Interviewing a lovely lady Jenni Bradford who is a mum & sold her biz in 2020!

Interviewing a lovely lady Jenni Bradford who is a mum & sold her biz in 2020!

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okay i think we are live on facebook almost right let's do this i like all your posters in the background ah they're falling over um i didn't put them up properly and every few days like a massive one here has just fallen over it's just on the floor at the moment and one up there has fallen down so i need to do it properly i'm not a diy type person i can barely put up a shelf sorry but okay so we it looks like we're running recording and let's admit all let's let one in uh participants come on uh right hey folks it's joining us good to see you all right yeah this is being streamed to other places so uh there'll be more people than what the zoom link shows if that makes sense right let's look at the speaker view here we go i think that's it one minute to go and then we'll crack on for those on facebook could you please comment just so i can see your questions because it will be opening up for a q a at some point that'll be dandy thank you i can't see any comments yet facebook has such an awful lag right 12 o'clock let's crack on let's do it uh hey everyone uh siam here and i'm joined by the lovely jenny bradford and we oh man we met probably eight ten years ago i have no idea yeah where did we meet it was part of the entrepreneur's circle wasn't it yeah i can't remember where we first met um because you were living in leicester as well weren't you yeah a long time ago i don't know whether it was even even there or something but yeah i've known each other a long time now yeah i think i met your brother first colin yeah um because yeah we got on well and uh but yeah so i guess yeah the long story short is that we're both part of a like an entrepreneurial type networking scene and uh yeah like minds attract i guess and so i guess in a nutshell i'm going to cut to the chase um colin and jenny they set up a business they grew it and they sold it was it last year yeah 2020. in a freaking shitstorm of a year so um yeah i'm quite fascinated so first of all like who who are you jenny for those that have no idea who you are so yeah so my name is jenny bradford and essentially my business journey started in 2012 and i joined my brother running an amazing business called magical maths and my brother was running a tuition business private tuition and he worked with he basically realized there was this epidemic going on of children that all didn't like maths or had decided that they couldn't do it or they were scared of it and my brother had a maths degree and he'd always loved his math so he basically wanted to do something about it he wanted to kind of get out there and and help so he ran a one-off club at our old primary school called magical maths and it was there to show children that matt is magical um and you can do amazing stuff with it you can do incredible it's really fun so it was there to show kids that and the children loved it parents loved it the school loved it they wanted more we then rolled it out to other schools and the same thing happened they all really liked it as well and it just snowballed really um and magical maths just took off i ran my brother was running it in leicestershire i ran a pilot up in liverpool for a year and then 2013 i moved back down to leicestershire and then we got ready to franchise the business which we did in 2014. um and then yeah and then it the business continued to evolve up until well we exited in 2020 but yeah magical mass is still evolving nice so so i guess the the crux of the whole business it was a franchise business yeah well so essentially magical maths is we go into primary schools and it's after school programs so that that's how it runs and then as it's evolved we do in-school workshops as well and we've got other products that have have grown with the business but yeah essentially it's going into primary schools working with the children in the primary schools and then in order to grow it across the country we franchised it but yeah that was sort of our growth strategy ah okay so this is so a question i always ask franchisors is that like when you come to that decision of thinking right do we franchise or do we do it ourselves um like what made you go for the franchise model because i guess the other side of coin there is that you could simply hire performers or not performers uh presenters i guess i don't know what you call them yeah you could pay presenters to then run the thing but then and then you have i guess more of the lion's share of the revenue i mean what was the decision process that opted for franchise well franchising is is tends to be faster growth um and but the other thing we i mean we did do both so we did have franchised areas and managed areas so leicestershire was always our head office territory and we felt it was quite important to have our own territories so that we could test new things um evolve ideas so we we always actually had our own territories and we did expand our own territories as well um so yeah so yeah we did so we did both okay and how did it compare like obviously you most like knowing you're in colin you probably split test you know your own territories versus other franchise areas and like what was more profitable your own areas or the franchise areas um well ultimately we went down the route of franchising so in the latter years we were just franchising so the managed areas was a lot more sort of it involved a lot more of our time so the franchise what and with the franchised areas again this all came sort of over years of trialing and testing yeah but um the franchisees were just absolutely fantastic they they're all they're business owners aren't they so they have their own they are kind of just completely invested it's their business it's their territory it's their team of people and they just they just crack on and they run their own business and we were always really confident that they were doing a really good job so it was really it was really nice it was a really nice way to grow it um and yeah and