00:00:00:04 - 00:00:03:24
Welcome back to the Amazing, the weekly podcast for acquisition Entrepreneurs
00:00:03:24 - 00:00:07:11
hope builders and search round investors in the UK, Europe and beyond.
00:00:07:14 - 00:00:10:12
I'm your host, Gareth Wilkins, co-founder and CEO of BIS Crunch,
00:00:10:12 - 00:00:14:02
the AI powered end to end tool suite for small business succession and a.
00:00:14:04 - 00:00:19:25
And today I am excited to be joined by Tonya Nagle.
00:00:19:27 - 00:00:21:23
And nice to see you.
00:00:21:23 - 00:00:23:07
Hey, how are you?
00:00:23:07 - 00:00:25:16
Tonya has a truly
00:00:25:16 - 00:00:28:18
unique perspective on the world of acquisition entrepreneurship.
00:00:28:19 - 00:00:30:26
She's someone who sat on both sides of the table,
00:00:30:26 - 00:00:34:10
starting with her own startup in the nineties
00:00:34:13 - 00:00:37:13
and then scaling at pace with global corporates like Procter and Gamble.
00:00:37:13 - 00:00:39:00
So she understands what it takes
00:00:39:00 - 00:00:42:00
to build something from the ground up and what it takes to operate at scale.
00:00:42:07 - 00:00:45:19
And over the past 25 years, she's worked across an impressive range of industries
00:00:45:21 - 00:00:50:17
FMCG, telecoms, entertainment, leading project teams from 10 to 300 people.
00:00:50:20 - 00:00:54:00
So that entrepreneurial grit combined with the corporate discipline,
00:00:54:06 - 00:00:57:27
has given her the ability to thrive in that messy middle.
00:00:57:29 - 00:01:02:04
And an insight into the challenges mid-sized businesses face today.
00:01:02:06 - 00:01:05:09
Recently, as a board advisory consultant, she's helped leadership teams of 3
00:01:05:09 - 00:01:06:06
to 10 million revenue
00:01:06:06 - 00:01:09:06
businesses to sharpen their operations and unlock their growth strategies.
00:01:09:07 - 00:01:10:29
And now, as an established business
00:01:10:29 - 00:01:13:29
acquirer herself with two already under her belt,
00:01:14:00 - 00:01:16:15
she's leading and building the indie rock group,
00:01:16:15 - 00:01:19:14
actively buying creative agencies ready for smooth transitions,
00:01:19:14 - 00:01:22:08
where she preserves the founders legacies and their teams.
00:01:22:08 - 00:01:24:18
So Tonya is great to have you with us today.
00:01:24:18 - 00:01:27:01
Hope I did you justice in the interests of good.
00:01:27:01 - 00:01:30:13
Thank you. Some very impressive. And somebody else says all that.
00:01:30:16 - 00:01:32:05
And your humility.
00:01:32:05 - 00:01:33:23
You know, it goes without saying.
00:01:33:23 - 00:01:35:21
But it is wonderful to have you with us.
00:01:35:21 - 00:01:39:01
And I'm really excited to be getting into what's brought you to
00:01:39:09 - 00:01:42:17
where you are today and where you're going with the DevOps group.
00:01:42:19 - 00:01:47:14
So you've described your career path as squiggly. Yes.
00:01:47:16 - 00:01:51:11
Did you want to elaborate on that and how that journey unfolded?
00:01:51:13 - 00:01:53:23
Yeah, the various phrases.
00:01:53:23 - 00:01:57:25
And for this wonderful woman whose name I have forgotten and I apologize,
00:01:57:25 - 00:02:02:01
I had wrote the script a career, and so I've borrowed that phrase
00:02:02:03 - 00:02:05:25
I've heard called the fruit salad career as well.
00:02:05:28 - 00:02:09:09
But I, I, I was one of those kids
00:02:09:09 - 00:02:12:00
that didn't actually know what she wanted to do when she grew up.
00:02:12:00 - 00:02:15:07
I had a vague idea it was something to do with business,
00:02:15:09 - 00:02:18:18
and so I after university
00:02:18:18 - 00:02:23:08
and during that kind of final year, I just I just tried to get a job, any job.
00:02:23:09 - 00:02:25:24
I ended up at Lloyd's of London.
00:02:25:26 - 00:02:29:14
I was an underwriter broker that beforehand.
00:02:29:16 - 00:02:33:14
But while I had been at university and while I was there,
00:02:33:17 - 00:02:36:17
I was always messing around in the music industry.
00:02:36:23 - 00:02:39:06
I was putting on gigs.
00:02:39:06 - 00:02:44:24
I was my sister ended up working at one of Richard Branson's labels
00:02:44:26 - 00:02:49:22
and she and I and a friend set up a company called I Gig,
00:02:49:22 - 00:02:54:22
which was one of the first companies doing live gigs on the Internet.
00:02:54:22 - 00:02:58:04
So webcasting at the time.
00:02:58:06 - 00:02:59:26
And it was, you know,
00:02:59:26 - 00:03:03:17
that entrepreneurial side of me has always been there.
00:03:03:19 - 00:03:07:19
And even at Lloyd's, you know, I would find problems with something
00:03:07:22 - 00:03:10:13
and then make a solution and suddenly, you know, that was,
00:03:10:13 - 00:03:14:03
we've got a product that differentiates us from the market.
00:03:14:05 - 00:03:17:11
And so I've kind of learned as I've gone
00:03:17:13 - 00:03:20:13
and without necessarily knowing the definition of what it was
00:03:20:13 - 00:03:25:23
that I liked and I was good at, found my way through this career
00:03:25:25 - 00:03:26:20
and marketing.
00:03:26:20 - 00:03:30:24
And for me when I went into it was another lightbulb moment just like, that's
00:03:30:25 - 00:03:35:12
that thing where you, you understand the consumer, the problem, everything.
00:03:35:14 - 00:03:38:14
You create a solution and then you sell it
00:03:38:18 - 00:03:41:14
end to end really made a lot of sense to me.
00:03:41:14 - 00:03:43:24
And now I'm in this environment.
00:03:43:24 - 00:03:44:21
It's the same thing.
00:03:44:21 - 00:03:49:18
You know, I find issues where there is something
00:03:49:24 - 00:03:53:20
that I can change, grow, transform and build better.
00:03:53:22 - 00:03:56:27
And that's really where I've kind of come out of my life.
00:03:56:27 - 00:03:59:27
It's build better and whatever
00:04:00:00 - 00:04:04:16
context that is in it doesn't really matter what sector, what function.
00:04:04:18 - 00:04:09:21
If you have that mindset, I think you can operate in a lot of places.
00:04:09:23 - 00:04:10:21
I wholeheartedly agree.
00:04:10:21 - 00:04:14:16
Very important transferable skill that that mindset.
00:04:14:19 - 00:04:18:02
You you mentioned there about your startup journey
00:04:18:04 - 00:04:23:23
and in transitioning into the sort of life post Corporation,
00:04:23:25 - 00:04:27:08
you obviously had a decision ahead of you as to whether you'd go
00:04:27:08 - 00:04:30:26
and do that again, but you chose the the world of acquisition entrepreneurship.
00:04:30:26 - 00:04:36:03
But what specifically about it attracted you to make that leap?
00:04:36:05 - 00:04:38:18
I think there are two things I knew, having done it
00:04:38:18 - 00:04:43:10
first time round, how exhausting a startup was,
00:04:43:13 - 00:04:45:29
and I didn't think I necessarily
00:04:45:29 - 00:04:49:05
had that energy at this pace in my life when my kids are teenagers
00:04:49:05 - 00:04:54:22
and I'm also an active rower, so I'm juggling quite a busy life.
00:04:54:25 - 00:04:57:18
The second was actually
00:04:57:18 - 00:05:01:16
an ex colleague of ours had bought a very boring business
00:05:01:18 - 00:05:05:03
in his twenties, and I'd always been intrigued by that
00:05:05:03 - 00:05:08:03
because it had never occurred to me as something that you could do.
00:05:08:09 - 00:05:12:04
And so as I was thinking about the world, I thought, Well,
00:05:12:11 - 00:05:17:28
rather than start up a business, maybe I'll buy a business and run that.
00:05:18:00 - 00:05:20:01
It would also
00:05:20:01 - 00:05:23:01
satisfy a degree of I'd been very senior
00:05:23:06 - 00:05:27:03
in big corporations, but I've never got to make the decisions and run things.
00:05:27:03 - 00:05:28:27
And as I
00:05:29:00 - 00:05:32:00
knew more about myself, I knew that that's where I wanted to get to.
00:05:32:07 - 00:05:33:08
And the speed of me
00:05:33:08 - 00:05:37:11
getting there was was becoming a bit slow because of the economic conditions.
00:05:37:11 - 00:05:40:02
I thought that Leapfrog
00:05:40:02 - 00:05:43:24
I did a course at the Harbor Club and as I was doing that,
00:05:43:24 - 00:05:49:08
I kind of realized that buying a business was buying yourself a job,
00:05:49:08 - 00:05:54:12
but potentially buying a few businesses was
00:05:54:14 - 00:05:57:27
finding a new path into that control and ownership.
00:05:57:27 - 00:06:00:04
That was really what I was after.
00:06:00:04 - 00:06:03:24
So, yeah, become the shareholder, not not the employee.
00:06:03:27 - 00:06:07:28
Basically what a beautiful soundbite and a great epiphany, actually.
00:06:07:28 - 00:06:11:20
And yes, I'm really glad that you came to that path and.
00:06:11:22 - 00:06:15:07
Yes. Is it playing out the way you intended in that sense?
00:06:15:09 - 00:06:18:05
Yes, to some extent.
00:06:18:05 - 00:06:20:12
I have bought myself a job with one of the companies
00:06:20:12 - 00:06:25:20
because they had an M.D., the MD left, and I'm acting M.D.
00:06:25:26 - 00:06:27:21
part time with somebody else at the moment.
00:06:27:21 - 00:06:30:21
So I'm a little bit more involved than I had intended to.
00:06:30:24 - 00:06:34:07
However, I am still being involved with the other companies
00:06:34:07 - 00:06:37:24
and I'm still seeking other companies to join the group.
