Thought Leader Interview: Cheryl Fields
On building people-first companies, surviving crises, and knowing when to let go
In our latest Thought Leader Interview, we feature Cheryl Fields, a founder and consultant who has spent nearly two decades building workplaces where “both people and business thrive.” Unlike many startup founders chasing the next round of funding, Cheryl bootstrapped her consulting firm, grew it to 100 employees and $20M in revenue, and ultimately led it through a successful acquisition by BDO. Her journey is one of resilience, purpose, and some brutally honest lessons about leadership in challenging times.
From PhD Dropout to Founder
You didn’t follow the typical startup path. How did you end up leading your own consulting firm?
I like to say I got my MBA by accident. I left a PhD program and landed in Silicon Valley working for the American Electronics Association. It was like a crash course in business every day. I was interacting with executives, learning what kept them up at night.
From there, I built a consulting practice within the association, eventually spun out to start my own firm, and learned I loved the combination of working on big, transformational issues and building a team. For me, solo consulting was the appetizer. I wanted the meal, which was creating an organization where people could grow and do meaningful work together.
You scaled to 100 employees and nearly $20M in revenue. Then, things changed. What happened?
We were growing 30–40% year-over-year heading into 2020. Then COVID hit, and while we recovered in 2021 and 2022, the bottom fell out late in 2022. Consulting spend froze almost overnight.
It was one of the most painful moments of my career. I felt like I had 100 house payments,” just a deep sense of responsibility for my employees and their families. We had to reduce headcount by half. We did it as compassionately as possible, with generous severance, but it was heartbreaking.
That experience forced me to face a truth: my team was phenomenal at consulting but not prepared to shoulder the financial risk of full employee ownership through an ESOP. My husband and I were carrying all of it. That’s when I started to seriously consider selling.
Exiting: Leadership Lessons from the Journey
Many founders struggle with the decision to sell. How did you know BDO was the right fit?
I had five criteria:
A great future for my people
Continuity for our clients
Alignment with our purpose and culture
A place where our legacy could thrive
A life-giving decision for my family
I talked to roughly 20–25 potential buyers, narrowed it to four strong candidates, and ultimately chose BDO. They offered the best combination of opportunity and cultural alignment. All 49 of my employees accepted roles there, which was one of the most gratifying outcomes of my career.
Looking back, what went right and what would you do differently?
What went right:
Building a deep trust, high-expectations culture
Doing work I loved with people I loved
Staying people-first, even as we scaled
What I’d do differently:
Be more disciplined in hiring during rapid growth; growth can mask talent gaps
Act faster when business development and marketing weren’t delivering
Recognize earlier that even the most mission-driven teams can struggle with societal pressures and internal trust
The last one was a hard, humbling lesson. Leading through the cultural and DEI tensions of 2020–2021 tested me in ways I didn’t expect. It reminded me that even purpose-driven companies aren’t immune to the same fractures we see in society.
What’s it like transitioning from founder-CEO to a leader inside a much larger company?
It’s actually been good. I still run a P&L and have a lot of autonomy, but I also get to learn how to operate inside a much bigger machine. I went into the acquisition with total clarity—no lingering “what ifs”—and that has made all the difference.
Advice for Early-Stage Founders
If you could give one piece of advice to someone starting their own service or consulting business, what would it be?
Remember: this isn’t a dress rehearsal. If you feel called to build something, honor that calling.
Expect setbacks. Expect to work harder than you ever thought possible. But also expect some of the most satisfying moments of your life, seeing people grow, thrive, and build careers because of something you created. For me, outside of family, it’s the most meaningful thing I’ve ever done.
Cheryl’s story is a reminder that building a business is as much about people as it is about profits. You can find her on LinkedIn.