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Roy Lockhart, Managing Director at Stax, has recently been honored by Consulting Magazine as one of the 2024 Top Consultants for Excellence in Client Service. With over 13 years of experience at Stax, Roy has demonstrated remarkable dedication and skill in providing strategic advice to clients within the private equity investment ecosystem. His specialization in sell-side engagements, exit planning, and growth strategy initiatives, particularly in the software and technology sector, showcases his deep expertise and value to the firm.
Along with his nomination, Roy was asked several questions by Consulting Magazine—these are his responses:
1. What has motivated you to excel over the course of your career?
I’m fortunate to have a variety of factors that inspire me to further my career development. First, it’s important to me to highlight the support I’ve been provided throughout my career. Multiple individuals at Stax and beyond have provided me with opportunities and validating their support has been and remains a motivator for me.
The nature of our work and clients are significant drivers. The closeness of our client relationships, and the ability to see direct impact from our work on their decisions, is extremely engaging and pushes me (and our team) to continually elevate our game— as we understand our clients are counting on us to do so. Finally, the steady evolution and expansion of Stax’s offering, capabilities, and client base have served as a driving force for me. Throughout my tenure at Stax, we’ve broadened the breadth and complexity of our engagements and client relationships, which has provided an ever-elevating development ceiling to strive for.
2. What has been the biggest factor in your success so far?
The on-the-job experience, mentorship, and client exposure that Stax has provided over the years have been the primary drivers of my success so far. The most effective method of learning involves hands-on experience, engaging with clients, understanding their needs, and addressing challenges as they arise. In this profession, client empathy stands out as the most invaluable asset, and it is cultivated through direct engagement with clients and collaborating closely with seasoned leaders who have refined this skill over years of experience.
Stax has afforded me both opportunities, at scale, throughout my time here. Stax also has leaders who seek to empower the junior team below them, as opposed to delegating to them. Throughout my time at Stax, this has meant being challenged to solve difficult problems and understand why clients may be asking certain questions, as opposed to simply executing tasks and answering surface-level questions. I attribute much of my development to the nature of our approach to engagements, which has facilitated development as opposed to being hierarchical and execution-oriented. I also owe a great deal to the strength of the junior team at Stax. We have a wealth of incredibly capable and talented individuals comprising our teams, who have enabled me to take on more responsibility as I’ve progressed through roles.
3. What do you enjoy most about your career in the consulting industry?
The constantly evolving challenges that the work itself presents. Every project brings its own unique challenges and dynamics, and the challenge of understanding the situations, stakeholders, external elements, and how to bring all of those factors together makes every project engaging. I especially enjoy the sell-side and exit planning work that I’m focusing on. The collaboration between advisors, management teams, and sponsors isn’t always easy or straightforward, but working together to align on how to best position assets for potential buyers can be incredibly gratifying.
4. What is your proudest achievement to date?
My proudest achievement so far is not a single event or accomplishment, but rather the collective progression of Stax as a whole. Being part of a team that’s grown as much as we have, both in terms of sheer size as well as in breadth, depth, and complexity of work, is very rewarding. It’s fun to think back to when I first started in our Boston office when there were about 15 of us, and to see now just how far we’ve come individually and collectively. Keeping in mind what’s enabled that growth and expansion is important, because keeping that growth-oriented mindset is what’s going to enable our next wave of growth.
5. What's the best advice you've ever been given?
Investing in team development is the best thing one can do for their career. As I was developing, one of our MDs explained to me that the best way for me to elevate my contributions within our projects was to focus on supporting the development of my teammates around me. As all of our capabilities grew, we’d provide one another with more stretch opportunities.
6. What does this recognition mean to you?
I view this recognition as a validation of what we’ve been building at Stax over the years. If someone like me can be recognized for something like this, it’s proof that the approach we’re taking at Stax is resonating across the market and with our clients. I am proud to represent Stax through this recognition, but I sincerely view this as a firm award as opposed to an individual accolade.
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