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My guest today is Mac Lackey has a fascinating story and some original insights that I think you’re going to like and get a lot out of, especially if you’re building your company towards an exit - and let’s face it all, business owners are doing that in one form or another.

When his original ambition to become a professional football player hit a dead end, Mac started an internet business in the early days of this emerging technology, and that resulted in an eight-figure exit while he was still in his twenties.

He then went on to start, scale, and exit five more companies before deciding to spend the second half of his career helping other entrepreneurs maximise their businesses.

• During our conversation, Mac explained why you should sell your business for Strategic Value rather than a multiple of your revenue or profits and why Strategic Value can be far higher than traditional models.
• He outlines why the best buyers are unlikely to come from within your industry or sector and how to identify an ideal potential acquirer. He also shares the simple tool he recommends that you use for this - the Solid Gold Buyer Sheet.
• He explains the importance of crafting your Irresistible Exit Story and how it can make all the difference when you find an ideal buyer for your company. 

And don’t miss the part where he explains what he calls The 8 AM Test—it could make all the difference to your business, whether you sell or not.

This conversation offers so much value and insight. If you find it helpful, please return the favour by subscribing to the podcast and sharing it with anyone you think would benefit.

But now, ladies and gentlemen, I give you Mr Mac Lackey.

Links:

Exit DNA

Mac Lackey

Die With Zero: Getting All You Can from Your Money and Your Life

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You may be familiar with today’s guest, Richard Farleigh, a high-profile entrepreneur, former Dragon on the TV show Dragon’s Den, and member of the Sunday Times Rich List.

The successes are well documented - but Richard’s start in life couldn't have been much worse.

Born into a family of 11 children with an alcoholic father, they travelled around the Australian outback, living in poverty in 2 tents.

Eventually, Richard was taken into the care system at 2 years old, and his early years were quite brutal.

Separated from his siblings, treated poorly by foster parents, and placed in the remedial class at school, Richard eventually found salvation through his love of chess.

This led to him developing a skill for strategy and numbers, which allowed him to secure a place at university and then on to a job at the Central Bank.

He later moved into investment banking, where he excelled, and was headhunted to run a secretive hedge fund in Bermuda  -  before retiring at 34 and moving to Monaco.

What a journey!

But inevitably, retirement wasn't for him, and Richard found a new passion for business. He’s since invested in over 100 companies across a wide range of sectors and industries and remains very active in the entrepreneurial world.

• He shared his experiences on Dragon’s Den and what he thinks of one Dragon in particular - and it’s not flattering! 
• He talks about what it takes to succeed in business and, as an investor, the secret sauce  ingredient that he looks for in every company he invests in.
• He also discussed his two new books, which he just published, and why he thinks they could help business owners and aspiring entrepreneurs. I’ve included a link below to access them pre-launch.

This is an incredible story of resilience and personal growth that offers so many lessons for anyone facing challenges in their life.

Richard's story proves that success is always possible, even when the odds are stacked against you.

If you enjoy the conversation, please hit the subscribe button, give the show a 5-star review, and share it with anyone you think it can help.

Links:

https://www.farleigh.com/index.html

https://www.farleigh.com/books.html

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Paul is a serial entrepreneur who has started, scaled up and sold several businesses, invested in many others, and is now building yet another company. 

He also advises and mentors several other founders and business owners.

Through his personal and business experiences, he’s effectively created a success blueprint for any business owner to adopt and apply within their company.

During the conversation, Paul explains.

• How to build a systematic sales and marketing engine to drive growth
• The vital importance of joint ventures and partnerships and how to create successful ones
• How to build the best systems and processes and the accreditation that every business should have
• Why you should set your prices at 15% above the market 
• The one essential thing you must do if you’re going to create the most value from your business before selling

He also discusses the importance of physical and mental health to ensure that you’re in the best shape to deal with the inevitable challenges of being an entrepreneur.

