For the Love of Small Business with David Lowe
In this week’s episode of the Future-Proof your Business podcast, I’m delighted to welcome my client Dave Lowe, owner and Managing Director of Autac, leading British manufacturer of high-quality electrical cable and coil.
Dave and his wife Sallie acquired Autac in 2016, and since then have grown the business from £1.5M to more than £5.8M this year.
In this conversation, Dave shares the behind the scenes of their journey, experiences and learnings, the secrets of their remarkable success and some of the strategies they’ve implemented to achieve it.
We chat about:
The importance of backing yourself, being clear about where you want to be and surrounding yourself with the right people.
Honesty is key. How being brave and doing what you know is the right thing to do, even when it means having difficult conversations or upsetting people, can make the difference between the success or failure of your business.
Bringing energy and showing up in the right way. You have to drive your business forward because no-one else will do it for you.
Being able to make decisions in the best interest of your business.
The power of excellent communication, managing people's expectations and doing what you say you’re going to do.
Creating a winning team and culture based on your values and vision.
And why in manufacturing your customers are everything. Without people buying your product you have nothing.
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Hello and welcome to the Future-Proof Your Business podcast with me Lucy Rennie.
I’m a massive champion for small business and I’m on a mission to help you to love what you do and to build and grow your business in a way that works for you and feels good.
I’m convinced that the best way to create a successful and sustainable business is to do it from the inside out, which means that it has to start with you, the business owner.
In fact, I believe that business really is all about people, and if you want to future-proof your business and make an impact then you need to get really clear on why you do what you do, create the best experience and then build relationships and trust.
In this podcast, I want to share with you as much of my knowledge, expertise and experience with you, as I can, as well as some behind the scenes stories and strategies from my business, and I’ll be having conversations with and learning from some amazing business owners and experts so I can give you everything you need to stay focused, on track and feel more in control on this rollercoaster ride that is building a sustainable business.
Hi, and welcome to this week's episode of Future-Proof your Business Podcast. I'm Lucy Rennie. And this week, I'm super excited because I'm joined by the brilliant Dave Lowe, who is a friend but also a client for the last four years. And as the managing director and owner of Autac, and I'm dead excited today because actually we are here. I'm not in the studio as normal. I've actually come to Autac’s new manufacturing facility and we're sitting in the new boardroom next to the factory. And we're having an actual real life in person chat as we record this podcast. So first of all, I'm just going to welcome Dave to the show. And I will let him introduce himself because he's going to do a much better job than me and tell us a bit more about Autac and his story. So thanks so much, Dave, for coming on to the podcast and filming today,
David Lowe 02:05
as always, and very privileged to be on Lucy Rennie’s podcast show, it's so scary. It's very Joe Rogan just now, though, ya know, welcome. And, you know, thanks for the opportunity. As you said, Dave Lowe, Managing Director of Autac, owner of Autac owns always a funny word out there like a caretaker real rather than an owner, we manufacture various forms of electrical cables. And then we add with our separate business units, we add value to it in different ways. Really, that's our, our model the way we work, you know, growth through synergy, as opposed to as much.
Lucy Rennie 02:58
Thats Autac and we'll come into more detail of what type of cable and where we can find you and things as we chat. But just really just you want to share a little bit because I know what's intriguing, I think for us and the listeners is to hear your story. It's not a startup, from your perspective, is it? So you've actually had an established career before you just acquired Autac. And actually, there's more to it than that it's a husband and wife and a family team, isn't it? And there's actually kind of two sides. So the story. So do you want to share a little bit of kind of your background and how you came to be, you know, running the boardroom?
David Lowe 03:34
So long story. So from my I mean, there's two there's two sides to get us to the point, I suppose where this story started in 2016 with the acquisition of Autac products, which would miss out my salad from my point of view left school with little or no qualifications or suppose working class background, trained to work at 16 fell into the world of trucks, trailers, transport warehouses, and really worked my way up from driver's mate all the way up to the last 10 years in the career before we bought our truck, I was commercial director for a company called Kalina group which was a fantastic organisation where which you have loved loved every minute of it. And that's where my career well, I earned Well, I enjoyed myself or worked hard. And you know, you can see myself retiring where it was. At the same time, I suppose what brought that opportunity was when Sally left school she went working for Autac which was a fifth employee in the office, just supporting their work with the first generation helped the business grow. At that point, we had four kids into altogether a couple of kids with the first generation couple of kids through the second generation
Lucy Rennie 05:16
It's a full time job in itself being a parent with it running, you know, well.
