What happens if you build a successful business, sell it, watch it become very unsuccessful and buy it back against the advice of every bank and credit card company? Steve Bennett knows and today we’re talking to him about Britainâ€™s number one retail jewellery business and finding out the business lessons learned along the way.
Today we hear about:
How Steve partnered with their major manufacturer only to find it started a lot of arguments and hassle. Steve wasn’t 21 at the time, had just had his fourth child and decided that he had to be the one to step down.
By 2010 the buyers had wasted all the money they’d raised at IPO, profits had turned to losses and Steve purchased the business back. The credit card and bank companies thought he was crazy…
Business lessons learned:
The buying company (Thaigems) misunderstood what Gems TV was all about. Gems TV had always been about genuine gemstones. Thaigems thought they were just a jewellery business and introduced synthetics and lab created stones. The loyal customers became confused, the company were equally confused and sales started to diminish.
Too much reliance on emails can be toxic for a healthy business environment. Gems TV had become a corporate that felt solving issues and announcing strategies was done on all email. The reality is if you sit down and talk to somebody you get a much better result. In fact, Steve tries to keep his PC switched off for first three hours of the morning so he can walk around and really get his messages across!
“You don’t want to buy a drill, you want to create a hole.”
(we also have ‘Don’t try and perfume a pig” but that can wait until Steve takes our quickfire Q&A for entrepreneurs!)
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