00:06:37:24 - 00:06:40:25
So I'm quite quickly trying to transition myself
00:06:40:25 - 00:06:44:09
out of that and get somebody else to take that role.
00:06:44:12 - 00:06:45:10
Yeah, understood.
00:06:45:10 - 00:06:49:28
We'll take on that a little bit later, if that's all right, because I'd be keen
00:06:49:28 - 00:06:55:13
to to get the picture of the reality post and post deal in those situation.
00:06:55:15 - 00:06:58:15
Not uncommon for for the MD to go.
00:06:58:15 - 00:07:02:06
Indeed, that may be part of the deal.
00:07:02:09 - 00:07:03:06
So the New
00:07:03:06 - 00:07:07:00
York group, which I love, the strapline, the mission, Brilliant.
00:07:07:00 - 00:07:08:19
Alone, louder together.
00:07:08:19 - 00:07:12:17
Yes, I love that.
00:07:12:19 - 00:07:14:19
Spending time on chat,
00:07:14:19 - 00:07:18:09
getting the right sounding board and writing ideas out.
00:07:18:11 - 00:07:20:05
It's a real enabler, isn't it?
00:07:20:05 - 00:07:22:20
Yeah, but no doubt your creativity,
00:07:22:20 - 00:07:25:20
you know, brought that into the world.
00:07:25:25 - 00:07:27:25
So tell us a little bit about the approach
00:07:27:25 - 00:07:31:05
that might differ differ from a typical roll up.
00:07:31:07 - 00:07:33:05
Yeah. So look.
00:07:33:05 - 00:07:36:00
Marketing and agency world
00:07:36:00 - 00:07:40:03
is filled with people who are quite creative,
00:07:40:06 - 00:07:45:18
tend to be quite neurodiverse as well, and often have started out
00:07:45:18 - 00:07:50:23
because there are 26,000 independent agencies in the UK and most of those
00:07:50:23 - 00:07:55:02
have been started by people, people who are 20 13,000, 26,000.
00:07:55:07 - 00:07:56:13
It's it's a huge number.
00:07:56:13 - 00:07:59:18
And remember, a lot of these are very small single man
00:07:59:18 - 00:08:04:15
people because they didn't want to do the job in a corporate either.
00:08:04:15 - 00:08:07:15
It wasn't giving them the flexibility they wanted.
00:08:07:15 - 00:08:10:00
They didn't agree with the environment.
00:08:10:00 - 00:08:13:05
And often because actually that corporate environment doesn't suit
00:08:13:05 - 00:08:16:00
that type of personality.
00:08:16:02 - 00:08:18:17
So and it's it's also it's low entry.
00:08:18:17 - 00:08:21:26
You know, you don't need a lot of capital to start up an agency.
00:08:21:26 - 00:08:23:09
You need people.
00:08:23:09 - 00:08:25:14
And people can be freelance. You can, you know,
00:08:25:14 - 00:08:28:03
there's all sorts of clever ways you can move that stuff around.
00:08:28:03 - 00:08:33:04
So 26,000 and when you talk to them, they are passionate.
00:08:33:04 - 00:08:36:11
They really want to do a great job.
00:08:36:13 - 00:08:41:20
They have very distinctive ways of doing things.
00:08:41:20 - 00:08:46:06
They've come up as an expert in the in their field,
00:08:46:11 - 00:08:50:03
be that creative director, be that account manager, whatever is.
00:08:50:05 - 00:08:54:05
And they have set up and varying degrees of success
00:08:54:05 - 00:08:57:23
along that lines
00:08:57:26 - 00:08:58:15
pushing them
00:08:58:15 - 00:09:02:14
into a big corporate doesn't then work.
00:09:02:14 - 00:09:05:14
So you know if you think about the exit strategy,
00:09:05:19 - 00:09:08:19
a lot of the people who would be buying this is like an Accenture,
00:09:08:24 - 00:09:12:29
you know, years ago started buying 60 agencies, I think, or
00:09:13:01 - 00:09:17:24
another big agency like a WPP or a Publicis,
00:09:17:27 - 00:09:21:09
that is is I've observed that
00:09:21:09 - 00:09:23:11
and I've seen people sell their businesses there.
00:09:23:11 - 00:09:24:25
And within three years,
00:09:24:25 - 00:09:28:02
the directors have gone because you had part of the deal.
00:09:28:05 - 00:09:30:18
The employees have often gone
00:09:30:18 - 00:09:35:12
because that work culture and how things
00:09:35:14 - 00:09:38:02
happened and how things are successful has gone.
00:09:38:02 - 00:09:41:20
And often the clients have gone as well, because what the clients liked
00:09:41:24 - 00:09:44:04
was that culture and that's gone.
00:09:44:04 - 00:09:47:04
So my thought was,
00:09:47:08 - 00:09:50:22
how do you preserve that
00:09:50:24 - 00:09:52:23
independent culture, independent
00:09:52:23 - 00:09:56:00
nature, but add value through the group?
00:09:56:03 - 00:10:00:16
And so the one thing that I look for or the one thing
00:10:00:18 - 00:10:02:21
they have to be really great at what they do, there
00:10:02:21 - 00:10:06:16
has to be potential for more headroom in terms of organic growth.
00:10:06:18 - 00:10:09:18
They also have to be natural collaborators.
00:10:09:18 - 00:10:13:01
And I've turned down really
00:10:13:04 - 00:10:17:01
lucrative businesses because when it came down to
00:10:17:01 - 00:10:18:26
it was all about, what do I get?
00:10:18:26 - 00:10:20:10
How does this work for me?
00:10:20:10 - 00:10:24:00
Rather than seeing the potential of if I do this stuff with these people,
00:10:24:04 - 00:10:26:07
gosh, look what it can do for me.
00:10:26:07 - 00:10:28:11
You know as well as what it can do for everyone else.
00:10:28:11 - 00:10:35:10
And so that collaboration has to be part of, you know, what this group is about.
00:10:35:12 - 00:10:38:24
Yeah, very strong differentiator, I think,
00:10:38:27 - 00:10:43:29
and also a nice filter on which to select your your deal flow
00:10:44:02 - 00:10:45:23
helps to avoid
00:10:45:23 - 00:10:49:00
landmines down the road, I guess.
00:10:49:02 - 00:10:50:21
Yeah. Yeah.
00:10:50:21 - 00:10:53:21
And you know, sometimes the owner's going to leave anyway.
00:10:53:25 - 00:10:59:07
However, that culture pervades and you've always got a period where you're going
00:10:59:07 - 00:11:03:20
to have to be working with that person and that success is going to be,
00:11:03:22 - 00:11:08:05
you know, defined a lot of it by that first period.
00:11:08:07 - 00:11:09:01
Yeah, very true.
00:11:09:01 - 00:11:12:17
And difficult to know that intimately during the kind of initial
00:11:12:17 - 00:11:14:08
going to getting to know in due diligence stage.
00:11:14:08 - 00:11:18:19
When you really find that out wholly after the deal is done often.
00:11:18:21 - 00:11:22:04
So just double clicking back on that 26,000 UK
00:11:22:04 - 00:11:25:15
creative agency companies, that must be a very broad base to that pyramid.
00:11:25:15 - 00:11:28:03
Like it's got to be lots and lots of lifestyle.
00:11:28:03 - 00:11:32:11
Business is the sort of the pinnacle, the apex of that pyramid
00:11:32:16 - 00:11:35:16
must be quite small in terms of companies
00:11:35:16 - 00:11:40:15
that really grow to a scale or have the capacity to grow to scale.
00:11:40:17 - 00:11:43:14
How do you how do you filter on that?
00:11:43:16 - 00:11:45:21
There are lots of
00:11:45:21 - 00:11:46:22
glass ceilings.
00:11:46:22 - 00:11:52:28
And so the trick for me is being able to understand
00:11:53:03 - 00:11:57:13
what those ceilings are and whether I think I can help break through them.
00:11:57:16 - 00:12:00:25
So some of them are obvious and it's in every business, right?
00:12:00:25 - 00:12:05:16
It's be you walk in and it's a good team,
00:12:05:19 - 00:12:09:13
but there's it's just the owner and people doing jobs.
00:12:09:13 - 00:12:13:11
There's no leadership team right that I can fix easily if the
00:12:13:17 - 00:12:16:17
if the quality of the work's good and the people are good,
00:12:16:24 - 00:12:18:26
I can create leadership teams and.
00:12:18:26 - 00:12:22:02
Wear them off or. Often. Yeah. Yeah.
00:12:22:06 - 00:12:23:24
You know,
00:12:23:24 - 00:12:26:27
the two I'm working with, one certainly has it
00:12:26:27 - 00:12:30:25
and they've been developing it for 6 to 12 months and they are,
00:12:30:27 - 00:12:34:06
you know, you look back at where they were a year ago and they are
00:12:34:06 - 00:12:37:17
now in the majority running that business.
00:12:37:19 - 00:12:39:27
For me.
00:12:39:29 - 00:12:42:09
The other ones are just on that journey.
00:12:42:09 - 00:12:43:19
There are a couple of people in there
00:12:43:19 - 00:12:46:18
who have potential and yes, you know, a couple who might not.
00:12:46:18 - 00:12:51:13
But you start off on that journey and then you add in as you need to.
00:12:51:15 - 00:12:55:09
But yeah, creating leadership teams, creating processes
00:12:55:09 - 00:13:00:29
that allow delegation of outcomes, not tasks
00:13:01:01 - 00:13:04:07
that allow
00:13:04:09 - 00:13:07:21
teams to be able to have a vision
00:13:07:24 - 00:13:13:07
and a plan and communicate that so that people can work against that
00:13:13:07 - 00:13:17:21
rather than overly told me to do X, you know, so they understand the context,
00:13:17:21 - 00:13:21:06
the objectives, you know, what, what are the priorities,
00:13:21:09 - 00:13:24:09
and then communicate the communication and people, you know,
00:13:24:09 - 00:13:26:06
the winning the hearts and minds
00:13:26:06 - 00:13:29:23
of the broader organization and bringing them along.
