with every and any idea that comes to the table, but if you can support it with a compelling business case then absolutely – why not?”
ML: It sounds very much as though you have a space for your own impact, which I know you mentioned is important to you. There’s also that sense of innovation, and defining the scope of what is possible, which must make it incredibly exciting to work at a company like Kent Finance. We’ve briefly touched on the growth journey that Kent Finance is currently on. What does the next year look like for you, from a sales and marketing perspective? And for the wider business?
NF: At the moment, the goal is very much to grow out the client base and driving revenue growth. One of the big focal points in the next 6-12 months – we’re about to launch a new product to market. We call it BPO – Business Process Outsourcing, where you can outsource your finance function to Kent Finance including financial control, financial planning and analysis all the way through to your FD and CFO if needed.
Being able to bring that product to market and build it out, whilst understanding and listening to clients – what do they want? What do they really need? What are the problems they’re finding? – that’s really exciting! We’ve done a round table session with a few clients already, to understand what’s the best way to go to market. We do have one client already using this product and we’ve piloted it with them for the last eight months now. So far, it’s gone really well, a fantastic client experience – they love what we’re doing, we’ve supported them revenue growth and acquisitions and they want to keep us on which is a testament to the quality of work that we’re providing.
Over the next year, that’s a key area we’re focused on. We’re also looking to continue expanding headcount. We’re very particular about the people we hire into the business and maintaining the Kent Finance culture. At the end of the day, the consultants – they’re delivering the outcomes to clients, so whilst we do want to grow, we’re also very specific about who we want to bring onboard that can deliver the quality outcome that clients have come to expect from us. From five people when I first started, we’re up to 10 now and we’re going to be bringing on a few more people in the coming months. Hopefully we’ll be up to 14-15 people by the end of the year and continue that journey through 2024.
At the moment, we’re still fully remote but at a board level, we have been discussing an office in London in 2024 so that will be very exciting to support the growth and being able to support the team as we look to bring on graduates and entry level roles into Kent Finance.
ML: It’s incredible to see how much growth Kent Finance has achieved in the past year...
NF: Yeah, it’s been great so far – I’ve been onboard for about nine months now. And to be able to go out and take this product to market and test it with clients. There’s a lot of demand for our services and it’s been great building up new relationships. There’s always a little bit of hesitation from new clients when you haven't come in by referral. So, the initial hurdle is introducing them to Kent Finance and have them come on for the first project. Once we're in, they hit the repeat button on what we can do for them. They like what we do once they've tried it out and they get an understanding of the value that we bring to the table. We do find we get to work with clients on a repeat basis, and that has been a really positive journey to witness over the past nine months.
ML: As someone who's joined within the last year, you've seen a lot more people join the Kent Finance team. What were your first impressions? And are there any recommendations that you would have, for anyone who will be joining your team within the coming months?
NF: First impressions [of Kent Finance], well I was the first sales and marketing hire. I joined a team of - self-proclaimed! - nerdy accountants – they love maths, and they love modelling. But importantly, they have all had pretty big careers in PE-backed businesses – so they’re very switched on, highly intelligent, but at the same time, very genuine. Everyone brings their true selves to work and it’s a fantastic environment to be in where there are no politics, or egos. It might sound a little bit cheesy, but it genuinely does feel like a family.
When we have team building weekends, it’s not just the team that get together – it’s the team’s family and their kids that come. Very early on after I started in November 2022, my first away weekend with the team was an amazing experience and you get a much deeper connection where you’ve got the team, their partners and their kids, and because of that it was outstanding. A great way to say thank you to the team, kids, partners for giving the business their time. So for me, when I look at first impressions, I remember thinking it’s such a unique culture to be part of where you feel truly valued, truly appreciated.
ML: You spend so much of your time at work that your colleagues inevitably become a version of family as well. It’s lovely to be able to spend time with the team both in and outside of work too.
NF: Absolutely.