He shares the precise details of his daily routine, which keeps him in prime shape for business.

The “business owner’s success blueprint” – all in one convenient podcast episode.

Links:

https://www.linkedin.com/in/paulluen?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=ios_app

https://www.amazon.co.uk/Eight-Figure-Entrepreneur-Balanced-Adventurous-ebook/dp/B08GSQG2VY?dplnkId=2946ba17-93ec-47a7-8cf2-c20ff87c8a81&nodl=1

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Welcome to a special episode of the Bulletproof Entrepreneur podcast.

One issue that has been dominating the conversations online and in person for business owners over the last few days has been the budget.

October 30th was a very significant day. It was the first labour budget for almost 15 years and the first by a female Chancellor.

After three months of speculation and predictions, we finally had the details—and there was a lot to unpack for all business owners.

For starters, there were the changes to national insurance contributions, the reduction in inheritance tax benefits, the increase in capital gains tax, and the reduction in what was known as entrepreneurs' relief.

So I was delighted to be able to persuade two leading tax experts onto the show to offer some insights and expertise.

Josie Day and Richard Jameson from leading tax advisers Saffery have been deep in the details of the budget over the last few days, and they've shared their take on what it means for business owners.

Before we hear from them, I want you to be the first to know about an exciting new project we’re launching in 2025.

The Bulletproof MBA is a course designed for business owners too busy to go on courses!

A 12-month programme of monthly 3-hour sessions with like-minded entrepreneurs who want to learn all about how to run a better, smarter business and ensure success in what will be a challenging next few years.

We’re hosting a free taster event in London on November 25th, and I’ll post details on LinkedIn. 

Hope to see you there.

But now, without further delay, I give you Josie Day and Richard Jameson, talking all things budget and tax.

Links:

https://www.saffery.com/our-people/richard-jameson/

https://www.saffery.com/our-people/josie-day/

https://www.linkedin.com/in/alancapital/ 

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We’re publishing this episode just before the Autumn 2024 Budget, when Rachel Reeves will share her vision of how she plans to improve the country’s economy.

I really hope she understands how valuable the start-up and entrepreneurial economy is in the UK and that she’ll encourage it and ensure its continued success.

Today’s guest is a fantastic example of that British entrepreneurial spirit.

Magnus Willis hatched a plan with his co-founder during a long walk after they’d watched a cricket match at The Oval!

They decided to leave their highly-paid jobs in advertising to take a huge risk and launch a new business.

Through sheer hard work and perseverance, their company grew from two guys in a small room with laptops to become a significant business, employing 80 people, before being sold to a large UK company.

It’s a fabulous story with so many insights and lessons that Magnus shares.

Learn from the best

He explained how he was able to learn so much by being around talented and experienced people in the companies he worked for after he left university.

It’s important to get into the best companies in your chosen field and learn from those people as you build your own knowledge and experience.

Be a specialist, not a generalist

A theme that comes up regularly in my conversations is starting as a generalist and then pivoting to become a specialist. This creates significant value in your business and minimises your competition.

Magnus’s company, Sparkler, began as something of a generalist but then, over time, decided that they wanted to become the leaders in a specific niche market. This became a huge part of their success.

Be future-focused

Magnus discussed the importance of looking up from your day-to-day work, seeing where the world is going, and then aligning yourself with future growth opportunities.

In his case, when traditional magazines went online, and mobile was growing fast, this meant looking at the approaching ‘wave of opportunity’ and getting ready to surf it.

Life after exit

Towards the end of our conversation, he also reflects on his life now as a successfully exited entrepreneur and how he designed his ideal life, now that he’s no longer busy running a company.

His thoughts are deeply insightful.

Ladies and gentlemen, I give you Mr Magnus Willis.

Links

https://www.linkedin.com/in/magnuswillis/?originalSubdomain=uk  

Business & IP Centre (BIPC): Business Advice & Resources - The British Library 

Pivot Podcast Series

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This show is all about reverse engineering the successful scale, sale, and exit of your business and enjoying life on the other side.

