Latest News
Jeremy Harbour's Book Deal - Go Do
July 2011
Wiley/Capstone the largest publisher of business books in UK and USA commissions Jeremy to write a book entitled Go Do, due out in 2012
KPMG attend Jeremy's speach in Bangkok about M&A
May 2011
KPMG amongst the guests who came to hear Jeremy speak in Bangkok about M&A in the small to medium sized business arena
Jeremy attends Platinum Property Partner's event in Ronda
February 2011
Jeremy Harbour attends Platinum Property Partners event in Ronda at the Ascari Race trac
Making Life Richer: Where are they now interview with Jeremy
Read this fascinating interview with Jeremy Harbour, where he discusses the early start to his career, his never ending supply of opportunities and how the pursuit of customers can cost more than it makes.
Links:
Making Life Richer download: Click here to download the article
View the aricle online - click here to view online
Jeremy Harbour Featured in the Financial Times
12.11.2010
Read Jeremy's interview with Jonathan Moules for the Financial Times - Click Here
Honesty is crucial to bagging a bargain company
By Jonathan Moules
The problem with snapping up other businesses at bargain prices is that it is seldom an easy process. Just ask Christopher Wilmot-Sitwell, joint owner of upmarket tour operator Cazenove+Loyd. The London-based business, which specialises in exotic trips for the rich such as safaris to Africa, had a relatively successful recession and emerged with a strong balance sheet and cash for acquisitions. However, after 12 months of searching for suitable corporate targets, including entering talks with two companies, Wilmot-Sitwell and his business partner Henrietta Loyd have yet to close a deal. “Nobody wants to admit that they are up for sale until it is too late,” he opines. “We found one company that really would have been a good match, which was in difficulties, but we weren’t able to put the financing together quickly enough before they went out of business.”
In the case of the other company Cazenove+Loyd was chasing, the deal fell through because neither party could agree on a price. With the benefit of hindsight, Wilmot-Sitwell expresses some regret that he did not offer more for the business – the words of a willing buyer frustrated by the problems of the current market. He is not alone, according to Jeremy Harbour, who teaches entrepreneurs to buy and sell businesses through his enterprise, The Harbour Club. Harbour, who has bought about 30 small and medium- sized businesses in the last decade, about half of which were distressed or insolvent acquisitions, has seen an increase in interest among potential purchasers recently.
There are several reasons for buying a business, but at the moment many entrepreneurs see it as a chance to get something positive out of what has been a difficult couple of years. Others are looking for purchases to replace lost turnover, and in some cases would-be entrepreneurs are looking to buy businesses to get a better return on spare capital. Although there is a great deal of demand from buyers, Harbour believes that the conventional acquisition process, where agents raise the expectations of those selling about how much they can earn, actually prevents deals from getting done. “There is so much mythology around buying businesses that people just approach it all wrong. This is perpetuated through films and professional advisers,” Harbour says. “Most acquisitions have pride as a driver, rather than a good commercial outcome.”
Part of the problem is the combative rather than collaborative approach many advisers take, according to Harbour. “Corporate finance people tend to go out into the market fairly aggressively. They say: We will buy you because we are the biggest in the market – and this gets everyone’s hackles up.” Harbour teaches another way of getting deals done that, perhaps unsurprisingly, he claims is far more effective. Key to this whole process is to get business owners to make an initial deal themselves to “break their deal virginity”. He counsels those making the purchase to buy companies that are relatively easy to sell, such as a cleaning business or a packaging company. “You really only learn from experience,” he says. “This may seem like a luxury, but you can structure a deal with little or no upfront capital and de-risk the whole deal with the correct structure.”
Harbour advises owners to look for companies turning over between £500,000 and £5m for this initial acquisition, but to spend a maximum of £15,000 on any purchase. For instance, he recently helped a business owner buy an air conditioning business for a nominal £1 sum, although he lent the business £10,000 to cover its payroll obligations. “The key is to teach people to structure a deal so it is very capital-efficient,” Harbour says. “What we do is a micro version of what happens in the real world.” One owner who has followed this advice is William Sibley, who has completed two acquisitions in as many months for his facilities management business Olympus, and is now planning a third.
