The Magic Million Workshop

What Is It?

The Magic Million (MM) was a piece of research looking at the characteristics of businesses that break the million-pound turnover threshold and then those that generate at least a million pounds for the owner when the business is sold.

Out of the research has emerged :

• The Magic Million Business Briefing (a summary of the findings)
• The Magic Million Workshops: the inimitable Robert Craven takes the stage giving his spin on how to break through the Magic Million barrier.

Video/blog Links

Magic Million in London - intro (video)
Magic Million in London - delegate feedback (video)
The Elusive Magic Million - blog entry
 

 

The Magic Million Research

This Boardroom Briefing (published April 2008) is an imprint from The Directors’ Centre. Based on interviews and questionnaires with over 100 business people who have broken through the million-pound turnover barrier and those that have got over a million pounds out of their business sale, as well as reviewing the latest academic research on the subject.

The study goes on to compare the attitudes and behaviours of those that have succeeded with those that aspire to the Magic Million accolade.

The Boardroom Briefing is a summary of the final materials – several months of work condensed into a couple of sides of A4, written to be read by entrepreneurs and people serious about growing their businesses.

SPECIFICS OF THE SURVEY

Who was surveyed?

This qualitative survey was carried out in Quarter 4 of 2007 by The Directors’ Centre.  It comprised of surveys and interviews with 117 existing/former owner-managers and managing directors of independent business in most sectors (as well as desk-based research). The majority of respondents could be classified as

• MM businesses (turnover breaking through the million-pound barrier) and/or
• Magic Millionaires (having taken a million pounds plus from a business or business sale).

What kind of success had they achieved?

For the purpose of this survey, success was defined in financial terms - breaking through the million-pound turnover barrier and/or having taken a million pounds plus from a business (or its sale). Comparing the successful with the 'less successful'/unsuccessful revealed some clear differences in attitude, behaviours and action.

So what did they do differently?

Case study businesses consciously or unconsciously use a selection of specific tools, devices and techniques to grow their businesses. There was a clearly identifiable toolbox that they worked from. Not all use the exact same tools in the exact same order but we certainly saw a clear pattern develop in terms of what the typical business did and didn't do - almost a recipe for success. As an output from the survey we are able to share this toolkit.

What difference have the results made to their lives?

We reviewed the successful businesses that we have worked with over the years and discovered that business/financial success has been a mixed blessing: some admit the loneliness of their success while others relish the freedom that financial security gives them. No clear patterns here. The moral of the story - money alone doesn't make you happier!!

Access to the survey findings

Only a Boardroom Briefing is available to the public - the specific research and survey findings (which were independently funded) are not available for sale.

The Magic Million Workshops

The inimitable Robert Craven, business guru and alchemist(!) takes the stage revealing the secrets of clients and colleagues and how they crash though the Magic Million barrier. This is not all smoke and mirrors: new materials, new case studies but still the same challenging, honest and goading attitude.