Bulletproof Entrepreneur

Send us a textI 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 timesLadies and gentlemen, I give you Mr Dickie Burrows.LinksDickie Burrows - Advisor - Compliance and Risk - Equals Group plc | LinkedInThis podcast is produced by GR Media Sponsored by Capital Asset Management

Send us a textThis 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 HancockLinksDamian Milkins Simon HancockStuart Paterson - Scottish Equity PartnersArma PartnersAmplify LifeBrene Brown - The Man in the ArenaThis podcast is produced by GR Media Sponsored by Capital Asset Management

Send us a textAccording 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 detailsTelfords AccountantsMark Telford - Founder - Telfords Chartered Accountants | LinkedInBooksTraction: Get a Grip on Your Business Built to Sell: Creating a Business That Can Thrive Without You by John WarrillowCompany of One: Why Staying Small is the Next Big Thing for BusinessAcceleratorDent GlobalThis podcast is produced by GR Media Sponsored by Capital Asset Management

Serial entrepreneur Stefan Wissenbach shares his inspiring journey, emphasizing the importance of getting clear on your Magic Number and defining your Vision and Purpose. He reflects on the tragic loss of his son and how his family has turned it into a platform for good. They discuss the shift from wealth creation to building schools in Africa and finding fulfillment through financial success. Stefan recommends influential books and highlights the benefits of joining the Strategic Coach community for entrepreneurs.

Send us a textI 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 SimpsonShow notesNeil’s Linkedinhttps://www.thecornerlondon.com/Tim BirtThis podcast is produced by GR Media Sponsored by Capital Asset Management

Send us a textDon 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 ManagementDon on LinkedinResourcesFinish Big -  Bo BurlinghamThe Number - Lee EisenbergWhat Money Can’t Buy - Michael SandelHow much is Enough? Robert SkidelskyTravels with Epicurus - Daniel KleinThis podcast is produced by GR Media Sponsored by Capital Asset Management

Send us a textRichard 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 modelThe 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 episodesRichard’s 3-part formula for experiencing True Wealth.Show Note LinksRichard BridgwoodCranfield Business School Accelerator ProgrammeAngus ThirwellKaran BilimoriaJames CorsellisEntertainment OneDarren ThroopBook recommendationsWhat They Don’t Teach You at Harvard Business SchoolEntertainment Industry EconomicsThis podcast is produced by GR Media Sponsored by Capital Asset Management

Send us a textHi 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 runningThe importance of preparing for life after your exit and your relationship with friends, family as well as with yourselfShares 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 AmesShow note linksThe E MythMichael GerberSeth GodinMalcolm GladwellGary VaynerchukMike Ames - Flair websiteMike Ames and Alan Smith ‘ How to Retire Wealthy’Mike’s LinkedinThis podcast is produced by GR Media Sponsored by Capital Asset Management

Send us a textThis Inspired Conversation is in many ways why I launched the podcast in the first place - to explore the human side of the entrepreneurial journey, every bit as much as the financial side.Let me share a quick true story to  give you some context:Did you hear about the entrepreneur who sold his business and made a fortune and was miserable? Markus Persson is a Swedish tech entrepreneur and inventor of the wildly popular game Minecraft. Starting on a laptop in his bedroom, he went on to grow the company until Microsoft made him an offer to buy the company for $2.5billion from which he personally received $1 billion.He became a billionaire overnight. And that’s when his problems started.Sometime after completing the deal, he sent out a  series of increasingly desperate tweets, One said“Hanging out with a bunch of friends and partying with famous people, able to do whatever I want, and I’ve never felt more isolated”And another one; “The problem with getting everything is you run out of reasons to keep trying, and human interaction becomes impossible due to imbalance” Sudden Money SyndromeHe was suffering from something called Sudden Wealth or Sudden Money Syndrome, and before you say, ” I wish I had his problems; it must be so hard being a billionaire!'” you need to realise that it can be absolutely devastating for some people. Investopedia (Wikipedia of money) describes it as: “A type of distress that afflicts individuals who suddenly come into large sums of money. Becoming suddenly wealthy can cause people to make decisions they might not have otherwise made. Symptoms include feeling isolated from former friends, feeling guilty about your good fortune, and extreme fear of losing your money.”In my day job working with successful founders and entrepreneurs I’ve seen this play out first hand and it can be a real challenge.That's why I was so keen to invite Susan Bradley onto the podcast. Susan’s the founder of the Sudden Money Institute and she’s written 2 books on the subject.She’s also been advising her clients and other professionals for many years on this vital and deeply complex area. In this wide-ranging conversation, Susan talks about;The importance of thinking deeply and preparing well for the transition a long time in advance - years, not weeks and months.Considering the family dynamics between spouses/ and children and how to communicate well including creating your own “Bliss List”.Why it’s vital to create a “Brains Trust” and specifically, a “Thinking Partner” who can act as an independent Trusted Adviser to help you navigate the journeyThis is not a fluffy conversation, it’s full of practical advice and specific steps to take before, during and after a business sale or retirement and major life transition.So if you have the ambition to exit your business successfully on a personal basis as well as a financial one you will get a lot out of today’s conversation.Ladies and gentlemen, I give you Susan Bradley.Sudden Money Institute Book - Sudden Money; Managing a Financial WindfallSusan’s Ted Talk Susan Linkedin This podcast is produced by GR Media Sponsored by Capital Asset Management

Send us a textFrom a council estate in Hackney, London to an ‘8-figure exit’ by age 27. The most inspirational founder conversation you will hear in a long time.I’ve met a lot of entrepreneurs over the years but few are as impressive as Tim Armoo - or Timo as he’s better known. He knew he didn’t want to be poor and decided from an early age that being an entrepreneur and starting his own business was the way to create his own financial security.He started his first business while still at school before founding Fanbytes, aged 21 and at University. The business was built from day one to be sold. Timo was highly intentional about designing a company attractive for potential acquirers and shares the exact steps he took to secure a life-changing exit.So much positive energy, wisdom and intelligent thinking from one of the UK’s smartest young entrepreneurs.Links:Tim ArmooFanbytesSo Good They Can’t Ignore You22 Immutable Laws of MarketingUltimate Sales MachineChet HolmesNick Wheeler/Charles Tyrwhitt SI PartnersSign up to join our community of entrepreneurs and their advisers at www.entrepreneurtransition.comHelp us spread the word by leaving a 5-star review on Apple PodcastDrop me an email at alan@entrepreneurtransition.comThis podcast is produced by GR Media Sponsored by Capital Asset Management