Ken Matthews from Matthew Steer, leading adviser to family businesses, on his own exit after successfully growing a highly regarded financial services business.

Show Notes

@Ken Matthews, founder of @Matthew Steer, shares the long but successful journey from growing to selling a mid-tier financial services firm. He talks about the importance of scaling, the three stages of growth and the challenges of transitioning from a sales-driven mode to an operational mode. 

"Stepping back and becoming a CEO is a significant step and not an easy one for any entrepreneur."

Ken and I talk a lot about the process of selling, and what he sees as the most critical for getting a successful result;

1. the  value of finding the right buyer.
2. the need for consistency and a shared vision when entering into joint ownership model
3. the importance of strategic planning and financial analysis
4. using an #advisoryboards
5. knowing their retirement number
6. constantly work on improving the value of their business, and
7. the importance of having a strong support network, including mentors and advisory boards.

Ken has dealt with many business owners over many years. The triggers for them seeking his services can range from;

• recognising that their current strategies are no longer working and realising they need to become more sophisticated in their operations
• concerns about succession planning, to
• unexpected approaches from potential buyers.

Key Takeaways;

• Scaling is crucial in the financial services sector to attract and retain talent and provide a broader range of services to clients.
• Transitioning from a sales-driven mode to an operational mode requires letting go and delegating responsibilities to focus on running the business.
• When selling a business, it is important to find a buyer who aligns with the company's culture and vision.
• Joint ownership models can provide opportunities for growth and innovation, but it requires compatibility and consistency between partners.
• Advising small business owners involves conducting a deep dive into their financials, creating a strategic plan, and implementing corporate governance to drive growth. Business owners often seek help when their current strategies are no longer effective and they need to become more sophisticated in their operations.
• Triggers for seeking advisory services can include concerns about succession planning and unexpected approaches from potential buyers.
• It is important for business owners to know their retirement number and constantly work on improving the value of their business.
• Having a strong support network, including mentors and advisory boards, can provide valuable guidance and help navigate the emotional roller coaster of selling a business.

@kerrcapital

@familybusinessaustralia 

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michael.kerr@kerrcapital.com.au

www.smallbusinessbanter.com.au