M&A Zing (S2EP17) - People, Culture, AI: Toby Henry’s ETA Blueprint for Sustainable Change
Season 2, Episode 17, Oct 29, 06:00 PM
Share
Subscribe
Ex-consultant and fintech exec Toby Henry shares how he self-funded an ETA, acquired Accelerator Solutions (a 25-year people and culture firm), and stepped into the CEO role. We dig into deal structure with founders staying on, funding realities for services, what “culture as advantage” looks like, and where AI actually helps SMEs without wrecking teams. Practical, people-first, zero hype.
In this week's M&A Zing interview, Gareth talks with Toby Henry - former consultant and fintech exec turned acquisition entrepreneur - about buying and running Accelerator Solutions, a 25-year-old learning, research and people-based consulting firm.
We cover:
̇Why he chose self-funded ETA over a traditional search
Structuring a partnership-style deal where founders stay on
Leading a people and culture business as a first-time CEO
Where AI genuinely helps SMEs without breaking culture
Creative funding, lender realities for services, and building an M&A roadmap
Whether you’re planning your first ETA deal or wrestling with post-close culture, this one’s stacked with practical detail.
⏱️ Timestamps
[00:13] Cold open and show intro
[01:36] Guest setup: Toby Henry, Accelerator Solutions
[01:55] Whistle-stop career tour request
[03:40] Consulting years, Alpha FMC culture
[04:29] Fintech leap: Tenx and building Chase UK
[05:26] Disillusionment and discovering ETA
[06:35] Why buy vs build: authentic entrepreneurial pull
[07:51] Stanford/HBR rabbit hole
[09:32] Traditional search tradeoffs vs control
[11:00] Choosing self-funded: scope, savings, debt
[13:26] What builds high-performing orgs
[15:24] Scaling 60 → 600 and culture on purpose
[16:38] First-year CEO lessons: delegation, trust
[18:28] Buying a people business… then proving you 'get' people
[19:22] Day-one transition: vulnerability and continuity
[21:35] Values/brand refresh that stuck
[23:28] Working groups to fix pain points
[24:25] Deal sourcing: why brokered, why services
[26:21] Why Accelerator fit
[28:02] Deal structure: sellers stay in
[29:35] Sellers’ motivations and roles
[31:15] Timeline & funding realities for services
[33:19] Creative financing via asset-backed facility
[35:25] Skin in the game, sustainable growth
[36:23] Deal team shout-outs
[36:57] Biggest challenge: soft market, real L&D
[38:55] Managing humans: messy, rewarding
[39:40] Next 12–18 months: 3-part plan
[40:21] AI offering for SMEs and post-search
[41:22] Next acquisition thesis
[42:14] Mentors that mentor
[45:03] Peer group that actually helps
[45:23] Work–life blend with young kids
[48:06] Advice for ETA jumpers
[49:59] Momentum hack: mum’s laptop, no excuses
[50:16] How to reach Toby
[50:34] Closing: people and culture drive performance
[51:15] Post-show logistics and sign-off
Guest:
Toby Henry, CEO at Accelerator Solutions; Founder, Full Circle Capital
LinkedIn: search “Toby Henry Accelerator Solutions”
Site: www.acceleratorsolutions.com
Hosts:
Gareth Hawkins, Co-founder & CEO, BizCrunch
www.bizcrunch.co
We cover:
̇Why he chose self-funded ETA over a traditional search
Structuring a partnership-style deal where founders stay on
Leading a people and culture business as a first-time CEO
Where AI genuinely helps SMEs without breaking culture
Creative funding, lender realities for services, and building an M&A roadmap
Whether you’re planning your first ETA deal or wrestling with post-close culture, this one’s stacked with practical detail.
⏱️ Timestamps
[00:13] Cold open and show intro
[01:36] Guest setup: Toby Henry, Accelerator Solutions
[01:55] Whistle-stop career tour request
[03:40] Consulting years, Alpha FMC culture
[04:29] Fintech leap: Tenx and building Chase UK
[05:26] Disillusionment and discovering ETA
[06:35] Why buy vs build: authentic entrepreneurial pull
[07:51] Stanford/HBR rabbit hole
[09:32] Traditional search tradeoffs vs control
[11:00] Choosing self-funded: scope, savings, debt
[13:26] What builds high-performing orgs
[15:24] Scaling 60 → 600 and culture on purpose
[16:38] First-year CEO lessons: delegation, trust
[18:28] Buying a people business… then proving you 'get' people
[19:22] Day-one transition: vulnerability and continuity
[21:35] Values/brand refresh that stuck
[23:28] Working groups to fix pain points
[24:25] Deal sourcing: why brokered, why services
[26:21] Why Accelerator fit
[28:02] Deal structure: sellers stay in
[29:35] Sellers’ motivations and roles
[31:15] Timeline & funding realities for services
[33:19] Creative financing via asset-backed facility
[35:25] Skin in the game, sustainable growth
[36:23] Deal team shout-outs
[36:57] Biggest challenge: soft market, real L&D
[38:55] Managing humans: messy, rewarding
[39:40] Next 12–18 months: 3-part plan
[40:21] AI offering for SMEs and post-search
[41:22] Next acquisition thesis
[42:14] Mentors that mentor
[45:03] Peer group that actually helps
[45:23] Work–life blend with young kids
[48:06] Advice for ETA jumpers
[49:59] Momentum hack: mum’s laptop, no excuses
[50:16] How to reach Toby
[50:34] Closing: people and culture drive performance
[51:15] Post-show logistics and sign-off
Guest:
Toby Henry, CEO at Accelerator Solutions; Founder, Full Circle Capital
LinkedIn: search “Toby Henry Accelerator Solutions”
Site: www.acceleratorsolutions.com
Hosts:
Gareth Hawkins, Co-founder & CEO, BizCrunch
www.bizcrunch.co