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Lift off for the Academy for Chief Executives Scotland

The Academy for Chief Executives, the UK’s leading executive coaching and mentoring organisation, reaches an important milestone today with the launch of a new group in Scotland.

At the helm of this new group is Academy for Chief Executives Scotland Chair Justin Grace, a former MD who brings with him 20 years of international board level experience, a passion for developing people and transforming businesses, and a strong track record in growing individuals as well as the bottom line.

Academy for Chief Executives Scotland Chair Justin Grace says: “The launch of an Academy group in Scotland heralds an exciting opportunity to contribute to the economy of the country by growing and developing people and businesses.”

He adds: “There is a seam of talent and entrepreneurship in Scotland and I’m very much looking forward to working with the best business leaders in the country to mine and develop this untapped potential.”

Justin will hold his very first discovery event in Glasgow on 28 July. World class speaker Roger Harrop will talk on the subject of “Staying in the Helicopter® – the key to profitable growth in good times or in bad” and this event will give business leaders the opportunity to meet Justin and explore how The Academy can help to transform their business.

The Academy for Chief Executives approaches its 21st birthday next year and has forged a strong, diverse community of over 400 dynamic UK business leaders who together promote business excellence and shared learning. To find out more about the Academy for Chief Executives Scotland contact Justin.grace@chiefexecutive.com.

Chair Justin Grace

Chair Justin Grace

A Question of Timing?

Timing is critical to exiting a business. As John Paul Getty famously answered when asked how he became so wealthy, “by selling too early”.

I’m a great believer in Getty’s approach: if the price is reasonable, accept it. Don’t be too greedy. Sell and move on. Don’t obsess about market conditions or the wider economic cycle or wait until the grass is greener. That might never happen. Choose the time that is right for you.

To get to this point takes preparation. Ideally, you should plan an exit a couple of years out: due diligence alone can take up to a year, and the more time you allow, the more smoothly the process will go. Several key factors will influence your timing: Continue reading →

What’s it Worth?

If you’re thinking about selling your business, it might seem obvious to start by establishing how much it is worth. But ‘value’ is a concept not unlike beauty: it can be perceived quite differently by different people.

So when thinking about value, let’s start by eliminating an urban myth. The valuation of your business isn’t what it is worth. A business valuation is not unlike having your house valued; it provides you with some parameters, but no buyer may come along. And even if one does appear and they offer you the sum the house is being marketed at (and it’s very likely they will want to negotiate), it’s quite likely that they will still need to raise the money to pay for it. Continue reading →

Making your Earn-Out Work

Over two thirds of deals involving owner-managers include earn-outs. In a transaction with an earn-out, the buyer will usually pay most of the consideration on completion for 100% of the shares of the business. The rest of the consideration will be earned in a period after legal completion depending on whether or not certain financial targets are achieved. This is different from “deferred consideration”, where the sellers are guaranteed payment at a future point in time regardless of the performance of business being sold. Continue reading →

Getting Relief

If you’re thinking of selling your business, you obviously want to maximise your return from all your hard work and minimise the amount you have to give the taxman.

Entrepreneurs’ relief can potentially reduce the capital gains tax on the sale of a business from a rate of 28% to 10%. That can represent a significant sum. But the relief is only available as long as the qualifying conditions are met. Because the conditions generally need to be met for 12 months prior to the disposal or the cessation of the business, it is essential to plan ahead for the sale to maximise the aid you are able to receive. Continue reading →

Recognise the Value of What You Have

Simon Lester is Chairman & CEO of Lester Hotels, which provides hotel and hospitality management services. He has been involved with the Academy for almost twenty years, first as a member and for the past 10 years as Chairman of Academy Group 7.

A serial entrepreneur who has built businesses in the travel, property and hospitality sectors, he talks to us about having the courage of your convictions and not accepting the first offer that comes along when selling a business.

“A few years ago I sold a travel company to a larger competitor. In addition to the sale price for the business, we offered to sell them a robust online booking system that we had developed over a period of ten years called ‘Gratis’ – Global Reservation And Travel Information System. But they only offered us a paltry amount for it – around £10,000 – so we declined the offer. Continue reading →

Speaker Gems

  1. Plan ahead – Noah built the Ark before it started to rain (Mark Fritz)
  2. If you always tell the truth you don’t have to remember anything (Philip Hesketh)
  3. Hire for attitude then train for skills……..not the other way round (David Smith)
  4. It takes months to find a customer and seconds to lose one (Derek Williams)
  5. Innovation comes from creative destruction (Cris Beswick)
  6. Top achievers should be looked into not up to (David Hyner)
  7. Life can be tough – you often get the tests before the lessons (David Thomas)
  8. You can only lead others with their consent (Simon Hazeldine)
  9. Attack the problem not the person (Jez Cartwright)
  10. Find yourself a good mentor – if you want to know the road ahead try asking those coming back (Steve Head)

The lighter side of selling a business

may-humour

© Chris Wildt, Jantoo.com.

Thanks to our amazing speakers for delivering 3 inspirational ‘Leading Winning Teams’ presentations yesterday.

Up close and personal: sir Matthew Pinsent's four gold medals

Up close and personal: Sir Matthew Pinsent’s four gold medals

The inspirational line-up for our Leading Winning Teams conference.

The inspirational line-up for our Leading Winning Teams conference.

Sir Matthew Pinsent medals

Four times Olympic gold medallist rower Sir Matthew Pinsent and his medals.

Simon Hartley at conference

Sport psychology consultant and performance coach Simon Hartley delivering ‘World Class Teams’.

Bonmarche CEO Beth Butterwick conference

Bonmarche CEO Beth Butterwick shares the inspirational journey from Receivership to PLC.

Conflict: Deal with it!

– By Andrew B Morris

  1. The Academy has a term called a ‘NO FESTER ZONE’ meaning that as soon as a potential misunderstanding emerges, it is tackled immediately. If it’s allowed to fester it will just grow and become a bigger problem to deal with.
  1. AVOID JUDGEMENT: If you have an issue with someone, sit down in a quiet space and present the facts to them in a non-confrontational manner, starting with what’s working well and then moving onto what isn’t. It’s critical to remain non-judgemental, stating how you’re feeling first and then supporting this with the facts of what’s occurred as you see them. For example: “I’m feeling confused and frustrated… because I don’t understand the unusual behaviour you displayed at the sales meeting.”
  1. LISTEN AND EMPATHISE: Allow them to respond, without interruption, putting yourself in their shoes. Ask open questions so they don’t become defensive. This way you can start to get to the real heart of the problem.

Continue reading →