Why you shouldn't sell your business. - David Adams
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Entrepreneur Conversations
This episode is titled:
Why you shouldn't sell your business. - David Adams
Notable Quotes
"I never did it for money in the first place."
"Business to me is about the long haul. It is a marathon, not a sprint."
"You either do care about that or you don't care about that, but you know, I think it's a good motivator that you want to prove that you were the golden maker."
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Get More InsightsEpisode Summary
In this episode of Entrepreneur Conversations, host James Martin interviews David Adams, an entrepreneur who previously sold his timber business for £12 million but found himself bored during a holiday and decided to start another venture from scratch. David discusses the background of his new company, Woodbox, a timber merchant and wholesaler based in Winchester, shedding light on how he grew his initial business over 10 years.
David explains the process of selling his previous business, highlighting the discussions that led to the sale and the pivotal support of a broker. He describes the emotional complexities associated with selling a business and the challenges he faced during due diligence. Transitioning to his new enterprise, David shares his strategies for sourcing customers and the difficulties of operating in the current economic climate. He emphasizes the importance of relationships and the need for traditional marketing techniques in today’s business landscape.
At the same time, David reflects on the emotional toll entrepreneurship can take, recounting personal experiences of stress and the impact on family life, while also outlining how he aims to balance work and family now. He also addresses his views on success, his plans for growth, and the lessons learned from both successes and failures in his entrepreneurial journey.
David explains the process of selling his previous business, highlighting the discussions that led to the sale and the pivotal support of a broker. He describes the emotional complexities associated with selling a business and the challenges he faced during due diligence. Transitioning to his new enterprise, David shares his strategies for sourcing customers and the difficulties of operating in the current economic climate. He emphasizes the importance of relationships and the need for traditional marketing techniques in today’s business landscape.
At the same time, David reflects on the emotional toll entrepreneurship can take, recounting personal experiences of stress and the impact on family life, while also outlining how he aims to balance work and family now. He also addresses his views on success, his plans for growth, and the lessons learned from both successes and failures in his entrepreneurial journey.
Key Takeaways
- The importance of building relationships for business growth.
- Navigating the emotional and logistical complexities of selling a business.
- The benefits of traditional marketing in a digital world.
- Understanding the cost of success in terms of personal sacrifices.
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