39. Ian Beestin Makes Money Play To His Own Tune
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This week I speak to entrepreneur Ian Beestin.
Ian's early money experiences of helping his dad count out the church collection money and collecting weekly customer payments on his milk round stood him in good stead.
Ian explains how he turned £9,000 of regular savings into £50,000 by the time he was 24, and the capital for his first business investment. Having a hobby - drumming - that cost nothing and generated cash, is one of Ian's secrets to being able to save so much at a young age.
A total loss on his first investment didn't deter Ian, and he and a friend started a business that revolutionised the selling of ISAs and investment bonds. Within the first two years, they had generated over 100,000 enquiries with minimal marketing spend, and more business than they could handle.
Selling his business at the age of 31 created the solid financial foundations for Ian and his family, which gave him options to explore different roles, hobbies, and interests.
Now running his third business - financial education and engagement platform Moneyalive - Ian is continuing to make waves and deliver value.
Ian is an incredibly humble and down to earth person, who underplays his achievements. But we can all learn from his passion and enthusiasm for business, being true to his principles and favouring saving over spending.
Episode Transcript
Jason Butler 0:08
Hello, and welcome to the Real Money Stories podcast. Real Money Stories is the only UK podcast which shares personal money stories of everyday people. So their insights can help you to be better with money. My name is Jason Butler. And I invite you to join me as I have intimate money conversations with people from all walks of life. Whether you're just starting out on your money, journey, or world on the track, there's bound to be something you can learn from the stories about taking more control of your money, so you worry less and enjoy life more. Hello, and thanks for joining me on another episode of Real Money stories, the only podcast where we talk to people from all sorts of walks of life about their money journey and their money story. I'm your host, Jason Butler and today I'm really excited to be joined by a financial services entrepreneur and founder of a very interesting company called Money Alive. Mr. Ian Beestin. Hello.
Ian Beestin 1:12
Good morning, Jason. How are you?
Jason Butler 1:13
Yes, yes, I'm good. Well, my hair is very long probably like many people here. And I'm looking at the Yeti man. But apart from that I'm well, thanks, Sam for agreeing to be on the show, because I know that your story is interesting. And there's lots that people can get from this there. So let's dig into this then. So just before we go back in time to when you were young, just just tell the listeners what you currently do now what your current businesses?
Ian Beestin 1:37
Yes, I'm one of the cofounders of money alive. And what we've done is developed developed a video engagement platform that allows financial advisors to deliver impartial video education to their clients through a number of boxes that we've written and filmed and animated. It's a really interesting Use a piece of technology that allows people to operate at greater scale, save time and reduce risk in their business. And since we launched a commercial product just over two years ago, advisors have used it to deliver an evidence over 100,000 videos, and it's making an impact in the market and the way that they do business. Well, let's just be clear, I loved it so much that I invested in the company. So let's just make that a disclosure for everyone. Because what your system does is it enables just normal people who are not financial experts before they take advice to sort of understand I call it the rules of the road or kind of like the where, you know, if it's equity release, or taking pension income, or transferring your pension, it's that sort of anything that's a little bit complicated. It gives people that kind of a little bit more confidence and understanding, doesn't it in the comfort of their own? That's right. I mean, we focused initially on pensions, which I think has been a really good idea. I mean, it was partly the pension freedoms and the greater control flexity that people were facing when they reach retirement inspired us to do it. And I think what's what's really, really great about it is that it allows people to learn at their own pace, in the comfort of their own, in the comfort of their own home. If, because we've actually had the product out there a bit, it's got some great features like rewinding, for example, that allows people to recap on certain things.
Jason Butler 3:24
The key thing is here when you finish your game of thrones boxer, right, you go straight on to money alive and you start working your way through that financial stuff. You're gonna be a ninja, right?
Ian Beestin 3:32
Absolutely. Yeah. Because it's an impartial as well. I think that gives it a great value. Because I think one of the things that we saw that was a challenge in financial services is trust, really, and where can people go for impartial information? And that was the question we kind of set out to answer. But yeah, it can be fun as well, I think because it's an interactive experience. And I think people enjoy that. Yeah, cuz you have to ask questions as you go along. And there's an opportunity to type questions and and we've designed it good user experience for the viewer.
