創(chuàng)始人該不該賣(mài)掉自己的公司

Dean Hoyle sold his greetings card business for ￡400m in 2010. It is now listed on the stock market and worth more than ￡1bn. Does he have any regrets? “None at all,” the co-founder of UK retail chain Card Factory says. “What can you do with ￡1bn that you cannot do with ￡400m?”

2010年，迪恩?霍伊爾(Dean Hoyle，見(jiàn)上圖)以4億英鎊價(jià)格賣(mài)掉了自己的賀卡公司。如今這家公司上市了，市值超過(guò)10億英鎊。他后悔嗎？“一點(diǎn)也不，”英國(guó)連鎖零售店Card Factory的這位聯(lián)合創(chuàng)始人表示，“如果你有4億英鎊都不知道做什么，那么你又拿10億英鎊做什么呢？”

Mr Hoyle, 50, is lucky to feel so sanguine. Many entrepreneurs find it hard to leave their “baby” behind. Some are forced to remain for a time as part of the sales agreement because buyers want to ensure the company does not collapse without the founder’s guiding force. Others insist on staying, simply because they are not ready to go.

50歲的霍伊爾能這樣樂(lè)觀是幸運(yùn)的。很多企業(yè)家都覺(jué)得要離開(kāi)他們的“寶貝公司”很難。作為公司轉(zhuǎn)讓協(xié)議的一部分，一些企業(yè)家會(huì)被迫留下一段時(shí)間，因?yàn)橘I(mǎi)家希望確保在沒(méi)有創(chuàng)始人指引的情況下公司不會(huì)破產(chǎn)。還有一些創(chuàng)始人自己堅(jiān)持要留下，只是因?yàn)樗麄儾幌腚x開(kāi)。

Research by Coutts, the private bank, in 2024 found that only a quarter of UK entrepreneurs retire following the sale of their business. The rest pursued a number of roles: 74 per cent advised another business, 65 per cent invested in one and half undertook philanthropy. More than half go on to start another business of their own.

私人銀行Coutts在2024年所做的研究發(fā)現(xiàn)，只有四分之一的英國(guó)企業(yè)家會(huì)在出售公司后退休。其他人尋求做各種事情：74%擔(dān)任另一家公司的顧問(wèn)，65%投資于一家公司，有一半的人會(huì)去做慈善。超過(guò)一半的人會(huì)再創(chuàng)辦一家自己的公司。

The sale of Card Factory, which Mr Hoyle started with his wife Janet in 1997, to private equity allowed him to concentrate on his other loves: his three children and Huddersfield Town football club, which he owns and chairs. “I took the business from a ￡10,000 loan into a ￡60m ebitda business. Over those 12 years I saw very little of my children. They were with their grandparents at the weekend. I needed a work-life balance.”

霍伊爾與妻子珍尼特(Janet)在1997年創(chuàng)建了Card Factory，把公司出售給私人股本投資公司，讓他得以把精力放在自己的其他愛(ài)好上：他有3個(gè)孩子，還有一家Huddersfield Town足球俱樂(lè)部。他是俱樂(lè)部的所有者，也是董事長(zhǎng)?！癈ard Factory剛成立時(shí)貸款了1萬(wàn)英鎊，我把它發(fā)展成了一家ebitda利潤(rùn)為6000萬(wàn)英鎊的公司。那12年里，我看到孩子的機(jī)會(huì)很少。他們周末與祖父母度過(guò)。我需要獲得工作與生活的平衡?！?/p>

He remained non-executive chairman after the sale to Charterhouse Capital Partners. When it floated the business in 2024 he stepped down to become a non-executive director. He no longer has shares in or any role at the Card Factory, although he confesses to a twinge of pride when he passes a store. “It still has the same simple logo. I remember being sat in my living room designing it.”

