Peter Glanfield — Transcript

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1. 0:06Hi, my name is Peter Glfield. I'm the
2. 0:09CEO at Excess Shaw. We are a commercial
3. 0:12professional underwriting agency, part
4. 0:15of the J&G group.
5. 0:19I think when you start a business as an
6. 0:22entrepreneur, it's about a journey. You
7. 0:24go on that journey knowing there's going
8. 0:27to be ups and downs. We've reached a
9. 0:29certain size within the business. We've
10. 0:30grown it to where we knew we could get
11. 0:32it to. And there comes a point when you
12. 0:35think, do you want to invest into your
13. 0:37own management structure and grow it out
14. 0:39or do you want to work with an existing
15. 0:41management structure within another
16. 0:44organization? And we took the view to
17. 0:46take the next part of the journey. We
18. 0:48want to be part of something bigger. So,
19. 0:50it was a natural point for us to go
20. 0:52now's the time is right. Let's sell.
21. 0:55Let's become part of something bigger.
22. 0:57It's let's take that next step, that
23. 0:59next journey.
24. 1:01We in part of the selling process, we
25. 1:04looked around the market. In selling,
26. 1:07it's not always about what we want as
27. 1:10owners. It's what staff would want in
28. 1:14selling the business. We started the
29. 1:15business four years ago.
30. 1:18Staff being loyal, they joined us. We
31. 1:20all work remotely. We wanted the right
32. 1:22fit. We wanted the right environment. So
33. 1:24when we looked around the market, we
34. 1:26decided and actually made the phone call
35. 1:28to J&J to say you need an underwriting
36. 1:31agency at the heart of your business.
37. 1:33That started the process. We knew the
38. 1:35management. We knew the team. We knew
39. 1:36the sort of cultural fit. We knew we
40. 1:38would fit in. We knew the staff be
41. 1:40looked after. It just seemed like a
42. 1:42natural fit and there was we felt there
43. 1:44was a need within JMG for a bigger
44. 1:46underwriting agency. Hence, we took the
45. 1:49made the phone call. The story
46. 1:52continued.
47. 1:53The sale process was incredibly easy in
48. 1:57one sense, incredibly time consuming in
49. 2:00another. If you ever looking to sell the
50. 2:02business, it does become like two jobs
51. 2:04for a short period of time. Be aware
52. 2:07that it is reasonably intrusive.
53. 2:10However, you are dealing with the
54. 2:12absolute professionals within JMG. The
55. 2:14M&A team was superb. Really simple
56. 2:17process, really simple
57. 2:21negotiation points. It's in the
58. 2:22negotiation, but they couldn't have been
59. 2:24clearer about what's possible, what
60. 2:26wasn't possible. Lawyers get involved.
61. 2:29You all think it's worth more money.
62. 2:31They think it's worth it's you put a
63. 2:34smile on your face, go through the
64. 2:35process. They're incredibly trustworthy
65. 2:38and what they said they carry out.