00:13:29:25 - 00:13:33:22
All of those things really easy to do if you get the buy in
00:13:33:22 - 00:13:40:14
from from the the owner or if you are the owner,
00:13:40:16 - 00:13:41:15
then you know,
00:13:41:15 - 00:13:44:15
other other areas which are just,
00:13:44:18 - 00:13:49:09
as I say, the the the capacity for further growth.
00:13:49:12 - 00:13:53:02
So that that's a little bit harder to judge and a little bit of that
00:13:53:02 - 00:13:57:01
is my business and past expertise.
00:13:57:03 - 00:14:02:13
But looking at what fundamentally is the proposition,
00:14:02:15 - 00:14:04:10
how does that compete in the market
00:14:04:10 - 00:14:07:17
and do they have headroom?
00:14:07:19 - 00:14:10:29
You know, so for example, if they're playing at the lower end
00:14:10:29 - 00:14:12:06
of the market, i.e.
00:14:12:06 - 00:14:15:09
execution, and that's going to get eaten, you know,
00:14:15:09 - 00:14:19:01
unless they are at the forefront of improving that process.
00:14:19:01 - 00:14:22:15
So, you know, one of the businesses I'm involved in
00:14:22:15 - 00:14:28:08
is actively developing products so that, you know, they will be at the forefront
00:14:28:08 - 00:14:32:09
rather than being the people who become obsolete.
00:14:32:12 - 00:14:36:02
Another, you know, where they are.
00:14:36:04 - 00:14:39:22
It really involves strategic thinking and applying that strategic thinking,
00:14:39:22 - 00:14:45:00
a specialized knowledge in an environment which it doesn't get into very easily.
00:14:45:02 - 00:14:52:11
So, you know, finding those businesses and often it's also clients
00:14:52:14 - 00:14:55:23
looking at what their client roster looks like and thinking, well, okay,
00:14:55:25 - 00:14:59:06
these are reasonable clients that you know, understand what they're doing.
00:14:59:06 - 00:15:04:07
And if I if I take that as a testament to the quality of the work,
00:15:04:09 - 00:15:07:09
then I think I can go and get other clients for them.
00:15:07:12 - 00:15:09:19
Yeah, it's going to be a key thing to look for,
00:15:09:19 - 00:15:13:17
I guess is that quality of the client book who's who's, who's got long term,
00:15:13:19 - 00:15:17:29
high value repeatable clients, that's not intensive.
00:15:17:29 - 00:15:20:24
The value of the business, I would imagine, in a creative agency,
00:15:20:24 - 00:15:25:00
although to your earlier point about it being people based and relationship based
00:15:25:00 - 00:15:27:21
and you know, you've got to be careful not to lose those clients
00:15:27:21 - 00:15:33:03
when the founders of the agencies inevitably want to pass on the baton.
00:15:33:05 - 00:15:33:23
Yeah, yeah.
00:15:33:23 - 00:15:38:19
Really, really difficult sort of set of plates to keep spinning, I would imagine.
00:15:38:21 - 00:15:39:04
Yeah.
00:15:39:04 - 00:15:43:05
And that's why, you know, the leadership team becomes key
00:15:43:05 - 00:15:48:15
because if you, if it's all based on the owner's owners and the owners
00:15:48:18 - 00:15:51:08
and those direct relationships, it's never going to work
00:15:51:08 - 00:15:53:29
because they go and eventually it's going to drift off.
00:15:53:29 - 00:15:59:20
So really getting that leadership team to start taking not just the relationships
00:15:59:20 - 00:16:05:09
but the the quality and the consistency of of the work across is is key.
00:16:05:12 - 00:16:08:00
Yeah, I. Totally get that.
00:16:08:00 - 00:16:12:07
Can we just talk a little bit about deal structuring? Yes.
00:16:12:14 - 00:16:14:21
Because you you invoked Mr.
00:16:14:21 - 00:16:17:15
Subtle there when you mentioned WPP a little earlier
00:16:17:15 - 00:16:21:21
and what Martin Sorrell did very well, it was was deal structuring
00:16:21:23 - 00:16:27:23
with equity swaps and announced with upside and he did a great job capital
00:16:27:23 - 00:16:31:17
efficiently of building a group you know getting a grip very quickly with WPP.
00:16:31:17 - 00:16:34:23
So you know obviously great case study
00:16:34:29 - 00:16:40:08
but if you take a similar approach and if if so, what's been
00:16:40:08 - 00:16:43:26
the kind of unlock on the trust side with the founders
00:16:43:28 - 00:16:47:24
in getting them to buy into those sort of deal structures?
00:16:47:26 - 00:16:49:22
So the
00:16:49:22 - 00:16:53:22
trust side has mostly been relationship, right?
00:16:53:22 - 00:16:59:07
So and and so me relationship starts with transparency.
00:16:59:10 - 00:17:03:00
So I I'm not the sort of person that's a natural,
00:17:03:00 - 00:17:06:00
you know, sales person trying to hustle.
00:17:06:05 - 00:17:07:25
You pretty much get what you see with me.
00:17:07:25 - 00:17:10:23
I'm very direct in my language my approach.
00:17:10:23 - 00:17:13:14
But so there's there's a degree of transparency
00:17:13:14 - 00:17:15:13
and they tend to trust me on that.
00:17:15:13 - 00:17:18:13
And the second is obviously I have
00:17:18:15 - 00:17:21:27
a reasonable pedigree in terms of my marketing background.
00:17:21:29 - 00:17:24:29
And because I have mixed that up
00:17:24:29 - 00:17:29:21
where small business and start up and I've also built businesses
00:17:29:21 - 00:17:34:17
within the large company, so I built a business from scratch, something
00:17:34:19 - 00:17:39:04
I have a level of understanding and empathy of what they're going through
00:17:39:07 - 00:17:43:17
and but also the lessons that I've been able to learn.
00:17:43:22 - 00:17:45:28
I can bring into that environment.
00:17:45:28 - 00:17:48:19
And I've done that even before.
00:17:48:19 - 00:17:52:01
I've done deals with them, so I've given them advice and sometimes
00:17:52:04 - 00:17:55:04
sound of working on that advice, seeing that it's working,
00:17:55:04 - 00:17:59:05
and then they decide to get get into bed with me as well.
00:17:59:07 - 00:18:04:02
So there's a lot of that in terms of building the trust.
00:18:04:05 - 00:18:08:09
In terms of the deal structure, I'm still learning as I go.
00:18:08:15 - 00:18:10:12
I think is is
00:18:10:15 - 00:18:11:13
to say I
00:18:11:13 - 00:18:15:04
from a financial point of view, set up and agreed with my husband,
00:18:15:07 - 00:18:19:16
there'd be no debt and there'd be no personal guarantees.
00:18:19:18 - 00:18:23:01
So my loans to have by the way, I mean, that's
00:18:23:03 - 00:18:25:21
that's a nice starting point.
00:18:25:21 - 00:18:29:25
Yeah, it was you know, he he's very risk averse and I'm very risk forward.
00:18:29:25 - 00:18:33:05
And so we balance each other out quite well.
00:18:33:08 - 00:18:35:22
But we, you know, I
00:18:35:22 - 00:18:38:22
so my first deal was a YPO
00:18:38:26 - 00:18:40:28
so working buyout.
00:18:40:28 - 00:18:45:02
I agreed that based on performance of
00:18:45:02 - 00:18:51:02
and if I got them to a certain valuation, we'd then get the equity and I did that
00:18:51:02 - 00:18:54:02
as a joint venture with somebody who is more experienced than me.
00:18:54:09 - 00:18:59:04
And that gave me the confidence to go and have some of those conversations.
00:18:59:06 - 00:19:03:01
The second deal was from my Rolodex.
00:19:03:01 - 00:19:06:29
So after I did this course, I opened up my phone book
00:19:06:29 - 00:19:11:09
and I called somebody who I knew had bought an agency themselves
00:19:11:12 - 00:19:13:20
and so happened they were in the process of selling it.
00:19:13:20 - 00:19:16:22
Now they put it through a broker, and I wasn't
00:19:16:24 - 00:19:20:05
necessarily the person that they wanted to sell it to
00:19:20:05 - 00:19:23:11
because they wanted cash upfront and they wanted this out now.
00:19:23:13 - 00:19:28:00
But over the course of nine months, I just kept in touch.
00:19:28:00 - 00:19:29:29
I looked at the numbers, we had some meetings.
00:19:29:29 - 00:19:32:22
I asked more questions
00:19:32:22 - 00:19:36:00
and I convinced them that I could help them grow their business.
00:19:36:00 - 00:19:39:02
So it had been a bit of a high and declined
00:19:39:02 - 00:19:42:02
a little bit and they wanted to get it back to the glory days.
00:19:42:07 - 00:19:47:05
The three owners had all gone through quite a lot of personal trauma
00:19:47:07 - 00:19:53:01
and just wanted to get on with their lives and not have to have the extra worry
00:19:53:01 - 00:19:58:18
of the business they'd hired in an MD who wasn't working out
00:19:58:20 - 00:20:04:05
and they'd had two previous offers, one which they walked away
00:20:04:05 - 00:20:07:03
from just after COVID, which was a nice offer,
00:20:07:03 - 00:20:09:25
and that was the number in their head As a result.
00:20:09:25 - 00:20:13:06
And they'd had another offer in that nine months.
00:20:13:08 - 00:20:16:24
But when the Trump tariffs landed, that company,
00:20:16:24 - 00:20:19:27
who was a French company, walked away
00:20:20:00 - 00:20:21:25
and they walked away because,
00:20:21:25 - 00:20:25:22
you know, it was an uncertain environment and
00:20:25:24 - 00:20:27:26
the clients were holding onto their budgets
00:20:27:26 - 00:20:29:28
and the revenue was going down.
00:20:29:28 - 00:20:33:09
But, you know, I knew them and I saw potential.
00:20:33:09 - 00:20:37:09
So there was they wanted me by the time we'd gone
00:20:37:09 - 00:20:40:21
through that nine month process, they really wanted me to run the business.
00:20:40:24 - 00:20:43:24
You've been the point of consistency for all that turbulence, I think.
00:20:44:00 - 00:20:44:17
Yeah.
00:20:44:17 - 00:20:47:22
And, and I and I think also talking
00:20:47:22 - 00:20:50:22
more about growth and about
00:20:50:28 - 00:20:52:24
money at that point as well.
