Jeremy Hall – Confessions of a serial entrepreneur

“They don’t need me anymore”

I met up first thing with the MD of Gilt Edged, the well known supplier of diary’s and company promotional material. Based out of Northampton, they have a very impressive set up. They have supplied us with our new personalised meeting books that are in stock and ready for collection. We sit, chat and drink our tea in the raised dining area overlooking his vast 25,000 square feet plus warehouse.  I expect it was a deliberate plot on his behalf as the view sends out a clear message of organised success. For the record, I would have done exactly the same thing.

It would not be appropriate to mention who I met or even the location of our lunch. I picked up the phone to Mr. Anonymous (Mr. A) and suggested we get together.  Mr. A is used to being wined and dined by suppliers and customers. However, now that he has sold his company, no one has a use for him anymore. I ask him “when was the last time someone took him out for lunch and paid,” the answer was obvious. “People do not need me anymore, so the invitations are nonexistent. You are the only person in a long while to pick up the phone. Not only that, on a few occasions we call them (old customers) asking for help we get the cold elbow.”

I am left shocked as to why many business people are so naive. Mr. A is respected, well known, likeable and packed with contacts and knowledge. He will be back and will make a success of his next venture.

I would be amazed if I look back on this lunch over the next two years nine months and say that was a waste of time – and for the record it was an enjoyable and interesting lunch.

Easy Rider

I am starting to feel like a caged monkey in a zoo, holding onto the bars, desperate to get out. I need to get on the open road with the wind in his hair like Peter Fonda and Dennis Hopper in the classic film Easy Rider.

Two problems; one, my hair style resembles that of Telly Savalas (R.I.P), and secondly, I have been desperately trying to get our IT system changes implemented and new customer base checked and data loaded. It has been a time consuming intense job.

I am notoriously poor at administration and paperwork. I do not like it and worst of all I seem to put my administration “to do” list in front of being out seeing prospective customers and networking.

I hit the phones today with vigor, making eight appointments and start to detail my plans for customer lunch dates. This time next week, I will be back on the road again!

BTR

The evening meal last night was with the Board of Directors of BTR (UK) Limited, a company where I have been a shareholder since 2003.

The business of computer recycling and secure data removal has expanded fast over the last few years, especially since the European directive on “Waste Electronic and Electrical Emissions” (WEEE) was introduced. When we looked at acquiring the company back then, there were 22 competitors on Google, now there are 300 ranging from “a man with a van” to subsidiaries of large blue chip IT companies. 

It is a tough competitive market, but to be fair to the team, they have kept the costs down and are winning new customers.  They rebranded and have the strap line “Britain’s Trusted Recycler”. BTR used to stand for Belmont Technology Recycling when it was owned by the Americans.

What was interesting in our meeting was that all the management team were the first people to accept a salary sacrifice or no salary as the case may be.  I know how they feel and there certainly is a lot of business owners and directors up and down the country in the same position at the moment.

London

The West End of London on a hot day is just a fantastic experience. There is a positive successful feeling about the place. Wealth is everywhere, Rolls Royce and Bentley’s are common place.

A big regret of mine is not setting up an office in London in my early years. My wife (then girlfriend) was working for Xerox just of Oxford Street and had a flat in London. It would have been so easy for me to set up shop in the West End and service the needs of 10% plus of the UK business population only a tube or taxi journey away.

When we did open an office for Who’s Who in Old Bond Street, we had a great time. However, we never really put the life we needed into the office and at £42k per year for rent and rates for a 600 square foot office, the costs became prohibitive.

I still feel a London base for our company is a must. It would be naive to say the streets are paved with gold, but there is a massive amount of wealth and business in London. It does rub off on you. Every time I visit, which is probably every week, I have this desire to work up there on a more permanent basis.

The evening was completed with a meal at The Ivy, the restaurant for the rich and famous. A quick scout around discovered there was no noteworthy individual tucking into their Caesar Salad. The place was full, clearly no recession here.

No internet access…

Have been delayed writing the diary as we have encountered internet access problems at home. Having no internet access is a bit like going on a long car drive with no mobile phone. 

Last Friday I managed to sort a lot of things out over a couple of hours. What looked like a formidable task was actually quite simple and quick, all down to no interruptions from the constant flow of E-mails.

