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This is a special episode as it’s the last episode of Season 1 and so we’ve put together a compilation of the greatest hits covering some of the key ideas, insights, and themes that have emerged from the 15 conversations I’ve had so far.

In this episode, you’ll find the best comments, quotes and thoughts from the world-class entrepreneurs and experts I’ve spoken with over the last 6 months.

The subtitle of the podcast is "Inspired Conversations" and obviously, I'm biased, but as I’ve reflected on the series of interviews, I do think we’ve delivered on that claim.

I’ve spoken with successful founders, some of who’ve had one sale and exit. And others who’ve had multiple exits.

My conversations have taken me across the UK, Ireland and the United States.

I’ve spoken with men, I've spoken with women.

I've spoken with entrepreneurs who started their businesses when they were in their teens and those who launched their first company in their 50s.

Across the episodes, there is a combined exit sale value well in excess of £1 billion.

I’ve also spoken with some of the top experts who provide advice to the founders - a leader in M&A and corporate finance, a specialist accountant and a veteran wealth manager who’s been advising business owners for over three decades.

So what we have here is an Entrepreneur’s Exit Planning Playbook - 15 hours of detailed conversations revealing the lessons learned and the words of wisdom of those who have walked the walk and, during our discussions, have certainly talked the talk.

You’ll learn about:

• Do you build a company with a sale and exit in mind from day one  - or do you just build a company and see what happens?
• The importance of ensuring you’re on the same page as your co-founders.
• Don’t waste time on unimportant things.
• The vital importance of knowing your Magic Number.
• Entrepreneurship is not for the faint-hearted - be prepared for sacrifice and hard work.
• Do your homework on your acquirer.
• Hire a professional who can help you secure the best deal.
• Network like crazy.
• Life after your business sale/exit.

Thank you for all your support - please subscribe and leave a 5-star review.

See you for Season 2 

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Let me start by sharing a statistic that’s quite shocking- less than 2% of Venture Capital funding goes to all female founder teams. So those female founders who’ve managed to get started, and raise some capital are rare in the extreme.

Those who’ve done it multiple times and had successful exits are even rarer - so Louise really is something special. 

A born entrepreneur who started working in her father’s store as a schoolgirl and then after college started her own business using a car loan - shhh don’t tell the bank that she started a company instead of buying a car!

She went to grow her first start-up and successfully sold it several years later - and then did it all over again in a different company, funded with bank loans and through private investors.

That second business was scaled successfully and sold earlier this year - and guess what? 

She’s going again with a new start-up which looks like it could be the most successful of all her companies.

She did all this whilst raising a family and even doing a master’s degree in her spare time - 

Superwoman has nothing on Louise!

The three lessons I learned from our conversation are:

• Always be networking - Louise puts a lot of her success down to good old-fashioned face-to-face networking. Getting out to meetings, conferences, and coffee catch ups. Asking questions and sharing ideas.
• Build a 10-slide pitch deck - this is your calling card and you share it with anyone who may be interested. It’s a snapshot of the business and your credentials and summarises why your business is the best at what it does and why people would want to invest or become a client.
• The power of PR - Louise managed to get a slot on radio explaining what her company does and she won several huge client contracts as a direct result. She is a huge fan of sharing your message, using TV, radio and social media to let people know who you are and what you do.

I’m so pleased to have Louise on the show, and I hope she’ll inspire other entrepreneurs, especially female founders to build their businesses and make an impact in the world as Louise has surely done.

Ladies and gentlemen, I give you Louise Grubb

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I attended a conference run by a friend of mine Andy Hart called Humans Under Management - it focuses on the behavioural side of wealth and is one of the best financial or business conferences out there. 

I did a little fireside chat thing on stage but while I was at the event, I had quite a few people who came up to me and told me that they enjoyed the podcast and I even had one guy explain that it had helped him with a client who was currently going through a £10m exit.

We all enjoy getting feedback, especially when it's positive because it confirms that we’re creating value and are on the right track.

On that theme, if you’re a regular listener and you haven’t done so, I would appreciate a quick 5-star review on the Apple podcast platform if you get a chance - it makes a big difference.

Now - So, we’ve arrived at Episode 14, and I’m really pleased with how this conversation turned out, mainly because of what’s going on in the world right now.

All the signs are that we’re about to enter a recession, interest rates are going up, inflation is through the roof, and companies are laying off staff. It’s a tough time for any entrepreneur.

