Speaker: Oliver Thornton, CFO - UK
How did you set the context for asking the question?
Oliver Thornton: What's the context of the question? The context right now is my wife made me put a shirt on for this recording, but regards the question, the past six years, if at all possible, I've tended to ask the question at the prospect meeting and again and again thereafter. So, right from the word go, if at all possible. Having said that, I can't really see it working on Zoom, I haven't done it on Zoom so it's a face to face context.
What question specifically did you ask?
Oliver Thornton: What was the question specifically? Well, generally I'd look at the business owner and I'd say, "What do you want from your business?" Nine times out of 10 they would say something like "I want to double my turnover", or "triple my profit" or something. And then you'd say, you let him answer then you say "No, what I meant was what do you want for yourself from your business?" and that was more likely to get an answer.
What was the response from the client?
Oliver Thornton: What was the response from the client or clients? If you didn't get an answer at first asking they either didn't know or they didn't want to tell you and what happened is you'd repeatedly asked the question throughout the relationship, which really helped them think about about it or perhaps they'd learn to trust enough to tell you. The answer to begin with might be "I want to make lots of money" or something, which usually meant that they haven't really arrived at an answer, whereas the answer might be "I want to make lots of money to do X, Y or Z" which is what you're looking for. To give a couple of examples from a very early client back in 2016. I remember very well at the prospect meeting, it was a very long prospect meeting, his father in law was there and he went on and on, I really had to tire him out. But I asked this business owner the question, and he said, "Well I actually like what I do but in five years time, when for example I'm unblocking a loo, I want to do it because I want to, not because I have to. Anyway he continued as a client and at the end of 2019 he sold his park very successfully and he bought another one in 2020. and right now he's doing just that. He's bought another park, he's got money in his pocket and he's doing a variety of things knowing that he's got choices which is what he wanted in the first place. He wanted to build choices for himself but essentially end up doing the same thing. Equally, the same year, again, quite early on, when I joined the FD Centre we went to see a pair of prospects, pair of business owners, where the question struck a chord and they said, "Oh nobody's ever asked us that before", which was great you know, as it's a real in and so all that went well and we had, a second meeting booked and on the way there, me and John were all excited because we were going to sign up a client. In the car on the way there they phoned and they said to us, "The thing is nobody has asked us that question before, and we had a think about it and actually we decided we don't want to do this anymore. It's not for us so you needn't come." So, it wasn't the answer we'd hoped for but it got them where they wanted to be. So sometimes be careful what you ask for.
Do you feel that asking the question somehow deepened the relationship?
Oliver Thornton: Do I think asking the question somewhow deepened the relationship? No, I think it's the other way around. I think actually getting the answer to the question is kind of a litmus test to the depth of the relationship. If they didn't answer to begin with, you might have thought about it when you repeatedly asked them, you're at a point where they are comfortable enough to answer, assuming they know the answer, and they share it with you.
Is there anything else you’d like to add?
Oliver Thornton: Is there anything else? Well, I guess one of the reasons this has struck a chord is because, you know, we are British after all, and we're more reserved. I think anglo saxons spend a lot of time reading between the lines and I wonder if the fact that this question was originated by Giuseppe kind of makes a difference. My wife and children are Italian. I spent many years, there bringing them up and running a business in Italy and you're in an environment where nothing gets left unsaid. I remember particularly walking down the street and there was somebody that recognised me. She was barely an acquaintance and she bowled over to me and told me how much weight I had put on which always stuck with me because that just wouldn't happen here and to this day, I think incorrectness of doing business here versus Europe absolutely drives me up the wall. So, there's a context of culture, there
