In today’s digital age, it’s easy for young entrepreneurs to be inspired by various success stories they find online about starting their own business from scratch after school or university ends. However, it’s an often overlooked fact in the industry, that over 50% of start ups will ultimately fail in their first four years of operation. This may be lack of experience, demand or just bad timing. Which begs the question - why wouldn’t you purchase an existing successful business instead?
We’ve spoken to one of our sellers this week, Ken. Like you reading this article, he knew he wanted to run his own business from a young age. His hugely successful company has now been running for 42 years and he is looking to sell the business to mentor young entrepreneurs. With an enviable reputation in his industry and the exciting potential for franchising in the future, this business is a true success story that we were keen to find out more about...
How did you get this business started? What was the inspiration?
I suppose I always had the inclination towards running my own show. My father and grandparents were all farmers which essentially, whether owners or tenants are business owners. I was 28 and had worked had a few jobs, one of the most recent working within fit out sectors and for Formica. Whilst working with Formica, my previous employer became my customer and I kept in touch. When I indicated that I intended to step out on my own, they suggested that I take on an agency to sell their shopfittings.
Knowing what you know now - what advice would you give to anyone with an interest in this sector?
Though you may start a business wearing all of the hats i.e. carrying all the roles, plan a business structure by creating an organisational chart covering all the areas of the business. Whereas this will first show that your name is on each job, set out a time progression over which the roles can be progressively allocated to experts in each of those areas, whether by employing or outsourcing. As an Entrepreneur you need to envision your path to growth. I am conscious that, although I have managed a debt free, profitable and successful business for 42 years, that I could have grown it substantially had I followed this advice.
What has been the most rewarding experience when running this business?
I have loved the variety of relationships and projects I have been involved in but probably my most rewarding, and productive period was in the late 90’s early 2000’s when we were involved in refitting a large portion of a significant Optician’s chain and were involved in interior design and restoration of a 30 room Georgian listed building.
What has running this business taught you?
Diplomacy, Endurance, Perseverance, Cost and Accountancy consciousness.
What will you be doing next once this business is sold?
I love business and am keen to mentor others who have businesses, I also have a role in a diverse business which is related to the Renewable Energy sector all alongside taking some more extended holidays which haven’t been possible in the past.
Anything else you'd like to share about the business?
This is my 42 year old baby and, for the right owner, I still have a wealth of ideas to enable them to grow its potential way beyond what I achieved. It just needs the youth, commitment and passion.
Think you have what it takes to take the reins for this highly successful business? Find out more about this sale and get in touch with Ken by clicking here.
Posted on May 09, 2019 | success, secret, seller, selling, how to, buy, buy a business, entrepreneur, beginners