And yet the list of companies that were started in a recession is astounding.

Apple, Disney, Microsoft, IBM and many more - all began life in the depths of a recession. 

Richard Branson has often said that it’s a great time to start a business and if you can survive when things are tough you have a far better chance of long-term success.

My guest today would agree with that.

Dickie Burrows did not thrive at school and has never forgotten the words of his Deputy Headmaster who said ‘I think you’re wasting your time here; you’re certainly wasting ours” and asked him to leave.

And so began Dickie’s career in the foreign exchange desks of some of the world’s leading banks - based in the City of London.

All was going well for many years until his employer, as they often did - decided that Dickie was getting a little too long in the tooth and showed him through to the departure lounge - his words, not mine.

At the time, Dickie was married with 3 kids and so describes himself as a ‘needs must entrepreneur’ - if no one was going to give him a job he would have to give himself one and so started City Forex.

During our conversation, Dickie explains:

• The vital importance of being on the same page as your co-founders in terms of the type of business you’re trying to build - he didn’t do that, and it caused some serious issues.
• He shares how impactful it was to be intentional about building a strong business network - potential clients, customers, staff and ultimately, potential buyers 
• And he discusses how one particular recruit, an accountant with M&A experience made all the difference when the time came to begin the sales process.

Dickie had 3 serious attempts at selling his business - one of which was blown up by a surprising little event that happened on 23rd June 2016 - called BREXIT.

So, his experiences are reflective of current times - there will be challenges, there will be surprises but with focus and determination you can build a company and you can sell it to the right buyer for the right price at the right time.

There are so many lessons here for business owners during challenging times

Ladies and gentlemen, I give you Mr Dickie Burrows.

Links

Dickie Burrows - Advisor - Compliance and Risk - Equals Group plc | LinkedIn

FairFX

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This time I’m trying something different.

First, I’m speaking with two co-founders, Damian Milkins and Simon Hancock who built a hugely successful tech business called Control Circle and led it to a $65m exit.

I let this one run longer than the usual 60 minutes because the guys were in full flow and there was no way I was going to cut this short -  there were just too many interesting stories and valuable words of wisdom.

What you’ll hear is Damian and Simon explaining the vital importance of working with a co-founder who has different, but complementary strengths and how that was the secret sauce that drove much of their success.

They also discuss how they incentivised their entire team through share options and the life-changing impact that had on many of their colleagues, from the most junior all the way up to the C Suite.

And towards the end, Damian shares a passionate message about all the things that founders focus on when they start up a business and why it’s a complete waste of time.

He also explains what you should focus on!

This episode is simply a goldmine of inspired ideas learned at the front line of entrepreneurship.

Ladies and Gentlemen, I give you Damian Milkins and Simon Hancock

Links

Damian Milkins 

Simon Hancock

Stuart Paterson - Scottish Equity Partners

Arma Partners

Amplify Life

Brene Brown - The Man in the Arena

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According to the Department of Business and Industry, there are 5.6 million businesses in the UK.

But get this - out of the 5.6 million businesses, 4.2 million had no employees - they are sole traders.

And 99.2% of all businesses have less than 49 employees.

Only 4% of businesses ever hit £1m turnover. 

And yet, SMEs account for three-fifths of all employment and around half of the turnover in the UK private sector. 

Last year total employment in SMEs was 16.3 million (61% of the total), whilst turnover was estimated at £2.3 trillion (52%)

There are millions of one-person armies and small companies, and they make a massive impact on the nation’s economy.

Now it’s fair to say that my conversations with founders so far on the podcast have focussed on the larger company end in terms of turnover and valuation and so it was time to address this. 

My guest is Mark Telford. Mark is a business owner, he is a practising Chartered Accountant who advises business owners and because that doesn't keep him busy enough, he also coaches other accountants on growing their own practices.

Mark’s clients are in the main smaller business from sole traders working within their own Ltd company to larger owner-managed firms.

As an accountant Mark takes a refreshing approach in that he not only keeps his clients' tax efficient and compliant but also coaches business owners to utilise their companies to help them create their ideal lifestyle.

• During our conversation, Mark explains the difference between a lifestyle business and what he calls a performance business and why it’s vital to know which one you are.
• He shares his 7-point checklist to create massive value in your business so that it could be sold for a meaningful amount of money.
• He also explains the importance of doing your due diligence on any potential buyer to avoid the tough situation one of his clients experienced.