and so our first franchisee came on board in 2014 so like they've been with the business for quite a long time now so i mean initially to start with there was a lot of handholding but after a few years those franchisees were just would just go off on their own and we wouldn't really hear of them very much they they just could you know they could just run it themselves and we'd get together once a quarter for a a training session and and yeah it was great and they could do as many oh sorry and they could do as many sessions in their territory as they wanted but yeah so they'd have to buy another territory if they wanted to grow further yeah yeah so we had um people who people who did well did did actually tend to expand so the way the way that we did it was we sort of encouraged people to start off with a manageable territory size farm that area and then they can grow out from there so there were some people that would sort of farm that area quite quickly and then they'd be able to kind of grow out so so with like the typical area that was sold like what sort of i guess profit could a friend a new franchisee make per year um oh it's fair it's it's variable and it's ultimately down to them and how much work they're wanting to put in so yeah it's it's kind of yeah it's not fair enough yeah and it is because there are we we did have some people who it was almost a lifestyle business in a way but it's the eight it's the 80 20 rule isn't it so yeah true um everything is the eight to twenty year old but yeah there are some people who um would go out there and reply with it and it's it's very much down to the individual so yeah yeah and like chatting with some other my other friends that are still franchising out et cetera every now and then they get some issues where a franchise or a franchisee will buy a territory etc and then basically bastardize the model they'll swipe and deploy everything and then just set up their own business doing exactly that to basically cut out the franchise or i mean did you ever get any nightmares like that we didn't ever actually come across that um yeah so yeah we didn't ever have that and i don't know whether because magical maths we we were the first company to be doing what we were doing so and there were people that came about sort of during the time we were running the business who were doing a very similar model yeah um oh yeah yeah i mean we did have people who would come and find out about what we were doing but we didn't ever have people actually buy a franchise and then go ahead and carry on doing it on their own yeah interesting and so you had a kid two years ago was that yeah yeah how's it going it's freaking crazy parenting isn't it yeah yeah it is um yeah she's lovely she's great so really enjoying it ah any more on the way challenge yeah i definitely want to have more so i'd like to have my own magical mascara at home and how have you like juggled babies and work because this is like probably every parenting like challenge you know juggling work and and kids i mean how how did you navigate that sort of territory well i think i'm quite so my role within any business that we run is systems so so yeah me and my brother work alongside each other and you know the rocket fuel book yeah so my brother is the visionary and i'm the integrator so my my personality is an integrator and organizing and things like that and i always knew that i wanted to have kids so and i obviously my daughter's only two so i was running the business for quite a while before i had any kids so the whole time i was like oh my god i'm not going to be able to do this with kids and it was always right i need to build it so that i'm ready for when i have got children and i almost over did it in a way um i think you kind of before you have kids you're like oh my gosh it's going to be it's going to completely turn my whole world up so i'm not going to have any time and i think you you know when you kind of your expectations don't meet the reality there was a case of that so i kind of really over overdid it and made sure everything was going to be the business was running um and then yeah and and after i had my daughter actually um i really i really loved the business uh it was it was just brilliant it fitted in really well um i was i'd built it so that i could work from home so i think it's just yeah it i had the time to prepare and and put the right things in place okay so so this is an interesting thread because like automating your business is always a work in progress it's never complete and i guess every business owner is always trying to systematize to you know alleviate their workload like what did what exactly did you do to make sure that the business was on autopilot as best as it could be before the big day yeah well i mean because we because we franchised the business and we franchised it quite quickly we had to completely systemize the business so everything had to be just systemized operations manual um because that's a franchise isn't it it's got to just be there people have got to be able to pick it up and just be able to run it so the business and and so we were forced into having to be completely systemized and everything running as well as possible um so we've always sort of built businesses that way and then the other once we got franchisees on board like i said they were great and they that they're a business owner so they're really hard working they're really passionate and they just crack on and do their thing and then our kind of role was then to support them and keep the business growing and keep new ideas coming in and as we were like you get to know your franchisees and actually get to know their pain points and things things like that it was always trying to alleviate them and kind of putting the systems in place to help with those things and then it would be an autonomous scale thing because if it was a franchise he was struggling with something and we could save them that task and it would save them an hour a week and if there's 50 franchisees in the network you're then saving the network 50 hours so being in charge of the systems for a network of people is um is quite kind