00:20:52:24 - 00:20:58:03
So really looking at, you know, how the business could fare
00:20:58:06 - 00:21:01:15
a couple of times they they put money on the table, they said,
00:21:01:17 - 00:21:04:14
you know, couldn't you get a loan and puts money upfront and we could do this?
00:21:04:14 - 00:21:08:09
And I was like, no, you know, look, I'm not a money upfront person.
00:21:08:12 - 00:21:11:12
You know, if you want to do that deal, go somewhere else.
00:21:11:14 - 00:21:14:08
And they eventually just accepted it.
00:21:14:08 - 00:21:19:01
And we we've done a deal which
00:21:19:04 - 00:21:19:13
from a
00:21:19:13 - 00:21:22:23
structure point of view, let me say it's quite unusual
00:21:22:25 - 00:21:26:04
because in order to structure it,
00:21:26:06 - 00:21:31:09
we have kept them on as employees and consultants over a three year period.
00:21:31:11 - 00:21:34:24
We are giving them because ultimately what they wanted was an income,
00:21:35:01 - 00:21:36:27
but without having to worry about it.
00:21:36:27 - 00:21:38:19
And yes, they'd like a lump sum.
00:21:38:19 - 00:21:43:01
So three years they get an income without having to worry about it.
00:21:43:01 - 00:21:47:07
For me, that means it's about the capital gains tax and line.
00:21:47:12 - 00:21:49:15
So it's a little bit more cost effective.
00:21:49:15 - 00:21:52:20
There's a convertible loan note which I pay interest on.
00:21:52:20 - 00:21:54:21
Again, that's about capital gains tax.
00:21:54:21 - 00:22:00:16
And then there's the convertible loan itself matures in three years time.
00:22:00:18 - 00:22:04:03
And I'll either at that point have paid them off through profits
00:22:04:06 - 00:22:06:09
or anything left over. I could get debt.
00:22:06:09 - 00:22:08:03
But at that point I'll be a lot more confident
00:22:08:03 - 00:22:12:26
and it'll be the company that's getting the debt without pages. So
00:22:12:28 - 00:22:13:16
and if it
00:22:13:16 - 00:22:17:14
if I don't pay them off that's back shares and they've got that problem again.
00:22:17:16 - 00:22:20:03
I mean that's actually a beautiful structure.
00:22:20:03 - 00:22:24:03
It's it worked it works really well that.
00:22:24:06 - 00:22:26:15
The downside risk for both sides that.
00:22:26:15 - 00:22:30:18
Yeah yeah yeah you know it's my time my effort
00:22:30:20 - 00:22:35:03
they're earning you know guaranteed money which they, you know, let's face it,
00:22:35:03 - 00:22:38:24
they weren't before because it was always dividends.
00:22:38:27 - 00:22:40:23
And so yeah, it's,
00:22:40:23 - 00:22:43:16
it's a nice little annuity for them.
00:22:43:16 - 00:22:46:24
And they get you in there helping them drive growth and think outside the box
00:22:46:24 - 00:22:50:10
and break through that glass ceiling that you mentioned earlier and do.
00:22:50:12 - 00:22:50:28
Yeah, yeah.
00:22:50:28 - 00:22:54:10
And I get I get evaluative consultants as well and they are
00:22:54:10 - 00:22:58:27
they've been very good ones a little bit more hands on
00:22:58:29 - 00:23:01:26
but you know as I said there's no empty and they're based up in Newcastle.
00:23:01:26 - 00:23:06:08
I'm Buckinghamshire so it's quite handy having somebody hands on.
00:23:06:10 - 00:23:07:06
But you know, once we
00:23:07:06 - 00:23:11:15
get through the first 12 months, slowly, each of them are,
00:23:11:15 - 00:23:15:10
you know, dropping away a little bit more and a little bit more ones already
00:23:15:15 - 00:23:19:19
much pretty much out of the business and mainly acting as board advisor.
00:23:19:21 - 00:23:23:14
One's a graphic designer and only working on specific projects
00:23:23:16 - 00:23:26:10
and the other ones, you know, probably will take
00:23:26:10 - 00:23:29:10
a little bit longer to drop out
00:23:29:13 - 00:23:30:05
yet. Understood.
00:23:30:05 - 00:23:35:11
And this is by design the the transition of these founders out of the business.
00:23:35:13 - 00:23:35:25
Yeah.
00:23:35:25 - 00:23:39:10
And also particularly because look you've got really big name clients
00:23:39:10 - 00:23:44:15
you know these are big international FMCG companies.
00:23:44:18 - 00:23:46:28
You don't want to split the nook.
00:23:46:28 - 00:23:48:03
It's got to be phased.
00:23:48:03 - 00:23:53:11
And nice to know that the founders aren't immediately, you know, off into the wind
00:23:53:13 - 00:23:56:13
that they recognize the need for that smoothness of transition.
00:23:56:18 - 00:24:01:07
Yeah, and I've left them with 12% equity, so three, 3% each.
00:24:01:07 - 00:24:05:16
So that if and when I sell, they will get an upside.
00:24:05:19 - 00:24:10:10
And so they're also invested in developing that and helping me develop the group
00:24:10:13 - 00:24:13:23
actively sort of saying, suggesting companies or contacts
00:24:13:23 - 00:24:16:17
that I might want to get in touch with.
00:24:16:17 - 00:24:17:21
Great.
00:24:17:21 - 00:24:23:12
so you've done a fabulous job of having them sort of in the strategy of the
00:24:23:12 - 00:24:26:12
of the overall kind of group build out,
00:24:26:14 - 00:24:29:09
which is also quite difficult to achieve.
00:24:29:09 - 00:24:31:25
Just just on that because of this,
00:24:31:25 - 00:24:34:25
you know, post integration
00:24:35:01 - 00:24:39:01
or post-merger integration type of challenge with agencies
00:24:39:02 - 00:24:42:18
because you don't want to change their you say, well, you know, their essence,
00:24:42:25 - 00:24:43:10
but similar,
00:24:43:10 - 00:24:47:00
you want to get some economies out of, you know, some sort of standardization.
00:24:47:03 - 00:24:50:20
How do you how do you move
00:24:50:22 - 00:24:54:13
beyond sort of just ownership and into the team ness of
00:24:54:13 - 00:24:57:29
of these people joining something that's bigger than just their own silo?
00:24:58:06 - 00:25:04:04
How do you make sure they operate as a team rather than separate entities? So
00:25:04:06 - 00:25:04:28
I'll tell you when
00:25:04:28 - 00:25:07:28
I've done it, I think it's part of it, however.
00:25:08:04 - 00:25:11:21
So the three companies, one is a why buy one one?
00:25:11:21 - 00:25:12:22
I own 88%.
00:25:12:22 - 00:25:17:12
That one's based in Harrogate, one is based in Newcastle.
00:25:17:14 - 00:25:20:07
I have seen that
00:25:20:07 - 00:25:23:15
there are similarities between the two. Now
00:25:23:17 - 00:25:26:17
on the two, on the scale of it, you go well, one's in a FMCG shop
00:25:26:17 - 00:25:29:01
marketing, the other one's in automotive, there's nothing
00:25:29:01 - 00:25:31:05
but they have the same challenges.
00:25:31:05 - 00:25:35:26
You know, they, they, they have owners who
00:25:35:29 - 00:25:38:27
frankly need to delegate more.
00:25:38:27 - 00:25:42:05
You know, they have
00:25:42:08 - 00:25:46:01
growing businesses that they need to work out how to scale.
00:25:46:04 - 00:25:48:27
They have
00:25:48:27 - 00:25:51:22
finance challenges or, you know,
00:25:51:22 - 00:25:55:27
finance people or not people, but they need some.
00:25:55:29 - 00:25:59:24
They have creative teams, so graphic designers
00:25:59:24 - 00:26:03:21
and design versus artwork, etc., etc..
00:26:03:23 - 00:26:05:28
And so actually there are a few areas and by the way,
00:26:05:28 - 00:26:08:07
neither of them are very good at marketing themselves,
00:26:08:07 - 00:26:11:15
so they all have to share some similar challenges.
00:26:11:17 - 00:26:15:05
We've gone in and made certain
00:26:15:08 - 00:26:15:23
working
00:26:15:23 - 00:26:19:24
groups so marketing, I got one of that guys, one of our guys
00:26:19:24 - 00:26:23:17
to look at and map out what would marketing look like.
00:26:23:20 - 00:26:27:24
I've created Content generator
00:26:27:27 - 00:26:33:05
for them with my marketing understanding so that each of them have a similar model.
00:26:33:05 - 00:26:37:16
And then we're automating that into the lead generation at the back end.
00:26:37:18 - 00:26:41:07
So a little working group, similar structure,
00:26:41:10 - 00:26:44:15
you know, but working so that they, they, they're not doing it alone.
00:26:44:15 - 00:26:46:27
There's a little bit of accountability, there's a little bit of a,
00:26:46:27 - 00:26:48:26
look what I've done.
00:26:48:26 - 00:26:52:09
I got their leadership teams together
00:26:52:11 - 00:26:56:15
for a day and the owners together to talk through
00:26:56:17 - 00:27:01:20
their journeys, their frustrations, their and share back
00:27:01:23 - 00:27:03:24
very openly, you know,
00:27:03:24 - 00:27:07:12
which were was quite eye opening,
00:27:07:15 - 00:27:12:12
but also created that sense of we're in it together.
00:27:12:14 - 00:27:14:00
You know, we're not taking them over.
00:27:14:00 - 00:27:16:18
They're not taking us over. But there are resources there.
00:27:16:18 - 00:27:19:18
So we have an h.r. Person
00:27:19:19 - 00:27:20:27
and they don't.
00:27:20:27 - 00:27:23:07
And so when they are upgrading their contracts,
00:27:23:07 - 00:27:26:22
which then the process of doing to change a few things, they're sending it over
00:27:26:22 - 00:27:32:04
to our guys to have a look at and get the expert opinion or second opinion.
00:27:32:06 - 00:27:34:25
We have a finance director and a bookkeeper.
00:27:34:25 - 00:27:36:14
They just have a bookkeeper.
