Why don’t I just sell up?
Originally sent exclusively to The Letter subscribers on August 11th. Want to be the first to get my personal newsletter in your inbox every Monday at 7am? Subscribe for free here.
This week, it happened - I hit Mount Mood.
“Fed Up” came knocking on my door. I let the wretched thing in, and he stayed for three days.
When he very occasionally shows up, I usually think: Why don’t I just sell the lot, buy more warehouses, and rent them out?
I could live the Instagram lifestyle - and then some. I could have the life most people dream of. It’d be like winning the lottery.
Boredom would set in, so that's no plan.
Plus too many rely on me to keep going.
It all started when I miscalculated some sums the week before. Long story short, I thought I was in for a windfall of around £500k from a refinance.
In reality, it was £120k. When you refinance a big commercial property loan, you pay all your interest again. Silly me. It all works itself out in the wash, but I’d already banked on that lump for my cash flow.
Straight after that, I got hit with a metaphorical right hook I could have done without.
A contract we’d agreed with a landlord to exit a lease was overturned - to the tune of £450k.
Honestly, the thought of renting sites and dealing with leases is about as appealing as holidaying with Vladimir Putin.
I want to avoid leases as much as possible. I’d rather suck my hairy toe than sign one again.
And of course, the usual weekly garage-full of things that go wrong… because that’s business.
A Zoom call with another team ended with them listing all the cash they needed for their section.
I was at my wits’ end, and now more money was needed - after being knocked to the tune of a million quid in a single week.
My face must have said it all as I trundled into the office.
Someone in my marketing team asked if I was OK.
That’s rare - usually only my PA and my commercial director ever ask me that. I really should learn to put on a braver face, even when I’m knotted up inside.
This team member knows me well. When I replied, “I’ve just got a lot on,” she came straight back with: “Well, whose fault is that then?” My wife said much the same.
No hugs, no pep talk, just a simple: Sell a few things - you’re choosing to do this.
But I will never give up, not on your Nelly.
Ultimately, there are three things that give me the raging hump and send me into a mood that’s closer to sadness than frustration or anger:
Cash flow surprises
Stupid mistakes in our business (homemade signs, boxes left out, uniforms not up to scratch, deliveries left outside, ice cream not presented nicely — you know the drill)
Team working against you (yes, it happens, more often than I’d like as we’ve grown, I need to have some awkward conversations about that)
But what really gets me is not being the person who can sort things out faster.
I’m usually so effective - at times I think I could run three countries at once, stay positive, and take on the world’s challenges. I know most problems look better in two weeks, and monumentally better in six months -- but it’s still tough to live through them at times.
Running, leading, and being responsible for a business of our size, with no other partners, shareholders, investors, or stakeholders, is not for everyone.
The shoulders you need and the strength required can feel like a punishment, not a pleasure.
I’m so thankful to have my captains around me - without them, the warehouses would already be bought.
As I get older, my ambition is still super strong.
My ego has left the building, but my desire to improve drives me forward.
I actually get furious with myself when I don’t make things happen, or can’t sort things out.
This Friday was another payroll - £350,000 out. Next week, the same again. The week after, £550,000. People need paying, and I need to make our business so good that customers keep coming back.
And on top of all my moans, Rishi and Keir are clobbering me with more turnover taxes than I know what to do with.
So I have to grow, don’t I?
I admit, it’s rare for me to have more than one bad day in a row - three is no fun at all.
If you’ve read this far into my sob story, and you’ve had weeks or days like this, know that I’m with you in spirit.
Still - I did agree two big commercial property deals this week, totalling a whopping £6 million. The way I’ve structured them means hardly any cash in, and super cash flow from the off.
I’ll be revealing all over the next year - stick around, there’s good learning here.
So why keep going? Why not sell my labour-intensive businesses, just make videos, do the easy stuff, own a load of commercial property, and live a simple life?
Because for me, happiness is just a little bit boring.
To your continued success,
James
PS. Buying Businesses is our next event, and tickets are going fast! Make sure you grab yours here to be in the room.