David Lowe 05:21
Yeah, so no. And it is, it was big, she, we have four kids, she works as well as that. And, you know, through that she supported me, which taught me from let's be honest drivers make commercial direct. And that takes that, the loyal and loving support of a party to that point where the kids get older, they go into their lives. Sally, as you mentioned, bright and intelligent, she knows what she's doing. She wanted her own career. And so she should absolutely have it. And it's the decision was it was going to be with all that which was in its last render of its second generation at that point, or would that be sort of somewhere else? And the opportunity came up, over Sally having lunch with the previous owners that wouldn't herself and Sally want to acquire Autac? And I think some of that was very much because Sally, more than me, understood the hard work that the firm, especially the first generation, had done in building the business from Sally from the start. And it starts off in manufacturing. Yeah. And he starts at trial, but you got manufacturing on top of that. I mean, that's, that's just a different, different thing altogether. And so she understood the values. And they understood that, you know, Sally, and myself got older, but we're not, we're not just doing it to move it on and sell it. We're doing it because it's an attack. It's in Macclesfield. It's part of the community. And it is these people that have put a lot of blood, sweat and guts over those years, and we're just not going to, you know, turn it into cash and run away. Yeah. And, you know, so that's where that's where it came. It was a 11 month journey from how do you fancy doing this to business plan banks and all the trials and tribulations of actually acquiring a business and the decisions and the risks you have to take? we were for our to be what 46 ish? Yeah, been paying the mortgage most of my life? And was it a decision where we had a fantastic opportunity to buy the business, but it's all on black? It's all in? Yeah. Do you want to risk that, again, all that and that you've gone through? And we did we ended up signing a life away on February the 29th 2016, which was a leap year, in a solicitor's office in Stoke. And that was it. We came out of there owning a manufacturing business. Yeah. That's scary. Yeah, it's incredibly,
Lucy Rennie 08:13
I always find it really incredible. These life changing moments aren't they were actually just because of the certain path you've gone on. And then you know that those opportunities come up. And then I think, a lot of the time, there's a lot of opportunities around for a lot of people. But it takes that special thing, doesn't it to actually go? I'm going to grab that I'm going to take the leap, and I'm going to, you know, jump with it, because that's the scary thing, isn't it? So? Yeah. And so it was a two generation business, wasn't it a family business at that point, and Sally had worked there. So she knew the guys so yeah, she knew the ins and outs of the business and
David Lowe 08:52
all that. She was second generation. You know, George and Ann Gregg founded the business. I knew George through Christmas parties as much and then he you know, i was probably mid 20s. At that point. When I first met George used to have the use of a Christmas party at a place called Chester's in macro service. Some of your listeners might know what was Chester's and we used to have at the Christmas party, George who's a true, true gentleman. And it's as we now deal with a lot of cultures a lot of our customers are, especially a lot of our overseas customers who are 30 plus years. With Autac and they all talk about George the gentleman. Yeah. And that's nice. Yeah, it's nice. So Sally was very much part of that and they worked very hard to get where the business was. And then around 2000 Set the second generation Simon son in law suits of the business, they took it on and running about 14/15 years they ran that business. It was fine. It was, you know, it worked for, for those and all that continued and kept reputation in the marketplace, but from a turnover point of view, it was quite level. Yeah. It was quite steady. I think they will mind me saying it was a comfortable period for them as it is a business. And as everything does, as it will for me, and it will be for you at some point, and let's say people, people who're listening who's in business, everything comes to an end. You know, some people have to move things on. And there's a next generation there's, and that's why I think revert to early on you say you know, Dave lo MD, actually care, I think I'm a caretaker of Autac, we own it for a finite period of time, where it's our responsibility to look after it, nurture it and grow with it. And at the right point in time. He'll be someone else's. Yeah,
Lucy Rennie 11:15
yeah. And I think that's part of the ethos of sort of looking into future proof it isn't it, it's kind of always thinking ahead. And you can't you know, if you want it to sort of be sustainable, you've got to be thinking of what's coming up, or the trends or thinking about, you know, what's Yeah, what are the challenges might be ahead and how you can adapt and all those kinds of things. So, yeah, and it's 60 years, isn't it? Next year, so 60 years
David Lowe 11:41
in the manufacturers, which is huge. Isn't it a long time? Yeah, over the over three to three generations and keeping that reputation and, you know, we sell in now to 30% of our volume is export. We sell across the globe, South Africa, Australia, New Zealand, Korea, it's all over the states, you know, it's all over and the brand is just growing. Every day, it's a different opportunity. And it's the quality and the ethos and the way that we tell people the story of our brand. And what we've done as a business is so important. We know, we've done well so pat yourself on the back, I suppose, if we've done that by engaging with the right people within business, you know, we're not experts all you know, we're good. We do well, there's times and places that you need to bring other parties in. And I think that's what, when we're growing a business, and we talk about the Autac story in that, that how well well, it's done. I think what we've done is we've engaged the right people at the wrong time, and have been able to take us to the next level and that formula has worked for us so far. And so as I took a long, long way that
Lucy Rennie 13:15
definitely and I think that's part of it, isn't it, because when you I want to go back a little bit because I think the leap of actually becoming a business owner is massive, isn't it. But I think there's even before we talk about the leap, what I'm loving is the journey that you guys both went on of actually starting at the sort of the lower rep ranks of the best of each different businesses and working your way up. And I'm a massive believer in that. So I think that's how you learn, isn't it. And that's how you kind of get under the skin of business and know how it ticks and all those things. But it's still a big jump to go from, because I think a lot again, all business owners, you think I can do it, but actually there's so many plates to spin that you can't possibly know all areas of the business, can you say you've got to kind of be aware of that and be open to asking for the right help or saying I don't know what I'm doing this in this part of it. Or you're working and collaborating with people who do or just have been open to learning and growing and developing, isn't it?
David Lowe 14:15
It's I think the most important thing is you gotta be honest. From day one. Yeah. And sometimes honesty brings tough decisions, you know, honestly, can be from a personal point of view, in a family environment. It can be from a family. Yeah, you know, family, friends, all sorts this, you've got to be really honest. And I think if you can be honest, you generally succeed. I think that's what we've done. We've done all along from day one. We, you know, we engage with our customer base, we engaged with our staff, and we sat down and we just had an honest conversation, you know, understand what our customers wanted, what their needs were. And you know, we grew. We grew from I just have in Otter products, the three pillars that we've got within the organisation now, that's just by open and honest. Yeah, brave compensation. Yeah.
