From due diligence to a pragmatic business plan: “Collaborating with M3 Consultancy is pleasant and effective from start to finish”

Floris Waage

Floris Waage

Managing partner




In conversation with Floris Waage

“Collaborating with M3 Consultancy has been a pleasant experience from start to finish,” says Floris Waage, managing partner at Egeria. “The consultants gained a thorough understanding of the portfolio company and its market. Part of that had to do with their experience: we worked with senior consultants who had dealt with similar issues. But it also stemmed from their ability to focus on the things that mattered.”

Another element Floris praises is M3 Consultancy’s honesty: “When working with external consultants, you don’t want them to agree with everything you say. They should form their own, well-grounded opinions and share these. The consultants we worked with were not afraid to push back during meetings with us or the portfolio company. They took an independent stance.”

“M3 Consultancy helped us gain insights into the feasibility of plans”

“The portfolio company concerned operates in a market we weren’t familiar with,” says Floris. “We had to gain in-depth insights, and time was limited. M3 Consultancy performed thorough analyses and separated the wheat from the chaff when it came to the various plans management had suggested. As a result, we were able to assess which of these plans were feasible.”

Together, the parties also considered risk-related questions: “With M3’s consultants, we got a grasp of the value chain and mapped the disintermediation risk.”

“We swiftly had a pragmatic roadmap with clear priorities”

As the joining of forces was a success, it led to a second collaboration one year later. This time around, the consultants weren’t called in for a due diligence issue. Floris explains, “M3 Consultancy focused on operational matters, such as co-creating a pragmatic business plan and determining choices based on payoff and probability. Ideas and entrepreneurship were abundant at this portfolio company, so it was crucial for us to set priorities. We couldn’t accurately assess the impact of each initiative, so we hired M3 Consultancy to help us in that regard. They did a great job: we swiftly had a roadmap with clear priorities.”

“M3’s senior consultants adopt a personal approach that works”

“M3 Consultancy distinguishes itself at several levels,” says Floris. “First, we got to work with the same senior consultants throughout the project. There wasn’t a doubt in our minds that our assignment was taken seriously.”

On top of that, M3 Consultancy adopts a personal approach, which Floris believes is crucial for this type of collaboration. “As a private equity investment company, we have to ensure the portfolio company’s management team agrees with our investment plan. That’s a prerequisite for getting things in motion. Through its method, M3 Consultancy aptly got everyone on the same page.”

Would Floris recommend a collaboration with M3 Consultancy? “Definitely. If you need to map out a situation and set priorities in an entrepreneurial setting, they’re the go-to consulting firm!”

“M3 Consultancy is pragmatic and down to earth and prioritizes quality. You get to work with senior consultants who provide in-depth insights. Plus, collaborating with them is as pleasant as it is effective!”

Floris Waage

About Egeria

Egeria is a private equity investment company that takes majority stakes in private companies. As an active shareholder, Egeria supports management in establishing a value creation agenda and helps companies get from point A to B. Irrespective of the specific business case, the key enabler always has a winning team and the right organizational setup. Egeria familiarizes itself with the portfolio company and its processes, performs in-depth analyses of the market, and collaborates closely with the founder(s) and/or management. That way, it can provide substantial support and seize opportunities. At the same time, Egeria focuses on people: it usually knows a wider group of people within the portfolio company by name (15 rather than three) so it can adopt a realistic 360-degree view.


A one-size-fits-all approach doesn’t suit Egeria. The investment company picks the right consultants for each of its portfolio companies. When relying on external expertise, it considers several factors, including the portfolio company’s organizational structure and sector. In this case, a due diligence issue at a horticultural company spurred Egeria to look for a consulting firm that could provide quality and in-depth knowledge. A pragmatic approach was also essential.


The portfolio company in question operates in a niche market that hasn’t yet fully evolved. Data is fairly scarce, so a consulting firm should be willing and able to investigate the industry. Given the nature of the company, a pragmatic, hands-on attitude was crucial. M3 Consultancy quickly stood out. Initial conversations pointed to the firm’s ability to structure (perhaps partially unstructured) discussions, speak the same language as the portfolio company, and distil its top 5 priorities. The combination of skills, pragmatism, and connection settled the matter: Egeria hired M3 Consultancy to work on the project.

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Huub Vermeulen Former CEO

Thorough, accurate, structured, and honest: “We completed an entire transition based on M3 Consultancy's advice and organizational model”

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