00:27:36:14 - 00:27:37:24
I'm looking at some of their
00:27:37:24 - 00:27:41:03
the way they manage their cashflow and saying, I think my finance
00:27:41:03 - 00:27:44:03
director needs to look at how you're doing some of these things.
00:27:44:11 - 00:27:48:14
So we're starting that process of being helpful to each other
00:27:48:17 - 00:27:51:17
without me mandating anything.
00:27:51:21 - 00:27:55:08
And that sense of team is already working.
00:27:55:10 - 00:27:58:04
Validated for you. This, this
00:27:58:06 - 00:28:00:20
louder together piece this
00:28:00:20 - 00:28:04:00
because you've started this with an assumption that actually
00:28:04:02 - 00:28:07:29
these people want to be part of something bigger and collaborate.
00:28:08:02 - 00:28:10:21
Has this kind of the sort of team workshop,
00:28:10:21 - 00:28:14:08
you know, openness, putting them together in the room, having them cross-pollinate.
00:28:14:08 - 00:28:16:20
Has that validated that original thesis?
00:28:16:20 - 00:28:20:19
Yeah, and I've spoken to them and, you know, I'm a big feedback
00:28:20:19 - 00:28:24:25
person, so, you know, I've asked them all and it did both ways,
00:28:24:25 - 00:28:29:09
you know, for, for my decide lot who were just a little bit further.
00:28:29:12 - 00:28:31:22
To the north. The Newcastle Opera.
00:28:31:22 - 00:28:31:28
Yeah.
00:28:31:28 - 00:28:35:19
That Newcastle and they kind of went, gosh we,
00:28:35:19 - 00:28:37:24
we kind of didn't realize how far we'd come
00:28:37:24 - 00:28:40:15
because when we were talking to them we recognized where we were,
00:28:40:15 - 00:28:45:02
you know, under a year ago, nine months ago
00:28:45:04 - 00:28:46:06
with the, the other
00:28:46:06 - 00:28:49:25
guys, they, they were, they realized that also that, you know,
00:28:50:02 - 00:28:55:15
the problems that they were having in terms of trying to do their job
00:28:55:15 - 00:28:59:12
and trying to be a leadership team, which I'd never done before,
00:28:59:14 - 00:29:02:22
having tensions between themselves and the owner.
00:29:03:00 - 00:29:04:27
They were like, well, we're not the only ones who've done this.
00:29:04:27 - 00:29:08:16
And we can see other people who have been through this and done it.
00:29:08:19 - 00:29:12:16
And so yeah, I think it really has.
00:29:12:18 - 00:29:15:15
They've come away
00:29:15:15 - 00:29:17:07
feeling like they're
00:29:17:07 - 00:29:20:07
part of something bigger without being taken over.
00:29:20:11 - 00:29:23:12
There is still some communication to be done and I think less
00:29:23:12 - 00:29:26:12
with the leadership teams and more with the rest of the teams because,
00:29:26:14 - 00:29:30:06
you know, they're rumors when they see, you know, the two coming together saying,
00:29:30:09 - 00:29:33:17
are we being bought by is Tonya buying us what's happening?
00:29:33:19 - 00:29:37:07
And I was like, No, this is just us working together and collaborating.
00:29:37:07 - 00:29:39:04
You still the whole caboodle, you know?
00:29:39:04 - 00:29:42:09
But this is a way of helping you grow faster.
00:29:42:11 - 00:29:44:10
And that's the Harrogate one, the whole caboodle.
00:29:44:10 - 00:29:47:17
Yeah, yeah, yeah. So,
00:29:47:20 - 00:29:49:14
Roger Hargreaves.
00:29:49:14 - 00:29:51:27
Yes. Tell me the story.
00:29:51:27 - 00:29:55:25
Well, so they're the group was originally
00:29:55:25 - 00:30:01:11
the Hans Lonsdale Hans Group and Lonsdale.
00:30:01:11 - 00:30:05:27
Hans was a quite a well-known creative and designer
00:30:06:00 - 00:30:10:28
and they in the, in their team they did a buyout
00:30:11:01 - 00:30:13:23
and the copyright writer was Roger Hargreaves.
00:30:13:23 - 00:30:15:09
Now he was a copywriter.
00:30:15:09 - 00:30:18:29
He was known as the copyright because it was really shirt design work
00:30:19:05 - 00:30:20:09
because he couldn't draw,
00:30:20:09 - 00:30:22:28
which is why he was known for when he was explaining stuff,
00:30:22:28 - 00:30:25:05
he would draw, draw these little figures a little bit.
00:30:25:05 - 00:30:27:26
And that's where all of that came up from.
00:30:27:26 - 00:30:30:00
So little Miss and Mr.
00:30:30:00 - 00:30:31:13
Mean.
00:30:31:13 - 00:30:33:10
Exactly so and.
00:30:33:10 - 00:30:36:04
Very much of the squiggly line
00:30:36:04 - 00:30:37:23
kind of.
00:30:37:23 - 00:30:38:08
Exactly.
00:30:38:08 - 00:30:43:00
And so they they the group actually
00:30:43:02 - 00:30:45:24
the opposite of what we're doing the group divested
00:30:45:24 - 00:30:49:07
and they sold off the UK business,
00:30:49:09 - 00:30:52:07
they had a London office in a Newcastle office and eventually
00:30:52:07 - 00:30:56:00
they sold the London office and they really focused in on on Newcastle
00:30:56:00 - 00:30:57:00
as their base and.
00:30:57:00 - 00:30:59:06
That became decided in the end. Yeah.
00:30:59:06 - 00:31:01:20
So it went through various, it was Lonsdale hands
00:31:01:20 - 00:31:04:22
and it became the design group which was great name actually.
00:31:04:26 - 00:31:05:13
Yeah.
00:31:05:13 - 00:31:08:09
They changed it to decide
00:31:08:09 - 00:31:11:02
back in 2015, I think 2014.
00:31:11:02 - 00:31:11:28
Something really.
00:31:11:28 - 00:31:14:13
Nice. What a great origin story.
00:31:14:13 - 00:31:15:18
Absolutely. Love that it. Is.
00:31:15:18 - 00:31:19:16
And they do nothing with it and it's going to be part of my marketing plan
00:31:19:16 - 00:31:23:07
at some point when I find somebody other than me to do the marketing.
00:31:23:10 - 00:31:27:25
Yeah, well, I mean, acknowledging that past that, that journey, I think it's
00:31:27:27 - 00:31:32:03
it just shows the longevity of how they've been serving customers over time.
00:31:32:03 - 00:31:34:28
And it always and they evoke it.
00:31:34:28 - 00:31:38:08
They share this wonderful 20 minute video that's on YouTube,
00:31:38:08 - 00:31:39:27
which is, you know, in typical clipped,
00:31:39:27 - 00:31:46:00
very English, you know, and here we have and they they had all of these
00:31:46:02 - 00:31:46:26
what looked like
00:31:46:26 - 00:31:50:08
computers at the time which just beads on a you know
00:31:50:09 - 00:31:54:25
and you make the beads longer or shorter depending on where the project was.
00:31:54:25 - 00:31:57:09
So it was a way of visualizing Project Progress.
00:31:57:09 - 00:31:59:28
my goodness. And they. Felt.
00:31:59:28 - 00:32:00:21
Yeah, exactly.
00:32:00:21 - 00:32:05:26
And then they had like a lightbox so that when they did own packaging,
00:32:05:26 - 00:32:07:25
they'd put the packaging into the light box
00:32:07:25 - 00:32:12:09
and they'd be able to change the lighting depending on what retail environment was.
00:32:12:09 - 00:32:13:24
So, you know, Tesco might have different
00:32:13:24 - 00:32:17:18
lighting to Asda nowadays and they'd look at this in this light box
00:32:17:25 - 00:32:21:28
to make sure that their design showed up well on, on, on, on shelves.
00:32:21:28 - 00:32:23:26
So it was very cool to watch.
00:32:23:26 - 00:32:25:00
Yeah, it sounds like it.
00:32:25:00 - 00:32:28:17
I have to have to have a look at some point.
00:32:28:19 - 00:32:31:08
So you've spoken to a lot of
00:32:31:08 - 00:32:33:27
small and mid-sized agency owners.
00:32:33:27 - 00:32:34:19
Yeah.
00:32:34:19 - 00:32:38:17
And I should imagine that deal flow has been quite a large funnel
00:32:38:20 - 00:32:42:01
to get to the sort of ones that you've got over the line.
00:32:42:03 - 00:32:47:07
How have you observed any change in the owners mindset towards
00:32:47:07 - 00:32:50:15
how they think about succession and divestment
00:32:50:15 - 00:32:54:29
opportunities now?
00:32:55:01 - 00:32:58:00
I think there's more awareness now,
00:32:58:00 - 00:33:00:22
and I've even seen that in the last 12 months.
00:33:00:22 - 00:33:03:21
There's been a lot of activity from people like us, right?
00:33:03:21 - 00:33:10:27
So owners are having a lot of conversations and they're open to explore.
00:33:10:27 - 00:33:13:28
And so as somebody doing
00:33:13:28 - 00:33:18:07
that is harder to cut through, but be
00:33:18:09 - 00:33:20:23
they they have a choice
00:33:20:23 - 00:33:23:16
now, whether they think they have choice, right?
00:33:23:16 - 00:33:26:24
We all know that with small businesses, the choices are fairly limited
00:33:26:24 - 00:33:29:25
in terms of people financing these things.
00:33:29:28 - 00:33:31:03
Regrettably.
00:33:31:03 - 00:33:37:00
Yeah, but but they are they are thinking it through more and they are
00:33:37:02 - 00:33:38:08
starting to plan.
00:33:38:08 - 00:33:41:04
They tend to plan 2 to 3 years out
00:33:41:04 - 00:33:46:14
and they'll be happy to jump earlier if the deal's right.
00:33:46:16 - 00:33:50:09
But I tend to have two conversations, one of which is that as in
00:33:50:10 - 00:33:54:28
I'm planning to leave and the second of which is I'm trying to scale
00:33:55:00 - 00:33:57:22
and I'm you know, those tend to be businesses
00:33:57:22 - 00:34:01:27
turning over somewhere around either either side of the 1 million.