Sibley expects his business to turn over £7.5m this year, but plans to double that figure in the following 12 months through acquisitions that should extend his organisation’s geographic reach and skill-set. Honesty and transparency are key to getting a deal done, says Sibley. “It is important that the potential sellers are frank about the state of their business and buyers like us are fair and honest about what we are bringing to the table. Otherwise it leaves a nasty taste in the mouth.” Of course, not all advisers are bad for the deal process. Jo Haigh, head of corporate finance at chartered accountancy firm MGR, admits that her industry is “littered” with “arrogant, card-holding, duplicitous and very challenging people”.
However, she notes not everyone is like that. “I like a fair deal so that I feel both parties can live with it and get some sleep at night,” she says. It is important not to get too distracted by the possibility of making a deal, says Chris Allner, the head of the investment committee at Octopus Investments. “Buyers must be strategic and focused,” he says. “They should not divert energy from their core activities just because a business is being sold cheaply.” Allner also stresses the need to pay attention to the effect a deal will have on the people in the business. “Small businesses often have key people and a culture which may not be easy to manage after the deal is done,” he says. “The buyer must have a clear integration plan, which starts the moment the deal is signed,” says Allner.
The Business Recovery Forum Elects Jeremy Harbour As President
High Profile and Successful Business Turnaround Specialist Leads Not-For-Profit Association To Support UK SMEs
www.businessrecoveryforum.org
The Business Recovery Forum (BRF), a not-for-profit association that specialises in transforming the fortunes of UK SME businesses, today announces that its membership has elected the highly successful and renowned business recovery specialist, Jeremy Harbour, to the role of President. During his 12-month tenure, Jeremy will promote the interests of the BRF and the capabilities of its members to struggling UK businesses.
The BRF membership comprises an elite group of business turnaround specialists currently practising in the UK. Each individual has been invited to join based upon their professional pedigree, experience, integrity and commitment to the organisation’s strict charter. Every BRF member is dedicated to using their skills and expertise to transform the fortunes of ailing businesses. As a not-for-profit association it is the strict policy of BRF members to not charge fees for their services. Members make a lasting commitment to share the risk and reward with the clients they represent, by taking an equity stake in the business.
With over 20 years business recovery/turnaround experience, Jeremy Harbour is actively involved in buying and selling SME companies in the UK. In his career he built an organisation of 130+ employees, boasting more than £10m revenues and founded the prestigious Harbour Club, that teaches entrepreneurs how to complete mergers and acquisitions.
Commenting on his appointment Jeremy Harbour states: “I am honoured to have been elected by the membership to preside over the Business Recovery Forum. All of our members are at the coalface of UK enterprise and are committed to working with struggling SME businesses, to find creative and innovate solutions that will fix the fundamental problems and transform their fortunes. I look forward to representing the BRF and the work of its members in the UK.”
The President of the Business Recovery Forum is appointed annually and Jeremy Harbour is elected with immediate effect.
About Jeremy Harbour
For more than 20 years Jeremy Harbour has been actively involved in buying and selling SME companies in the UK. He has successfully completed over 20 company acquisitions and has grown an organisation to more than 130 employees and revenues in excess of £10m.
Combining an in-depth knowledge of insolvency and company law with a talent for creative deal structures that require little or no funding and no bank leverage, Jeremy has a reputation for being truly sector agnostic with business interests as diverse as a health club and spa, music school, IT support, telecoms, training, business process outsourcing, cleaning, air conditioning and a cooking school.
Jeremy is in high demand as a speaker at events and seminars around the world and a popular commentator on business issues in the media. He is also committed to sharing his expertise and founded The Harbour Club to teach merger and acquisition skills to entrepreneurs, as well as mentoring on behalf of the Prince’s Trust.
