CXO INSIGHT
I REMEMBER LOOKING AT THOSE FIVE CHAIRS AND THAT ’ S NEVER LEFT ME – HONESTLY , IT ' S TERRIFYING . IT ’ S INCREDIBLE HOW PEOPLE WALK IN THROUGH AND DO THE PITCH .
At the time , she was investing in small businesses , with an understanding of different types of business models , and concedes she is lucky to have the ability to ‘ take something quite complex and make it very simple ’.
Two days later , she had been shortlisted to the final three and then confirmation came later that week that she ’ d been selected as a new dragon .
“ On the first day of filming , I remember looking at those five chairs and that ’ s never left me – honestly , it ' s terrifying . It ’ s incredible how people walk in and do the pitch ,” she said .
“ I also hadn ’ t realised just how competitive it is between the dragons . I was like a kid in a sweet shop but it ’ s not just us picking them , they pick us as well .”
It was in the second series that Willingham invested in Craft Gin Club – a business she believes will be the most successful to ever come out of the den .
“ The experience overall was great – one of the best things I ' ve ever done ,” she added .
Nightcap PLC
The idea for Nightcap was born during COVID-19 and during a discussion with husband Michael .
The pair recognised an opportunity for growth – including an opportunity to acquire property – as well as a need for equity investments , with many businesses having taken on debt during COVID-19 but still trading well .
That , combined with new consumer demand for premium late-night venues , highlighted a gap in the market .
Despite challenges along the way – including regional restrictions and lockdowns – Willingham said the IPO was dragged across the finish line , but to great success .
“ Once we got the money in the bank , it was successful ,” she said . “ The share price is trading at more than double it was when we floated it . We very quickly bought our second acquisition , which has got phenomenal rollouts brands within it .”
From Tonight Josephine to Bar Elba , the Adventure Bar Group hosts some of London ’ s most popular venues , whilst Nightcap PLC ’ s newest acquisition , Barrio Bars , has multiple Latin venues across the capital .
The impact of COVID-19 on the future of hospitality
Great business idea vs leadership qualities
“ I would invest in a person before I would invest in a business model because I can always tweak a business model , but I can ' t work with somebody who just doesn ' t get ‘ it ’. The hardest bit is finding a good person , over a good business ,” Willingham said .
There are three key elements that must be considered before investment , she highlighted . First , is the product or service something that people would want to buy – and more so than anything else ? Then , secondly , how can those people be reached for marketing purposes ?
Finally , a good business idea needs an individual who will drive it forward with ambition or outstanding product knowledge .
“ When you have those three , then you ’ ve got an investable product ,” she said .
The key , Willingham said , is to ‘ make hay while the sun shines ’, with many in the industry now likely to be seeing positive feedback among younger clientele . Small businesses should focus on getting cash in the bank .
“ For any slightly larger groups that want to recapitalise and grow quickly , we are a perfect home for them , because that ' s what we want to do ,” she said .
Advice for aspiring CEOs
“ There ' s a couple of important qualities , both as an entrepreneur and as a leader . You must be very self-propelled and self-motivated and have strong self-awareness ” Willingham said .
“ You can end up with the best team of people around you when you know what it is that you ' re not good at . Don ' t recruit in your mirror , recruit your opposite . Fill the holes around you .” x
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