Jason Butler 4:02
But quite some people are people are embarrassed to say they don't understand or they don't know they sit in a meeting with someone in a bar and on and they don't my eyes glaze over. So this is just a way of helping people at least be in the same zone as an advisor if they do need to take advice on complex stuff. Good luck. Thanks for clarifying that. So let's go back to little Ian. Let's go right back to the to the beginning. Can you remember the earliest money memory?
Ian Beestin 4:27
That would be on a Sunday evening, sitting with my dad, he was the treasurer of our local Methodist Church. And what what do you got to do on on Sunday evening was effectively go through the collections for the morning service and the evening service. And you know, put put the tempies in one column and the five B's in another and the two peas in another I think it was before pound coins Jason. And then there was all these envelopes where people put money in envelopes. So we we don't pack all those and then just count them into even amounts of cash and then Fold them into these little plastic bags. So that was literally My first memory of money. And when I was at school I, I recognized that if I wanted to have any money, myself, I'd need to work. So I started a milk round. And when I was 13, and which got me into the early morning habit, and I supplemented that with a paper round. And then when I was a little bit older, I'd done well for the company who ran the milk round, and they asked me to start doing the money collections as well. So on a Friday evening, I would go around collecting money, and people's milk effectively subscriptions in the community. And so that was a really good experience for me with money because I was actually meeting customers. And I enjoyed the sense of trust because it was quite a lot of money I was handling and the responsibility. And but most of all, I just enjoyed meeting customers and you know, finding out you know what their order was for next week whether they wanted the eggs or you know, we had semi skewed Milk and full cream milk
Jason Butler 6:01
so you were doing home deliveries way before locked down, right?
Ian Beestin 6:05
Yeah, yeah, absolutely remote worker. Yeah. And say you got me into the habit of, of, you know, getting up early and cracking on and then as you know, I played I still play music in a band and I joined a band when I was 16 that was out earning money as well. So I'd often get in late on a on a Sunday morning and be up at six o'clock delivering milk. So, you know, I had quite a lot of it was hard work but fun really. So that was my early experience of of money actually.
Jason Butler 6:35
So I'm interested to know what sort of money conversations Yeah, I mean, notwithstanding your dad was the treasurer and you saw these packets of money and stuff in a very early age and you were doing these jobs. What sort of money conversations or was money not spoken about in the house?
Ian Beestin 6:49
And it wasn't particularly affluent, and we we didn't get cartullo as I remember, we got our first phone where most 10 got our first color TV when I was 13 sir And at the Methodist Church money was in short supply and inevitably there was always a problem with the roof or the goods, you know, so I guess it was recognizing that it was a very precious commodity, and they had to be employed carefully. And we had a respect for it really. And
Jason Butler 7:19
as we know, a lot of us take money scripts and stories and values from our parents. Particularly, would you say you were more like your dad or more like your mom when it comes to money and your your attitudes and beliefs as you were growing up?
Ian Beestin 7:34
I'm probably more like my mom, actually, because although my dad was the treasurer for the church, my mom has always done the household budgeting and although when when I was first born, she worked at a nursery, literally picking fruit. And she then went on to do some qualifications in bookkeeping, and became a professional bookkeeper. So that both of them really were bookkeeping Kind of audited money, but she, she was more of the person who, you know, set up the direct debits and made sure that all the bills that were paid actually, and and my dad and it was more of a DIY type, which, unfortunately is a skill that I never ever developed.
Jason Butler 8:16
So you're more like your mom bit more cautious bit more structured would you say or?
Ian Beestin 8:21
Yeah, yeah and a very, very much so but also I recognize that by doing extracurricular things like playing music for example, I could afford to pay people to do DIY.
Jason Butler 8:32
Oh, that's interesting. So that was a that is your early insight as a young adult then outsourcing stuff because that's a source of happiness, right, getting rid of the drugs you don't like doing?
Ian Beestin 8:40
Yeah, it's not not so much also about what you do and don't like it's about what you're good at, I think as well. So focusing on what you're good at, find something that you love that you can make money from. So for me early on, that was music, and that allowed me you know, I mean, it's quite interesting.
I'm 54. Now Jason and I recently got my first lawn mower. I've always been, I've always been outsourcing my gardening really as well, as long as I've been able to afford it. But I've been bitten by the bug recently. I think it's something to do with the lockdown. job being outside. It's an excuse to be out, isn't it?