of rewarding because you can be saving everybody a load of time um and then in terms of getting ready for um getting ready for having a baby it was just a case of like i said i kind of overdid it a bit so i just completely documented everything made sure everything was processed and people knew exactly what they had to do so the people who were covering for me could just pick it up and they knew exactly what to do um but i do like systemizing stuff as well so that it doesn't rely on people doing it so there are a lot of things that can be taken away so we we'd always be recruiting so at any one time we'd have hundreds of staff running clubs across across the country and we were continually recruiting people so that recruitment system was pretty much automated that whole process wait so you recruited for your franchisees well they had to part of what they had to do was recruiting yeah and we were doing it for our managed areas um so this is just it was just finding what are the main sort of things that need to be done in the business and just making sure that there's a process in place and those things are running okay so i'm just going to try and and i'm going to anticipate an inevitable question can you sort of give an example of a system which needed systematizing and then you doing it so it then released some time effort because i think people would want like specifics because like in lots of interviews um that i've seen on youtube and others that you know the business the interviewee goes oh yeah we just system-sized that and there's hunky-dory and then the the thread in youtube is like yeah but what what exactly did you do like so can you yeah for example yeah that you automated i'm more than happy to go to go through i'll go through the recruitment one if you want yeah go for it um i mean it's quite long-winded so it's fine people will skip if they're bored on the recording so for our recruitment our recruitment in magical maths was quite unique so the majority of the work that the the staff do is for an hour a day after school so we go into the schools and run our after-school programs so we were we were recruiting people for an hour a day um so it was a very unique sort of recruitment system anyway um and like i said we were always recruiting so it's something we continually were having to do but we would set it up where so you know when you're arranging interviews and you have to do well we you and i were doing it when we have to do like the back and forth of what time can you do and what time ah yeah yeah so we would set up we just using calendly um and that is just literally here is all my times and then anybody that applied for a job send them your canonly link and they can book an interview it eradicates all of that going back and forth before so as straight away you can imagine if there's hundreds of staff that you're recruiting and that would cut down hundreds of hours um so we put that system in place um we'd also do think because we had quite a lot of different recruitment avenues as well so different places people were coming in from so um we would try and kind of automate responses if we can so it was just setting up you know like canned responses in email so if if franchisees were emailing applicants then they could just click open a canned response send it out um say yeah and copy them so they can just copy and paste if they're on facebook then quickly copy and paste and send and then from there when they were interviewing people would set up a form um and that would then they'd then fill that form out whilst they were interviewing and that just eradicated all or paper-based like you can imagine we had like big fat folders of paper-based interview forms so and paper-based just doesn't work because you have to look after the documents and you lose but like if you need to find an interview form you can't find it if you've got big documents of them so just made it a lot more um a lot more workable like you could easily access somebody's interview information really quickly um you don't have to store things you can access it it's in the cloud and then from there once we'd interviewed people they were then the automation would then kick in so if an applicant was accepted they were then automatically sent an email with all the documents that they needed and there were forms that they needed to complete so we had agreements that they needed to complete that was all online um they needed to complete dbs's so all the information was in there and then once they'd completed the consultancy agreement again that all went into the cloud franchisees just check just have to check to make sure they've got everything um and then training then kicks in and again that was automated so as soon as someone filled out their consultancy agreement there the login details for their training portal was then fired out to them they just do the training so it just yeah it it's just it was just really a case of what like i said because with having lots of franchisees all doing the same repetitive tasks if i could automate stuff for them you know you're not just automating it for one person you're automating it for loads so yeah it it yeah those those little time savers actually made massive differences yeah and i think that's there's a massive point there folks um like i've made all sorts of courses over the years et cetera and for many many many years i didn't make one for my team you know for new staff members etc so every new member of staff that came in i would sit them down for an hour like one to one and say the same thing like over and over again and when you're in a massive you know recruitment drives and you're you know you're on boarding lots of stuff per per week or per month or whatever you're having the same bloody conversation which it's good and bad but yeah having like a little staff portal training training portal is just yeah it's so good and that way they can watch in their own time you know so they're ready to roll when when they're coming to work etc and that way when you do have your one to one which is essential you can talk at a far deeper level so i think that's yeah that's a massive one okay