00:34:02:00 - 00:34:06:21
And they they're wanting to get to that next phase.
00:34:06:23 - 00:34:11:17
And those those are also interesting but more interesting in terms of bolt ons
00:34:11:17 - 00:34:16:05
or if I think that by collaborating, we can really accelerate
00:34:16:05 - 00:34:17:24
that client list for them.
00:34:17:24 - 00:34:21:08
Yeah.
00:34:21:10 - 00:34:23:09
Are you having to massively
00:34:23:09 - 00:34:26:23
differentiate yourself from these emerging
00:34:26:25 - 00:34:31:02
other kind of acquirers and emerging groups?
00:34:31:05 - 00:34:33:09
And if so, how?
00:34:33:09 - 00:34:35:20
From a service mindset perspective?
00:34:35:20 - 00:34:38:02
Yeah, So, so
00:34:38:02 - 00:34:41:17
our positioning is, is trying to differentiate.
00:34:41:17 - 00:34:46:18
So the for me the thought is,
00:34:46:21 - 00:34:49:28
yes, I could just pull together a bunch of arbitrary
00:34:50:01 - 00:34:53:24
marketing companies and put a lid on them
00:34:53:24 - 00:34:56:24
and roll up the numbers and it would look good.
00:34:56:25 - 00:34:59:16
Maybe odds, you know,
00:34:59:16 - 00:35:02:14
give them all the same financial reporting system and our policies.
00:35:02:14 - 00:35:04:28
And then it's a group.
00:35:04:28 - 00:35:07:23
I think that
00:35:07:23 - 00:35:11:20
if you understand what your buyers are after, as in who's
00:35:11:20 - 00:35:15:19
going to buy this from me eventually, I think they want more than that.
00:35:15:21 - 00:35:20:10
And that's where I'm really leaning into the collaboration piece.
00:35:20:10 - 00:35:24:17
So trying to get a functioning group of people who see this
00:35:24:17 - 00:35:28:10
as a group that they are part of and they are
00:35:28:13 - 00:35:34:09
and benefiting from rather than just a roll up.
00:35:34:11 - 00:35:36:29
But also preserving their identity in the process,
00:35:36:29 - 00:35:40:23
which is not easy to be able to kind of, you know, convey that you're going
00:35:40:23 - 00:35:44:04
to be able to get economies, you're going to be able to focus on scaling,
00:35:44:10 - 00:35:47:06
but at the same time, we're going to keep your units, we're going to keep
00:35:47:06 - 00:35:49:05
what's defined your agency.
00:35:49:05 - 00:35:49:16
Yeah.
00:35:49:16 - 00:35:54:17
And that's why having a common vision
00:35:54:19 - 00:35:57:26
helps, but a common vision that celebrates that.
00:35:57:26 - 00:36:03:18
So the brilliant lone loud it together is is that rallying cry cry.
00:36:03:20 - 00:36:06:02
And it's about
00:36:06:02 - 00:36:10:19
being the best at what you do and wanting to go better,
00:36:10:22 - 00:36:15:15
but also working out that, you know, if you are a brilliant soloist, guitarist,
00:36:15:18 - 00:36:18:25
doing it on your own probably isn't going to sell you many records,
00:36:18:25 - 00:36:22:14
but doing it as part of a band and being in the Who is.
00:36:22:16 - 00:36:26:02
So, you know, it's that kind of feeling.
00:36:26:04 - 00:36:29:03
You can see my music background coming.
00:36:29:03 - 00:36:31:22
Yeah, I love the analogy. Was pretty. Poor.
00:36:31:22 - 00:36:36:29
It brought it to life for me with Roger Daltrey
00:36:37:01 - 00:36:40:00
possibly
00:36:40:00 - 00:36:42:28
So biggest challenge so far in putting this group together.
00:36:42:28 - 00:36:49:13
What would you say that had to be.
00:36:49:15 - 00:36:53:13
The speed at which the speed and consistency
00:36:53:13 - 00:36:59:01
at which you get the owners to buy into the changes.
00:36:59:03 - 00:37:03:03
So whether you own it like I've taken over,
00:37:03:10 - 00:37:07:13
decide it's easier because ostensibly, you know, I'm the owner,
00:37:07:15 - 00:37:11:03
but I still have to get the hearts and minds of
00:37:11:05 - 00:37:14:29
the shareholders who are still and the ex owners is Exxon.
00:37:15:01 - 00:37:18:01
Is this still shareholders is still in there
00:37:18:01 - 00:37:19:20
with the YPO.
00:37:19:20 - 00:37:23:05
That's been harder because I know what needs to be done.
00:37:23:05 - 00:37:27:08
But he will you know stuff like this happens right
00:37:27:10 - 00:37:31:07
And that stuff is very much
00:37:31:09 - 00:37:34:27
life, you know so in the in the last nine
00:37:34:29 - 00:37:38:23
yeah, nine months we've had three major illnesses
00:37:38:23 - 00:37:43:08
and personal crises that have taken key people out of the business
00:37:43:10 - 00:37:47:14
and have thrown the organization emotionally and other things.
00:37:47:16 - 00:37:52:16
So one guy had a brain hemorrhage and another guy's had bladder cancer.
00:37:52:18 - 00:37:56:23
You know, we've had people who have had other personal issues
00:37:56:25 - 00:38:00:19
and it's just those things
00:38:00:20 - 00:38:04:20
stroke, throw the rhythm right or something.
00:38:04:20 - 00:38:07:09
Some opportunity comes in, which is really good opportunity.
00:38:07:09 - 00:38:10:09
This slightly pivots, the organization is focus,
00:38:10:14 - 00:38:14:05
and then the taking the eye off the ball or some of the other things.
00:38:14:07 - 00:38:18:21
So there's that consistency.
00:38:18:23 - 00:38:21:04
If it was just me doing it and being able
00:38:21:04 - 00:38:24:11
to sort of mandate, okay, guys, we need to do this.
00:38:24:11 - 00:38:28:14
This is where we're putting in the leadership team meeting to putting in the
00:38:28:16 - 00:38:32:24
these KPIs where, you know, adjusting how we look at the financials.
00:38:32:28 - 00:38:35:28
We're teaching these guys about cash flow.
00:38:36:04 - 00:38:39:19
I started talking a lot of that in April, and some of it's only
00:38:39:19 - 00:38:43:10
just happening now in September because I got in the way.
00:38:43:13 - 00:38:44:17
Event.
00:38:44:17 - 00:38:48:01
And now they're tripping over themselves because they're so busy
00:38:48:01 - 00:38:50:12
because their business is taking off, but they don't have
00:38:50:12 - 00:38:54:06
some of these fail safes in place properly yet.
00:38:54:09 - 00:38:58:18
So I think that to me is, is the hardest thing.
00:38:58:20 - 00:39:01:12
And yep,
00:39:01:12 - 00:39:06:09
we like to think that we can gradually introduce necessary change,
00:39:06:09 - 00:39:09:09
but sometimes it all happens in bursts, doesn't it, For whatever.
00:39:09:16 - 00:39:10:18
Whatever it. Does.
00:39:10:18 - 00:39:11:19
Yeah, yeah, yeah, yeah.
00:39:11:19 - 00:39:14:16
And you know, availability and holidays and stuff like that.
00:39:14:16 - 00:39:16:29
So the year is very condensed in reality, isn't it.
00:39:16:29 - 00:39:22:03
You know, you get to two quarters of, you know, go gung ho productivity.
00:39:22:05 - 00:39:25:00
Yeah. I find.
00:39:25:03 - 00:39:25:24
So let's
00:39:25:24 - 00:39:29:15
talk about your framework then if you don't mind.
00:39:29:18 - 00:39:32:27
You've got almost like a sequential
00:39:33:00 - 00:39:35:21
talking about the fit to the capital
00:39:35:21 - 00:39:38:26
transformation accountability.
00:39:38:28 - 00:39:41:19
Please you know describe it for us
00:39:41:19 - 00:39:45:29
if you don't mind, and tell us which of those steps has been
00:39:46:01 - 00:39:48:15
the biggest sort of
00:39:48:15 - 00:39:49:23
lift.
00:39:49:23 - 00:39:51:00
Yeah.
00:39:51:00 - 00:39:55:06
So I think the you
00:39:55:08 - 00:39:59:06
we talk we talk about it in terms of.
00:39:59:09 - 00:40:00:17
GROSS Right.
00:40:00:17 - 00:40:05:05
So it's getting the right fit.
00:40:05:05 - 00:40:09:09
So making sure and we've talked this in terms of, you know, are they great?
00:40:09:09 - 00:40:13:02
Are they the right size that you're looking for?
00:40:13:05 - 00:40:15:04
Do they have that collaboration?
00:40:15:04 - 00:40:20:01
But getting the right fit upfront and making sure that they
00:40:20:02 - 00:40:24:01
you know, they're right for the group and you're ready to work away,
00:40:24:03 - 00:40:27:21
walk away if you need to.
00:40:27:24 - 00:40:28:27
You're you
00:40:28:27 - 00:40:34:27
will then in terms of you agree that deal,
00:40:34:29 - 00:40:36:23
the first thing you're going to have to do in that
00:40:36:23 - 00:40:40:08
agreement is is in some way restructure capital.
00:40:40:10 - 00:40:43:22
So i.e., how do you pay for it?
00:40:43:24 - 00:40:47:22
And I'm talking that about restructuring capital, because for me
00:40:47:24 - 00:40:52:01
generally, I'm not going and getting outside investors
00:40:52:01 - 00:40:56:04
or I don't have a pot of money that I'm doing it, but it can involve that as well.
00:40:56:04 - 00:40:59:13
So, you know, we model out the various deal options.
00:40:59:13 - 00:41:03:02
We look at it in terms of how
00:41:03:04 - 00:41:06:18
it what the owners are after and how what the owners are after
00:41:06:18 - 00:41:10:25
sometimes changes to your advantage, as I talked about with these guys.
00:41:10:27 - 00:41:13:16
So making sure that all of that
00:41:13:16 - 00:41:16:26
sits and is legal as well.
