Ep.14 - Third Time Lucky - City legend, Dickie Burrows on selling his financial company at the third attempt.

Send us a text

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

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