Entrepreneur Series – Interview with Mervyn Flack

July 30, 2018

This month, we had the pleasure of getting to know Mervyn Flack, who has over 50 years’ experience in market research. He is the previous joint Founder and Director of Charterhouse Research, which Bluebox Corporate Finance had the pleasure to sell to Next 15 Communications back in September 2017.

 

  1. What is your background and how did you come about setting up your first company, City Research Group?

Before setting up City Research I had been Research Director at Harris, the polling company, tasked with developing commercial research where I launched its financial research division, pioneering work in business banking, fund management and City opinion research. Setting up my own specialist financial research company seemed the obvious next step!

 

  1. You have worked in the Research Industry your entire career, what were the initial reasons you picked this field?

Having come across early TV rating reports while still at school I became fascinated with the idea of research into consumer attitudes and behaviour, and was determined to work in market research, not then a well-known career, so joined Attwood, the TV rating and consumer panel company, then moved to Gillette while at the same time qualifying as a professional statistician.

 

  1. With new developments in information technology and innovations in the research market all the time, how do you see the industry developing in the future?

Despite the focus on ‘big data’ and IT, it’s important that research continues to speak to customers in depth to understand ‘why’, not just ‘what’

 

  1. It must have been challenging setting up your own business. What were your greatest concerns about becoming a business owner and how did you get over them?

Though I had an established reputation with banks and other financial institutions, the main problem was persuading them to deal with a new small company – ironically my first client was Citibank in New York which had no such qualms! So, rather than waiting for clients to come to us, we developed and sold subscription-based studies in insurance, stockbroking and fund management markets. Having my wife Meg as business partner looking after finance and admin left me free to focus on business generation and research delivery.

 

  1. You’ve been through the sale process twice, what where your motivations for selling each company, and what did you learn from each process?

The first time I hadn’t planned to sell the company but was approached by NFO Worldwide, the NYSE-listed US research group that we had worked with on international studies and who wanted to acquire us to help build a global financial research company. While I was satisfied with the outcome, it might have been better to involve professional advisers.

At Charterhouse, we therefore decided to plan our exit carefully and three years ago started working with Sequoya, our business mentor to help us prepare for the sale.

 

  1. What is the one piece of advice you’d give a new business owner who was looking to build their business for an eventual sale?

Careful preparation and the early involvement of a corporate financial adviser like Bluebox is essential not just in maximising sale value but in choosing an acquirer with the resources, vision and corporate culture to ensure a good future for the business and the staff under new ownership.

 

  1. What 3 personality traits do you have that have helped make you successful today?

Determination, focus and integrity.

 

  1. You’ve worked hard all your life, now you have retired – what is next?

Though I’m enjoying more leisure time, including more time to go flying, I must admit that I miss the buzz and satisfaction of working as a member of a great team of people at Charterhouse, many of whom first worked for me at City Research.

Having designed the StatsChecker app while at Charterhouse, I’m working on an app which rates companies in the travel sector – not yet sure it’ll work, let alone be commercial!

 

Quick fire:

Go to holiday destination?

India

Life motto?

Treat others as you’d like to be treated yourself

Ferrari or Lamborghini?

Ferrari – though with Brexit I’d feel it ought to be Aston Martin!

What is one of the things you would put on your “bucket” list?

Flight in a Spitfire

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