把公司出售給Charterhouse Capital Partners后，他仍擔(dān)任公司的非執(zhí)行董事長(zhǎng)。2024年公司上市后，他轉(zhuǎn)而擔(dān)任非執(zhí)行董事。他如今不再持有Card Factory任何股份，也不再擔(dān)任任何職位，不過(guò)他承認(rèn)每次經(jīng)過(guò)門(mén)店時(shí)都會(huì)有一種驕傲感。“它仍然是那種簡(jiǎn)單的標(biāo)識(shí)。我記得我是坐在客廳里設(shè)計(jì)它的?！?/p>

Sometimes founders and companies realise they made a mistake in parting company. Silicon Valley already has a tradition of founder comebacks. Steve Jobs returned to save Apple from bankruptcy in 1997. Michael Dell left his eponymous computer maker in 2004 but returned three years later and in 2024 bought the company back from the public market.

有時(shí)，創(chuàng)始人和公司意識(shí)到，離開(kāi)公司是錯(cuò)的。硅谷已經(jīng)有創(chuàng)始人回歸的傳統(tǒng)。1997年，史蒂夫?喬布斯(Steve Jobs)回到蘋(píng)果公司(Apple)，讓它避免了破產(chǎn)的命運(yùn)。2004年，邁克爾?戴爾(Michael Dell)離開(kāi)了他的同名電腦公司，但3年后回歸，2024年從公開(kāi)市場(chǎng)回購(gòu)了公司。

Rather than exit the business, many entrepreneurs decide to take an equity injection and carry on at the helm. This allows them to take some cash, diversifying risk, and receiving money for expansion. But with private equity usually wanting a return within five to seven years there is pressure to find fresh investors or accept a full sale.

很多企業(yè)家不愿離開(kāi)公司，而是決定引進(jìn)股權(quán)投資，自己則繼續(xù)執(zhí)掌公司。這樣他們可以拿到一些收益、分散風(fēng)險(xiǎn)并獲得資金用于擴(kuò)張。但私人股本投資公司通常希望在5到7年內(nèi)獲得回報(bào)，因此他們有找到新的投資者或接受整體收購(gòu)的壓力。

Reluctance to move on after a sale might be misguided, however. “Founder-CEOs who are able to conduct a personal skills analysis and let go of their leadership roles when needed give their companies the greatest chance at long-term success,” says Suren Dutia, a fellow at the Kauffman Foundation in the US, which researches and advises on entrepreneurship.

然而，在公司出售后還不愿放手可能是錯(cuò)誤的。美國(guó)考夫曼基金會(huì) (Kauffman Foundation)研究員蘇倫?杜蒂亞(Suren Dutia)表示：“能夠?qū)€(gè)人能力加以分析、必要時(shí)能放棄領(lǐng)導(dǎo)崗位的創(chuàng)始人兼首席執(zhí)行官將賦予他們的公司取得長(zhǎng)期成功的最大機(jī)會(huì)?！痹摶饡?huì)從事企業(yè)家精神方面的研究并提供相關(guān)咨詢。

Mr Hoyle had no such misgivings and has made a comeback as chairman of stationery, books and gift chain The Works. With his children older, he has time for another job and wants to demonstrate the high street has a future.

霍伊爾沒(méi)有這種顧忌，他再度出山，擔(dān)任文具、圖書(shū)和禮品連鎖店The Works的董事長(zhǎng)。隨著孩子們長(zhǎng)大，他有時(shí)間做一份新的工作，他還希望證明零售業(yè)是有前途的。

“Opportunities like The Works do not come up every day. It is a business where I can replicate what I have done and it suits my skill set. I think you go through stages in life. I have got cash in the bank, I have done the holiday villa and time with the family. I’m ready to work.”

