16 entrepreneurs


An entrepreneur’s quest for meaning


When the relentless focus on a business suddenly stops, not every entrepreneur feels the need to replace it with more of the same. Some achieve a balance of new business interests with giving back, family time – and fun, says Toby Johnson of UBS


‘Giving something back’ is a cliché that is often attached to those who turn to volunteer work or charity giving, perhaps on suddenly finding time on their hands. But some exiting entrepreneurs find that the most useful contribution they can make is to business itself.


Often this takes the form of investment in a new company. An increasing number of entrepreneurs join angel groups which, in the space of the past few years, have quietly transformed the financing of entrepreneurial businesses in the UK.


Angel groups vital to entrepreneur ‘ecosystem’


A new study by the University of Glasgow’s Colin Mason and Tiago Botelho reveals there are now 100 angel groups across the country – offering vital funding and expertise to entrepreneurs, and filling a gap left by the retreat of venture capital funding.


As the researchers state, business angels “play a critical role in the UK’s entrepreneurial ecosystem, providing initial funding for new and early stage businesses, many of which are innovative and knowledge-based”. The group approach takes the pressure off individual investors, while their increased visibility makes it easier for entrepreneurs to find and pitch to them.


But offering hard cash isn’t the only way for a successful entrepreneur to support younger businesses. Passing on expertise may be equally valuable.


Exit frees up entrepreneurial talent


Susan Marlow, professor of entrepreneurship at the University of Nottingham Business School, suggests that the business world’s emphasis on fostering start-ups ignores the equally critical element of encouraging exit strategies. From this perspective, successful entrepreneurs who stick with one business are effectively depriving the wider economy of their expertise.


“Government policy focuses very much on start-ups,” Marlow explains. “The


www.businessmag.co.uk Post-exit life choices vary


These definitions of ‘giving back’ informed Martin Leuw’s thinking after the sale of IRIS Software, where he had been CEO. As well as advising and investing in other businesses, he now works with the Prince’s Trust, helping young people into employment. But he also devotes time to painting, drawing and tennis.


“My idea was to spend a third of my time still in business, a third ‘giving


THE BUSINESS MAGAZINE – THAMES VALLEY – FEBRUARY 2015


Details: Toby Johnson 07425-017263 toby.johnson@ubs.com www.ubs.com/wealthmanagement-uk


back’ in some way – both in time and money – and the other third just having unadulterated fun,” Leuw says.


For others, giving back has a more domestic meaning, as the sale of a business allows entrepreneurs to make amends to family for years of long work days. Parents, in particular, often plan to reconnect with their children.


With exit comes planning


Whatever their new focus in life, entrepreneurs new to wealth will still be faced with decisions on how to manage this wealth to best suit their long-term objectives. UBS can help demystify the processes, opportunities and responsibilities that come with acquiring financial success and, in the UK, has advisors specialising in the Thames Valley region – from the area and with the access to UBS’s global resources.


For Toby Johnson, client adviser for UBS Wealth Management, this local understanding underpinned with global resource is key. “UBS is proud to be a bank that is recognised as a class leader by its peers and experts across the world with numerous awards, including 'best global private bank' and 'best for high net worth' in the UK” in the Euromoney 2014 awards.


knock-on effect is that we’re not actually using what you might call the resources within the cohort of successful entrepreneurs to mentor and encourage the next generation of entrepreneurs, and to help them found more sustainable businesses.”


Whatever their new focus in life, entrepreneurs new to wealth will still be faced with decisions on how to manage this wealth to best suit their long-term objectives


“In the SME-dominated business landscape of the south I deal with a lot of self-made owner-managers who feel the time is right to bow out and enjoy the fruits of their labours. They’re facing the prospect of coming into a life-changing amount of money. That can be daunting in itself. But whether people want to leave money in trust for their children, sort out their pension arrangements or increasingly, do something worthwhile and become a philanthropist, we can help,” he added.


UBS is proud to sponsor the Deal of the Year category at the 2015 Thames Valley Deals Awards


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