In our new business Q&A, Gareth Smyth, one of the founders of Hilton Smythe, talks about the journey from sleeping on his office floor in the early days of the start-up (just after the financial crash) to growing the business to become a leading UK business broker employing 40 staff, and owning the building they work in.

What motivated you to launch Hilton Smythe?

I spotted that there was an inherent lack of trust in business brokers, I wanted to change that. I set up the business with the goal of creating a good customer experience and lasting relationships.

Can you tell us a bit about the journey from sleeping on your office floor to owning a business with a £1.5m turnover?

So when I left school, I got my first role as a sales negotiator for a national business broker. I spent my time progressing through the business until the business went bust in 2009. So I decided to go back into education and studied Law, getting my degree in 2011. This was when I and my business partner, Craig Graham, decided to start Hilton Smythe.

We were cooped up in a small rented office that came with six months of free rent. Sleeping on the floor to make sure that we were getting the work done. But now we own the building we work in and have over 40 staff employed.

What were the biggest challenges during the early days of your business?

I started the business while still using my student overdraft. This was difficult, especially when the country had just been through a massive financial crisis. With the possibility of another recession too. This was a huge challenge in the early days. I had to scrape the money together to launch and keep the business running.

However, overcoming this has given me a great deal of empathy when it comes to dealing with customers. These lessons have now helped me understand individuals circumstances so whoever comes to us for our help I can point them in the right direction.

How did you identify a gap in the market for business brokers?

When we started the business we saw a gap in the market when it came to offering both advice in selling and purchasing the business as well as offering financial services. Creating a group of companies under one name.

We were also the first business in our sector to include legal fees for sellers, other businesses have now jumped on the bandwagon.

Do you have any advice for readers who’d like to set up their own businesses?

My advice would be to just take the plunge. The only regrets you will have will be the missed opportunities. You can’t predict what your future will be so don’t be afraid to make the leap. At the end of the day mistakes don’t equal failure, they mean you have a chance to learn and get better.

Perfect your trade and remember you are human like the rest of us, mistakes are what make humans, learn from it and keep moving forward!

Which factors do you think have been key to Hilton Smythe’s success?

I think being clear and concise with everyone we work with. We have spent years making sure that customer experience is a good one, whether they are selling or buying we ensure all our customers feel as though they are in safe hands. That level of trust from our customers has been paramount to our success.

Please tell His & Hers about your career highlights to date:

We have become a leading UK business broker, with over 40 staff. We are trusted and now have a reputation that precedes us. Also, we do a lot of work with charities. This is something that has always been close to my heart. I would say all of these are the highlights that matter most to me. Also being surrounded by a work team that goes above and beyond to get the job done.

What does a ‘typical day’ involve for you?

I am involved in setting the direction for the business. Most of my days are spent keeping the business on the plan. I also work closely with the whole team to help give them guidance on how the business should be running and what goals we want to achieve to help the business grow.

 What are your plans for Hilton Smythe over the coming months?

Just keep doing what we do best. Giving friendly, transparent and realistic advice to customers on selling or buying a business. As long as we stick to our goals we will keep being one of the best in our industry.

Website: https://www.hiltonsmythe.com/

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