Michael Michaelson – ex-CEO, CLC Finance
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/
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ABOUT YOUR HOST
Phil Fraser went from an accidental kitchen table start up, with no investment, all the way to multi-million pound sale to a PLC 18 years later. He’s travelled the full SME business journey of launch, growth, scale and exit.
As well as hosting the Leeds Business Podcast, Phil now works with ambitious SME-owners as a Business Sounding Board (think somewhere between Business Coach and Business Mentor). In simple terms, he’s ‘a pair of ears and an extra pair eyes’ for SME Owners helping them to be better at what they do. Phil’s mantra is It doesn’t need to be ‘lonely at the top’. He helps Business Owners to be better business owners, by helping with their clarity and focus.
As a Business Sounding Board, he gives SME Owners the time & space to regularly discuss their challenges and opportunities, with no sense of judgement or bias, and in complete confidence. This allows them to explore their options in full, culminating with a list of issues to address/clarify, a clear target in mind, a roadmap to success, and a renewed enthusiasm and confidence for the challenges ahead.
Phil has appeared as a guest on over 60 podcasts, webinars and interviews, from around the whole globe, talking on a variety of business subjects. You can view them all at https://philfraser.co.uk/watch-hear-phil/.
LEEDS BUSINESS PODCAST
Leeds, Leeds Business, Business in Leeds, Nous of Fraser, Business Sounding Board, Business Coach, Business Mentor,
Email: phil@leedsbusinesspodcast.com