so right so let's fast forward a bit so i've sold a bunch of businesses in the past and every exit process is different like before i did one i always thought that you know it would always be the same like a standard you know like a marriage you know or divorce whatever but they're all different i mean how how was your exit process first of all sorry one question once oh my god one question at a time how did you find the the acquirer so they actually approached us so our our exit plan was was to sell the business we had a five-year plan and we were two years into the plan so yeah so the plan was to sell um but yeah just not at that point and and somebody approached us and it was march 2020 that they first came to speak to us about it and my instant reaction was no no just because my headspace was you know like when you're just so like focused on what you're doing and colin had to be like no we do want to sell our business and i was like yeah but not now and he was like yeah but it's just because it's earlier it doesn't it actually means it's better um so yeah somebody approached us and then um yeah and then we just got into the conversation so they first approached in march and we we sold in october okay yeah and so what sort of acquirers were they did they go through the whole like multi-month due diligence and all that sort of stuff or like what was that what made that time lag from march to october yeah it was quite a long checkout process yeah yeah it was just all yeah just everything that needs to be done so um yeah all the due diligence i can't say that you know i always just say dd oh yeah it's really difficult to say isn't it um so all of that all the stuff with the lawyers yeah just making sure everything was done really and yeah um yeah yeah and it's it's a difficult it colin and i were sort of obviously we worked together in the business and he was the main one that was working on that process yeah so it was it's when you're selling it's it's tricky because you're you have to kind of be thinking right we're potentially going to sell the business here and work on selling it but also you have to keep your head in the game don't you so you also have to keep you have to keep really working on the business and also the business sale could fall through at any moment so you can't decide i've sold my business because that that could be really difficult if you don't and then you've got to carry on running it so it was almost easier probably for me in a way because colin was the main one working on the sale and i could just carry on focusing on the running of business looking after franchisees and stuff okay so i know you can't share the price of what you sold it for due to you know privacy and all that sort of stuff but i were you too happy with the exit yeah definitely yeah so it was um yeah it was a figure that we were really happy with um and yeah at the point in time that it came through as well so so yeah and is there like a lengthy like earn out process like how long do you have to stay in for or is it like a clean cut well yes so we we don't have to stay on work so we sold in october and we were contracted only until january jesus quick i know yeah so and then yeah there is we there is a trickle effect with payments over a few years so there is some of the money that will be coming in over the next couple of years yeah so yeah so you're a lady of leisure now well yeah my mum of a two-year-old more like okay so so what are you doing like work wise like are you just chilling out do you have other plans what's next i mean we spoke to quite a lot of like in our network we know quite a lot of people that have sold businesses don't we so which is um it was really good because we could sort of speak to people and get advice from them and everyone that we spoke to that saw their business said you will need some time like you will need a good few months to switch your headspace out of magical maths and actually be able to think about something else so um yeah we're sort of prepared for like we need to take a bit of time out it does feel like you're selling a child like every time i've done it i felt like yeah i've just lost a family member sort of yeah and also you i think you just you had i mean yeah i think because we were just um yeah you can you kind of eat sleep and breathe it as well that's and like we were doing that for a long time so you've got to sort of be able to wind down switch that off and then figure out what you're going to do next and not do any knee jerks you know because you might end up making the wrong i think because when you're used to working and having stuff to do you could jump into something and it not be the right thing so um yeah it's taking a bit of time to switch off but um but yeah i've been spending some time with my daughter which is lovely she goes to preschool in january so um they're not they're not around for long are they so it's come at a really nice time and then um i've been doing some volunteering work and that's involved with working with kids um i don't want to stop doing certain things because you you know if you stop using your skills you'll lose them won't you so yeah um courses sort of continuing to learn we're still part of a business mastermind group we still do bits and bobs with magical match you know if they need help we're kind of on the end of the phone if if they need anything and then we have started doing a bit of consulting work as well so we've had some people sort of approach us and ask if we're available to work with them um and that's colin doing marketing so that's what he was doing with magical maths yeah and then me helping with putting systems in place and processes okay so yeah and yeah i'm really enjoying doing that that's um that's been really good okay so no plans to set up a business to sell again then well yeah i have i have got a kind of using cyan lingo i've got a few projects on the go as well so um yeah i've got a few i have got a few sort of ideas and things that i'd like to to try all but it's yeah it's a case of seeing what what people buy isn't it and seeing whether there's a business there and do you do anything for fun