Most deals don't fail on numbers — but that's where everyone looks.
I make human capital risk visible before it shows up in the numbers.

Working with investors, founders and M&A advisors in mid-market transactions.

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The Gap Between Close and Value

Most deals are financially sound. Value is lost after closing.

Not because of the numbers — but because leadership, governance and execution do not hold.

The financial model defines potential value. The organisation determines whether that value is realised.

These are not soft variables. They directly impact valuation, deal structure, execution speed, and exit multiple. And they are rarely fully visible in standard due diligence.

Why Value Erodes

Value erosion post-acquisition follows predictable patterns. Not abstract 'people issues' — but measurable drivers of financial underperformance.

Leadership Misalignment

Misfit between leadership and investor expectations → execution slowdown, strategic drift, replacement cost

Weak Governance

Lack of clear decision rights and accountability → delays, internal friction, loss of control

Execution Gaps

Insufficient capability to deliver on the investment thesis → missed targets, underperformance vs plan

Founder Dependency

Over-reliance on key individuals → transferability risk, pricing pressure, deal constraints

Retention Risk

Loss of key management post-close → earn-out failure, instability in first 12–24 months

Cultural Friction

Misalignment between teams post-acquisition → integration delay, reduced performance

The Financial Impact

These factors translate directly into deal outcomes. What is not visible pre-deal, becomes an operational issue post-deal.

1
Price Renegotiation

Human capital risks surface mid-process, affecting deal pricing

2
Stricter Deal Structures

Earn-outs and conditions introduced to manage identified risks

3
Delayed Integration

Leadership and governance gaps slow post-close execution

4
Underperformance vs Plan

Organisations unable to deliver on the investment case

5
Lower Exit Multiple

Value erosion reduces returns at exit

6
Extended Holding Periods

Operational issues delay the path to exit

Where I Operate

Four areas of engagement.

1
Human Capital Risk Diagnostic

Assessment alongside financial and legal due diligence. Identifying leadership, governance and execution risks before they affect value.

2
Head of Staff / Founder Support

Temporary strategic support alongside founders, investors or leadership teams during periods of growth, transition or increased complexity.

Focused on:

  • alignment
  • decision support
  • execution
  • leadership coordination
  • organisational oversight
3
Executive Search

Selective involvement in value-critical roles only. Where leadership directly impacts performance and outcomes.

4
Strategic Advisory

Short-term strategic involvement in situations where leadership, execution or organisational alignment impacts growth, performance or value creation.

The Role

The mandate is simple:

Ensure that the investment thesis is executable.

This requires visibility into leadership, governance, decision-making and execution capacity — across both deal phase and ownership phase.

Visibility into
  • Leadership capability
  • Governance structure
  • Decision-making dynamics
  • Execution capacity

Across both deal phase and ownership phase.

How This Fits in a Deal

This work sits alongside financial and legal due diligence. It answers a different question: Can this team actually deliver the investment case?

01
Due Diligence Phase

Human capital assessment runs in parallel with financial and legal review. Identifying leadership, governance and execution risks before close.

02
Deal Structuring

Findings are structured for investment committees and board-level decisions. Not descriptive — but actionable.

03
Post-Close & Ownership

Ongoing operating partner role. Ensuring execution capability throughout the holding period.

When to Involve

Pre-Acquisition — Identify risks before they are priced into the deal

Post-Deal Integration — Stabilise leadership, governance and execution early

Portfolio Underperformance — Diagnose root causes beyond financial reporting

Leadership Transitions — Manage CEO or founder changes without disruption

Execution Slowdown — When performance stalls without clear explanation

Background

Hélène Tiggelhoven works at the intersection of investors, leadership and performance. Her work is focused on situations where leadership and organisation are the determining factors in deal outcome.

Experience spans acquisitions, post-deal environments, executive search and strategic advisory — across private equity firms, family offices and portfolio companies in the mid-market.

She brings a structured, evidence-based approach to questions that are often treated as soft: leadership capability, governance quality, organisational readiness and execution risk. These are treated with the same rigour applied to financial and legal workstreams.


Private Equity

Working with PE firms on Human Capital Due Diligence and portfolio company oversight.

Family Offices

Supporting direct investment mandates where governance and leadership require independent review.

Portfolio Companies

Operating Partner engagement at board and senior leadership level.

Most deals do not fail on the spreadsheet.

They fail in execution.

The difference between a deal that delivers and one that underperforms is rarely found in the financial model. It is found in the organisation — in whether the leadership, governance and execution capacity required by the investment thesis actually exists.

That is the question this work is designed to answer. Before close. During integration. Across the holding period.

Hélène Tiggelhoven

Operating Partner

Human Capital Due Diligence
Head of Staff
Executive Search — Value-Critical Roles

Available to private equity firms, family offices and portfolio companies in the mid-market.