Entrepreneur Networking Dinner

Entrepreneurship is often portrayed through milestones and headlines. In reality, it is shaped by thousands of decisions, moments of uncertainty and the resolve to keep moving forward. Bringing together founders from across the entrepreneurial community, Rothschild & Co Wealth Management UK recently hosted an intimate networking dinner to encourage the conversations and connections that rarely happen in the day-to-day demands of building a business.

Hosted by Sophie Kilvert, Client Adviser at Rothschild & Co, the evening featured a candid discussion with Jimmy Cregan, founder of Jimmy's Iced Coffee, who shared reflections from his entrepreneurial experience, from identifying an opportunity and building a brand to navigating a successful exit. Guests also heard from Lara Damian of Rothschild & Co Arrowpoint Advisory, who offered practical guidance on building long-term value and preparing a business for the opportunities and decisions that lie ahead.

Together, the discussion explored what it takes to build a business of lasting value, planning beyond the next stage of growth, and the value of taking time to step back and consider what it is all for.

Founder lessons from Jim Cregan

Following a five-month trip to Australia, where Jim tried a carton ready-to-drink iced coffee sold from a local petrol station, he co-founded Jimmy’s Iced Coffee in Dorset with his sister Suzie in 2010. Convinced that you should start with the premium retailers and then filter down, they secured Selfridges as their first stockist. Thirteen years later, they sold the business to Britvic for £25 million. Below are some valuable lessons Jim shared with us.

Consider the life you want, not just the business you wish to build

Most founders spend years building the business without stopping to ask what they want the outcome to be. Jim encouraged founders to think about wealth, an eventual exit and life beyond the company much earlier than they might feel comfortable doing. As he put it, "if you spend just a little bit of time thinking, what do I want to get out of all of this?", those conversations, whether with a co-founder, partner or adviser, can help bring clarity to decisions that shape the future. After all, it's not just about building a successful business, but building a life that works for you.

Back people who want to grow

Looking back, Jim believes some of the best decisions he made were around the people he trusted. He spoke about team members who joined in junior roles and went on to lead parts of the business because they were given the opportunity to grow. "They don't have to come with impressive degrees," he said, reflecting on the value of attitude and hard work over credentials. For founders, spotting potential and creating an environment where people can develop often matters far more than hiring the perfect CV. Great businesses are built by people who grow with them.

Trust takes time

One of the hardest challenges for any founder is moving from doing everything to giving up some control and enabling others to do it. As a business grows, success increasingly depends on trusting the people around you and giving them room to take ownership. Jim was candid about this process, noting that "it's not 100% from day one" and that trust needs to be earned over time. The key is recognising that delegation is not about lowering standards, but creating a business that can thrive beyond the founder.

Some of your best lessons will come from mistakes

Entrepreneurship is rarely a straight line. Jimmy reflected on launching products that failed, including a batch of 1 litre iced coffee that resulted in pallets of stock being thrown away, and marketing campaigns that pushed boundaries. Yet these moments were never viewed as failures in isolation, but as part of the process of building something new. The willingness to take risks, learn quickly and move forward is often what separates successful founders from everyone else.

Get out and talk to people

The idea behind the business didn't come from analysing spreadsheets or reading reports. It came from a road trip in Australia, new experiences, curiosity and conversations that followed. Before launching Jimmy’s iced coffee, Jim and his sister Suzie spent time speaking directly to potential customers and competitors, trying to understand what people actually wanted.

Reflecting on today's start-up environment, he remarked that "We mentor some founders who say, 'We emailed and nobody got back to us'" before adding that sometimes "you have to pick up the phone." In a world increasingly driven by digital communication, real life conversations can still create connections and uncover opportunities.

Build as though someone else might own it one day

Even in the early years, Jim was thinking about what would make the business attractive to an eventual buyer. Good financial discipline, well-managed accounts and strong governance may not be the most exciting parts of entrepreneurship, but they create options when opportunities arise. When the company eventually sold, that preparation made a significant difference. And while many founders debate whether to stay involved after an acquisition, his view was refreshingly direct: "Go. Don't stay on. Get out and that's it." Following the exit, Jim has appreciated having the extra time he can dedicate to his family, friendships and tennis. Sometimes the hardest part of an exit is knowing when to turn the page and begin the next chapter.

Guidance for founders from Lara Damian, Rothschild & Co Arrowpoint Advisory

Lara Damian, Assistant Director at Rothschild & Co Arrowpoint Advisory, explored some of the factors that can influence business value. Drawing on her experience advising founders and growth businesses, Lara shared practical perspectives on preparing a business for the future, whether that involves continued growth, investment or an eventual exit.

Lara's overarching message was that preparation happens well before an exit process begins. Businesses that invest in their brand, balance growth with financial discipline, build strong teams and maintain robust foundations are often in the strongest position when strategic opportunities arise.

Striking the balance between growth and profitability

For growing businesses, profitability is only one part of the story. Lara highlighted the importance of demonstrating that capital has been deployed thoughtfully to build growth, particularly in the early stages. The years leading up to an investment or sale can be the right time to prioritise growth in exchange for reduced profitability.

Investors often want to see evidence that a business is scaling efficiently – has identified a genuine opportunity and is investing behind it with discipline. Consistent growth, supported by clear strategic decisions, can be a powerful signal that the business is moving in the right direction. Profit margins do not need to be mature before an investment or sale.

Reduce key-person dependency before you need to

Many founder-led businesses revolve around one individual. While that can be a strength in the early years, it can become a risk as the business grows or approaches an exit. Investors buy into a strong leadership team, not just the founder.

Lara encouraged founders to build trusted leadership teams and establish relationships with external advisers (for example lawyers, accountants) well in advance. The more responsibility and knowledge that is shared across the business, the more resilient and attractive it becomes to external investors. The earlier you bring external advisers into the business, the more time there is to build trust and establish effective ways of working. When a sale process begins, those relationships are already in place, allowing collaboration to happen with greater confidence and ease.

Get your house in order early

The best time to prepare for due diligence is long before anyone asks for it. Contracts, tax filings, historical accounts, governance processes, IP health check and key documentation can often be overlooked while founders focus on running the business. Lara's advice was to address admin early, rather than trying to resolve issues during a transaction process. Some of these aspects will contribute to the business value too. Preparation may not be the most exciting aspect of entrepreneurship, but it can make a significant difference when opportunities emerge.

Past performance is not a guide to future performance and nothing in this article constitutes advice. Although the information and data herein are obtained from sources believed to be reliable, no representation or warranty, expressed or implied, is or will be made and, save in the case of fraud, no responsibility or liability is or will be accepted by Rothschild & Co Wealth Management UK Limited as to or in relation to the fairness, accuracy or completeness of this document or the information forming the basis of this document or for any reliance placed on this document by any person whatsoever. In particular, no representation or warranty is given as to the achievement or reasonableness of any future projections, targets, estimates or forecasts contained in this document. Furthermore, all opinions and data used in this document are subject to change without prior notice.