The best thing about what I do is the characters I get to meet and the stories behind them. I recently had the pleasure of meeting one of the two founders of a £20 million business that had been referred to myFD. Excellent stuff.
These chaps are very successful, with a million pounds in the bank and a rosy future. Why were they referred to myFD?
Well they have never had any management accounts, nor do they have any in-house financial expertise. They find out how much money they made when their auditor does a Poirot-style "reveal" about six months after the year end. It was very interesting talking to them because that is how they have operated the business from the start and so that is their normality.
You might ask why they would need myFD if everything is OK and it's a good question. In order for someone to buy, there has to be a need. In this case the co-founder neatly summed up the need by saying "we make less money now than when we were half the size." And suddenly a whole new world of regular information, forecasts, corrective action and progress opens up to them through myFD.
So whilst I think it is possible to think about things too much, there comes a time when you have to think a little further ahead. £20 million is pretty good going though!
Useful links:
see the myFD take on growth
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