Lucy Rennie 15:13
I think that's the bit I think that I love anyway about working in this industry is because actually, I think people tend to, it is kind of, it's honest and sort of real, isn't it? There's no fake, it says or, you know, there's no kind of filter. It's, and that's what I think I've always loved about you. And Sally, and the team is kind of you knew what you wanted, and kind of this is how it is. And if this value, then we keep working together. If they're, you know, and it's that, isn't it, then you know, where you are around the table? I think it's really important.
David Lowe 15:44
Yeah, I mean, we always do what we worked, we worked to a plan. We sit down, you know, and you can read and you've done books and stuff, you can read as many business books as you want. But you've got I think you've got to have your own plan and home has, I think it's great to get that information, be very clear. On what you want to do. And I think we do that or that we plan very strongly in the short term. Yeah, you know, in the medium term, we know where we want to go. In the long term. Yeah, it's light. But it's not, it's not the be all and end all. I think what we always do and always have done and is the reason for success is we create energy. And, we push it forward all the time. And that creates growth. And it creates an impact with your customer base and the people that you work with, the one you care about, when you're thinking about it. One, you know, these people do want to do something with it. And if it's the staff that you're working with, you know, you've got their best interests at heart, or it's your customers customer saying, you know, well, actually I want I want to I want to do business, because when they pick the phone, or they'll answer it, when they say they're going to deliver something, you know, a project, but by a certain day, they'll do it. But if they don't do it, they're going to communicate in an honest and open and open way. And then with that swear we've, we've done from day one, I think, as the business in its third generation matures, we're actually getting better and better at that. And it's not just it's not just coming from myself or Sally, it's now coming from the rest of the team, which is great. See, and it just creates that said before it's at his energy. Yeah, energy gives you so you know, energy gives you agility, it gives you it gives you it gives you options, it gives you the ability to make decisions, which is I think, you know, if if everyone wrote down what, what, what makes a business succeed, and what makes a business fail, it's normally it's normally the ability to make a decision. Yeah. And I think we've been good at making decisions. We don't always make the right ones. But I think we always, you know, if we're gonna make 10 decisions, you know, we'll get seven of them, right? One of them is 50/50, and two of them are wrong. We're moving a lot more forward than someone who's still thinking about the first decision. And that's, that's the mindset, you know, we're brave enough to push the boat out. We're brave enough to do something different in the marketing marketing world, or Yeah, that's looking at making a different product or Yeah, and that's what that's what we've done. And that's what we'll continue to try and do.
Lucy Rennie 18:44
Yeah. And isn't it is that energy, which comes back to also that moving forward? Because it is, isn't it? Yeah, and definitely you and Sally will raise their eyebrows as we say this, but there's always you've had that vision, haven't even you kind of it might not be the specific long year plan of the, you know, the detailed kind of targets or objectives, but you've known where you would go in and you've kind of had that drivers to push it forward haven't been you know, and I completely agree. I think that's what's so exciting is the energy that comes with that because being part of it and seeing it then progress, you can actually you know, you've been able to focus on the things that are going to make the biggest impacts in driving it forward. Because a lot of business owners or teams, they can kind of get distracted or think as well as entrepreneurship. We've got that red shiny object syndrome, where we like new ideas and lots of things. And it's very easy to get distracted or to dilute that energy because we're doing so many things instead of focusing on the things that can move me forward. But what I hear in energy as well and what I love about or Autac in particular, and kind of what you've both developed with the team and the customers and the relationship and kind of the relationships with everybody is exactly that. It's people isn't it? And it's the relation I love Your ethos about you know, it's about partnerships. It's about the team. It's about that kind of, yeah. It's not about the quick sale or the quick win, you'd rather have something where it's about helping people behind the scenes and helping them to succeed, which is the ethos, isn't it?
David Lowe 20:15
It's about bringing each about making, you know, a competitive scene. Yeah, well, if if we pick the phone or on our own, the intention is to make sure that that person on the other end of the phone scene with whatever that attacks is, you're going to make an ultimately, you're going to win, cause you're going to create, people say about create your own world. She was lucky, he was looking, it's nice, because you've got a positive attitude. Yeah, you make a decision, you'll take a risk, you want to do better for yourself, and all these things that you could put, if you had a column said, what you put under energy. They're all the things that we want in the business. Yeah, and you know, what, we'll put up with some of the other stuff. Because there's always a negative side, if you've got someone who's that way inclined, is a little bit overweight, you have to, you know, pull the reins in or so we balance it off. We like those types of individuals. And I think every SME needs that. Yeah. It's, it's the difference between, you know, success, and I wouldn't, I wouldn't say success and failure now. Because, you know, a lot of businesses, depending where you are, can continue and operate very well with a lower pace.