00:41:16:26 - 00:41:20:21
So, you know, I've had to get HMRC sign off to the deal structure
00:41:20:21 - 00:41:25:15
that we've just done with decide which fortunately they agreed.
00:41:25:17 - 00:41:28:10
And then once you once you're in,
00:41:28:10 - 00:41:31:20
you have that initial period, which is great, I've done this deal.
00:41:31:20 - 00:41:33:19
Now what
00:41:33:19 - 00:41:36:18
amount to me is a little bit of business as usual because it's
00:41:36:18 - 00:41:38:18
what I've done in all my past work.
00:41:38:18 - 00:41:42:10
But you essentially go in and observe and orient
00:41:42:12 - 00:41:45:18
and that's typically around three months.
00:41:45:18 - 00:41:48:25
If you know the business well, you can do more quickly.
00:41:48:25 - 00:41:52:17
But you're reviewing the details of the panel, the client, mix
00:41:52:17 - 00:41:57:01
the pipeline, try and talking to all of the the
00:41:57:03 - 00:42:00:18
the key people at least, and ideally all of the people in the company
00:42:00:18 - 00:42:05:15
to get an assessment of the culture, what's working, what's not.
00:42:05:18 - 00:42:07:07
And then
00:42:07:07 - 00:42:10:29
very quickly for me turning that into a strategy and a plan
00:42:11:02 - 00:42:14:13
and developing that out and giving the various team members
00:42:14:13 - 00:42:20:21
ownership over that plan and making them accountable for the outcomes,
00:42:20:23 - 00:42:21:27
you then have the W
00:42:21:27 - 00:42:25:24
so we've gone the get alignment
00:42:25:26 - 00:42:28:10
gets or I get the right fit restructured capital,
00:42:28:10 - 00:42:31:11
observe and orient and then it's about winning hearts and minds.
00:42:31:11 - 00:42:36:27
And the winning hearts and minds place is
00:42:36:29 - 00:42:40:13
it's all very well and good having your own plan.
00:42:40:13 - 00:42:41:14
But unless the people
00:42:41:14 - 00:42:45:21
who are going to be executing that plan really believe in it, it's worth nothing.
00:42:45:24 - 00:42:50:23
And so communicating about who you are, what you're doing there,
00:42:50:28 - 00:42:56:06
what your vision is, what's your story, what's the plan,
00:42:56:09 - 00:42:58:21
and doing that through regular sessions, you know,
00:42:58:21 - 00:43:01:21
all hands townhall sessions,
00:43:01:24 - 00:43:05:27
embedding it in in your leadership and your your meeting rhythm,
00:43:06:00 - 00:43:10:06
making sure that your KPIs are all linked up to that plan
00:43:10:06 - 00:43:14:26
and that you're communicating progress on a regular rhythm
00:43:14:29 - 00:43:19:09
becomes part of that winning hearts and minds and also continuing to listen.
00:43:19:09 - 00:43:24:25
So I had one recently where I stood up and very happily said, you know,
00:43:24:25 - 00:43:29:02
we're going to, you know, essentially double the business in five years.
00:43:29:04 - 00:43:32:01
And this one guy was panicked and he has a history
00:43:32:01 - 00:43:35:25
of health problems and he was worried about getting overworked.
00:43:35:28 - 00:43:39:00
And so, you know, just being able to listen to that taken on board and,
00:43:39:00 - 00:43:44:16
you know, reassure him that it also meant that we're going to increase the,
00:43:44:19 - 00:43:48:05
you know, the staffing and if there were any issues,
00:43:48:05 - 00:43:51:18
he needed to start talking to us and letting us know
00:43:51:18 - 00:43:54:18
so that we could help avoid that, because that wasn't part of our culture.
00:43:54:21 - 00:43:59:11
You know, we weren't going to be pushing people until they broke.
00:43:59:13 - 00:43:59:27
So then
00:43:59:27 - 00:44:02:27
you get into TI, which is transforming systems.
00:44:02:27 - 00:44:04:09
So, you know, once you've got the hearts
00:44:04:09 - 00:44:07:11
and minds, you get in there and you do what you need to do.
00:44:07:11 - 00:44:10:22
If you've got to standardize finances, you've got to implement
00:44:10:22 - 00:44:14:25
any CRM diop's, anything like that.
00:44:14:28 - 00:44:17:15
Key is also implementing SFP.
00:44:17:15 - 00:44:23:15
So operating practices so that
00:44:23:17 - 00:44:27:00
particularly, you know, from a sale point of view, they're all,
00:44:27:02 - 00:44:31:10
all that governance is is documented
00:44:31:13 - 00:44:34:12
setting up group reporting as well so that as part of the group
00:44:34:12 - 00:44:37:27
it all comes up at a similar level.
00:44:37:29 - 00:44:40:29
And then the final bit is obviously holding yourself
00:44:40:29 - 00:44:44:10
accountable and holding them accountable so that you can harvest value.
00:44:44:10 - 00:44:46:25
So the H and growth.
00:44:46:25 - 00:44:49:13
And that's you know, we talked about it a little bit,
00:44:49:13 - 00:44:53:06
but tracking the monthly KPIs, reviewing them quarterly,
00:44:53:08 - 00:44:58:09
making sure you have board meetings, leadership reviews,
00:44:58:11 - 00:44:59:11
identifying
00:44:59:11 - 00:45:02:25
optimization or divestment opportunities as you go
00:45:03:02 - 00:45:07:08
and really getting that collaborative
00:45:07:10 - 00:45:12:03
environment for for those conversations.
00:45:12:06 - 00:45:14:20
A lot of a lot of blur, but it's basically growth.
00:45:14:20 - 00:45:16:26
So, well, it's it's a playbook
00:45:16:26 - 00:45:19:29
and it's a nice mnemonic for a playbook that takes you from
00:45:19:29 - 00:45:24:05
let's make sure we've got the right people in the right deal
00:45:24:08 - 00:45:27:23
structure and the right people in the in the deal
00:45:27:26 - 00:45:30:12
right way through to how do we scale this thing
00:45:30:12 - 00:45:34:22
and how do we all that scaling of the business that that future success.
00:45:34:22 - 00:45:38:14
It's really nice Is that is that your work in putting that together or.
00:45:38:15 - 00:45:42:24
Again yes me me and Jack get spending few hours together.
00:45:42:27 - 00:45:43:18
I love it.
00:45:43:18 - 00:45:45:00
It's the sort of thing that people can get behind,
00:45:45:00 - 00:45:49:00
you know, in a kind of traction EOC kind of way. I like it.
00:45:49:02 - 00:45:49:29
So armed
00:45:49:29 - 00:45:53:28
with that one of wisdom for anyone considering buying
00:45:53:28 - 00:45:57:18
or rolling up some small businesses, maybe in the agency space, maybe not.
00:45:57:18 - 00:46:00:24
But if you if someone's coming at this without a finance
00:46:00:24 - 00:46:03:29
background and, you know, with an operational experience,
00:46:04:06 - 00:46:08:06
what's the one nugget of wisdom that they should hold in mind?
00:46:08:09 - 00:46:13:05
The nugget that I'm giving myself now is I think you can start off by yourself
00:46:13:07 - 00:46:18:02
as in or with a partner, but I think find the right partner.
00:46:18:02 - 00:46:21:13
You know, I over the last year have realized
00:46:21:13 - 00:46:24:13
that I need a more strategic finance person.
00:46:24:20 - 00:46:28:08
I think I've found that person we will see.
00:46:28:10 - 00:46:31:19
But I'm quite excited
00:46:31:22 - 00:46:36:05
that, you know, if it comes off well, we'll see.
00:46:36:08 - 00:46:36:24
Yeah, great.
00:46:36:24 - 00:46:41:02
So the the unstoppable team of a strong CEO
00:46:41:06 - 00:46:45:03
and a highly competent, innovative CFO,
00:46:45:05 - 00:46:48:11
the Thelma Louise or whichever you wish to.
00:46:48:13 - 00:46:48:18
Yeah.
00:46:48:18 - 00:46:52:16
You know, I learned to read a PNL.
00:46:52:16 - 00:46:55:28
I own the PNL balance sheet and M&A
00:46:56:05 - 00:46:59:01
finance gets very complex quite quickly.
00:46:59:01 - 00:47:03:21
And so whilst I can I can understand it, it's not my natural comfort zone.
00:47:03:21 - 00:47:06:21
And so yeah, I need to partner.
00:47:06:21 - 00:47:09:29
I mean that's hugely common that
00:47:10:01 - 00:47:14:08
those two different still skill sets, you don't find them really in one individual.
00:47:14:11 - 00:47:17:25
So important to have that partnership I think, and great result
00:47:17:25 - 00:47:21:03
in finding someone that you can you can lean on there.
00:47:21:06 - 00:47:23:21
So we like to be forward looking in the M&A thing
00:47:23:21 - 00:47:28:10
and always ask our guests to think about what the next 12 months might look like.
00:47:28:10 - 00:47:32:00
You touched on I and the transformational impact of
00:47:32:04 - 00:47:36:16
AI on marketing a little while ago, and I know that with the whole caboodle
00:47:36:16 - 00:47:41:09
you've already brought to bear a phenomenal new product
00:47:41:12 - 00:47:45:11
that very much based in the AI tools that exist today.
00:47:45:13 - 00:47:47:27
I'd love to hear a bit more about that, or I'm sure our listeners would,
00:47:47:27 - 00:47:51:17
but how do you see that and other things influencing the next 12 months
00:47:51:17 - 00:47:52:21
for the group?
00:47:52:21 - 00:47:55:22
Yeah, I think that's a really good example of,
00:47:55:28 - 00:47:59:15
you know, identifying a problem and finding a solution.
00:47:59:18 - 00:48:02:09
So These guys have been known
00:48:02:09 - 00:48:07:02
in the industry for leading with AI and they've been doing that in terms
00:48:07:02 - 00:48:11:05
of digitizing the back end, the sales and marketing,
00:48:11:05 - 00:48:14:05
automating websites, their personalized etc.
00:48:14:06 - 00:48:17:25
and one of their clients or one of the people
00:48:17:25 - 00:48:23:07
using that back end came to them with an idea and they said, Look,
00:48:23:10 - 00:48:25:29
30% of our
00:48:25:29 - 00:48:30:20
cars on our in our dealership don't have photos on the website.