i know it's a handful with a kid but that do you have any hobbies like what's keeping you happy yes so i like it's been raped you know what it's actually been really nice with selling the business what another another thing i've been doing is a lot of sort of personal development stuff so i've been getting into meditation journaling listening to loads of podcasts and stuff like that so it is it's nice having that time but also i've always loved exercise so i'm part of a running club and yeah enjoy doing that and then my friends have always been really important to me as well so enjoy hanging out with friends and so yeah yes and do you have crypto no what no you got to you have to you have to put it on your to-do list by crypto right so folks those on facebook and zoom etc please please um pop in your questions in the chat box uh that so jenny can answer them that has a big pink mug there it's like a pint glass yeah it's just water um so johnny peter says he i was just about to ask about crypto lol um come on put in your questions folks so the how did okay so just going back to the exit so how did you and you you guys come to an agreement on the price with uh you know as in the exit price because there's lots of different ways and that happens i i found like did they basically just put a price and then you went no want more like how did that play out yeah that basically yeah hit the nail on the head yeah and i'm trying to remember i can't completely remember but yeah there was that and then because we we did have a figure in mind like for what we wanted to sell for and and like i said initially it was a case of oh no we're not we do want to sell but not right now um so it was if we are going to sell it we'll have to be for this for like the right amount so yeah it was a conversation based around that okay and and like one other questions i i know you're you're sort of still working with your brother colin doing the consulting etc yeah if you set up another business that you're going to grow to sell like would you go into business with him again yeah so yeah i mean with the with the kind of projects that i've got in mind um like i always would go to colin to speak to him about my marketing yeah so that's just naturally and it's just because that's his skill like he's just incredible at it he's really good at it so um and that's something business owners need to do isn't it it's the case of what are your skills and find someone that's better at you in the areas that you're not so good at so yeah i'll always go to him and get his help to set up my marketing and things like that so it's good that you have that relationship because sometimes family businesses are a massive cluster mess but and also like when like just thinking of all of the sort of the business owners i know that they've you know exited et cetera and then gone into new businesses there's a general theme that i found and and there's you know success leaves clues and the theme is that they always set up the new business with the same team pretty much so it's normally the same co-founder or the same key staff um and what happens i see you know some of the like there's one guy i'm thinking of who's probably worth about 20 mil and he sold probably four or five businesses and the key staff in each of these businesses that he sold are the same people so he's got the same ops manager the same marketing manager the same blah blah blah and i think he gives them a little bit of you know equity but they know that this founder this this entrepreneur guy is you know is good at selling and so they just follow him and then they end up getting there they pay out so i think that's that's pretty cool that you yeah i think developing a team around you that one the team trusts the founder and the founder trust the team i think that's magical so but but so i guess is your team i guess yeah you found colin and collins found you is there anyone else that you know you would bring into another project well i mean the main sort of the mainset team with magical maths was um it was me and my brother and then tom my partner he was in charge of our sales so he was our salesman so yeah i mean um yeah potentially we always and and we always were a family business in terms of like we had other members of family that would work in the business as well um and yeah i did i did really enjoy that and i think it was nice because i think business owners need to support network around them in whatever form that is and it's sort of people it's people like having you back isn't it and cheering you on and and for some people that's their family um and for other people it's going out to like we went to the um business so networking events where and you just kind of build friendships with other business owners and mastermind groups um so it's just sort of finding whatever it is that is your your network but yeah for us it was um it was definitely it was definitely family and and like they were there throughout the whole the whole journey as well and there'd be times because i mean there's always times where people business owners kind of have limiting self beliefs and things like that and um and actually having really solid people around you who know your business and are there they like they never faltered they were always because they weren't the owners of business so they didn't have that same responsibility and pressure but they just totally loved the business and totally believed in it and they just always yeah i mean tom like i said he was in charge of our sales and he was just incredible because he just loved magical maths and he truly believed that every school in the country should have magical maths in it there was just absolutely no reason in his mind why they shouldn't have it so he was just the best you know the perfect salesman all right and the franchisees they all looked after and you know nothing changed for them during the exit i guess they carry on as normal right yeah carried on as normal yeah so yeah and the so talking about okay so you've now gone through the whole business cycle set up run grow and sell which is something that not many people do most people set up run