Accidental start up to multi-million pound sale - Phil Fraser, Which Bingo

Leeds Business Podcast

Many people have asked for my business journey story, so this week the tables are turned and I’m the guest.

You’ll hear how a failed angel investment pitch, turned into an accidental business launch, my ‘sliding doors’ moment, how the sale of the business came about and why you don’t need to be ‘lonely at the top’.

The interview was originally broadcast on the Manager Memo Podcast hosted by Len Samborowski, Director MBA, Nichols College, Connecticut. We covered my business journey, looked at some of the learnings that I picked up along the way and touched on my work as a Business Sounding Board.

INTRODUCING PHIL FRASER

Prior to hosting the Leeds Business Podcast, Phil Fraser went from an accidental kitchen table start up, with no investment, all the way to multi-million pound sale to a PLC 18 years later. He’s travelled the full SME business journey of launch, growth, scale and exit.

He now works with ambitious SME-owners as a Business Sounding Board (think somewhere between Business Coach and Business Mentor). In simple terms, he’s ‘a pair of ears and an extra pair eyes’ for SME Owners helping them to be better at what they do. Phil’s mantra is It doesn’t need to be ‘lonely at the top’. He helps Business Owners to be better business owners, by helping with their clarity and focus.

As a Business Sounding Board, he gives SME Owners the time & space to regularly discuss their challenges and opportunities, with no sense of judgement or bias, and in complete confidence. This allows them to explore their options in full, culminating with a list of issues to address/clarify, a clear target in mind, a roadmap to success, and a renewed enthusiasm and confidence for the challenges ahead.

EPISODE HIGHLIGHTS

[00:01:00] Chickens and punk…

[00:02:00] From advertising agency to the new-fanged ‘internet’

[00:04:30] Where did the online bingo idea come from?

[00:06:00] The failed angel investment pitch

[00:08:00] Turning down a ‘real job’ for the business opportunity

[00:10:00] The motivation of fear in a start up

[00:11:15] How the business sale came about

[00:14:15] The legal difficulties of the deal

[00:16:00] 18 years and no business plan

[00:17:00] Hands on start-up owner to team manager

[00:18:00] The ‘two week vacation’ test

[00:20:20] Key lessons learnt during the business journey

[00:23:00] The benefits of having no investment

[00:23:50] It doesn’t need to be lonely at the top

[00:26:50] Why I call myself a ‘Business Sounding Board’

[00:29:30] My angel investment experience

[00:31:00] The ‘PITA Patter’ problem solving process

3 KEY TAKEAWAYS & BUSINESS LEARNINGS

• If you can’t take a two week holiday without your laptop or phone, your business isn’t sellable

• Success can come from a failure

• Having no money makes you think creatively

VALUABLE RESOURCES FOR YOU

Website: www.leedsbusinesspodcast.com

LinkedIn - https://www.linkedin.com/company/leeds-business-podcast/

Website: https://www.philfraser.co.uk

LinkedIn: https://www.linkedin.com/in/philfraser

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