And for every successful business owner, smart tax planning is crucial to business growth and future sale.

Whether it's corporation tax, PAYE, income tax, dividends, or VAT, , they all play a part and impact decisions you make.

When the time comes to sell your business, planning effectively and well ahead of time can have a huge impact on you and your family.

Our new government’s first budget or autumn statement is coming up in a few weeks, on October 30th, and all business owners will be paying close attention to what Rachel Reeves, our Chancellor, says that day.

So, in a special pre-budget episode of Bulletproof Entrepreneur, I am delighted to introduce you to Nimesh Shah, the CEO of Blick Rothenberg, a leading firm of chartered accountants and tax advisers with a special focus on providing advice to entrepreneurs.

• During our conversation, you’ll learn what Nimesh believes could happen to capital gains tax, inheritance tax, and pension rules, all of which will impact business owners.

• He shares his advice on how entrepreneurs should plan ahead of the budget, including an idea that could lock in today’s possibly lower rate of CGT even if you don’t compete on your business sale for a year or so—although there are some risks, as he explains with an interesting client story!

• Aside from the budget, we also discuss broader tax planning issues for business owners and how to optimise your situation two to three years before you plan to sell your company.

• We also discuss an issue many business owners are considering—relocating overseas to a tax-favoured country. His advice is very thoughtful.

This is truly a business owner’s tax planning masterclass from one of the country's leading authorities on the subject.

Please listen, learn, and get in touch with Nimesh or myself if you want to learn more.

Links:

https://www.blickrothenberg.com/about-us/partners/nimesh-shah/

https://www.linkedin.com/in/nimesh-shah-22b2b037/

This podcast is produced by GR Media
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Our guest today is Helen Pattinson, a former lawyer who left behind a promising career to embark on a bold and, at times, uncertain new path—one that would ultimately lead to a  flourishing business, Montezuma Chocolate.

But this story is far from straightforward. Helen doesn’t just share the wins—she takes us through the moments of doubt, the near-disasters, and the pivotal choices that could have ended it all before the business even started. 

• What would you do if your main supplier suddenly disappeared just weeks before launch?
• Or if your company was on the brink of collapse during one of the worst financial crises in recent history? Helen faced all of this and more.

In this episode, you’ll hear how a spontaneous adventure through South America sparked an obsession, and how that simple passion turned into something much bigger.

You’ll also discover how Helen and her husband Simon built their business from scratch—literally—and the unexpected hurdles they had to clear to keep their dream alive. 

Towards the end, Helen shares her experience of the post-sale period, including her loss of identity and her need to find a new purpose.

Ladies and gentlemen, I give you the Chocolate Entrepreneur -  Helen Pattinson.

Links:

Helen Pattinson - Montezuma's Chocolates | LinkedIn

Montezuma's Chocolate

Alan Smith - Capital Asset Management | LinkedIn

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Hello, and welcome back to the latest episode of the Bulletproof Entrepreneur podcast. I’m your host, Alan Smith. In this episode, I speak with someone I’ve known for many years, and as you’re about to discover, he’s a force of nature!

His name is Jason Butler, and although I’ve known him for a long time, I had no idea just how challenging his upbringing was.  

People talk about a tough childhood and not having the same chances as other people from more privileged backgrounds, and Jason grew up in a house in south London with an outside toilet and a tin bath—almost Dickensian, as he says himself.

He had a challenging childhood, living hand to mouth, trying to hide from debt collectors and avoid being beaten up at the tough school he went to.

Yet he went on to build a leading financial services business, which he sold, bought back, and sold again.

• During the conversation, you’ll learn how his early years taught him to be resilient when your back’s against the wall—metaphorically and literally—and this proved useful in his later years in business.
• He shares the importance of creating a culture of continuous improvement and thinking about everything through the lens of your customers’ experiences. 
• He also explains the value of having a deep sense of purpose after a business sale, the importance of giving back when one no longer has financial worries, and how he took 18 months off after he sold his business to think and design the exact sort of life he wanted to live in the future.