ML: From a relationship point of view, the pandemic has changed ways of working. We’ve turned to remote & hybrid work, particularly over the last three years. You mentioned Kent Finance is growing and potentially looking to get an office in 2024. How has the past few years impacted your ways of working in a relationship building role?
NF: It’s important to mention at Kent Finance, prior to COVID, we were fully remote. That was always part of the ways of working for us. When COVID hit, we were well structured to not have the workplace disrupted in that sense. From my perspective, I’m in sales. I wouldn’t be here if I didn’t enjoy speaking and communicating with people and not just clients, but internally speaking with the team, it’s very important to be able to have those relationships where you enjoy spending time with the people that you work with. You want to be able to connect with them on a professional level, but also on a personal level as well.
“I’m a big believer in making the effort, especially working remotely. We’ve got guys out in Kent, colleagues in London, Wales, and all over the country. I like to make a big effort – even if it’s not a work-related call, throughout the week, I’ll pick up the phone, get onto Teams, reach out and see what the team has been up to.“
Not necessarily always having a work chat, but catching up – how’s the family, the kids? What did you do over the weekend? What holidays are coming up? Whatever it might be. And so that when you do have those quarterly team catch ups where we’re actually in person, it doesn’t feel like there’s any awkwardness; more like we’ve always been speaking in person! So, for internal relationships, building rapport with your team – it’s so important to carve out the time to actually speak with them, pick up the phone or have a chat over Teams.
From a client-facing perspective, that’s probably a big perk of COVID. It wasn’t all bad. Everyone managed and everyone adapted to virtual meetings. I’d say it’s 50:50 in terms of 50% of my sales calls are done virtually, the other 50% are done in person. London is a very accessible city, it’s very easy to get around, jump on the tube and go to all parts of the city to meet clients. It’s also very easy to pick up the phone to a client and organise a meeting. For example, next week I’m going to Tunbridge Wells so I picked up the phone to the client and just asked “I’m going to be around next week, would you like to catch up for a coffee or go out to lunch? It would be good to come meet you in person”.
“You do get a little more traction when you’re face-to-face. Obviously, everything can be done virtually, but I do believe that there are certain elements in terms of building relationships that having a face-to-face that can’t be overlooked.”
ML: Agreed completely. I think it’s quite a nice balance that you’ve managed to strike – taking the time to work both remotely and having the opportunity to travel a little around the UK. Is there any scope to visit some of your colleagues outside of London?
NF: I was out in Birmingham towards the end of last year. On that trip, Will and I met with clients but also to interview a candidate and meet over a coffee.
ML: That’s such a nice way to be able to just check in and say hi to a potential future colleague.
NF: I’m very flexible in the way that I work and feel very supported if I need to go out to say Birmingham for a conference – yep, sure, no problem. Head out there, do the conference, maybe stay another day and see some other clients… if any colleagues live around there – go catch up with them. One of our other colleagues is based in London as well, so from time to time, we’ll organise a catch up at the pub or organise a dinner somewhere. So, it works. You’ve got to put in the time and effort to make it work, but everyone wants to connect.
ML: That sounds fantastic, a lovely work culture! You’re starting the journey to become a manager yourself, which is a different but hopefully exciting type of work relationship. What are your thoughts on becoming a manager? And growing out a sales and marketing team?
NF: It’s always something that I’ve been very interested in. When I started my career, I originally thought that people management and people leadership – that would be the path that I go down. As I said earlier, we all naturally gravitate to what we’re good at, and for me that led me down the business development pathway. But prior to that, I did have my first mentor – she was an incredible people leader. And I thought “oh wow, that would be really interesting to do what she’s doing one day”. There was always a part of me that thought it would be so rewarding to be able to build a team underneath you and watch these people grow, flourish and come into their own. Whatever their pathway is, being able to support and guide them through their career, I always viewed that as an incredibly rewarding outcome, not just for myself but for the people working with me.
Even as I did eventually step down the sales pathway, there was always the thought that one day sales leadership would be a an inevitable step. Taking up the player AND coach kind of role. That’s ideally where I want to go. And now that opportunity has presented itself as I hire for a marketing associate.
