What does it feel like when you’re moved out of the family business that you’ve run for 25 years? In this week's episode we speak to Michael Michaelson ex-CEO of CLC finance. Michael, very candidly, talks us through what he calls his ‘rags to riches to rags story, how the banks caused him ‘2 years of hell’ and how difficult it can be to finally let go. He talks to us about the importance of people and communicating in the business world plus there’s a great ‘How to’ when it comes to dealing with a crisis. INTRODUCING MICHAEL MICHAELSON Michael Michaelson was formerly Chief Executive of home credit company, CLC Finance, having started in the family business in 1977. He has spent many years working in the property market connecting investors with developers, and also works with J9 Advisory, a specialist independent business advisory firm. Michael is one of the best-connected people in the region's business scene with an enviable 'black book' of contacts. EPISODE HIGHLIGHTS [00:01:00] The story of CLC Finance from launch to leaving it [00:11:00] The move from selling door-to-door into money lending [00:12:00] The problems that come with expanding too quickly [00:13:50] How to deal with bad debt and the importance of customer knowledge [00:17:00] The difference between loan sharks and regulated home collecting credit lenders [00:19:00] 2008, the financial crisis and the trauma of ‘special measures’ [00:23:00] The sadness of getting moved into a non-executive role [00:28:30] Re-building Michael’s role since the exit from the business [00:32:00] The importance of confidence in business and where do you turn to for support [00:34:00] How to cope with a business crisis KEY TAKEAWAYS & BUSINESS LEARNINGS • The challenge when growing a business geographically is that you had the right management and team on the ground • Confidence is very important in business • Don’t suffer alone. Find yourself a sounding board BEST MOMENTS “From being a friend of the bank, you are suddenly at war with them” “I felt desperately sad when I was asked to step out of the business” “Being a Non-exec Director in your own business is not easy” “When I left CLC I knew nothing of the world” “I’m good at helping business. I want to help people” VALUABLE RESOURCES FOR YOU Website: https://www.leedsbusinesspodcast.com Website: https://www.j9advisory.com/ LinkedIn: https://www.linkedin.com/in/michaeldmichaelson https://www.linkedin.com/company/j9-advisory/ Instagram (personal): https://www.instagram.com/michaelson7m Instagram (business): https://www.instagram.com/j9advisory Twitter (business): https://twitter.com/J9advisory Shout outs: https://www.fxprintandstationery.co.uk/ https://www.apollo3d.co.uk/ Want to watch instead of listen? Subscribe to our You Tube channel - https://youtube.com/@LeedsBusinessPodcast DON'T FORGET THE LEEDS BUSINESS PODCAST ‘FAIR DEAL’ My half of the agreement; Every week I bring you inspiring Leeds Business people FOR FREE. Your half of the deal has two simple steps; 1) Share this episode with just ONE person who you think will get value from it 2) Post a review of the show at either • Apple Podcasts App (https://podcasts.apple.com/gb/podcast/leeds-business-podcast/id1695413291) or • Podchaser (https://www.podchaser.com/podcasts/leeds-business-podcast-5389157) or • a 5 star review at Spotify (https://open.spotify.com/show/66AeIYry1gWfmBYMDlfmrT) or • give this episode a ’thumbs up’ on YouTube...