Sir Tom Farmer built a Scottish tyre fit depot into the world’s largest automotive repair firm and sold it to Ford for £1.2 billion. He knows better than most the challenges of building a business.
Now 75, Sir Tom is best know for the Kwik Fit empire he founded and nurtured into one of Scotland’s most spectacular business successes.
But since selling out in 1999, Sir Tom has generously offered his time and talents to others and diversified into other business avenues.
Now the former Scottish Businessman of the Year, and Duke of Edinburgh Awards Scheme trustee is set to share his entrepreneurial philosophy with guests at The Courier Business Briefing at the Apex Hotel next month.
Q What key message are you delivering at the Dundee event?
A People make the business. It is the interpersonal relationships between people who work within an organisation and people outwith the customers and suppliers that counts. Each and every person has to feel valued.
Q What is your impression of the business scene in Scotland and the UK?
A There is still a degree of uncertainty, which was less than it was a year ago but which is not helping business.
There was a great deal of it before the Scottish independence referendum, which produced a result, whether people like that result or not, and before the general election.
Next year we will have the Scottish Parliamentary election, and that has raised the question of whether there will be another referendum.
There is uncertainty surrounding that, which is an issue for business.
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There will also be the UK referendum about staying in Europe, which will also create uncertainty for business.
Q What changes would you like to see to help business?
A Look at all the bureaucracy businesses have to go through, especially small companies. There are so many compliance and regulation rules to meet.
Business needs to be regulated, but companies can be drowned by bureaucracy. I would like to see a streamlining of bureaucracy to make the rules easier, less time-consuming and costly for business.
Q What are your golden rules for business success?
A Do the preparation before you jump into something new, and understand what road you will be travelling on. If you do not have the knowledge and experience you need before you start, you should not do it. Find the expertise you need and employ the best person you can find to provide it.
Some of the mistakes we made developing our business was due to not having the experience and capabilities that were needed. I learned that if you don’t have the necessary expertise you need, bring it in.
Q How important are gatherings like The Courier’s Business Briefings?
A It is good for people to come together to talk, listen and learn, especially for small and medium size enterprises who are developing their business.
It is valuable to listen to people who have done something well, and to learn from their experience.
I never hesitated to knock on the door of another organisation to find out something that I needed to know, especially at the beginning of my career. I met some wonderful people whose advice was of great benefit.To learn more about the Courier Business Briefings and to book your place, visit www.thecourierbriefings.co.uk