One of the things that struck me during my recent conversation with Ian Elliot was just how much of running a business involves learning as you go.
Ian talks very openly about having a certain amount of “blind faith” when building Animal.
They had a product they believed in. They understood the community they were selling to. And, in many ways, they just got on with it.
That belief helped them build something successful and at scale.
But, as with most business journeys, the success was only part of the story.
There were difficult lessons too, particularly around cash flow, the pressures that come with rapid growth and the reality that, when a business is expanding quickly, it can sometimes feel as though you are making decisions faster than you are learning from them.
I think many business owners will recognise that.
You start with energy, ambition, and a belief that what you are building can work. Then the business grows.
More people. More customers. More complexity. More responsibility.
And the things that got you to one stage are not always the things that will take you to the next.
So What Role Does Blind Faith and Belief Play?
There is something quite powerful about the early stages of a business.
You do not have all the answers.
You probably do not have all the resources you would like. But you have belief.
Sometimes that belief is exactly what is required to get something moving.
The challenge comes when that instinct and energy need to be supported by stronger systems, better financial understanding and clearer decision making.
Ian’s reflections on cash flow were a good reminder of that.
A growing business can look successful from the outside while still creating enormous pressure behind the scenes.
Turnover is not the same as cash.
Growth is not automatically healthy.
And a good product does not remove the need to understand the financial mechanics of the business.
Those lessons are often learned the hard way.
When the Business Becomes Part of Your Identity
The part of our conversation that stayed with me most, though, was Ian’s reflection on losing Animal.
When you spend years building something, the business can become closely tied to your identity.
It becomes part of how you see yourself.
Part of how other people see you.
Part of your routine, your relationships and, often, your sense of purpose.
So when that changes, whether through a sale, an exit, a business failure or circumstances outside your control, it can have a much greater impact than the financial one.
That is something I think we often underestimate.
We talk a lot about the mechanics of building and selling businesses.
- Valuation.
- Structure.
- Timing.
- Due diligence.
- Tax.
All of those things matter, but the emotional side matters too.
Who are you when the business is no longer yours?
What comes next?
How prepared are you for the change personally, as well as commercially?
Ian’s story is a powerful reminder that an exit is rarely just a transaction.
Reinvention Takes Courage
What I also found inspiring was what came next.
To build something successful, lose it, pick yourself up and then have the confidence to start again takes something special from deep inside.
Ian did exactly that with Elliot Brown Watches.
And I think there is an important lesson in there.
A difficult chapter does not have to define the whole story.
Sometimes it becomes the experience that shapes the next one.
And perhaps you build differently because of what you now know.
Preparation Creates Options
This is also why I believe business owners should start thinking about exit earlier than they often do.
Not because you necessarily want to sell tomorrow.
But because having a clearer idea of what you eventually want from the business can influence the decisions you make today.
A well prepared business is usually a stronger business, it has:
- Better leadership.
- Less reliance on the owner.
- Clearer financial information.
- Stronger systems.
- A more capable team.
And more options when the time does eventually come to step back, sell, transition or simply change your role.
At Evolve, our approach to exit planning starts with understanding the owner first.
- What have you built?
- What matters to you?
- What would a successful exit actually look like?
From there, it is about building a practical plan that strengthens the business and prepares both the company and the owner for what comes next.
Because, as Ian’s journey shows and my own with Inspire, the end of one chapter is often the beginning of another.
And sometimes the difficult chapters teach you the most.
If you are beginning to think about what the future of your business might look like, you can find out more about our Exit Planning Advice here: Evolve Exit Planning Advice
