When structured correctly, team ownership creates cash flow for the entrepreneur while rewarding the team for creating value.
Finance
Category: People
People
Sustainable Adventures
I have been looking at business sales websites for many years, approached a few sellers, but nothing ever come of it. That changed because
People
Why I Gifted My Team Most of the Company
I realised that I was the main shareholder of my companies and while I had been sharing profits with the team for a few years, they did not have any equity ownership.
That just did not reflect the actual input in creating a successful business.
People
Leaving Ingenero
I have now left my employment with Ingenero. That ends my SolarPay adventure. What a journey it has been. Here it is in shorthand. Jan 2008 – desire to run a business that has positive impact on climate change Feb 2008 – clarity of how I can reach people and motivate them to take action March 2008 – support by my partner Hugh to think bigger (1,000 solar systems, rather than just 100) April 2008 – incorporation of SolarPay Pty Ltd June 2008 – first public appearance at World Environment Day July 2008 – sale of the first solar…
People
Great Salespeople
Investing was definitely the right way to go. After my first part time sales person came on, I was approached by someone else. He came through a referral from SCEC and really wanted to get into a sustainable business. I would have loved to employ straight away, but was conscious to keep minimising my risk and not overspending. So I offered him a commission-only role with the full commitment of making it work. He came at the end of November and I warned that the period before Christmas might be slower. But he graciously accepted an put full focus…
Entrepreneur
Setting a Deadline
Producing events always meant that we had a clear deadline. The date for the event was clear at the start of the preparations. It was great, it took out one of the variables in what the event could be like. In business, it is a lot more flowing. It is very easy to fall into the trap of improving, rather than getting something out there. It is probably one of the inventor diseases. To overcome that, I set a date: 31 May 2008, the date of our launch. And to make it even more serious, we committed to being…
Entrepreneur
Life after the Sale
When I start working with entrepreneurs, I always ask them about their personal vision. In the beginning I was impressed if someone was honest enough to tell me that they just want to grow the business, sell it and then do … and their eyes would light up while they told me about the plans they had for their life after the sale. As I said, in the beginning I was impressed by that. Not any more. Now I put a lot more emphasis on focus. Outstanding entrepreneurs seem to be doing exactly what they are passionate about. They…
Entrepreneur
“Trust Me, I Know It Works”
I spoke to an entrepreneur today. He is currently seeking funding to bring a new product to market. The product sounds fantastic in what it does and how it does it. I do not want to share any details, but it is a cosmetic product. We spoke about the gaps in his business plan. I had pointed them out while preparing an information memorandum for him. One gap was: proof. What is proof? Had they done any clinical studies? No. OK, the costs are several $100,000 Had they done any studies with friends and acquaintances? No. He did not…