Looking to exit your business? NZBusiness went to start-up developer/investor Marisa Fong, whoโs been through the whole experience โ to learn the when, why and how of leaving your business.ย
Entrepreneurship is growing a venture with a view to moving the business, and those within it, on to bigger and better things. While many business owners donโt start their companies looking to sell, itโs likely that youโll eventually want to move on.
In 1998, Marisa Fong, with business partner Wynnis Armour, co-founded Madison Recruitment, which grew to become New Zealandโs largest, privately-owned recruitment company. Marisaโs now a member of ArcAngels, an angel investment program that helps start-ups develop. Sheโs also on the boards of the Professionelle Foundation, start-up venture DโArcy Polychrome and creative agency Curative, and is a mentor with First Foundation, a holistic scholarship program that supports disadvantaged scholars through tertiary education. NZBusiness asked Marisa to share her experience of what itโs like to leave a business that youโve invested everything in, and how to make the move successfully.
โMy business partner and I left a global recruitment agency to start our own, believing we could offer clients and candidates a more personalised experience,โ she says. โSeeing our boutique operation become an award-winning company was an immensely gratifying experience.
โThe initial growth happened quickly and then each year we would routinely grow by a further 25 to 50 percent in revenue. It was amazing to see our first employees become leaders, and we were extremely proud of our team.
โWe knew early on that we would need a plan to leave Madison eventually, and after 15 years driving the business, we agreed it was time to go. Madison has been an extremely rewarding experience, but we had a great management team, an excellent CEO and there wasnโt anything else the business needed from us.
โI felt ready for a new challenge,โ says Marisa. โIโd given Madison all I could in terms of industry knowledge and, after the time I had spent growing it, the business needed new blood and energy to take it to the next stage.
โOur leaving the business was a combination of timing and fit. We were approached by recruitment powerhouse AWF Group, and worked with a great broker, who led us through the commercial acquisition. All shareholders agreed on the deal, so we all sold out at the same time,โ says Marisa. โMadison was well diversified, and wasnโt too dependent on one income stream, so we knew that it would continue to thrive without us.
โAs I left Madison, I was keen to give back. I was involved in not-for-profit work and was investigating other entrepreneurial opportunities. I also decided to join the Entrepreneurโs Organisation (EO) โ a network exclusively for entrepreneurs, which allows people to learn and grow from each other, through events, mentorship programmes and peer-to-peer forums.
โEO has been hugely influential to my decision-making. Being with other entrepreneurs has kept me energised, and the support and insights they offer have contributed to my continued personal growth.
โHearing other peopleโs experiences, good and bad, has given me perspective on my career, and being challenged has made me think more deeply, not only on a business level but also personally,โ says Marisa. โAs an EO member, I am immediately accepted. I can travel anywhere and contact members around the world, knowing Iโll be looked after. Iโve had some amazing, once-in-a-lifetime experiences through EO, and made some great friends along the way.
โIโm now enjoying supporting other entrepreneurs and doing my not-for-profit
Board work, while I look for my next venture. I havenโt found it yet, but am confident that I will know it when I see it. In the meantime, Iโm being approached for business advice. I love helping SMEs to scale up โ perhaps this will be my next focus?โ
ย