“The Works這樣的機(jī)會(huì)可不是每天都有的。我可以在這里做我以前做過(guò)的事情，這符合我的能力。我認(rèn)為一個(gè)人要度過(guò)人生的不同階段。我在銀行有存款，我有了度假別墅，也有了和家人共度的時(shí)光。我準(zhǔn)備工作了?！?/p>

Dean Hoyle sold his greetings card business for ￡400m in 2010. It is now listed on the stock market and worth more than ￡1bn. Does he have any regrets? “None at all,” the co-founder of UK retail chain Card Factory says. “What can you do with ￡1bn that you cannot do with ￡400m?”

2010年，迪恩?霍伊爾(Dean Hoyle，見(jiàn)上圖)以4億英鎊價(jià)格賣(mài)掉了自己的賀卡公司。如今這家公司上市了，市值超過(guò)10億英鎊。他后悔嗎？“一點(diǎn)也不，”英國(guó)連鎖零售店Card Factory的這位聯(lián)合創(chuàng)始人表示，“如果你有4億英鎊都不知道做什么，那么你又拿10億英鎊做什么呢？”

Mr Hoyle, 50, is lucky to feel so sanguine. Many entrepreneurs find it hard to leave their “baby” behind. Some are forced to remain for a time as part of the sales agreement because buyers want to ensure the company does not collapse without the founder’s guiding force. Others insist on staying, simply because they are not ready to go.

50歲的霍伊爾能這樣樂(lè)觀是幸運(yùn)的。很多企業(yè)家都覺(jué)得要離開(kāi)他們的“寶貝公司”很難。作為公司轉(zhuǎn)讓協(xié)議的一部分，一些企業(yè)家會(huì)被迫留下一段時(shí)間，因?yàn)橘I(mǎi)家希望確保在沒(méi)有創(chuàng)始人指引的情況下公司不會(huì)破產(chǎn)。還有一些創(chuàng)始人自己堅(jiān)持要留下，只是因?yàn)樗麄儾幌腚x開(kāi)。

Research by Coutts, the private bank, in 2024 found that only a quarter of UK entrepreneurs retire following the sale of their business. The rest pursued a number of roles: 74 per cent advised another business, 65 per cent invested in one and half undertook philanthropy. More than half go on to start another business of their own.

私人銀行Coutts在2024年所做的研究發(fā)現(xiàn)，只有四分之一的英國(guó)企業(yè)家會(huì)在出售公司后退休。其他人尋求做各種事情：74%擔(dān)任另一家公司的顧問(wèn)，65%投資于一家公司，有一半的人會(huì)去做慈善。超過(guò)一半的人會(huì)再創(chuàng)辦一家自己的公司。

The sale of Card Factory, which Mr Hoyle started with his wife Janet in 1997, to private equity allowed him to concentrate on his other loves: his three children and Huddersfield Town football club, which he owns and chairs. “I took the business from a ￡10,000 loan into a ￡60m ebitda business. Over those 12 years I saw very little of my children. They were with their grandparents at the weekend. I needed a work-life balance.”

霍伊爾與妻子珍尼特(Janet)在1997年創(chuàng)建了Card Factory，把公司出售給私人股本投資公司，讓他得以把精力放在自己的其他愛(ài)好上：他有3個(gè)孩子，還有一家Huddersfield Town足球俱樂(lè)部。他是俱樂(lè)部的所有者，也是董事長(zhǎng)。“Card Factory剛成立時(shí)貸款了1萬(wàn)英鎊，我把它發(fā)展成了一家ebitda利潤(rùn)為6000萬(wàn)英鎊的公司。那12年里，我看到孩子的機(jī)會(huì)很少。他們周末與祖父母度過(guò)。我需要獲得工作與生活的平衡。”

He remained non-executive chairman after the sale to Charterhouse Capital Partners. When it floated the business in 2024 he stepped down to become a non-executive director. He no longer has shares in or any role at the Card Factory, although he confesses to a twinge of pride when he passes a store. “It still has the same simple logo. I remember being sat in my living room designing it.”