Lucy Rennie 21:44
To your pace, but yeah, no,
David Lowe 21:47
no, it's now we've dealt with, you know, the business, the business, it's not about selling David, the business has done well, and the business doesn't do well. And it goes, you know, we're looking after a period of time, someone else, and if everyone does that, , as UK manufacturers, the UK as well, one 2%. And that's, you know, that's our contribution
Lucy Rennie 22:17
is huge, really, and it's, I think, the bit that always drives me. The thing that blows my cans, surprises me, is for me, I think that's kind of what you should be doing. It's that it's that fixing your leaky bucket, isn't it, where we're actually looking after the clients, the team is doing a good job and actually doing what you say you're going to do. And if you can't go in, above and beyond. And I just think sometimes that it's not a given with everybody. And actually, the proof of the pudding is that if you do that, and you do it right, and you bring that energy, then actually you make a success of it. And people want to work with you. And they come you know, the the state you don't need, they don't go anywhere else, because you're actually doing what you say you're going to do and looking after them. And so it's Yeah,
David Lowe 23:02
it took a maybe if he's actually put it down on a piece of paper, you know, cable manufacturing, which I think going back into the 80s, most all the cable manufacturers in the UK disappeared off to the far of our age, UK manufacturing now with with forget the individuals, but you know, UK Government, etc. You know, whatever they say they don't really support and it's a very lonely mission that you're asked, you ran all these scenarios, and, you know, the trials and tribulations of employing a normal large number of people stress they can put financially. No one goes into manufacturing in this country. And yeah, I think from my point of view from a, you know, from a humble beginning, not not actually no manufacturing, so seven years ago, we can do it. Yes. She can do it. It's not easy. But it can be done. So, you know, actually just think what we could do if the government respected that a little bit more. And give us a little bit more support to manufacturers. That happens with some of our continental friends, where it could go. Yeah, not and that's the bit so. Yeah, I'm not getting I'm not getting down into the weeds.
Lucy Rennie 24:27
But I think it's political but important. That's the bit that I think in all manufacturing is it's I mean, we're sitting in front of a made in Britain sign aren't we? So there's, there's that part of it. That's proud to be a UK manufacturing of British manufacturing business, but I think for the next generations as well to, you know, to kind of have that opportunity to come and work for these kinds of businesses and be part of something where we were talking about the other week in your team leaders meeting where the guys were saying that they'd seen us hack cable in you know, in Budapest airport or wherever they were and how good is that, that you know, you have something real? I think that's the bit that gets me excited is it's making something that's actually adding value, isn't it? And
David Lowe 25:09
it's everywhere. I do it everywhere going from, say Birmingham. Yeah, there's all these all these girly chemicals. And it's a huge thing to be able to contribute, you know, money into manufacturing products that you see that the people, the general public or that people use on a day to day basis. Right feeling? Yeah. Yeah, right feelings. Yeah. 100%
Lucy Rennie 25:37
agree. And I think we've got to do more of that, like you're saying with support, whether it's government or other organisations to bring that out and showcase, actually, you know, the benefits or the value and the excitement that we can get for all generations
David Lowe 25:54
worth you. We're proud. We're a very, very proud nation, aren't we? We saw that with the celebrations for the new King etc. You know, we'll waive that flying world to come and see what we do. But we don't quite do it the same. We do insert our manufacturing, I don't want to have everyone on it crashed. We couldn't get it done. Better. And there's
Lucy Rennie 26:17
so much opportunity, though, isn't there? So going back then to 2016? How, what was going through your head, then? What was kind of the first? Where were you going to start with this? What was in you know, when you said about you took the you know, obviously massive plunge and kind of took this big risk and put everything in there. For when? Where, where did you see yourself going? was what was that vision? What was in your, in Sally's mind as to kind of, you know, what that adventure was going to be? And what How did you know where to start with it? And what,
Lucy Rennie 26:57
You know, I presume you obviously kind of understood the gap and the potential there was to grow this, this thing, but what where did it start?
David Lowe 27:06
I think there was a number of different elements. We knew we create energy within the business, just simply because of the person's personality. We were. Yeah, the 10 years added with galena fried rice that I learned so much from from those guys about business and, and you know, some of the things I talked about now about energy, about passion about people, etc, etc. So I knew I had a toolbox that if I dropped into any business was going to have some sort of effect. So I knew that would come. Yeah, my commercial background is about people who knew about customers. And they knew about engagement. And they knew how to develop relationships. I understood to make things simple, make things more, make turnout more more, more positive. So I knew those skills would bring something to them to the market. And I knew then we put debt into the business. That creates a natural drive. Yeah, a business with no debt is comfortable, but they owe a debt with the business and create some passion and drive. So he's bringing debt into the business. So we knew it created accountability. Yeah. Okay. And so that that was the growth within the plan. We knew what market share Autac where it was, what the, you know, the previous strategies were etc, etc. So we knew where we knew we could take it forward. What we didn't know is how far we could take it forward. Yeah. And that was really, that was the gamble. Yeah. Because you don't you don't know. You know, if 2017 had been a global pandemic, we probably wouldn't be sat here now. Yeah. So there is a certain elements of you, you are at the casino turning cards, yes. But you as confident in your injuries are confident in our in our ability to, to drive it forward. You know, due diligence gave us some of the customers that sit within our portfolio, our portfolio, our, you know, blue chip, top companies. And they were the ones where we thought we, we thought and we did. We grew our market share with Yeah, and the first couple of years was double digit growth. And that would just simply structure engagement and basically just basic business tools that There's no there's nothing clever in that. But
Lucy Rennie 30:04
I think that I think it goes back to that energy though, doesn't it as well. And the focus and actually, you know, knowing where you go in and driving it, it's massive, isn't it in terms of actually given that that new lease of life or that spurt of energy that you want, you know, you're pushing it forward when you and all those things come into account.
