JH : You need to think about why you feel betrayed . Analyse the actions and break them down . Sometimes it means compromise , other times confrontation . You ’ re the only one who can decide what you can and cannot live with . Always pay attention to the betrayers ( peripherally ), but be honest and true to yourself – then move on . JK : Get over it ! The saying of “ Keep your friends close , but your enemies closer ” resonates . This way you know what is going on , and what those people are up to . I like to think if someone ’ s copying what we do , then it ’ s a form of flattery – they ’ re elevating us , the originals .
SS : What one piece of advice can you give on selling your show or company ? CF : Build something you plan to run for the next 20 years . Only after you ’ ve been successful , see if divestiture makes sense . Also , know what your business is worth . If you do decide to sell , be patient with your hopes and expectations for the sale . Is there a market out there for your show ? Continue to run your business as if you will own it forever , even while going through the process , maximising its value .
Selling MJBiz , we had a professional team to help – brokers , lawyers , accountants . Keep your financials clean and know where your records , projections and contracts are . It helps . JH : Know the value you bring to the table . No one goes it alone . Working with Trifecta has opened a whole new world for me to helping to find shows and buy them . I ’ m lucky to be surrounded and supported by people who know more than I do in the M & A space , but I bring a lot of other things to the table , so it balances it out . JK : Get all your ducks in a row . A few years ago , we applied for ISO accreditation , which made us document everything . The initial process took a bit over three months – documenting all processes , business plans , job descriptions , marketing plans , key accounts , etc . It all went into a Procedures Manual . Having this documentation helped us expand overseas as we knew what was required to successfully set up our operations in other countries .
When we went to sell InfoSalons , having the Procedures Manual helped a lot with the due diligence process . We had answers literally at our fingertips . I advise anyone starting a business to start documenting processes , etc . now .
SS : Last up , what do you see for yourself professionally over the next year ? CF : I ’ m the chair of SISO this year and am working on the transition of MJBiz to Emerald . Beyond those two things , I ’ m working on more of a life / work balance , exploring the future . I ’ ve caught the bug for the events industry and am eager to find ways to contribute to the growth of smaller businesses . Once an entrepreneur , always an entrepreneur . JH : It ’ s going to be an exciting year with both companies . For Taffy Events , we brought in Jenn Heinold to run the day-to-day operations freeing up some of my time to be more strategic in the company ’ s growth . It also allows me time to help Trifecta move forward . I ’ ve got good bandwidth and am not afraid to ask for help when needed . JK : For the next year , I ’ ll be doing some travelling after being in Australia during Covid . I love our industry and am still enjoying being a part of it . Once you ’ re an exhibitionist , you ’ re in it for life ! SS : Agreed ! EW
50 Issue 2 2022 www . exhibitionworld . co . uk