把公司出售給Charterhouse Capital Partners后，他仍擔(dān)任公司的非執(zhí)行董事長(zhǎng)。2024年公司上市后，他轉(zhuǎn)而擔(dān)任非執(zhí)行董事。他如今不再持有Card Factory任何股份，也不再擔(dān)任任何職位，不過(guò)他承認(rèn)每次經(jīng)過(guò)門(mén)店時(shí)都會(huì)有一種驕傲感?！八匀皇悄欠N簡(jiǎn)單的標(biāo)識(shí)。我記得我是坐在客廳里設(shè)計(jì)它的?！?/p>

Sometimes founders and companies realise they made a mistake in parting company. Silicon Valley already has a tradition of founder comebacks. Steve Jobs returned to save Apple from bankruptcy in 1997. Michael Dell left his eponymous computer maker in 2004 but returned three years later and in 2024 bought the company back from the public market.

有時(shí)，創(chuàng)始人和公司意識(shí)到，離開(kāi)公司是錯(cuò)的。硅谷已經(jīng)有創(chuàng)始人回歸的傳統(tǒng)。1997年，史蒂夫?喬布斯(Steve Jobs)回到蘋(píng)果公司(Apple)，讓它避免了破產(chǎn)的命運(yùn)。2004年，邁克爾?戴爾(Michael Dell)離開(kāi)了他的同名電腦公司，但3年后回歸，2024年從公開(kāi)市場(chǎng)回購(gòu)了公司。

Rather than exit the business, many entrepreneurs decide to take an equity injection and carry on at the helm. This allows them to take some cash, diversifying risk, and receiving money for expansion. But with private equity usually wanting a return within five to seven years there is pressure to find fresh investors or accept a full sale.

很多企業(yè)家不愿離開(kāi)公司，而是決定引進(jìn)股權(quán)投資，自己則繼續(xù)執(zhí)掌公司。這樣他們可以拿到一些收益、分散風(fēng)險(xiǎn)并獲得資金用于擴(kuò)張。但私人股本投資公司通常希望在5到7年內(nèi)獲得回報(bào)，因此他們有找到新的投資者或接受整體收購(gòu)的壓力。

Reluctance to move on after a sale might be misguided, however. “Founder-CEOs who are able to conduct a personal skills analysis and let go of their leadership roles when needed give their companies the greatest chance at long-term success,” says Suren Dutia, a fellow at the Kauffman Foundation in the US, which researches and advises on entrepreneurship.

然而，在公司出售后還不愿放手可能是錯(cuò)誤的。美國(guó)考夫曼基金會(huì) (Kauffman Foundation)研究員蘇倫?杜蒂亞(Suren Dutia)表示：“能夠?qū)€(gè)人能力加以分析、必要時(shí)能放棄領(lǐng)導(dǎo)崗位的創(chuàng)始人兼首席執(zhí)行官將賦予他們的公司取得長(zhǎng)期成功的最大機(jī)會(huì)。”該基金會(huì)從事企業(yè)家精神方面的研究并提供相關(guān)咨詢。

Mr Hoyle had no such misgivings and has made a comeback as chairman of stationery, books and gift chain The Works. With his children older, he has time for another job and wants to demonstrate the high street has a future.

霍伊爾沒(méi)有這種顧忌，他再度出山，擔(dān)任文具、圖書(shū)和禮品連鎖店The Works的董事長(zhǎng)。隨著孩子們長(zhǎng)大，他有時(shí)間做一份新的工作，他還希望證明零售業(yè)是有前途的。

“Opportunities like The Works do not come up every day. It is a business where I can replicate what I have done and it suits my skill set. I think you go through stages in life. I have got cash in the bank, I have done the holiday villa and time with the family. I’m ready to work.”

“The Works這樣的機(jī)會(huì)可不是每天都有的。我可以在這里做我以前做過(guò)的事情，這符合我的能力。我認(rèn)為一個(gè)人要度過(guò)人生的不同階段。我在銀行有存款，我有了度假別墅，也有了和家人共度的時(shí)光。我準(zhǔn)備工作了?！?/p>