run run run run that you know that that's i guess the right most business owners find themselves in so now you've effectively walked the walk do you still have any self-limiting beliefs um yeah i've been thinking about this actually you know i was saying that it's been nice having time because when you like you said when you're running a business you you just you're just in that phase of running it and you don't actually have time to sort of reflect on things really and or i didn't find i did i just sort of cracked on with it and just worked hard um but yeah now i was thinking about this the other day and you know i was saying about like having people around you that really believe in the business that really helps but um also it's i think business owners just really need to focus on the service that they provide so whatever they are selling you want people to have that service because you really strongly believe it's gonna help them and help their lives and that's just what business owners have to focus on so and and the business owner is literally just a vehicle to get that out to people so that having that mindset of focusing on the service and not oh it's about me and it's about how i'm coming across and it's about i've got to do it in this way it kind of gets rid of that then so so yeah that but that's something that i've only reflected on and come to realize that just by you you just have to just keep focusing on like we want to get this out and it was easy to do that in magical maths because we were just it it was such a love it's a brilliant business and it really makes such a massive impact on children's lives so you are always constantly reminded of what like what a brilliant service we're providing and we need to keep getting out there yeah did you um so we both have mutual friends of mark wildman he saw for those who don't know he sold sublime science which again similar model wasn't it franchise or type biz no he didn't actually franchise did he not no oh wow yeah he run it from head office and he did so he was science well the sublime science still is science birthday parties yeah and so oh wow so he went down the payroll as in like paying the presenters to do the things yep and yeah and manage them all from head office wow okay so have you had a chat with him yeah because you both had similar journeys basically have you like caught up since yeah well yeah i mean so him and colin are really good friends so they um yeah they they're friends and speak a lot but i haven't personally spoken to mark about yeah um the last time i saw him actually was january 2020 so we went to a business event january of 2020 and then obviously after that kind of the world just locked down and yeah you're not kind of seeing people as much oh yeah true so on facebook michael has a question how long in advance do you start preparing for the sale and what process and what the process looks like in the overview and getting the team on board yes so we i mean like i said us our plan was a five-year plan and we were only two years in but we had started to already do yeah do do work for it so if you know that that is your exit plan then just start learning about it it's like anything in business isn't it everything is new the first time you do it and we have to learn about it and so just start start learning about it as soon as you've made that decision that's the route you're going to go down and there are yeah there are kind of like anything there are courses you can go on there are books that you can read so it's just getting stuck in and like i said with franchising we had to build the business so that we could franchise it it's the same thing even if your sale plan is five years down the line you need to start you can start building the business now to to make that process easier for you when the time comes yeah but what sort of things did you do to um make the business more saleable if that makes sense yeah so i mean it needs it's having the systems and processes in place um and they're all things that we had in place anyway and then also with getting ready for myself having my daughter i had to all of my tasks and things there had to be they all had to be put in place so it's almost it's it's a change of mindset in a way it's removing yourself from the business so it's how can i make sure this will run if someone else just needs to be able to come in and be able to make it run so it's thinking of all the things that you need to be able to put in place that someone can jump in the driving seat and get cracking with it and it's making sure your numbers are good and everything's really organized and transparent there and again courses will sort of show you what you need to do in terms of the numbers and things like that and specifically for your your own individual business um and it's just yeah kind of you can start getting yourself all organized and nice and tidy for yeah what those things need to look like so um michael just um just to add to that um when when you're selling a business for six seven or eight figures the same sort of things um i guess quite general so the the acquirer the buyer does not want to come in and buy a job okay so if someone's going to buy a business for a million quid or even 500 grand you know then they're not going to want to come in and do a day-to-day job they want something which will run despite them if that makes sense so like when i when i buy a business i don't want to come in and you know get bogged down with the operational of a business um and so if so like uh jenny's jenny said she she really automated all her roles before pregnancy or before you know it popped out she popped out sorry um and so that that's great for an acquirer because they go okay you know that role can be serviced by you know someone doing half a day of work or or something and so really the you should try and get your business to the point where the director is superfluous to the operation of the business um which means you need a manager you need an ops manager you need you know it just the director should really not have that much of a an influence in the day to day if that makes sense and in terms of