Confessions of a Business Owner
Getting prepared for sale
Starting (and running) a business can be fun, exciting, challenging and of course very hard work. But at some point most businesses need to look at an exit strategy. It’s an area that most businesses don’t consider until either they have to, or it’s too late. There’s lots of talk and help about business growth planning but the topic of ‘exit planning’ isn’t one that most SMEs look at early enough.
Every business owner should have an idea when, why and how they will exit their business. It is also important that purpose is dialled right in to ensure you stay focussed on the goal. This webinar will discuss the key elements of the sale process and what you can do now to start planning your exit.
This is a real life case study of a business sale by Phil who at the time of his business sale was looking to acquire rather than be acquired.
By watching this previously recorded webinar you will learn:
- How important purpose is in staying focussed
- The challenges of growing a business that runs without the boss
- The benefit of a recurring revenue model
- The process of selling a business and the preparation needed before you sell
- How to understand the market value of your business
Phil spent 15 years in Advertising Agencies and magazine advertising sales before joining William Hill in 2000 to launch their first ever online casino. During his role at William Hill he came across Online Bingo.
Striking out alone, a failed attempt at getting funding for what would have been the UK's first ever online bingo game led him to accidently pivot to focus on WhichBingo, a comparison website for Online Bingo, initially targeted at the US market and eventually the UK. With zero investment and initially working from home with just his wife, this ‘accident’ grew to become a market leader, a 10-time industry award winner and was eventually sold to a plc in 2018 in a multi-million pound deal.
Phil describes it as a 'rollercoaster ride' dotted with pitfalls including legislative changes that wiped out 80% of the business overnight and Google regularly moving the goalposts.
Since the sale Phil has been a volunteer Mentor with a number of organisations including The Prince's Trust and Young Enterprise, and is an active Angel Investor. Phil now offers himself as a ‘Business Sounding Board’, which sits somewhere between 'Coach', NED and 'Mentor'. He also mentors start-up businesses.