Working on complex transactions is something that Shivani Kotecha relishes at BDO. She tells Jo Russell about her corporate finance journey so far and what might be in store for the future.
Why chartered accountancy?
I studied accounting and finance at the University of Warwick, and applied to Hazlewoods for an internship as it was local to where I am from – Cheltenham – and is a well-respected firm. At the time, it didn’t have a formal internship scheme, but I was taken on in the personal tax team for the summer. After that, I was offered a graduate role in the tax team. That took the pressure off applying for jobs while studying for my finals. I knew the people I would be working with and, most importantly, that Hazlewoods would support me through the ACA. I joined Hazlewoods in September 2017.
How has the ACA helped your career?
I’m so glad I put the effort in. I’ve always coped well with exams, but found studying for the ACA while working a real struggle – I would be in Starbucks at 6am studying before work. But now I have the confidence of knowing I can achieve anything if I work hard and put my mind to it. The ACA has opened so many doors – I certainly wouldn’t be where I am now without it.
After qualifying, I moved into transaction services at Hazlewoods, which was completely different to personal tax and a far more commercially driven role. I joined the department as an analyst and became an associate. I then wanted to experience working for a bigger firm with larger, more complex clients, so joined BDO as a transaction services executive in May 2021. It was perfect – despite being a larger firm, BDO still had the feel of a small, friendly team.
What is your current role?
I am based in Reading and was promoted to transaction services manager in November 2022. Our team of 15, combined with Bristol and Southampton, also work with the London office. Projects are intense so I typically focus on one or two Thames Valley-based deals at any one time. They are mainly around tech, life sciences and manufacturing, and are normally up to £100m in deal value. I manage the process, write report sections, speak to advisers and feed back to partners on quality and risk areas, advising on any red flags. I also help to train and mentor juniors, ensuring they are comfortable, and also review their work.
I have progressively become less involved in the data crunching and have greater commercial focus. I probably do more sell-side than buy-side. Buy-side projects typically have a tailored scope whereas sell-side work is broader, which leads to more interaction and the chance to build better relationships with management teams.
What deals stand out?
In late 2022, I worked on the financial due diligence for Reading-based Foundation SP’s acquisition of cyber security consultants Savanti. While simultaneously completing the Savanti acquisition, Foundation SP – a specialist digital transformation services provider – was undergoing a secondary private equity transaction where LDC sold its majority stake in the business to CBPE. The dual transaction process significantly increased the complexity of the Savanti acquisition, necessitating an accelerated completion of the transaction and the due diligence process. There were a lot of in-person meetings with management, talking through key drivers, pipeline and performance expectations. I really saw value in actual face-to-face meetings.
My role was to look at value-impacting areas – quality of earnings, net debt and net working capital. It was a complex deal with tight timescales and working with that management team was really instructive and enjoyable.
And future ambitions?
A large part of building a career in corporate finance is expanding your network. I initially found it quite daunting, but I now help organise START, which is an event for young professionals in the Thames Valley corporate finance community. I have made good connections and, more importantly, great friends. I can continue to improve technically, but as I progress, I am really looking forward to more involvement in the business development side, getting to meet more people and eventually bringing in deals.
I want to be a role model and mentor to others starting their own journeys, particularly women and people from an ethnic minority background. I’m also involved with our internal transaction services women forum, which is incredibly rewarding.