David Lowe 30:22
But it takes time, you know, when you acquire a business, there's generally people who've been there a long time. People that want to do different things have different ideas. You know, so when you come in and put your plan, and you've got to make sure that those people are contributing, yep. And to agree with the plan, and if they don't, or got different ideas, and it can create an issue, you've got to, that's when you start making your own decisions. And you've got to make sure that you bring people with you. And that's what we did that we got, we got the right team together. There were good, great people from day one. People have different ideas, different dreams, different expectations. So we did that. So we got this, we got the structure, we got the structure, right. And that allowed that the structure to be right, it was the building blocks for the growth that continued over the next three or four years. Yeah, I think that was it was, you know, if you are really honest, you can do every piece of due diligence you want in the world, you can create every business model You want. You don't know No. Need. And anyone who says yeah, do you don't know what to? You don't know what tomorrow brings? That's why it goes back to the grain look, adequate look. Yeah, I think that lucky energy will always be the magic potion for business. Yeah. No, it's it.
Lucy Rennie 32:17
It's kind of I always got it about as well. There's no magic pill to a business. But actually, maybe one of them is actually grit. And the fact that you know, because we live in that VUCA world that we were, there's always something that has been thrown at us, you know, and tomorrow will be something different. But actually, I think for me, the bit that makes you stand out or, managed to kind of keep going and survive and actually grow and make it into a success is is comes down to that grit and determination and drive and passion, all those that energy again, that some people might just go and you know, it's too hard or get tired, or yes, there's Yes, we don't know what's going to happen. But I think it also comes down to how you manage that and how you deal with it and how you get up in the morning and embrace it, which you know, was part of what you do, isn't it? And
David Lowe 33:04
it's there was a remember going out with some commercial guys 20 odd years ago, met a commercial director for a logistics company. It was out in the middle of night to was talking it through, put his arm around me after we had had a few beers. You'll do all right, he says but just remember one thing, always do the deal. So what you mean is do the deal. mean just do what we do the deal? Just do it and you'll know what it is. And yeah, it's when you're in those situations where you've got an opportunity or there's new property or the new machine or there's whatever scenario and overheads do the deal, because you'll make it work. So if it's taken a new customer that you're outside your comfort zones, you're only 80% there. Yeah, time you've done the deal, you'll be 85% That time you put extra focus on it. So much got it wrong. You've got to work seven days a week to get it right. And we can, you'll do. But if you don't, if you say no. You've got an option. You haven't got that option. And the business is about doing business. So to do business, you have to do the deal. And this is why the man told me about 10 years.
Lucy Rennie 34:36
Winging It basically.
David Lowe 34:37
Yeah, absolutely. So where's it winging it? I think it's Brave is brave enough to make the sales. Yeah. I agree. Yeah, I think that's a bit to back yourself! , you know, Autac, a company, Autac. Somebody comes to the door today says we've got this opportunity to do Do you back youorself? And I think that's all. It is, I think is as as a leader if the people that work with you see that you back yourself. Yeah. It's great. It's a great feeling. You know, it can be the same for all your teammates. Yeah. podcast now Lucy. You know, it's always positive. And I think that's, you know, you know, in those early, early days when we bought WhatsApp, he was a bad engagement. Let's first do the D app. You know, we did we had one customer came in, would you? Would you consider making these forms? Yeah. Did you not see what they are yet? Simple, yet? Find a way because we wanted to do business with them. Yeah, it didn't matter what was making. We knew that customer. We wanted to work with them, because we're on the same level.
Lucy Rennie 36:05
But isn't that exactly the key to future proofing your business? You know, creating something sustainable? It's actually first of all, because if you don't believe in it, then how can you expect anyone else to believe in it? But secondly for me that's, that's a key. I don't know what the word is, what characteristic or trait or skill that you've that you've got, but not everybody's got that will take that risk and will actually go you know, what? Because the other side of it is you've given your word, because you've got so you've got to see it through. And it's that grit, isn't it to get there and actually go to know what I have said, Yes, right. I'm going to do it. And that, I think, is the difference between some businesses where they might say yes, but actually, then it's too much effort, or I'm too tired, or
David Lowe 36:47
we can't Oh, yeah. Yeah. I mean, it's a cheat, isn't it? It is, and I think you're right, not everyone can do it out? No. Certain horses for certain courses. Yes. And, you know, we're lucky at Autac, that we can. We've got the ability within the team to make a decision. Yeah. From start to take out for all the businesses just make sure you've gone.
Lucy Rennie 37:15
Extra, right. It's and especially with you guys, because I mean, you're a family unit. So you don't leave this behind you at five o'clock or six o'clock when you go home. It's, you know, so I don't know how you want to share with that, how you manage that? Because I know you kind of got quite good at it. I think that was
David Lowe 37:34
the biggest thing. The biggest challenge is that, you know, obviously work working with with your wife is, again, if you put it on a piece of paper you'd never agree to do. Absolutely. And you know, everyone sees us, okay, it's that easy. One of the hardest things without any shadow of a doubt. And it's it's it's an art, that sometimes you get right, and sometimes you get you get wrong, but I think give us some of the same stuff. Honesty? Yeah. Yeah, I think I think I think you've worked through through that. And then we've got, you know, four kids through three sons and a daughter and the three boys now are in the business. One has just started his career with us. Three months, four months, I probably got that wrong, because it's day, but recently, yes, the year wasn't it? And then one, really the extrusion plant, and it's magical. It's absolute, don't get me wrong, it can be a pain in the butt actually, to work for your family. It's worse than opportunity. It's just, you can't, you know, you can't you can't change it. And I think, you know, I think for me, as a father as kids growing Oh, I was working away a lot and to actually now have that opportunity for Sally you raised. I know, as a nurse to work with him, she probably unsuitably completely different. But I think it's great. It's, I wouldn't get asked this moment. But I wouldn't change it. And for me long, long, long may continue. I think the important bit is that they work for Autac no differently than anybody else. Don't get treated any different than anybody else. They, you know, have to be humble. Yeah. In the way that the work and do and we do you know, we dress the same. We do the same jobs. Yeah, you know, no one, no one's different. We're all working for the cause. And I think if you can, if you can operate that way. You'll you'll be okay. I think if you get to the point where you bring your family into a business but there is a I've seen it an arrogance.Next Generation.
