PART 1 - Russell Spokes from Maggies Kitchen in Queenscliff on his choice to close rather than sell his business.

#regionalsmallbusinesses are at the centre of healthy #localeconomies, both as a supplier of goods or services and as an employer. It's in everyone's interest that these #businesses successfully transfer from one #owner to another.  #Owners of #regionalbusinesses face additional hurdles when selling their business. In this 3 part #owners of #regionalbusinesses share their own personal experiences from going through a #businesssale process.

In this 3rd interview (over 2 weeks)  Russell Spoke from @Maggie'sKitchen from #queenscliff in #victoria shares his very open and personal story from leaving the public service to buying or starting 3 businesses. Along the way he and his wife experienced success, the loss of everything and then recovery. Against the flow they chose to close rather than sell their 3rd business. He explains how and why they came to make this decision. We cover;

• leaving the #publicservice after seventeen years
• growing up in a #smallbusiness #familybusiness in #countryvictoria - his parents owned two #generalstores
• buying their first small business - a #fishandchipshop which was reasonably successful but selling because the hours didn't work with very young children
• going in #bootsandall and buying  a #fruitshop (thinking this business that would involve less hours)
• not doing the enough #duediligence
• watching a big fruit farm open up a competing shop nearby  - the business went backwards, they could not compete and ultimately went #broke and #losteverything - eventually giving it away just to get out of it
• having a house and then having to #sellthehouse
• the birth of Maggie's Kitchen when Maggie started making some #preserves and selling them in the fruit shop
• Maggie making preserves and Russell going to get a job as a #waiter
• working full-time, seven days a week in the shop
• moving around the corner and seeing the business grow rapidly
• "not getting greedy" - being ok with "doing okay"
• being scared of expanding too much for fear of losing it all again
• considering selling and getting some "nibbles" which went nowhere, taking the business back off the market
• sticking with the devil we know
• acknowledging that sometimes there are influences out of your control

@kerrcapital

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michael.kerr@kerrcapital.com.au

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