Stephen Sacks is a successful entrepreneur who worked in the fashion industry for 30 years, creating a brand that was sold in over 30 countries, generating £30 million a year in revenue. His furniture business, however, struggled with millions of pounds in debt, which led him to found Funding Nav, a company that helps business owners with ambition but lacks of funds.
Join me and Stephen Sack for a discussion on turning failures into successes, the importance of adaptability, and much more on this episode of the DealQuest Podcast. Listen Now:
To date, Funding Nav has provided over £100 million in funding for hundreds of businesses. Stephen is also the author of two books, Reboot Your Business and The Intelligent Investor’s Handbook. His latest venture is a networking business called Fuck Up Nights, where entrepreneurs learn from each other’s mistakes.
THE IMPORTANCE OF FLEXIBILITY AND ADAPTABILITY
In the ever-changing world of business, the mindset of a dealmaker is important to keep sharp. It’s important for dealmakers to consistently be capable of flexibility and adaptability, lest they fall behind quickly. Dealmakers must be able to:
- Recognize and evaluate emerging trends and opportunities
- Think creatively
- Navigate risks in a rapidly changing business landscape
By embracing adaptability, proactively seeking new opportunities, and actively engaging in continuous learning, dealmakers can effectively navigate the ever-evolving landscape of business transactions. This approach enables them to identify emerging trends, capitalize on innovative strategies, and forge partnerships that drive growth and create value for all parties involved. Ultimately, a forward-thinking mentality, coupled with effective communication and a keen understanding of stakeholders’ needs, positions dealmakers to thrive in a dynamic and competitive marketplace.
UNLOVED ASSETS AND UNCONSCIOUS COMPETENCE
In today’s rapidly changing business landscape, many companies and individuals are looking for opportunities to grow their wealth. One such strategy is recognizing and seizing undervalued assets or businesses, otherwise known as “unloved assets.” These are businesses or assets that a company or individual wants to exit, often at a substantial discount. As value investors, we can take advantage of these opportunities to generate substantial returns.
This brings up the topic of unconscious competence. Unconscious competence refers to people who are great at something but can’t explain how or why they do it because it’s just what they do. Stephen gives the example of football players who were great players but do not make great managers because they don’t understand why they were great, while those who struggled and weren’t great players often become phenomenal managers because they had to focus on what they did wrong and learn from it.
This concept is particularly relevant in the world of deal-making and business acquisitions. It’s the ability to identify undervalued assets or businesses and take advantage of them by either using one’s own capital or having access to capital.
The mindset of a dealmaker is crucial in recognizing these opportunities. They have a love for the chase, the game, and the long-term view. These individuals are not afraid to take risks and are always looking forward, embracing change, and remaining flexible. This mindset allows them to recognize unloved assets and seize the opportunities they present.
Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.
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