Step 6 - The Reveal & Follow Up
2 Months Before “Deal Day”
Bloody hell. Talk about emotional rollercoasters…
Leading up to the “big reveal”, my days have been consumed with preparing the presentation. Of course, I should know - it’s what we do as a business - but when it’s something you’re as close to as this, it’s taken a bit of an emotional toll.
Finding myself getting teary while writing the FAQ document was a revelation. Christ, if I’m this moved by drafting a document, how am I going to handle delivering the news to a room full of my colleagues; my friends?
The good news is that the business, led overtly by Luke and Lloyd, has smashed the budget and delivered the best quarter in our history. The timing of the EOT announcement couldn’t be better - the team are taking ownership of a thriving and successful business. Happy days.
However, it’s not all champagne and roses. The absence of some key individuals, particularly the independent consultants I have deep bonds with, at the announcement stings. Their emotional reaction when I shared the news in confidence left me shocked and confused. They viewed the choice to move to an EOT as me abandoning them rather than actually delivering on my aim of securing their future.
Maybe they don’t understand the positives this brings to them, or maybe I just need to toughen up. Either way, I can’t imagine what their response would have been to a trade sale or a PE-funded MBO. They’d be screwed.
In these moments of doubt, I need to remind myself that this is the right path, not just for Lisa and me but, more importantly, for our employees. I won’t let these reactions cloud what I believe is a noble and altruistic step.
The meeting itself was, inevitably, emotional. I opted to present while seated for the simple reason that I could see myself getting wobbly and making a proper fool of myself if I didn’t. As for the employees, there was an array of reactions, from delight and excitement to concern and shock. Clearly, for some, this news would take time to settle in.
The decision to hold ‘ask me anything’ sessions with smaller groups in the days that followed was invaluable. It was the perfect platform for open dialogue and, I’m sure, massively helped answer any outstanding questions. The team’s comments, particularly after discussing with their families, were all about hope and excitement. A handful of people asked how I was feeling, and I won’t lie; things got a bit teary again at that point.
Moments like that are why the EOT option was the right one…
Either way, the cat’s out of the bag now. We’re getting close.