On this episode of the Evolve to Succeed Podcast, Declan O’Toole shares his remarkable journey from marine biology to building a successful catering business, Forerunner Catering.
On this episode of the Evolve to Succeed Podcast, Declan O’Toole shares his remarkable journey from marine biology to building a successful catering business, Forerunner Catering.
Declan discusses the challenges of transitioning from Meals on Wheels to providing school meals, the importance of cash flow management, and the lessons learned from navigating public sector contracts.
He also reflects on the decision to exit the business, the sale process, and life after exit, emphasising the need for resilience and the fulfilment found in the entrepreneurial journey.
This episode of the Evolve to Succeed Podcast covers…
Define “Enough” Early: Declan covers what “enough” was in his life. He applied the 4% rule to plan his exit and financial future.
Public Sector Contracts Can Be Goldmines: Declan talks about public sector contracts and how they can be stable and profitable when executed well.
Systems and Process Create True Business Ownership: A business that can run without the owner is a real business. Declan emphasises how important it was for his catering company to be people-independent and systems-led.
Cashflow is Everything: Declan emphasises that cashflow forecasting is a non-negotiable practice.
Exit Requires Strategy, Not Spontaneity: Declan discusses his exit from the business by tightening operations, ensuring clean books, and building scalability before stepping away.
Legacy Over Maximum Payout: Declan talks about choosing the right buyer, by assessing their values and ability to take care of his team and legacy.
Chapters
00:00 Introduction to Declan O’Toole
01:20 From Marine Biology to Catering Business
05:00 Transitioning from Meals on Wheels to School Meals
10:00 Challenges of Rapid Growth and Cash Flow Management
15:00 Navigating Public Sector Contracts
20:48 The Importance of Relationships in Business
27:47 Lessons Learned from the Public Sector
32:54 Deciding to Exit the Business
38:28 The Sale Process and Finding the Right Buyer
47:38 Life After Exit
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