Lucy Rennie 40:11
Complaitancy?
David Lowe 40:15
perhaps don't realise how old they are. Yeah. Yeah, I think that's troublesome. But Touchwood again, so, so far, so far, so good. And my daughter's now going to do a placement next year. And then one more year at Sheffield. And then she's doing business and finance. So hopefully, yes, she'll still be part of it. And I love her for Yeah, and see where we go from them. But they're just, you know, they say they're part of the management management team. And we try to make sure as directors in the business we are. Myself and Sally have a role and a job. Yeah. We shareholders are a totally different element. Yeah. And which we can try and divorce that away from the shareholding bit being different than being fit and managing director.
Lucy Rennie 41:21
because I remember one of the first conversations we had when we started working together about four years ago, it was about the values of the business and the team and kind of building it from this sort of inside out approach, wasn't it? And how we can tell that story. And we wanted to get across, you know, all these almost family values? Aren't they really that? That kind of ties in, doesn't it? So what we're talking about is honesty and quality and innovation and all those things? And I'm interested because I am it. I know it is real, but the impact that that has on your customers and the relationships that you build? And, you know, it's obviously a value in their eyes as well, I think isn't it that, that it? Is that value their business? And that you are coming in that way?
David Lowe 42:05
Yeah, I think people want to talk about the why of the business and people want to know, what's inside the business? Yeah. Well, maybe, you know, when you're making a decision about the people you work with? Or what boxes are you going through? What's your mindset, what, you know, what's your expectations of staff and the people you work with? In the customers you've got, and the supply if you've got, that's for, you know, is what our values are, you know, we and people, you know, turn up value, no business, we want to work, our customers, our suppliers and our staff to work as a team. Yeah, fact, that's the way and if we all do that, the world will be happy. But yeah, we want it to be a consistent process. Yeah, so don't do something one day and be somewhere a million miles the next. So consistency across the board. Now be consistent. Can you be consistent? Yeah. Stress free. And so you know, there's, there's six values that we add, some we try and over a period of time, when you introduce them in the first place, it's very different. You can't go, you know, stuffing in the face. This is the way not to be done. You've got a drip in there. Absolutely. You saw the soft visuals. Talk about it. Yeah. And
Lucy Rennie 43:41
make it real, isn't it? Because make of examples of talking the walk
David Lowe 43:45
what it is. Yeah, explain what it is, what do you mean by being your best? You've got to go into that. And over a period of time, what you get. The best feeling you get from it is when we hear whether it's the supervisor or another manager, or even another member of the staff, explaining to somebody else the values, then you go, Bingo. Bingo. It's that's the finish line. It's not the finish line. But you know, somebody got there. Yeah. And that's, you know, it's tough at first, but that we continue and again, every business if anyone's out there and they don't you know, they're a non believer and get some values in your business. Do some work with a professional. Yeah, who can help you deliver that because I don't think with without, you know, your support in that initial that initial pitch on ongoing but initial period, to say our actual how I'm going to take this into the formula how I'm going to get this in in the mix, yeah, you won't do it because you can't or you'll do it wrong, someone like me, or slow any of those values get on with it. You don't need it. It's a craft. It's an art. So I think now without any shadow of a doubt, we, I think, when would we re-deploy the rebrand by the end of 2019. Yeah, pre COVID. So we've just done some third thought about it. But I think for us, that was a real. We've done the initial work from 16 to 18 structure to the digit. But I think 19 was really a springboard. There's a number of circumstances that obviously happened Well, after that, as we all know, but I think marketing the business and the values and the way you operate, you know, marketing is not just about, you know, it's it, you know, there's a lot more, there's a lot more behind it. But that was that was so important for, for us and continues to be so
Lucy Rennie 46:11
yeah. And it ties in with everything you've said, because I think as well, post COVID. Now, people have changed again, so they're actually wanting more substance, aren't they? And they want to know the provenance of a brand and what's inside it, and why they should trust it, and all those things. So if anything, I think that kind of approach has become even more relevant, and more important to actually communicate holistically rather than just kind of promoting a product here or there. But actually, you know, who are you as a brand and what do you stand for? And what you you know, what is your vision?
David Lowe 46:40
Yeah, you've got to have a soul? Absolutely, a business has got to have a personality, like, you know, like, say something is the name of what exactly, it's got to have a personality, and then you've got to nurture and develop it, and it changes, the personality, the business changes. Good times, and bad times it will go this, like I say, it's not just a sign.
Lucy Rennie 47:09
So fast forward, then to today. And obviously, seven years on since you and Sally took over the business. So what were the highlights? Where are you today? Are you where you thought you'd be? Have you gone further than that? What's kind of, you know, how do you see it now? And when you look back with hindsight, did you think you would be here sitting in this gorgeous new boardroom? And, you know doing this podcast today?
David Lowe 47:38
what, when?
Lucy Rennie 47:39
How does that how do you kind of look back at that, and how do you see today?
David Lowe 47:45
Like you want to see where it was? No, I don't think we plan. It's like I say, short, short term planning. Yeah, quite intense, middle That's where I want to go. Long term. It's just light, I think the light was, we knew we'd be successful.
