UKpreneur catches up with Mark Mills
UKpreneur catches up with the busy and successful Mark Mills.
If you’re a struggling entrepreneur with an idea but no money, an entrepreneur with a vision but no believers, an entrepreneur who just cannot go on any further then meet Mark Mills and prepare to get INSPIRED! If you missed our last blog on Mark Mills then check it out here.
1. Mark, you had a mixture of businesses before going successful with Postal Facilities Ltd, how did you fund your living through this stage of your life?
“I had another business which was just one of those ‘the more I sold the more I made’!”
2. When you hit upon the idea of advertising on Royal Mail post boxes, how long was it before you actually took action to pursue this idea?
“I took action straightaway but it two and half years from thinking of it to the first one being installed and three further years to sell it.”
3. Once you had discovered the ‘loop hole’ within the Telecommunications Act, you made a prototype of your mailbox, talk us how you did this?
“I drew it on a piece of paper with my brother, we went to see a sheet metal fabrication company who refined the design and produced one. We then hand sprayed it pillar box red but it didn’t look right. We went to the nearest post box, noticed a black stripe at the bottom, bought some black Hammerite and masking tape and our business was born …”
4. You then called up the big oil companies to secure sites for the post boxes, and then called up Nestle to secure advertising on the post boxes? Was this as easy as just picking up the phone and getting through to the decision makers or did you have to research who’s who? Talk us through your approach and any stories of unhelpful people you encountered if any!
“It’s never easy and physically carrying a metal postbox 1m x 1.5m x 0.2m was challenging - I used to joke to receptionists that my next job would be selling laptops! However, I did work the phones until I got through, met literally hundreds of people until I reached the right ones and evangelised about the product to EVERYONE I encountered in any and every situation. With regards-to unhelpful people, I extinguish the “no’s” and negatives and don’t remember them - I only remember yes people.”
5. After getting this far and getting past all of these obstacles, you then hit financial problems and couldn’t fund more than 6 post boxes. Was selling the business part of your exit strategy or was it an only option? How did you go about selling the business, did you have the contracts in place to ensure advertisers coudln’t copy your strategy?
“We always wanted to sell but wouldn’t have-if we could have funded it, but we’d never done any “corporate activity” before and fancied learning about it anyway. We approached a top four accountant which was useless and tried to rip us off - you couldn’t't make it up honestly - and realised that we’d be the only people to sell it as we were passionate. However, I have learnt the value of good advisers ever since and how they keep deals on track. I also know that a founder’s passion is unmatchable.”
6. How did you feel when the advertising company you sold the business to, sold it to Royal Mail? You also cleverly put in place a clause for a sell-on of the business and earned a large fee when it was eventually sold. What would your advice be to people who maybe in a similar situation?
“I orchestrated the sale to Royal Mail and was delighted as we were paid out again. My advice is to always think beyond the first goal and beyond the obvious. Most people plan sequentially but real winners plan beyond what you are immediately facing or see.”
7. You then moved swiftly into your next business venture Cardpoint. Again you hit many obstacles trying to find a bank that would sponsor you. How did you protect your vision/idea without the bank stealing your idea and going off themselves to do it?
“We had little protection but bundles of enthusiasm, energy and “perceived” barriers to entry. In my ten rules of success, I talk about the real or perceived barriers as sometimes the imaginary obstacles are enough to put people off - in fact, sometimes their minds run riot and they inflate the importance of the perceived barriers beyond those which actually exist.”
8. Mark, you successfully took Cardpoint from an idea on the plane coming back from America to an AIM listed £87m business in 2006 when you left. What did you most enjoy about this business, building it from scratch, or being CEO of a listed company?
“I enjoyed building it, being the CEO of an AIM listed company BUT mostly the people side - through lots of share schemes we made many colleagues’ lives better financially and more fun. We challenged people, recognised their achievements, thanked them loudly and had loads of fun.”
9. The press stated you have been working on a venture called Startback- is this still a private venture or can you share any details with us? You are also running a property portfolio and have also started a speaking career about your experiences and also to help motivate companies/teams - can you tell us more about this?
“Startback is just an umbrella name for my property companies and other ideas - too many to mention. I may return to cash machines in one way or another, but other ideas are quietly building too. The speaking is going well as I love doing it - I’m also finishing a book for entrepreneurs and business people, which outlines my rules and shares the funny experiences I encountered along the way.”
10. You sold the advertising business when you ran out of money and gained financial ’sponsorship’ with Cardpoint, what advice would you give to entrepreneurs with a great idea with little or no capital?
“Beg, borrow (but don’t steal) and persuade anyone and everyone to help you - show them your passion and NEVER, EVER even think about giving up. Also, approach competitors, suppliers, customers, funders every day until you can grow your idea. If it fails, learn what you did well and where you were obstructed - then start again, refreshed and more likely to succeed.”
11. What’s a typical day for Mark Mills and what do you do to relax?
“Typical day is dropping the kids at school, going to my office, and working 70 hours each week. To relax, it’s football in the garden with the kids, a meal out with my wife and kids or watching TV. I do read voraciously.”
12. What does the future hold for Mark Mills? Investor?
“I’ve always invested and the future will be more challenging than anything I’ve done so far - genetically, I’m built that way.”
13. Mark you have been an inspirational entrepreneur to me because of the realism associated with your ‘Postbox’ story, from idea and not much money to a hugely successful venture, than you for your time today, any last advice for UKpreneur readers?
“Last advice is try, try and keep trying - it’s stressful, frustrating, you’ll feel foolish and lonely at times - but it’s all worth it in the end because it’s a long game and it’s only just begun.”
Mark - thanks for talking to UKpreneur and keep us posted on the book, sounds exciting!