Jason Butler 9:16
Yeah. So that's interesting. So tell us about as you're going through school, you did all these various milk rounds, and then you started collecting the money and then you did the band. So what was that about? 16? You're, what? six, four. So So tell us about just tell us about how you squared the money versus the earning thing. What What, what how are you developing your thoughts about money then?
Ian Beestin 9:39
Well, I suppose where there was an opportunity to get it. I kind of took it and I think musically, I started off in in what was really an evolved school band. But that developed me the skit helped me develop skills to play better and then I started doing work in in like, July I was in working men clubs and things like that where rather than I'm paid four or five pounds for a gig, I might be getting paid 15 to 20 pounds for a gig. And so and then I know that's kind of laughable now, but in 10 days, that was a lot of money. So I think I started thinking about, you know, setting priorities. But really at the same time, I went to university briefly. But for reasons mainly to do with music, actually, I decided to, to not not to complete my course. And I was given a conditional offer from music college, I had to get grade eight theory to get in. So to get great theory, because hadn't done any formal music qualifications before. I needed a bit of time. So I got a temporary job. And then this is kind of where my life changed really. I got a temporary job at General accident, the life insurance company in New York. And that I actually started working or for incredibly modest amounts of money, but I worked in the financial planning department with a bunch of trainee actuaries. So I went on I was getting paid very little, I was actually working with a fascinating crew of people really. And I think that's where my money journey really started to change. Because although I did end up going to music college briefly, I didn't like it. And I'd already sort of developed a reputation at General accident. And as soon as I said, Look, I don't think I don't think this is working out. They were keen to have me back and they offered me a graduate position, even though I didn't have a degree. And at that point, actually, I met some very influential people, people who gave me a lot of good advice. And I'm in particular, a character called Dez Waddington. And the thing that really changed my life financially was theirs. They had a savers Yuen scheme, General accident, and this was whereby you could put money away monthly, and at the end of five years, you could either take some interest, or you could buy general accident shares with it. So was a no brainer from a risk perspective. And I was kind of well known that I don't realize today because although my salary at the time was 9000 pounds a year, which was a graduate salary at the time, I went the full monty and I put 250 pounds a month in it. I know of a nine grand salary, I put 3000 pounds a year into my savings un scheme, and people thought I was mad. I mean, there was a cost to this and me and my, my partner, my then wife, we used to call it no spender mode. So, you know, we did sacrifice things for saving. But at the end of five years, my 9000 pounds, it turned into 50,000. House shares how we didn't want 2525 I think, yeah, it was around 2627. At that point, I could have paid my mortgage off, but I was looking what was going on in the market. Really There was a few years where I carried on general accident, but I kept the lump sum and then when I saw there was an opportunity to develop a business, I use the money from the savings you earn scheme to, to finance my first business with a couple of people that I've met. So that that's, I hope that that gives you a bit of an insight anyway.
Jason Butler 13:20
So let's just just be close just look at that because it's very unusual for a 21 year old to want to a save for the long term and to to save a third of their income what was going what how did you develop that idea at 20? Why don't you just out you know, holidays out down the pub, you know, brand new guitar, whatever, why would you not in spin mode? Why How did you develop that no spend mode.
Ian Beestin 13:42
But I was looking, I got a lot of pleasure. I mean, you know, a lot of people like playing golf and, and, and, and have hobbies that are expensive, whereas my hobby, actually paid money because I was enjoying playing music and would give me some cash flow. But it was I suppose it was You know, that's Wellington was very charismatic guy. It wasn't always, it wasn't all good news with Dez. Because we also learned a very, very important lesson early on, which is I, I started this little investment club relaxer with three of my colleagues. And at the time, we had very little money. So we put the money together. And we invested it in a unit trust. And but we did it all in my name, because in order that we could get the minimum investment, if that makes sense. Yeah, yeah, we did. We did very well at it. And we put it into another unit trust and had a very good room with that. But then there's Monday came in and said, Guys, guys, there's this brilliant company in Grimsby called us foods. And they've invented the self heating tin of chili con Carly, and revolutionized the sort of pack lunch market because he was gonna want to have a cold tea sandwich and I can remember the pitch now, who's gonna wanna have a coach cheese sandwich when you can ever hot chili con carne so we took the whole money we've made so far. And I invested it all in huge foods. And about four months later, I got a letter from the receiver and saying they'd gone bank. And so that was my first lesson in diversification. Jason really, you know, don't put all your eggs into one basket, then put all your money into his foods.
