JMG Group’s Post

Name: Richard Nowell talks about his experience of what it's like to join JMG Group
Uploaded: 2024-08-06T09:28:43.571Z
Duration: 4 min 37 s
Channel: JMG Group

JMG Group

3,056 followers

3mo

In our latest video, we ask Richard Nowell, Nowell & Richards Insurance Services Ltd MD a series of questions about what it's like to join the JMG Group, including "What advice would you give someone thinking of selling their business?" He replied: "It's absolutely critical, in my opinion, that you find the right team to work with who will deliver on everything that they say. And what I will say with total honesty is that JMG delivered on every single point of the deal." Hear Richard's story, here: https://lnkd.in/efF5iTww If you’re looking for an M&A process that is completely seamless, then please get in touch. #InsuranceBroker #BusinessSale #SuccessionPlanning #Succession #Acquisition #MeetTheMD

Transcript

Hi, my name is Richard Nowell. I'm the Managing Director of Nowell & Richards Insurance Services Limited. We are a specialist private client and commercially connected insurance broker based in Staffordshire. We're part of the JMG Group following our acquisition in March 2021. Succession planning. To me succession planning was critical because a lot of businesses fail to make succession planning and to us having been the second or being the second generation of a family owned business, succession planning was important to us so that we didn't make the mistakes that the previous generation made. I met with Nick Houghton and Tim Johnson. I've known Tim from a previous life and his time at his previous business, Stackhouse Poland, and had a lot of respect for Tim and what he'd actually achieved in the business. And likewise, Nick sold us a really good story as to what the JMG journey was going to be like for the next four or five years and maybe longer. So it was a fairly simple decision from my perspective. Because we'd use the same advisors, tax advisors, accountants, in business for a number of years who were well respected and leading practices. It was relatively seamless for us. It was relatively easy. As a business, we'd always prided ourselves on having relatively good EMI. So actually getting access to the data that we needed for JMG and for the acquirers was relatively easy. The whole process took from initial meeting to actual sale six months, but in real terms, probably only about four months we've spent actually on the information gathering and the actual disposal of. I've only ever worked with one M and A-Team and that was JMG, so I'm not really in a position to make a general commentary. But from a personal perspective, all I can say is that they were absolutely wonderful to work with. They really were. They took complete ownership of some of the finance stuff that we needed some support on from the likes of people like Tim Philip. And it was completely seamless and they were very, very supportive. Well, when we sold the business, unfortunately we were in lockdown so we didn't really celebrate in the traditional sense. But my wife and my family have made-up for it since with some nice holidays. The fact that obviously, being an owner manager prior to acquisition, you know, with no accountability as such, that's obviously changed in that we have a little bit more reporting. But it has been very much business as usual, just more of it. We've embedded well, really well within the group. And the support that we've had from finance, from compliance, from central office sales support, has been exceptional. We've noticed significant uplifts in commissions, which has improved the bottom line both for Nowell & Richards and for JMG. Nothing in particular, just more business. We've recently expanded the teams by an extra 5-6 head count in the last 12 months, as a result in part of the investment from JMG. Whilst we widen the group the group private client offering. So I'm enjoying and looking forward to more of the same. Think about what you want out of it, not just financially, but where you want to be with the business moving forward and who you're going to be working with closely moving forward if you intend to stay on. It's all about the people and the people are the critical part because you work with those people. The check is a check, right? You put the money in the bank, you do with it as you wish, but it's absolutely critical in my opinion that you find the right team to work with who will deliver on everything that they say. And what I will say with total honesty is that JMG is delivered on every single point of the deal. And that, in part, is then confirmed that I made the right decision to sell Nowell & Richards to become part of the JMG Group.

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JMG Group’s Post

Richard Nowell talks about his experience of what it's like to join JMG Group

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