The best investment purely on a bottom line basis would probably be our costs drafting business CC Law.
Are wise investors born or made?
Part of being a good investor is knowing what doesn’t work and that’s not something you can know instinctively or be born with. Perhaps wise investors are just able to learn quickly and analyse numbers, nothing more.
Do you believe it’s become harder for entrepreneurs to make prudent investments since the crash of 2008?
In our market it’s become harder for some to secure finance as banks tightened their belts, but for the right investment we’ve found that the funding is still there.
What advice would you give to entrepreneurs who are looking to make a major investment?
Number one is due diligence; go through the finances of your target with a fine tooth comb. Secondly, it’s important not take things at ‘face value’.
Finally, in relation to acquisitions getting the ‘cultural fit’ of two organisations right is important.
What’s the worst investment you’ve ever made?
There have been some rare occasions where we may not have followed our own advice to the letter.
What lessons did you learn from your worst investment?
That having a full understanding of the risks and the area of expertise is essential.
Which sectors are most likely to offer handsome returns for business investors?
I would say the consumer legal advisory market is a good one for business investors.
Are there any sectors you feel should be avoided?
Put simply, a sector to avoid is one where you don’t have any knowledge or expertise.
What was the best piece of investment advice you’ve received?
Getting the cultural fit right between our business and the team or firm we’re looking to acquire has to be the number one.