David Lowe 48:09
And we knew the business would be successful. And I think that was it. We didn't, some nervous moments, but we didn't doubt ourselves. So I'm pleased it's here. It makes me feel comfortable.
David Lowe 48:33
Being You know, yeah, it's not people don't have impostor syndrome. I don't feel impostor. I think we belong.
Lucy Rennie 48:44
Yeah, definitely. Because you've instigated every part. Oh, you know, it's been that organic growth, hasn't it? Really.
David Lowe 48:50
So I think as a business, we're in the right place. Yeah. And I think we're going in the right. The right direction. What's next? We know, you know, in the short medium term, we'll be we'll do five and a half million this year. Yeah, I don't have a budget again.
Lucy Rennie 49:14
But I think that's key because we've talked about where you were seven years ago. So what you've actually done in that space of time is for those listeners you've watched before that
David Lowe 49:24
was 2006. We did one point we will predict to about 1.5 million when we bought the business. turnover. turnover. Yeah, we did when we were doing 1.7. we budgeted this year 5.2. And I think we're on track for about 5.5
Lucy Rennie 49:44
which is huge, isn't it when you think about it and where you're sitting even you know the reason for expansion and you know, the new site and everything.
David Lowe 49:53
Ya know, it's what it deserves. I think that's the bit where you know, and it's great. me and Sally, you don't know. Or times don't? Well, yeah, I think that's the way we actually. Yeah, look at it because it could have been another Managing Director and finance manager. It could have been someone else. So who bought it? Yeah. All sectors? Yeah, I think that's the way with today and will will continue to will continue to grow. But yeah, we have to continue to grow. And I think the bid is, I think every business has to grow in current, you can't be static. It cannot be static. Again, I don't believe any business can be static. I think we've, we've got to make sure there's energy and passion in it. And when our energy and passion runs out, and whether that's as a team, yeah. As me and Sally, or, you know, one day I say, I'm burnt out now. So let's bring someone else in. And, and that's what we need. And that's that's the moment short medium term. I've still got the passion and the energy, and that's not. And we'll, we'll push it, push it on and what we've got now with the infrastructure, smoke, yeah, we can take it to eight and 10. And then we'll see what happens. We'll see what opportunities come around when we're not adverse to acquisitions, opportunities, growth through synergy within our market, we don't want to go and start making books as we look at one on the table. But you know, it within that electrical cable assembly, you know, we're quite lucky with electrical cables. Were part of what will be a mega boom with the Eevee market. Yeah, you know, we're in we're in that field, so we can see huge growth there. So yeah, we just, we just, we just positioned ourselves. So when the opportunities come, we can we can go? Yeah,
Lucy Rennie 52:07
no. And I think that's, it's so lovely to hear when you and I think that's what I love. We're why I love working with you and Sally is it isn't about you two. It's about the business. And it's that I think that's where the growth of the last, you know, seven years has come is that natural progression, hasn't it? It's been kind of keeping going, there's the energy there. But you brought everyone with you. And actually, it's, it's thanks to them, I suppose in the way that you've been able, because you could have jumped on ahead and gone. But actually, we didn't have those guys coming with you and helping it, you know, come to life, it wouldn't have been where you are today,
David Lowe 52:40
we couldn't have done this. We could not have done it, you can have as much energy and passion you want. But if you look behind, and there's no one there. Yeah, well, it's impossible to do. And you know, what is the level that brings people on the journey? You know, we've got a great management team. They get involved with the decisions we make the plans that we put forward in the problems, we have the positives, we have, you know, we we sit down on a monthly basis, share our full management information, profit do where we spend every aspect of that, because for the reasons that we've talked about, why not? Why would you pull your management information, the things that's happened, and I think business in a drawer while you do that, well, I can't, I can't share that information. I can't I can't tell the management team how much profit we make. Or I'm not telling the management team. How much I earn. Why not? Where's the next leader coming from if they don't know what you can get out of it? Yeah, as a leader. Yeah. What gives them the drive to be the next leader? Yeah, I remember working for a guy. You changed his car when he changed his car used to the first couple months used to park around the corner and walk into him. And he was worried about stopwords. Yeah. Wow. Yeah. And certified. So yeah, it's fine. Yeah. Well, has it been? Yeah. And we've all we've always both been selling. We've always done that. I think there's an art you've got to do, that you're not doing it in a I am way. Just this is what hard work gives you. Yeah. Yeah. And I think
Lucy Rennie 54:41
with so many people who are visiting, you don't want to do that through various views. And it's not just I think there's Yes, it's about that. Because the Yeah, like you're saying about hiding around the corner, but I think sometimes it's also to protect them. They don't share, you know, the ups and the downs or the things that are going wrong. But actually it has the negative effects or it has the opposite effect, because what they want is to be empowered that you trust them that they are given them responsibility, and that they can be part of that decision making so that they can learn and develop and often just be part of it and be engaged with it. So, yeah.
David Lowe 55:14
Questions people? Ask the back of knowing. Yeah, it's a great judge you know, when you're trying to get the right people around you. Yeah. When you share that information, those responses in the days after? Yeah. Those sort of meetings, you know, when you're talking about structure and people's motions, and you know, where you're going to put the right bombs on the right. See, you know, how they're going to, as they climb the ladder and their career, you know, how they can compose themselves when they will share, share that? Yeah, I find honesty is fascinating, because it works both ways, doesn't it? Absolutely
Lucy Rennie 55:58
great. honesty creates honesty,
David Lowe 56:01
honestly creates transparency? Yeah. So good.