Jason Butler 15:24
There's no such thing as it as a as a sure bet. Is there? Yeah. Not you never want to make anything that could you could make a killing or that could kill you. Yeah,
Ian Beestin 15:33
yeah. Yeah. So I think it was there's the fact that you know, I worked out that I could afford it and I kind of thought it's, it's, it's, it's one of these situations in life where there is literally no risk. How often can that happen? And, you know, I never knew that general accident was going to have a particularly good run in terms of the share price, but you buy the shares at a discount and You know, it had a good run so it just happened to work out. So that's where luck
Jason Butler 16:05
though that luck met the fact that you were disciplined to put the money aside because you didn't have to did you?
Ian Beestin 16:12
No, absolutely not. No. And as I said, people thought I was mad. Although when it got towards the end of it, they started to they started to think that I was less mad. And you know, there's a lot of senior people at Gen X who weren't putting anything in like like what I was what I was putting in
Jason Butler 16:27
Okay, so you started you took this money what 26 to start a business was this a business on the side or was this while you were still working?
Ian Beestin 16:34
No, no, I kept the money for a while actually and I was also putting 250 pounds a month into a pap because I was then earning quite a lot more money now for those who don't
Jason Butler 16:42
know it. A pap is a personal equity parents like the current ISO, but it's the old old school version just for our listeners who don't know. Yeah, yeah.
Ian Beestin 16:49
Yeah. And I left Gen Gen X. And that was a very good job at framlington which I took
Jason Butler 16:57
as an investment house right as an investment. Yeah, yeah.
Ian Beestin 17:00
Yeah. And I was working, I started meeting lots of people who specialized in investment through that job because I was a regional sales manager, but I was still accumulating capital. And then one night I was I think I was driving and I heard Gordon Brown announced the end of pets, and that they were going to be replaced by the individual savings account, the ICER. And I was aware of a company that had done very well in the discount market called a pack shop. So me and someone had been thinking about doing something we went down to a lawyer and we registered a company called the ICER shop Ltd. And that's how we started the business. We started a discount broken broker focusing on ISIS. And, but also at the time, a lot of building societies were, I thought, making too much money out of customers by selling them with profit bonds. So we wrote, we set a business up when we wrote a definitive guide to with profit bonds, which was the kind of in fashion investment At the time, when we spent months and months and months researching and writing it, probably about eight months before we launched, and then we sort of, we hit the world and the company was successful. So you were still working at Framingham at this stage. Were you or did you get that job?
There was a little bit of time where, you know, we were doing research, but yeah, it was all aboveboard.
Jason Butler 18:25
So what made you think that what made you think that you are an entrepreneur or a business person, give up a nice little salary? You've done very well out of the savers earn schemes. You've been saving, you've been putting money into a personal Equity Plan. Suddenly you hear something on the radio, and you have this big seizure. Let's become a business owner. What What went through your head?
Ian Beestin 18:43
I think big business. And I'm sure a lot of people this will resonate with a lot of people think business can be a very frustrating thing to deal with because of the decision making processes within them can be very long. And drawn out. And without disrespecting anyone, they can often or at the time, I think this is less so now, but sort of time serving people could end up making in positions of in decision making positions, really. And they're very, very slow to change. So there were elements of small businesses that I found frustrating. But it was also the opportunity. I just thought this is a great opportunity. This is a great idea. You know, and the people who I talked to, and talked to about work with people I trusted, one person in particular was unusual because they had a lot of tech skills in terms of database, which was, which was quite unusual. I mean, I'm talking 25 years ago, quite unusual, well, nearly 25 years ago. So it's kind of faith in colleagues. Good idea. Got a bit of a cushion. I didn't want to work for a large company all my life, you know, now's the moment. Seize the day, really. So we did.
Jason Butler 20:01
So so so this idea of freedom for you and risk. In other words, the source of risk of staying in the job was a bigger risk view than giving up the job. That's an interesting one, it seems to me that you, you actually saw more risk of not doing it, which is the opposite of how a lot of people think about this don't I think it's something to be avoided, whereas you embraced it and thought, hang on, there's a risk to this, but but this risk is different to the risk of staying where I am.