the numbers what i found is that it it's good to try treat every quarter like it's a year-end so you know the with the business you have your year end and then the accountant goes through everything to try and package it all up so it's all done and dusted trying to in a quarter so you know like like a big business you know big businesses have quarter reports q1 q2 etc so try and do that now and then like every quarter have like you know a big chunk of a folder um you know folder so they know and and then you simply simply summarize all the stats per quarter so you know all the normal business stats like revenue you know uh cogs gross profit opex all that sort of stuff but also the marketing metrics you know cost per lead cost acquisition lifetime retention all that sort of stuff and so when the acquirer comes along you can simply go oh yeah here's this folder boom and it's literally meticulous as bank statements or already printed out this p l printed out it's like ta-dah the less work the acquirer has to do the more profitable your business the stronger you are at the bargaining table if that makes sense i mean would you agree jenny hmm yeah definitely yeah it's great to yeah you've just got to be really thorough with all your numbers and and know them inside out and have structure with it so yeah yeah and it's kind of so it's it's all stuff it's just like i said it switches your mindset if you think right i'm preparing the business for sale because that those kind of things you probably wouldn't do them if you're running the business because you don't need to like you can just it's stuff that you can maybe just have in your head or you don't need it as much but yeah it just means that you're structuring your business in a different way and getting all the right things in place yeah um amanda has asked what i i guess this goes back to a previous thread what are your favorite systems for doing the automation work uh i mean when i'm looking at when i'm looking at systems it is quite an individual case-by-case thing it's sort of seeing what they're talking about but also seeing what things people already have in place so like we're working with um working with a business i've already got loads of different apps so i sort of see what they've got and see how they can work rather than signing up to new things and starting to pay for new things um so yeah it's quite an individual thing but i really i really like zapier zapier would do a lot yeah some magical maths and we also had um we used g suite so like i said it was a case of using using what we had and yeah g suite just does loads so it's once you start looking into what it what it does in all the different apps and what's in the marketplace and there's just loads there so but it's really finding it's starting with what are the what are the pro what are the roles that i want to automate what am i spending the most time doing um what are those tasks and then from there sort of going out and or just deciding right what needs to be what needs to be done and then you can find the right sort of things systems to help yeah amanda is it like like jenny said it is a tricky one because every business is different but what i would always suggest is do a bit of time tracking so spend a couple of days just doing your normal day to day running the business but every 15 minutes drop down what you've been doing for the last 15 minutes and in fact do it for a week and then you'll then you're in fact not on a piece of paper don't want a spreadsheet so it's easier and then you'll see common threads you know checking the bank account or doing this or blah blah blah and then you can simply block up you know your key actions obviously you have to get rid of all the cat videos on youtube and facebook scrolling um which i'm very susceptible to but then you have your i know 10 tasks that you regularly do every day or every week etc then you simply have to go right how do i automate that so i don't need to do it again whether it's delegating to staff that is a system in itself by the way creating a standard operating procedure and then getting someone else to do it or tech so yeah jamie said zapier or zapier i'd never know what to which one it is we use that a lot zapier can basically connect any software to any other software so for example we have a metrics spreadsheet so it's a google sheet and everything that happens in the business goes on one tab so if someone opts into something via facebook or youtube or wherever it you know it creates that automatically creates a line in the google sheet where they came from you know website uh user time or like literally everything so in one row this would be username x or whatever there's loads about you know it's basically a big tab full of data and then we have other tabs which then extracts certain bits from that tab to give us our metrics so we we know you know in cohort you know the january cohort we had x amount of leads that and x amount of sales and the revenue blah blah blah the conversion rate so yeah but yeah you just have to do a bit of time tracking um uh what was the other question so johnny said what kept you motivated and on track throughout the first stages so i'm guessing he's saying that you know the tough stages of business when you're getting going yeah so yeah i mean there was a stage where we literally were i mean because we were we were young as well i'm trying to think how old we were but it was like early 20s so we didn't have kids and you know we could just literally work all the time and i couldn't remember that early stage you just never knowing what day it was because it just didn't matter so just working every day um so yeah but i think i've just always really enjoyed working hard and being challenged and i don't think there's anything more challenging than running your own business i think it's the ultimate challenge um and it's um and as i think in that early bit as well it's recognizing that it can feel like there's things that can feel like a struggle i think every aspect of a business can feel like a struggle and it's because it's always a new thing that you're learning so you've been stretched your