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Blackpine Capital Advisory

Strategy and governance

We help management and shareholders set out their choices, rank them and allocate roles clearly: who decides what, under which rules, and over what horizon.

One course among several From a starting point, several courses are possible. Only one is chosen: it is marked by three priorities, in order, up to the horizon. The others are set aside. POSSIBLE COURSES CHOSEN COURSE 1 2 3 TODAY HORIZON
Fig. 1One course chosen, priorities in order, and what is given up.

The questions

The questions that arise.

  1. 1.1

    Where does the company want to go, over what horizon, and with what means?

  2. 1.2

    Of the projects under way, which should come first, and which should be given up?

  3. 1.3

    Should we invest, take on a partner, diversify or refocus?

  4. 1.4

    Who decides what between the shareholders, management and the board of directors?

  5. 1.5

    How can we bring in a partner, an investor or the next generation without blurring roles?

The moment

When clients call on us.

  • A change of scale: rapid growth, a new market, a new line of business.
  • Hesitation or disagreement between shareholders over the direction to take.
  • The arrival of a partner, an investor or a new generation.
  • A weighty decision that management wants to test before committing to it.

The scope

What the work covers.

  • Strategic direction: where the company wants to go, over what horizon and with what means.
  • Priorities: what comes first, what waits, what is given up.
  • Trade-offs: investing, taking on a partner, diversifying or refocusing.
  • Roles and governing bodies: who decides what between shareholders, management and the board, and under which rules.

The engagement

One engagement, four stages.

Before we start, an engagement letter sets out in writing the question asked, the scope, the timetable, the fees and confidentiality.

  1. Frame the question

    What has to be decided, and why now.

    With management and the shareholders, we rephrase the choice to be made — a direction, a priority, a decision rule — until everyone states it in the same way.

  2. Establish the facts

    Figures, contracts, constraints: what is settled and what is not.

    We start from your figures, your articles of association, your operating rules and the projects under way, and we hear from those who will have to make or apply the decision.

  3. Compare the options

    What each one commits, what it closes off, what it leaves open.

    Each option is described with what it commits, what it closes off and what it leaves open. You receive a written analysis and our reasoned opinion.

  4. Decide, then follow through

    The decision is yours; we follow its implementation with you.

    The decision belongs to management and the shareholders. If you wish, we stay alongside you while it is put into effect, together with your lawyer when the rules adopted touch on the articles of association or a shareholders’ agreement.

What you receive

What you receive.

  • The question asked, set out in writing in the engagement letter.
  • A written analysis: the options, what each one commits, their risks, and our reasoned opinion.
  • The decision adopted, set out in practical terms: who decides what, and under which rules.
  • If you wish, support while it is put into effect.

The exact scope is set out in writing in the engagement letter, before any work begins.

Your other advisers

With your other advisers.

We work with your lawyer when the choices touch the articles of association or a shareholders’ agreement, and with your accountant for the figures. Each stays in their role: we bring the analysis and give the decision its shape.

How we work with your advisers

The limits

What we do not do.

We do not draft legal documents or give legal opinions: that is the work of your lawyers and notaries.

Status of the firm

Blackpine Capital Advisory advises its clients on their strategy, on the structure of their business interests and their wealth, and on their financial decisions. The firm does not manage portfolios, does not receive its clients’ funds, and provides neither regulated investment advice nor recommendations on financial instruments.

Guides

To go further.

General reference points on the questions in this area, dated and sourced.

Other areas

The other areas.

Contact

A first conversation.

Tell us in a few lines what is on your mind. We will come back to you to arrange a conversation; if we are not the right people to help, we will say so.

Get in touch