About the Business Recovery Forum
The Business Recovery Forum (BRF) is a not-for-profit association built around an elite membership of experienced business turnaround specialists, currently practising throughout the UK. Every member is a proven expert in transforming the fortunes of ailing SME businesses.
BRF members understand the specific challenges facing your business and can deliver one-to-one guidance and insight, fully supported by the skills and resources needed to get your business back on track and en-route to sustained profitability and growth.
When a BRF member agrees to help your business they are making a firm and lasting commitment. Crucially, they will not ask you to pay upfront fees that can often exacerbate an often-fragile situation. If your business does not thrive as a result of a BRF member’s intervention they will not share in its success. They shoulder the risk alongside you, helping you to make the right decisions for your business at the right time and to identify and capitalise on existing and new market opportunities.
Members have passed stringent criteria laid down by the BRF, having demonstrated the credentials, experience and expertise required. They have also committed to adhering to the strict code of ethics and conduct laid out in the BRF charter.
Editorial contacts
For interviews with Jeremy Harbour, portrait photography and further information about the Business Recovery Forum please contact Graham Thatcher or Fiona Brewer at MCC International.
Graham Thatcher/Fiona Brewer
MCC International Ltd
Tel: 01962 888100
Email: businessrecoveryforumpr@mccint.com
www.mccint.com
Real money is made in Buying and Selling Businesses.
September - October 2010 - CLICK HERE TO BOOK YOUR TICKETS
Real money is made in Buying and Selling Businesses. Every week we see and hear stories of people who have just done that lucrative “exit” ... but how do you actually find a bargain and groom a business for exit? This is an informally structured day designed for just 15-20 people so that there is a lot of room for open conversation and questions about each case study. At the end of this day, you will have learned real-life lessons on the buying and selling process that will change the way you do business forever.
BOOKING INFO:
September 30th: CLICK HERE TO BOOK
October 7th: CLICK HERE TO BOOK
In Association with the Prince's Trust - "LAUGHS IN THE PARK"
24th - 26th September 2010 in St Albans - CLICK HERE TO BOOK YOUR TICKETS
At short notice the Prince's Trust - Herts Fund Raising Team have convinced the organisers of " LAUGHS IN THE PARK" to make us their charity over the 3 nights of the show, this coming week-end, the 24th - 26th September in St Albans.
Featuring Eddie Izzard, Reginald D Hunter and Dylan Moran.
We have arranged for Rich Simmons, a Princes Trust supported business, and a very talented Spray Artist to give a demonstration of his skills in the VIP area each show. His spray painting will then be auctioned, along with a number of other items for Trust funds. Along with the opportunity to make a gift aided donation. They have also agreed to pay us a small commission on any ticket / sponsorship sales, so why not have a great evening out in St Albans this coming weekend, and at the same time support the work of the Trust , with disadvantaged young people in Hertfordshire.
TO BOOK YOUR TICKETS:
Have a look at VIP & Corporate tickets, and the Sponsorship Opportunities or Call 0843 221 0100 or Go online NOW for tickets.
Please mention that you heard about it from the Princes Trust.
Buying & Selling a Business Workshop
4 September 2010 - CLICK HERE TO BOOK YOUR TICKETS
Real money is made in Buying and Selling Businesses. Every week we see and hear stories of people who have just done that lucrative “exit” ... but how do you actually find a bargain and groom a business for exit? This is an informally structured day designed for just 15-20 people so that there is a lot of room for open conversation and questions about each case study. At the end of this day, you will have learned real-life lessons on the buying and selling process that will change the way you do business forever.
CLICK HERE TO BOOK YOUR TICKETS
Jeremy quoted in new book
August 2010
The Enterprise Editor of The Sunday Times newspaper, Rachel Bridge has quoted Jeremy in her latest book, published by Virgin Books, about successful entrepreneurs. The book entitled How to Make a Million Before Lunch is available now.
