Fascinating article in the DT today about Sunseeker boats. The company was founded in the 1960s by Robert and John Braithwaite in Poole after working in their Father’s boat yard. The company went from strength to strength. However the last couple of years were difficult as Robert Braithwaite (an article in 2008 values his family’s worth at £120m based on owning 60% of Sunseeker) decided to support the brand when the UK dealer when into liquidation. Shortly after, “a number of boats were sent to a foreign dealer, all on the basis of trust, and that dealer went under. The boats disappeared”. And I guess the cash flow sunk.
Dublin based FL Partners stepped in and raised £25m from a group of “seven or eight” equity backers who invested directly into Sunseeker including Brian Souter of Stagecoach and Dream Beds founder Mike Clare. Robert Braithwaite remains a major shareholder with “about a quarter of the company and is promoted to President.
It is still a rather sad end to nearly fifty years in business for the Braithwaite family but it could have been a lot, lot worse.
The article talks about new managers and I wonder if the big losers are the younger Braithwaites who might have hoped to inherit the “sheets” (as reins might be called in the boating world). Pity the article did not include an Equity Fingerprint (a business plan resource) nor mention the way in which PL Finance will be rewarded.
I wonder what happened to the Father’s business. Was it taken over as Sunseeker expanded? So many great people stories about business and founders.
Hat tip: Daily Telegraph. Monday interview by Johnathan Sibun Monday 26 September 2011.
Robert Scoble lists the way to use social networks to promote your business….
Robert Scoble - 03:17 (edited) - Public
A note to my brother, Ben Scoble, the bar owner in Virginia
I was talking to +Seth Robinson who is working on a report for his business about how businesses to use social media.
That caused me to think about what I would do to help your bar.
I’ve been studying how businesses work online and you are missing an opportunity to get more customers. A big opportunity.
You might say “I have enough customers” or “my customers aren’t online.” (His bar is in Virginia, where he perceives that not many of his users are online, although I notice he’s been on Facebook and Foursquare a little more lately, so is starting to sense something is going on).
My number one advice? Tell a story.
What’s a story? Well, from what I can figure out, his story is “Benny’s Tavern is a fun place to hang out.”
So, how would I tell that story?
First, you gotta do the basics. Continue Reading »
A lock-in is the term used to lock the doors of a pub and have a party to remember.
This lock-in was a little different. The graphic novel, based on the idea of the business plan resource Equity Fingerprint, has been some some two years in the making. For lots of reasons it has been delayed and delayed. The main reason was biting off a lot more than we could chew. So Cong organised a lock-in of Cambridge illustrator Dill to help him finish the last few pages. I was there as the client to make decisions.
It has been a rare honour to be part of a creative process (in my case a very small part of the creative process) and watch a master at work. Dill has worked his fingers to the bone and ensured the fans on his MacBook were busy trying to keep the processors cool. We thought it would take one day, then two and then we needed the third day to nail it. Drained we went off to Browns to celebrate with the cocktails.
Thanks to Sue for her writing; Cong for her writing, editing and cooking; me for washing up and Dill for allowing us to be part of the most amazing experience. And not forgetting our amiable landlord for allowing the lock-in nor Rodney’s calm, confident assurance and direction.
Lock-ins are draining and, like the England World Cup rugby team, you need to let off steam afterwards.
Now onto the final edits and printing.
Drained by a lock-in is how I feel today. Need lots of fresh air.
But Dill will be creating today, tomorrow and everyday. One more person to cherish in the Cambridge Cluster. How lucky we are!!
Pete Townsend wrote the song about the changes over generations and the same applies to passive equity companies or lifestyle businesses. In Cambridge, ironmongers Mackays has had planning permission for change of use of their site rejected. Guess some families are lucky and the location for the business chosen by the earlier generations becomes a nest egg but some like brothers Duncan and Ian Mackay are unlucky. They have a valuable site but planning permission takes time and costs money. In another case, the business had a quiet location down a country road. As the business grew and was serviced by larger and larger lorries, it now needs to be moved. But the cost and upheaval is enormous.
Something for the next generation to worry about? Not a problem with the global technology companies with active equity companies which are sold in the first generation. Let the people who create the wealth, enjoy it!