Turning £500 into £350 Million - Oliver Cookson, Founder of MyProtein

Team Building

Oliver Cookson emphasizes the importance of a strategic hiring process to build a strong team. He advocates for a slow and deliberate approach to recruitment, highlighting the potential negative impact of hiring the wrong person, especially in small businesses. Cookson explains his three-step interview process for senior roles, which includes assessing candidates' abilities through bespoke tasks to ensure they are a good fit for the company 1 2. He believes that covering one's weaknesses is crucial, and he personally focused on hiring directors in areas where he lacked expertise, such as finance and operations 3.

You've got to be really hire slowly, take a little bit longer, and it'll create so much beneficial.

--- Oliver Cookson

This method not only strengthens the team but also professionalizes the business, making it more sustainable in the long run.

   

Financial Strategy

Cookson's financial acumen is evident in his handling of financial negotiations and due diligence processes. He shares his experience with potential buyers attempting to reduce the valuation of his business during due diligence, a common tactic in such negotiations. Cookson stood firm, prioritizing trust and transparency over a quick sale, which ultimately led to a positive outcome for his business 4. He also discusses the challenges of dealing with private equity firms, emphasizing the importance of maintaining a good relationship with minority shareholders and avoiding restrictive provisions 5.

If you're in sales mode and you're telling me this, then I can't get into bedroom and work with you because there's no trust there.

--- Oliver Cookson

His approach highlights the need for entrepreneurs to be vigilant and assertive in financial dealings to protect their interests.