So far today (12:46), I have received 34 E-mails and 13 junk E-mails, on target for the normal 100 per day.

May be having no internet access is not such a bad thing every now and then. On sales days at Wyse Leasing, we did get people to switch it off for the morning as it did improve productivity.

The Rich List

The Sunday Times Rich List is always an interesting read. The UK’s top 1,000 wealthiest people, dissected by location, business sector, philanthropy, with a further analysis of young people and soon to be sports stars.

The common theme is that wealth has returned to the wealthy after a serious caning in 08/09. Business confidence is back and the rich are happy, other than the property entrepreneur who has just lost £2bn and been declared bankrupt.

The Queen and Archie

Archie, my youngest was born on the Queen’s 80^th birthday. Now I thought that is where the similarities finish. Alas no, they share the trait of having two birthday celebrations, one on his actual Birthday, 21^st April, and one tomorrow.

Two birthday cakes, loads of presents, party bags that resemble what I actually got for my birthday nearly 40 years ago.

I fear for the younger generation. They are used to many toys, gadgets, designer clothes, holidays. As parents we do try not to spoil them and to keep them well grounded, but they are being exposed to a very different life to what I was used to.

How will this affect their desire to be successful in the future, to carve out a career and seek employment opportunities?  Will they have an expectation that everything will be handed to them on a plate?

We used to recruit University graduates. Whilst we had success with this recruitment strategy, we did get the occasion person who felt cold calling was beneath them. Others did not understand the importance of work ethic . I will not force my children to join me in business or tell them what to do. Clearly, I will give them advice and guidance but the decision needs to be theirs.

Nightmares in France

The joys of owning a holiday home in France.

 If you are able to spend many months every year using a second home, then I would always say they are a worthwhile investment. I fear however, that most people like me buy a second home for the wrong reasons – ego – it sounds great having the holiday home chat with your friends on a Saturday night.

We have had the property just outside of Cannes for over six years. It is a great place to go to and we have had some great holidays. 48 weeks a year of administration and cost do not really equate to four weeks of fun in your holiday home.

The French legal system is based on Napoleonic law and is antiquated to say the least. If you do not pay your Council Tax, they send the Police around and seal up your property with wax. Yes, they turned up and were greeted by the people renting the place. Wax in hand they were turned away and I had the urgent telephone call suggesting I send over a large pile of Euros.  I rough guide is that the local tax is 100% higher than what we pay in the UK.

Add to this the property has subsidence so we have to start an insurance claim to rebuild the pool. I wonder what will happen next week!

The moral of the story – don’t buy a holiday home, rent from some mug like me instead.

Party leaders debate

Leaving the Bristol Marriott hotel at lunchtime, I was greeted by 10 police motorcyclists waiting to escort a Politian from the hotel to the Sky leaders debate.  Considering the three most important people in politics were meeting together, security did not seem over the top in Bristol. The city was easy to enter and leave.

My time was spent with one of my team based in the South West. Together we worked on a plan to try to create a USP for the business. It is not easy when you are in a business with generic products, and competition offering consistent levels of customer service. We will be testing out our idea over the coming months.

Brick by brick

I had an interesting chat with a good friend of mine. He told me the story last month where his wife was away on a girl’s weekend. She received a text offering congratulations on her husband’s inclusion into The Irish Times Rich List. It was the first my friends wife knew about it. In fact, it was the first my friend knew about it. With a puffed out chest he told me the story how his perceived wealth was greater than that of Rowland Keating.

This is the same friend who told me a story in the height of the credit crisis. Times were tough especially after investing heavily into property. Cash flow was tight and progress slow.

“Every day is about small steps, doing lots of little things moving towards the bigger picture. The foundations are laid, it’s now just laying the bricks” he said.

My working life is following that pattern. We are creating a building. The foundations have been laid, we are now building the walls, brick by brick. Sometimes we have a day when there are no bricks in stock, others we have to be the hod carrier preparing (i.e. the 100 day plan). Other days we turn up to work, the bricks are there, the sun is out but only to find the water supply has been cut off and we cannot make the cement.

Other days, we are flying and we can sit back at the end of the day and see real tangible results.

In these difficult economic times, we have to remember that each day is about small steps. Creating our masterpiece will not happen overnight, but as long as we are still laying the bricks –day in day out – we are moving in the right direction.