When he sold the business to the Just Group, it was making $6m a year and growing by 40% in sales each year. So why sell ?
In Peter’s words it all became too much for him – more and more borrowing to fund growth, and managing a business that was spiralling out of control.
Peter says ” Its all about knowing what you’re good at, AND what you’re not so good at”.
The business was freaking him out, and he knew it was time to bring in a partner who could handle what he’s not so good at.
Peter sold to the Just Group in a deal involving him sticking around for the next 5 years. He faced the challenge, and overcame the challenge from being the big boss to having a boss.
And its worked – “It’s been a great run,” Alexander said. “They have been very respectful of what I’m good and what I’m not so good at. They’ve also been very protective of the brand.”
15 years later and Alexander is still there.
PS Peter’s also obsessed with his dogs.