If you’re a sole trader - one man or one-woman army or you own a small business and are considering your future and the right direction of travel, then this conversation is for you.

Links and Contact details

Telfords Accountants

Mark Telford - Founder - Telfords Chartered Accountants | LinkedIn

Books

Traction: Get a Grip on Your Business 

Built to Sell: Creating a Business That Can Thrive Without You by John Warrillow

Company of One: Why Staying Small is the Next Big Thing for Business

Accelerator

Dent Global

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Every now and again you hear a story that stops you in your tracks because it deeply touches a part of you whilst at the same time is uplifting and inspiring.

Stefan Wissenbach is a serial entrepreneur and has built and sold 4 financial services businesses before launching his current company which is a technology business focused on helping entrepreneurs to create more engaged teams.   

He has also coached numerous business owners and helped them to define what success means to them and then went on to help them to achieve that success. 

During our conversation, Stefan covered the vital importance for every business owner to get clear on their Magic Number and explains exactly what it is.

He shares a process taught to him by the legendary business coach Michael Gerber that helped him get clear on his Vision and Purpose - and how you can do it too.

He also explains the immense value he has had in working with a world-class business coach for almost 20 years.

By any measure, Stefan has enjoyed significant financial and professional success but sadly tragedy struck his family in 2019 when his precious 25-year-old son, Oli died on the first day of a family holiday.

Just listening to Stefan share the story of what happened that day, I confess to getting quite emotional - regardless of any kind of business success that is surely every parent’s worst nightmare.

However, what’s truly inspirational is that Stefan and his family have used the tragedy as a platform for good. They have published a book and are in the process of building 100 schools around the world in Oli’s name.

This conversation will energise you, it will sadden you, make you reflective and ultimately will inspire you. 

You will be glad you listened to it, I promise you that.

Without further ado, I give you Mr Stefan Wissenbach.

Key Moments

- The vital importance for every entrepreneur to understand their Magic Number. 

- The reflective process that will help you get clear on your own Vision and Purpose

- The inspiring conversation that led to Stefan creating his MTP - Massively Transformative Purpose

Links

Stefan Wissenbach

Engagement Multiplier

Oliver Wissenbach

Strategic Coach

Discovering Your Massively Transformative Purpose

Michael E. Gerber Companies

Influence: The Psychology of Persuasion

The 5 AM Club: Own Your Morning. Elevate Your Life

The 7 Habits Of Highly Effective People: Revised and Updated - 30th Anniversary Edition

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I think one of the reasons that this podcast is proving to be popular is that most of the stories follow that classic ‘Hero's Journey’’ narrative arc. 

Our hero, the Founder is dissatisfied with the status quo of their current situation, sets off on a bold journey of discovery - starts a company, and faces insurmountable problems, huge challenges and fierce obstacles.

Eventually against all the odds, finds success and lives happily ever after!

If you watch almost any Hollywood film or Pixar movie, you'll see a version of this story unfold broadly along these lines.

And today’s real-life story begins by following the classic Hero's Journey - but there's a definite twist in the tail.

My guest, Neil Simpson is well known in the creative advertising sector and founded a leading agency called The Corner.

With his business partners, he built the company into one of the top independent agencies in the country and so, inevitably buyers came knocking on his door.

After one or two interesting but ultimately unsuccessful engagements Neil and his partners agreed to proceed with the sale of their business to a larger corporate.

What's interesting and I think is a huge lesson for independently-minded entrepreneurs is recognising that life after a sale, especially if you’re locked into an earn-out over several years can be a challenge.

The fact that you're no longer that creative, entrepreneurial fast-moving business and are now a cog in a much larger wheel may not be to your liking.

This conversation is packed with words of wisdom from someone who's pretty much done it all from working in, and ultimately leading, large multinational companies,  to setting up and growing his own business, not once but twice, before selling and… well, you’ll have to listen to hear the full story - it’s quite a tale.

If you're a business owner or advise and consult with business owners, giving 60 minutes of your time to listen to the conversation will be the best investment you make this week.

Ladies and gentlemen, I give you Mr Neil Simpson

Show notes

Neil’s Linkedin

https://www.thecornerlondon.com/

Tim Birt

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Don Fraser is something of a legend in the financial planning and wealth management sector – he’s been working with entrepreneurs for well over 30 years and he’s got a deep understanding of not only the financial issues but perhaps more importantly the personal and human ones.

