How to project manage, when you don’t project manage
Back in February after the sale of amaysim Mobile to Optus, the listed “shell” entity, amaysim Australia Limited, needed to distribute its excess capital and wind up operations in an orderly manner. This was a solvent members voluntary liquidation. There were 13 people in Sydney that remained with the listed entity to take on this task and we were doing something that few people have ever done in their working career – shut down and wind up a listed cash box.
From my experience as a legal secretary and a very hands-on executive assistant, I have supported multiple M&A integration, separation and due diligence workstreams. However, I had not led a project as complex, as time sensitive or as nuanced as a wind up and I found myself managing this project over the course of 5 months.
Having worked across all parts of the business at one point or another, no one was more familiar with our operations, suppliers, contracts, systems and processes than I was. While it was daunting at first, it was at its core no different to other projects. All I had to do was break it down into bite sized pieces, prioritise, action and delegate where necessary.
The project was made all the more manageable with the support of a great executive team and colleagues that were always there to answer questions and whom were all aligned to the same goal.
Having not come from a traditional project management background, I was not armed with a background in leading and running significant projects. I had to rely on a varied collection of past experiences and some educated guesses. Here are the hot tips that I would give to anyone embarking on a similar project:
It’s all about the detail – lists, lists and more lists! It all starts with collating information – every contract that needed to be cancelled (including reading all contracts for termination clauses), every expense on a credit card that needed to have a subscription cancelled, every computer, every IT system and then ensuring data backups were completed and available for the liquidator at the point in time we handed over the “keys”. The lists kept growing but nailing these details from the beginning was important. It allowed the business to review what wasn’t needed early and issue terminations with plenty of time to spare. This was a long, laborious and at times tedious task, but being on top of this list from the start meant that the business didn’t end up overpaying for goods and services for longer than required.
Communication is key – keep everyone in the loop with upcoming timelines, include plenty of consultation time because some parts will be fluid and keep reminding everyone of relevant dates. For example, the shutdown of finance systems needed to be more fluid as they needed to close end of year accounts before losing access to crucial systems. And sorry to everyone that sat in my regular zoom meetings where I reminded them every week for months to save all their personal files before their computers were wiped!
Use your network – the wind up involved shutting down every single technology system. While I consider myself tech savvy, I found myself in a world of AWS accounts with S3 buckets and EC2 snapshots, code in GitHub and DNS records in NetRegistry. Thanks to all my old technology colleagues for taking my calls and answering my (what were likely very basic) questions. I now know far more about these aspects and much much more. Did you know S3 bucket stands for Simple Storage Service!? – OK, if you work in tech, yes you probably do!
Become an (almost) expert in everything - it’s important to have a full understanding of the project you are running even if it’s not in your immediate skillset or ‘remit’. In my example of the technology systems, I was able to get support from those more knowledgeable in the area and by the end of the process I was able to understand the inner workings of our AWS account, deactivate users from various systems and even update DNS records myself. However, it’s one thing to get support but it’s another to ultimately have to pull the trigger and make the shutdown call. You can only make the call if you truly understand the detail and consequences. Of course, I am still waiting on my job offer as Head of IT… What’s important to remember is that there are always people willing to help and it’s okay to take the time to get across the detail.
Allow buffers for everything, do test runs and if an issue arises, focus on the fix – things don’t always go to plan so always allow a buffer on your timelines. With the latest lockdown in Sydney starting around 26 June and our wind-up planned for 30 June, it meant that we had to pivot our physical plan for computer wipes to a remote wipe protocol. Luckily, we had tested the remote process weeks prior, so we knew what we were up for, but even then, it still didn’t all go to plan. A few failed computer wipes and inability to find express couriers due to lockdown and locations of staff caused a problem. But with no panic, quick thinking and some agile third-party IT support, we were able to get it done. Try not to dwell on the issue but focus straight away on how to fix it and make it happen.
This was easily the largest project that I’ve managed in my career and while it was incredibly sad to say goodbye to a company and culture that I loved, I am grateful for the unique experience that I gained. After amaysim winding up, some of my colleagues and I have now gone on to launch our very own business - Tiger & Bear Partners.