Triumphant Events - One Day Seminar
31.07.2010
Following Jeremy’s extremely well received presentation in London that took place in June, he was once again invited to address an enthusiastic and attentive audience of aspiring entrepreneurs during a one-day seminar for Triumphant Events, at The Bloomsbury Hotel in Covent Garden.
Meeting with Platinum Property Partners
26.07.2010
Jeremy was invited to join Platinum Property Partners, an exclusive community of successful and ethical property investors and entrepreneurs, to sail around the Mediterranean island of Ibiza.
Launch of DASPV.com
26.07.2010
Robert Wildmore and business turnaround guru John Whiteman have launched DASPV.com, this is a great opportunity to invest in business turnarounds and benefit from the recession.
Find out more at www.DASPV.com
Entrepreneurs Organisation (EO) Forum
15.07.2010
The Entrepreneurs Organisation (EO) Forum that took place in February proved a big hit with attendees and due to demand Jeremy hosted another event for established and high achieving entrepreneurs at the beautiful and exclusive Harbour Club Villa in Mallorca.
‘Buying, selling and adding value to your business’ Seminar with Jeremy Harbour and Eric Edmeades
12.06.2010
Jeremy was joined by fellow highly successful entrepreneur, Eric Edmeades, to present a seminar in London entitled, ‘Buying, selling and adding value to your business’. There they shared their expertise and insight regarding how to expand an existing business or getting involved with a new ventures without going through the exhausting start up phase.
Jeremy Attends the Pirates Adventure Chairty Performance
01.05.2010
Jeremy was privileged to attend the exclusive annual charity performance of The Pirates Ultimate Adventure in Majorca, to raise vital funds for the Great Ormond Street Hospital Children's Charity, as part of its Theatres for Theatres appeal.
Jeremy Featured in the Small Business and Entrepreneurship Book
29.04.2010
Jeremy is proud to feature in a new book entitled Small Business and Entrepreneurship. Published by Pearson Education Ltd and available from Amazon, the book provides the big picture on small business and entrepreneurship. The authors, David Storey OBE and Francis Greene, are both Professors at the Centre for Small and Medium Sized Enterprises, at Warwick Business School. Together they explore the prevalence and importance of small and start-up businesses.
Jeremy Habour's Presentation to Leading Entrepenuers from South East Asia and Australasia
26 - 28.04.2010
Raffles, the home of the Singapore sling, was the venue for Jeremy’s presentation to leading entrepreneurs from Australia, New Zealand, Singapore, Thailand, Hong Kong and Malaysia on using some of the UK M&A structures in south east Asia and Australasia (Oceania). Such was the success of the event that a deal was done that very weekend between two of the delegates. Jeremy then worked closely with the group on the Monday, to work through the heads of terms for the deal, so everyone could see the process in action.
Jeremy Feaured in the Entrepeneurs Forum's Newsletter
09.03.2010
The Entrepreneurs Forum chose Jeremy to appear on the front cover of its eforum newsletter.
Entrepreneurs Organisation (EO) Forum at the luxurious Harbour Club Villa in Mallorca
04.02.2010
A small group of entrepreneurs from the UK were invited by Jeremy to participate in the Entrepreneurs Organisation (EO) Forum at the luxurious Harbour Club Villa in Mallorca. During the session he offered the benefit of his 20 years experience of merger and acquisition activity.
Jeremy Addresses the Entrepeneurs Forum with HSBC's Chief Economist Mark Beresford
12.01.2010
Leaving the Mallorca sunshine behind, Jeremy fought through the thick snow in England to share the stage at the Entrepreneurs Forum in Gateshead, with the Chief Economist at HSBC, Mark Beresford. Together they addressed more than 300 of the most successful entrepreneurs in the north east of England, giving their perspective on the economic climate and forecasts for 2010.
Jeremy Meets a Dragon
November 2009
The award-winning serial entrepreneur, Jeremy Harbour, was invited to share the stage with James Caan of BBC's Dragons Den at ‘Make it big in 2010’ event.