00:48:30:22 - 00:48:32:07
And that's a real problem for us.
00:48:32:07 - 00:48:36:18
And it takes a lot of time to get the car cleaned up, wait for thing,
00:48:36:18 - 00:48:38:03
you know, take a photo.
00:48:38:03 - 00:48:41:19
And even when you do, you know, the photo has got the reflection of the person
00:48:41:24 - 00:48:44:12
with camera in it. And you know, the lighting's a bit shit.
00:48:44:12 - 00:48:45:16
And by the way,
00:48:45:16 - 00:48:49:06
you know, we're in an industrial state and it's not very nice surrounding.
00:48:49:08 - 00:48:52:15
So they have done a they've created a new company
00:48:52:15 - 00:48:57:02
that, you know, how can we learn as a part of the uses
00:48:57:08 - 00:49:02:03
I to generate images of the car
00:49:02:05 - 00:49:06:22
down to the finest detail of what's the right interior what's the you know
00:49:06:27 - 00:49:11:13
so you they just put in the reg number and it brings it all out
00:49:11:15 - 00:49:14:13
and puts it in a wonderful background,
00:49:14:13 - 00:49:18:14
even do nice sales videos at the touch of a button.
00:49:18:17 - 00:49:20:14
They have developed that together.
00:49:20:14 - 00:49:22:12
They have been pre-selling it.
00:49:22:12 - 00:49:25:18
It is going amazing guns
00:49:25:20 - 00:49:29:14
and I think yeah, that's a real rocket.
00:49:29:16 - 00:49:34:09
So and what does that mean for the rest of marketing?
00:49:34:09 - 00:49:37:28
And you know, one of the things I got when the leadership teams got together
00:49:37:28 - 00:49:42:12
was them to run through all of their capabilities and try to get
00:49:42:12 - 00:49:45:19
that stimulating back and decide about what could we be doing.
00:49:45:21 - 00:49:49:23
You know, we produce a lot of E content, for example.
00:49:49:28 - 00:49:55:15
So we do pack designs, we do campaign ideas, but then you have to iterate.
00:49:55:15 - 00:49:59:07
That's across different forms of content and you know,
00:49:59:10 - 00:50:03:27
that can all probably be eight or, you know, a lot of it can.
00:50:03:29 - 00:50:08:03
And so, you know, just thinking about how do we improve
00:50:08:03 - 00:50:13:18
the productivity of our own systems, but also, you know, all the
00:50:13:20 - 00:50:14:09
other other
00:50:14:09 - 00:50:17:17
offerings that we could make in order to drive more awareness
00:50:17:17 - 00:50:21:29
or promotions or competitions or something in in the FMCG world.
00:50:22:01 - 00:50:24:28
So I think everyone needs to start looking
00:50:24:28 - 00:50:27:28
at what other people are doing
00:50:28:00 - 00:50:31:00
in your own industry, outside of the industry, and think about
00:50:31:00 - 00:50:34:18
how would I apply those of tools in my industry?
00:50:34:25 - 00:50:36:21
What could that make better?
00:50:36:21 - 00:50:39:27
And then find a partner who can make it happen?
00:50:39:29 - 00:50:42:29
Because that's that's the key is, you know, a lot of us think,
00:50:43:04 - 00:50:47:04
yeah, we can, we can do this, but not necessarily right now.
00:50:47:06 - 00:50:50:03
Yeah, but the way that the speed at which things are moving,
00:50:50:03 - 00:50:52:04
if you don't do it now, you'll get left behind. Right.
00:50:52:04 - 00:50:55:00
So but I would definitely say
00:50:55:03 - 00:50:56:21
the explainer videos
00:50:56:21 - 00:51:00:15
for the car dealerships that the whole caboodle come up with is incredible.
00:51:00:15 - 00:51:04:13
An absolute massive game changer for car dealerships that face that
00:51:04:19 - 00:51:09:11
very big administrative problem that you make go away with this new product.
00:51:09:11 - 00:51:09:26
So, yeah,
00:51:09:26 - 00:51:11:21
very exciting and speaks to what could be done
00:51:11:21 - 00:51:15:12
in other industries as well with AI generated video walkthroughs, etc.,
00:51:15:18 - 00:51:17:05
that are so tangibly real.
00:51:17:05 - 00:51:20:29
It's incredible how good and how many how big
00:51:20:29 - 00:51:24:29
would you like the group to be this time next year?
00:51:25:01 - 00:51:26:11
Sustainable growth versus
00:51:26:11 - 00:51:29:11
exponential growth.
00:51:29:14 - 00:51:30:20
I have my eye
00:51:30:20 - 00:51:34:17
on two significant acquisitions now,
00:51:34:17 - 00:51:38:25
which if I could complete those in the first six months of be very happy,
00:51:38:28 - 00:51:45:27
that would put us at four and our revenues at around about 16 million.
00:51:45:29 - 00:51:46:28
If I could get it up to
00:51:46:28 - 00:51:50:21
20 million by the end of the year, I'd be even happier.
00:51:50:23 - 00:51:54:18
And then we'll see four year rate that the ideal target
00:51:54:18 - 00:51:58:03
is getting our bit to about 10 million.
00:51:58:10 - 00:52:00:13
We'll see what happens.
00:52:00:13 - 00:52:04:02
Yeah, that is a huge unlock when you reach that milestone world you wish to.
00:52:04:02 - 00:52:07:21
There are lots of compounding opportunities to be had.
00:52:07:24 - 00:52:08:18
Great.
00:52:08:18 - 00:52:12:00
Well, so if an independent retirement
00:52:12:00 - 00:52:17:06
focused agency owner who is looking at their options
00:52:17:09 - 00:52:21:22
wishes to reach out and talk to you guys there in the works,
00:52:21:25 - 00:52:25:14
or if an acquisition entrepreneur wants to learn from your very
00:52:25:14 - 00:52:29:14
tangible, valuable experience, how can people reach you?
00:52:29:16 - 00:52:30:14
I'm on LinkedIn.
00:52:30:14 - 00:52:32:09
I'm Tonya Nagle.
00:52:32:09 - 00:52:34:21
If you
00:52:34:21 - 00:52:40:00
I check my DMS very regularly, so that's probably the easiest way.
00:52:40:02 - 00:52:40:14
Nice.
00:52:40:14 - 00:52:42:13
Will that make sure we include a link in the show notes?
00:52:42:13 - 00:52:44:25
Refer with your permission.
00:52:44:25 - 00:52:47:25
Tonya Nagle It has been an absolute pleasure
00:52:47:28 - 00:52:52:17
speaking with you and what an inspiration you are to have achieved
00:52:52:17 - 00:52:56:24
what you have with this Acquisition Entrepreneurship project
00:52:56:27 - 00:52:58:02
so quickly.
00:52:58:02 - 00:52:59:06
I know it might not seem that way,
00:52:59:06 - 00:53:02:26
but to have got the two deals under your belt in very quick succession
00:53:03:02 - 00:53:06:29
and to have them scaling at the rate that they are is is no mean feat and
00:53:07:03 - 00:53:07:22
highly laudable.
00:53:07:22 - 00:53:10:22
So well done and long may it continue
00:53:10:24 - 00:53:13:24
looking forward to seeing the next couple join the group.
00:53:14:00 - 00:53:17:07
And yeah, do keep us posted on your progress.
00:53:17:10 - 00:53:19:05
Thank you very much and thank you for having me.
00:53:19:05 - 00:53:20:23
It's been lots of fun.
00:53:20:23 - 00:53:21:15
it's fun.
00:53:21:15 - 00:53:25:17
It's been entirely mine, but thank you for sharing your wisdom with us today.
00:53:25:19 - 00:53:29:01
Listeners, Tune in next time for some more great content
00:53:29:01 - 00:53:32:12
and exciting conversations about the world of acquisition entrepreneurship.
00:53:32:12 - 00:53:38:21
But for now, keep on crunching by for now.
00:53:38:23 - 00:53:40:00
Super great.
00:53:40:00 - 00:53:40:29
I'll press the end button in a minute.
00:53:40:29 - 00:53:46:16
But when I do it, boosters are both out, so book bookmark it at 53 minutes.
00:53:46:18 - 00:53:48:06
Host That was awesome. It flew by.
00:53:48:06 - 00:53:52:24
I obviously need to truncate a little bit and any areas that you felt
00:53:52:26 - 00:53:54:12
were.
00:53:54:12 - 00:53:55:22
Up to you. I ramble.
00:53:55:22 - 00:53:58:22
I tend to ramble on and lose my train a little bit sometimes, but.
00:53:58:22 - 00:53:59:09
There was none of that.
00:53:59:09 - 00:54:00:00
I put you on the spot
00:54:00:00 - 00:54:01:12
a bit with the growth acronym
00:54:01:12 - 00:54:02:14
only. As you started to explain it,
00:54:02:14 - 00:54:04:13
did I work out that it was actually an abbreviation?
00:54:04:13 - 00:54:07:13
You know, an acronym abbreviation. So Yeah.
00:54:07:15 - 00:54:09:23
Apologies for that. And also what you don't.
00:54:09:23 - 00:54:11:22
Well, I think it's Pete Townsend. Idiot.
00:54:11:22 - 00:54:16:11
Yes. And I'm the point at which you said that I certainly went a bit.
00:54:16:14 - 00:54:17:24
I remember.
00:54:17:24 - 00:54:20:13
Yeah. Fatality is another example. Great.
00:54:20:13 - 00:54:22:24
Yeah. Yeah, yeah, yeah.
00:54:22:24 - 00:54:25:21
It could have been any of them getting it looked at. Yeah. Yeah.
00:54:25:21 - 00:54:27:11
No biggie.
00:54:27:13 - 00:54:30:17
I have to run because I'm late to a 1 to 1 was okay.
00:54:30:18 - 00:54:31:00
No worries.
00:54:31:00 - 00:54:32:06
It's all. Thanks again.
We recommend upgrading to the latest Chrome, Firefox, Safari, or Edge.
Please check your internet connection and refresh the page. You might also try disabling any ad blockers.
You can visit our support center if you're having problems.