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How to create a disruptive business that is 'exit ready'!
Transcript of How to create a disruptive business that is 'exit ready'!
the idea money, money, money firm up the
plan & product surround yourself with talented people get to grips with technology start the build get the business
known before launch get serious investors on board up the game with marketing fire up the
sales engine scale and expand put the cat amongst the pigeons Why do you want to start a business? What makes a successful entrepreneur? My Background First business started 2001 - sold April 2008 $7.8m
Overlapped & started second business Crunch in Aug 2007
Now has team of 80 & 3,700 paying customers
Fastest ever growing accountancy firm in the UK
entered UK’s top 100 accountancy firms - 4 years from launch Story 1: Story 2: Story 3: Setup in a bungalow Big vision created, shareholders agreement and team work for low salaries + equity Story 4: creating the Crunch brand Story 5: Story 6: Story 7: Business Devils Stuart within Involving people who have existing businesses Drew & Steve Know what you are not good at Bringing Justine in on day 1 at Crunch "Accountancy Scrappage Scheme" Direct Mail: Will take
3 months Keeping the
(keep selling!) Is the
right? Set time
selling Small targets Medium targets Massive targets Get Techy... For sales, record everything in a CRM: Salesforce / Highrise
Automate invoicing and direct debit collection: Payonomy / GoCardless
Latest cloud phone system for -auto-call routing / auto bring up customer records
Create solid business processes - maximum efficiency Story 8: Upping the game: Mission Statement: Story 9: Launching FreelanceAdvisor.co.uk in Feb 2008
Genuinely helps community
Now pays for itself in leads
100,000 visitors per month Smoke & Mirrors Released April 2009
Act like traditional accounting practice Basic System Fear & reasons businesses fail: Michael Van Swaaij Paul Birch MD AOL UK
CEO Ebay Europe
CEO Skype / board Ebay
Chairman Skype Birthdayalarm.com (Sold £13-14m)
Bebo (Sold $850m cash) Old system: New system: Put together Project F: Reverse Switch Concept: Customers: Explain to customers: Launch Free: Sales: Launch / build business on premium model Traditional sales team with clever online marketing Get strong customer base & reputation Send letters & set very clear blog post 15 teams at every main railway station Free Crunch goodie bags with bagels 1000 in 2 weeks,
now starting to convert Expansion: Accounts For You Developing the
Crunch Logo Go Global: What is Exit Ready? Due Diligence Perfect Spotless accounts Logo, names, products, TRADEMARKED. Board meeting minutes Insurance Employee Contracts Supplier Contracts No skeletons in the cupboard What is Exit Ready? Strong Management Team Marketing Director Sales Director What is Exit Strategy? Ideally your own IP How Do You Value Your Business? Strong Sales 8x SAAS Model Finance Director Multiple Industry Benchmark Multiple + strong net profit Source: Shirlawscoaching.co.uk Value = net profit x multiple Managing Director/CEO Specialist Director I.e Accountancy 'Effective Board' - Mentor