“Looking forward to the next year, and building out the sales and marketing function, it’s an incredibly exciting prospect. I think there will be a few learnings for me as we go, but I’m genuinely looking forward to it.”
ML: There’s always going to be a learning curve – this one sounds right up your street, being able to develop relationships with a team. It’s very impactful, that you still remember your first mentor – they’ve made such a great impression that you’ve wanted to become a manager yourself. That’s incredible. When it comes to bringing someone onto your team, what advice would you give someone aspiring to work in sales and marketing?
NF: What’s carried me through a lot in my career is hard work. Hard work trumps all. I remember when I was starting my career out in sales, I probably wasn't the typical kind of salesman that most people would think of. Most salespeople are very polished and very friendly with a kind of extroverted feel to them. I was a little bit more introverted, a little bit more shy – definitely more nervous. I remember going for my first sales meeting face to face. I was very nervous to go in there and speak to the client solo. But as with anything in life, the more you do it, the more effort you put into it, the less daunting it becomes. anyone can be great at anything that they put their mind and effort to.
Work hard, develop a passion for it and you can find a way to make it work.
ML: I think that's such great advice. You don't always necessarily know exactly what you want to do or how you want to start it out. But if you have an idea, you work hard, it will grow with your effort.
NF: Absolutely.
NF: If I look back on the journey that I've been through now, I think it's been such an amazing growth journey, professionally and personally. I'm a lot more confident in who I am and when I'm going in meeting with clients. I don't get nervous anymore. And at the end of the day, especially in sales, authenticity is your biggest currency. People can see through someone just trying to get the sales through the door at all costs. With the industry that we work in, and especially in a B2B environment, people see through that really quickly. And if you’re authentic, people can relate to that – there’s always a way to relate.
ML: I agree, I think it’s part of building trust with the person that you’re working with as well. A level of transparency and authenticity to connect on a human level.
Thank you for your time today – it’s been great to chat through the transitions you’ve experienced through your career. To wrap up, I wanted to ask about your experience of moving into private equity, an industry typically considered to have a high barrier to entry. You of course, came from a similar space, any interesting observations with the transition? Would you have any advice for anyone looking to work in private equity?
NF: We deal with the entire spectrum – we deal with private equity, venture capital, corporate finance, lenders. But it’s all at the SME end of the market, the small to mid-market sized firms that we deal with – that’s our bread and butter. I would say the most interesting part of transitioning… everybody that we speak to is incredibly warm and friendly. A big part of the relationship building is going out there, shaking hands, seeing people face-to-face. What I quickly learned is that everyone is very much down to earth, very real. I think there’s only been a handful of meetings I’ve walked away from, that I didn’t feel like that.
“Will and I, when we do joint meetings, we look at each other after and the first thing we’ll say is ‘what a really great guy’. I think that’s been the most interesting part for me. For PE when you peel back the curtain and you get to know these people underlying the industry, it’s a really great market to be in.“
At the end of the day, one of the insights I got when I first started in sales was that there will be a point in your career when you have developed your relationships to the point where you’re having meetings with your friends. You’ll be taking your friends out for coffee and lunches. You’re going to be working on deals with your mates. It’s genuinely a really fun job.
So, coming here, and being able to experience that and be in an industry where everyone is very friendly, open and intelligent at the same time. I enjoy that. There is also a bit of a misnomer around private equity, of everyone being efficient, straight to the point, just here for business, let’s get it done. But I don’t think that’s quite the case when you get to know the people. That’s a big part of what I enjoy about doing sales and a big part of why I’m enjoying Kent Finance so much. There are so many interesting, exciting clients to work with, and both personally and professionally.
And finally… Kent Finance vs Tough Mudder
This past weekend, the KF team ran the Tough Mudder challenge in support of the Stroke Association. Head to their Just Giving page if you’d like to donate!
(Kent Finance team before the mud run👇)
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