comfort zone's stretching so yeah and once you start recognizing that then you sort of you'd be like oh i've been here before i know i can get through this and the next time you're doing something new you you kind of you know you can get through it and so keep going um but it's good to the thing i've found as well with having a daughter is it's actually really good because you haven't got a choice you have to do something else so yeah and and it really does help you need something where you can completely switch your mind off for a bit because it having a break and having some time off does actually make the time that you're working more efficient like you're better and you can get more done if you've had a break so yeah it's kind of finding something that will make you make you stop and stop thinking about the business for a bit and having a bit of down time nice um fame has asked did you start the business with the intention of franchising or did that just come around naturally um yeah so we've gone through this fame it sort of came around naturally uh and any tip sorry the other part of this question is any tips for someone who wants to turn their business into a franchise what's the first step yeah that's great question good question so um yeah it's making sure you've got to really make sure that you've got a good model um so the business has got to work you know it's got to be a really solid business in order to franchise it and then yeah like like i said it's then just getting everything really tight really well systemized um yeah you've then also got to think about the marketing side of franchising the business and like i said that was something that colin was always really good at um and yeah there's lots of marketing sources out there for franchising so it's tapping into the right things but and another thing we would do is get around other franchisors so just like any aspect of running a business of rub shoulders for people that have been there and done that um we were part of a franchisor mastermind group for quite a while um just getting together with other people that were franchising um so yeah i hope that answers that nice that's that's great dessert so last chance folks anyone have any more questions for jenny in fact do you have anything else you want to add jenny whilst we're waiting for the the lag to catch up um i mean i think in terms of things that would be good there's some things maybe that i've thought or if i could go back and start again i'd put these things in place yeah so one thing that was amazing for for me and so my relationship with the business was having a cash flow forecast okay so once how far ahead um we'd sort of have it so probably about the graph would be about a year in advance okay so and that just completely changed my like i said my relationship with the business so yeah oh yeah starting up any business just get a cash flow in forecast in place straight away and the idea with that is just literally having it where you're putting in and it's a spreadsheet i haven't i haven't used kind of zero or anything like that for them so we've got a template and it just worked really well so we just cracked on with that but um it's putting in place all of your costs all of your predicted sales and it's kind of being conservative with them so it's almost worst case scenario and then it's having a graph linked to it so that you can then see what it looks like and for me it just completely changed because i think i think that's a big stress for business owners sort of especially when you start bringing in staff and things like that and you've got the responsibility of their salary that you've got cover at the end of the month and all of those things i would sort of stress about thinking or we've got it's a lot of responsibility basically and our business was actually in a way it was quite um seasonal because the majority of our work was during the term so during some holiday summer holidays would come up i'd always be a bit like oh we've got to make sure we're doing loads of extra stuff so that we can get through the summer and actually once we've got this cash flow forecast in place you can see like the summer's coming up and there is a dip and we'd have a bit of a dip at christmas as well but actually it was all right so i was like pedaling loads thinking oh i've got to do all this stuff to get through the summer but actually when you look at the cash flow forecast you're like oh it's all right or if i just do a little tweak here in february or march then there's no dip at all so it just um it just means you're a lot more eyes wide open um so yeah having a cash flow forecast was completely invaluable awesome amazing well i don't want to steal too much for your time but thank you so much for coming on today jenny it's really appreciated um hopefully hopefully everyone here has managed to take away a nugget or two and uh yeah i mean yeah so do you have a website that you want to promote or like where can people find you if you want to be found that is yeah i mean yeah like i said we are working with we are working with business owners but we've not set up but we've not set it up as a business it's been more people contacting us and asking if we're able to work with us but yeah we do have we do have a few slots available still so we do have some space so if people wanted to get in touch then they could email so i don't know can you see that right let me go okay so i'm just going to type that down so it's jenny with an i at magicalmathsclub.com yeah so if people want more info about us working with your business on systems processes marketing then yeah just drop me an email and ask for more info oh you can have a chat awesome and hands up i have no commercial affiliations with genuine at all this is just yeah i want to send people her way so yeah hopefully you don't get inundated with spam because this video will end up on youtube um but uh yeah well thanks so much and uh okay we'll catch up again at some point yeah cheers i am thanks everyone bye cheerio folks bye okay um and cool see you jenny yeah cheers

2021-07-08 07:46

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