He also shares an incredible David and Goliath story about the time he took on the taxman over something he felt was unfair and won.

These are a fraction of the valuable insights that Jason shares. It’s a long episode because there was no way I was going to cut him short as he shared these nuggets of wisdom!

Ladies and gentlemen, I give you Mr Jason Butler

Links:

https://www.jason-butler.com/

https://www.linkedin.com/in/jasonfbutler/ 

Happy: Why More or Less Everything is Absolutely Fine: Amazon.co.uk: Brown, Derren: 9780593076194: Books

The Antidote: From the Sunday Times bestselling author of Four Thousand Weeks eBook : Burkeman, Oliver

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My guest, Elizabeth Hopkins, candidly shares her inspiring journey through the ups and downs of life as a founder entrepreneur who has experienced everything that life has to offer, including scaling a business to a multi-million-pound exit, but then having to deal with the worst kind of tragedy immediately after.

As Liz mentions, she’s recently become a client of our financial planning business, and in the time I’ve known her, I’ve been blown away by her positivity, resilience, and sense of fun.

She encapsulates what it takes to be an entrepreneur, and frankly, that's why I started this podcast—to enjoy inspiring conversations with business owners and then share them with the world!

• You’ll learn about the vital importance of focussing on a niche market, which you can dominate when others fight it out as generalists.
• Liz shares something really interesting that no one has ever talked about in the past—her decision to run a lifestyle business for many years and enjoy lots of time with her family as they were growing up and then very intentionally pivot to a growth business and target a multi-million-pound exit. She believed you could have the best of both worlds - and did!
• She then candidly explains the tragic circumstances when, a week after the business was sold, her husband and business partner had a brain tumour and died. Her story of survival and resilience is nothing short of remarkable and a true inspiration to all of us.

This is an incredible conversation and I hope it encourages you and inspires you.

Ladies and gentlemen, I give you Elizabeth Hopkins.

Links

https://www.linkedin.com/in/elizabethspencerphillips/ 

https://www.juliasamuel.co.uk/

https://apps.apple.com/gb/app/grief-works-self-care-love/id1558867513

This podcast is produced by GR Media
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Our guest, John Rood, hails from Chicago, USA. John and his wife built an education business which they later sold to a private equity firm for a life-changing sum of money.

And to some degree, that’s where his problems started...

‘Life after exit’ was far from plain sailing for John, despite the fact that he was now financially secure. He went through a number of changes and realised that he was not prepared for the life transition and new set of challenges he faced as a wealthy ex-business owner.

He recognised that there was no blueprint or How-To guide for business owners who sold up and needed to navigate the next chapters of their lives - and so he wrote one!

John’s book Beyond the Exit charts his own journey but also provides valuable insights from his conversations with over 70 other exited entrepreneurs who’ve been on similar journeys and which we discuss during the conversation.

We also discuss:

• The 3 Things You Must Do Before You Sell Your Business and how to prepare yourself for life after exit - and what he’d do differently if he were ever to sell a business again..
• The 5 most popular activities for entrepreneurs after they sell - and why you should avoid most of them!
• We explore the concept of how much money is enough, a truly fascinating subject that has more to do with psychology than maths.

And John shares a great story about how he lost out to Sam Altman, the founder of Open AI when he was planning to invest some of his new-found wealth in a  tech startup!

So much wisdom shared -  and so now, ladies and gentlemen, I give you Mr John Rood.

Links:

Beyond the Exit

What Happens When You Get What You Want?: Success and the Challenge of Choice

Finish Big: How Great Entrepreneurs Exit Their Companies on Top: Amazon.co.uk

This podcast is produced by GR Media
Sponsored by Capital Asset Management