During our conversation, Don explains the vital importance of timing when you’re planning your exit, and the need to be clear on the big question - How Much is Enough?

He explains the actual process that a business owner would go through during the sale transaction and then goes on to share some essential advice for what you should do and essentially what you should definitely not do in the 6 to 12 months after you have exited your business.

He also explains his unique three-part formula to ensure a successful outcome over the short medium and longer term.

Finally, he shares his recommendations for resources and essential reading for any business owner who is a few years away from their business sale.

Full disclosure, Don is a colleague of mine and we’ve worked together for many years. 

He’s taught me more than anyone else I know about how to manage and support the unique challenges faced by business owners as they go through this business and life transition.

You’re going to enjoy this one -  ladies and gentlemen I give you Mr Don Fraser

(PS this episode was recorded some time ago and I think I’ve improved as an interviewer since then)  :-).

Don Fraser  - Capital Asset Management

Don on Linkedin

Resources

Finish Big -  Bo Burlingham

The Number - Lee Eisenberg

What Money Can’t Buy - Michael Sandel

How much is Enough? Robert Skidelsky

Travels with Epicurus - Daniel Klein

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Richard Bridgwood was the founder of Contender which was a media and film distribution company which he and his team built from scratch over 12 years and sold to one of the biggest entertainment and media companies in the world, Entertainment One.

If you’ve got kids, you’ll be familiar with one of his companies’ creations, Peppa Pig which nowadays is a global sensation worth hundreds of millions if not a billion dollars. There’s a lot of money in children’s entertainment!

So, part of Richard’s current business legacy is helping bring Peppa Pig to life and so many hours of joy to countless preschool kids - and their grateful parents!

Richard is a lovely guy, very down-to-earth and very honest as he reflects back on his entrepreneurial journey and the lessons he’s learned.

The key lessons I picked up include:

• Why the current tax regime favours building a business to sell from the outset. 
• The importance of communicating with your team and keeping them informed of key business decisions - although it can still backfire in some instances.
• How Bill Gates forced Contender to change their business focus and quickly pivot in response to emerging new technology which threatened to blow up their core business model
• The vital importance of taking time out whilst you are running your business to plan for life after you exit - and his admission that he didn’t do this particularly well. This is an emerging theme in my podcast conversations, and I think it’s so important and so we’ll be coming back to this in future episodes
• Richard’s 3-part formula for experiencing True Wealth.

Show Note Links

Richard Bridgwood

Cranfield Business School Accelerator Programme

Angus Thirwell

Karan Bilimoria

James Corsellis

Entertainment One

Darren Throop

Book recommendations

What They Don’t Teach You at Harvard Business School

Entertainment Industry Economics

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Hi and welcome back to the Entrepreneur Transition podcast - the only podcast that explores the uniquely human journey involved in building a business, selling it and crucially, life on the other side.

In 20 years of working with and advising entrepreneurs, I’ve come to realise that it’s a transition more than it is a transaction and there are so many issues and challenges that a business owner will have to navigate to maximise their success from a financial but more importantly from a human and lifestyle viewpoint.

No one epitomises this more than my guest today, Mike Ames.

Mike built a recruitment business to £40m turnover before selling for a life-changing sum of money, before going on to help build another business to £24m turnover and selling that.

However, as he very candidly explains, after he sold his first business and become fabulously wealthy, he went to a dark place - and really struggled with his own identity and purpose. 

His advice on this aspect alone is worth every minute of your time listening.  

In a wide-ranging conversation Mike also shares his thoughts on:

• The difference between building a lifestyle//cash cow business or a ‘scale for sale’ type of business and why it’s essential to know which one you’re running
• The importance of preparing for life after your exit and your relationship with friends, family as well as with yourself
• Shares some practical insights on how to invest your sale proceeds to ensure the right balance  

And towards the end, Mike provides a neat 5-point summary of what it means to have real wealth.

This is one of the most candid and inspiring conversations you will hear in a long time.

Ladies and gentlemen, I give you Mr Mike Ames

Show note links

The E Myth

Michael Gerber

Seth Godin

Malcolm Gladwell

Gary Vaynerchuk

Mike Ames - Flair website

Mike Ames and Alan Smith ‘ How to Retire Wealthy’

Mike’s Linkedin

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