Lucy Rennie 56:08
Well, just before we finish, I'm conscious of time as well. If you were to sort of think about maybe three golden nuggets, or three sort of pieces, I don't want to call it a piece of advice.
Lucy Rennie 56:20
But if there were things that you would recommend somebody who was embarking on, you're thinking about embarking on the same similar kind of adventure as yourself. And Sally, what would be the key success factors? What are the things maybe that you would go to know what absolutely put that on the table? That's what you need? Is it people? Is it you know, what is it that you would say, are key to success in terms of sustainability and keeping going?
David Lowe 56:50
I think. I think the key bit is, there's many different aspects of it when people talk to customers.
We have sides of both factories, our customers, your future. Without customers, in manufacturing, without people buying your product, you've got nothing. In business. Yeah, they're the only people that most importantly, our customers are, that's the rock. That's the supply. That's the product coming in. So engage with customers, you know, and it's not a drop them an email, pick up the phone, it's going, you know, going I remember going down a drove from Manchester, Folkston for a 10 minute meeting with a guy where he gave me a cup of coffee in a canteen, with another 6070 people around me to drive back. And never heard anything from me again, until three years later, when we got invited to tender for business. And about four months, five months after that got awarded a 5 million pound contract. Yeah. So that 10 minute meeting was worth it. So customers save estimates based if they bought them see what
Lucy Rennie 58:17
they were asking questions as well. So that's where you get the insights, isn't it? You know, it's
David Lowe 58:21
great. Create the relationship, the relationship of trust? And we have lots of friends in business. Yep. And that's where they are friends. And you create that bond. So engaging, engaging with customers is without any shadow of a doubt. You got to understand your numbers. Understand your numbers. Without, you know, you've got to, you know, and if you don't understand your numbers, make sure you've got someone in the business that does and so on. Who can then explain where the energy is coming from in the business. Yeah, what that actually means. Yeah. Because there's, again, scenarios where people do the management accounts every three months or longer. Just, yeah, you've got you've got to understand that people understand your numbers. And then the team, the team around make sure you've got the right team. If you haven't be brave. Sometimes it can hurt, it can be painful. Or you can work if you want to come to work and have fun. Yeah. And if you've got a team where it doesn't quite work because of this or that, or is that relationship here or that it generally only gets worse doesn't get better. So good team around you. Understand your numbers. engage, engage, engage with your customers, and you won't get you going forward. Yeah, yeah.
Lucy Rennie 1:00:04
It's amazes me all the time how people put up with things where, you know, isn't a right fit. And it works both ways. If you're feeling that, then I'm sure the most in most cases, it's felt the same way. And it's that sort of business we should be having, you know, it's that, isn't it? It's that energy. And I've not asked you the question, but it's the Tummy flip moment, isn't it? It's those things that give you the buzz that makes you feel so worth it, because it is hard work. So
David Lowe 1:00:30
no, yeah, no, it is. But it's, it's, it can be very fulfilling. Yeah, I feel very well, I cant answer for Sally, but I feel very privileged to be in the position that we're in. And I think it's we go back to the some of the early bits, I think, support by local government bodies and different parties to be looking at, we've got people that run businesses, and I don't mean that, you know, it's they should they should they acknowledge the position that they put themselves in, for the benefit of others. And yeah,
Lucy Rennie 1:01:23
because that's that for me that and I'm sure you agree, that's the future, isn't it of our economy, it's the thing that's going to turn it around is industry and business, and we need people who are going to get on that roller coaster ride,
David Lowe 1:01:33
We've got 55 people. There's no reason why this can't be 100 people business, which is huge for Macclesfield.
Lucy Rennie 1:01:48
Yeah, no, Agreed. Agreed. So thank you so much. Well, I feel like we could probably chat for hours and hours and hours. And maybe we did again, and maybe we get Sally on as well. And here has his side of the story and see how. But thank you so much. If people do want to get in touch with you, if they've got any questions, or you know, the one or maybe pick your brains about something, have a question about taking, you know, a leap of faith or whatever. Can they get in touch with us now?
David Lowe 1:02:14
Yeah, you've got to know by all means, any, any questions, or anyone wants to come and see, yeah, what we've built. I don't mind sharing that at all.
Lucy Rennie 1:02:24
Brilliant. Thank you so much. And we'll pop all the details in the show notes. And yeah, thank you again.
And I'll see you next week for another episode of the Future-Proof-Club business podcast. Thank you. Thanks for listening to the future up business podcast. I've been your host, Lucy Lenny. I want to help as many business owners build a business that works and feels good for them. And the best way for me to do that is to get this podcast out to as many people as possible.
You can help me do this by sharing it, clicking subscribe, and especially by leaving a review. And if you want to get more of my insights and resources, then head over to my website. I amlucyrennie.com and come and join me and lots of other small business owners like you in my free Facebook group communicate with purpose. All the links are in the show notes. Thanks again and I'll see you next week for another episode of the Future-Proof your Business podcast.
Thanks for listening to The Future-Proof your Business podcast. I have been your host Lucy Rennie.
I want to help as many business owners build a business that works and feels good, and the best way for me to do that is to get this podcast out to as many people as possible. You can help me do this by sharing it, clicking subscribe and especially leaving a review.
If you want to get more of my insights and resources then head over to my website IamLucyRennie.com, and come and join me and lots of other small business owners like you in my FREE Facebook group, Communicate with Purpose. All the links are in the show notes.
Thanks again and I’ll see you next week for another episode of The Future-Proof Your Business podcast.
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