Ian Beestin 20:26
Yeah, I mean, it probably sounds arrogant, but I didn't want to work for people who I thought would can do the job as well as I could have done. And in large organizations, you tend to edge up slowly, you can't just sort of say, Actually, I've got I've got much better ideas about marketing, the new, let me be them. You know, that would never happen in a larger organization. Whereas if you create your own organization, you can be the boss guy. I mean, I was thinking about this over the weekend. When we wrote the guide to with profit bonds, it was a very, very long document and it went into a lot of detail. And because it was pre internet, we had to print them and we literally printed them by the ton late we got them delivered in made Marion way in Nottingham and that's a carry them up printed in the lift. Again, a lot of hard work 80 hours a week, it was as high as but I was kind of charged with the responsibility of of getting publicity and generating awareness for the eyes of shortwave probably been shot. So I'd been reading newspapers, the times, telegraph mail, Guardian, observer, independent Express, even the sun occasionally, and just getting the names of all the journalists who were writing about, you know, financial products. And once I've got the with profits bond guide, I basically, you know, put a label on the front and send them off, completely naive, no PR experience whatsoever. And I remember talking to her journalist at the times a year or two later, and she said, we all got into work on the Monday. And like there was all these envelopes, there was about 24 of them, because I didn't know anything about freelancers, or you know that they didn't all work at the office. And everyone was utterly baffled because they weren't. They were huge. You know, so everyone opened them, you know what on earth because it was a with profit mom guide. And you know, it made an impact to my neighbor, frankly. And, you know, they enjoyed reading me and then they started phoning it Zoltan wanted quotes, and we got in, you know, papers in the end, we got over 100,000 inquiries in less than two years. Hey, let's
Jason Butler 22:39
just go back over that you just mailed out this guide that you spent months writing which was which was bringing attention to a problem that people didn't realize was there and the solution which is your ability to help people buy these new stylizes you know, much lower cost and, and avoid these horrible with profit bond investments that businesses are just selling. You just mailed it out to people around doubly in the newspaper immediate. And you generated over 100,000 inquiries in two years.
Ian Beestin 23:07
Yeah, yeah, that was the long and short of it. And every inquiry was a phone call. So we had to, we had to develop systems, you know, for handling volume, inbound calls, and responding, which is why having this sort of database skills. Yeah, just a quick to point as well, we weren't saying with profit loans were horrible. We liked some of them. What we what we developed was a guide for sort of picking the winners. I see. So I've already in adults and going through the best ones. Yeah, yeah. And buying them you know, some building societies were taking six to 7% commission upfront on these products and of course, we were doing it with cash backs, so we made it a much cheaper buying experience. But yeah,
Jason Butler 23:45
yeah, that Yeah, that's it really that's how that's how it happened. That's incredible story. So So at this stage, what was happening in your personal situation, had you bought a house? Were you still renting? Were you were you in a relationship or did you have kids what was going on as you were building the first stages of the business because a lot of people Tell me Oh, it's the wrong time to start a business search the wrong time to change job but I can't do this. I can't do that what was going on in your life then
Ian Beestin 24:06
I was married and I had two young children. My second child was born during the utter shock at its peak. And we've kind of learned from the first one that sleep was, was very, very hard to get. So there was even a time where, when it was at his absolute height that I slept in a different room. I remember I was reading Nelson Mandela's autobiography at the time, and that was getting me to sleep. But it was it was a great story. And yeah, it was tough. It was tough but my wife was a teacher and she was effectively we had enough money by then that she didn't need to work which is what she really really wanted. So she was able to devote full time to the children. And I you know, I missed out on a on a bit of Madeline early on, but, you know, I was very fortunate that we got bought by the time I was 34. And I effectively, you know, took some time off. And that was great we had.
Jason Butler 25:07
Okay, so when you sold it, how long had it been going as a business?
Ian Beestin 25:10
Three years.
Jason Butler 25:12
So I've been going three years, you had a young family in the early days, so it was quite tough, but you and your wife sort of figured it out between you as to who you are, and then when you sold the business or or your wife stopped working, so she could be at home a bit more when you had enough income coming in from that business. Is that right?
Ian Beestin 25:29
And yes, he's not working as soon as we had our first child actually, um, and, you know, she you know, was it was a full time mom, but as I said, to be the prime to be the primary school teacher beforehand. So she, you young children with her passion, so it was it was great for her and it was great for girls Really?
Jason Butler 25:50
And how did you navigate the whole thing between home and work life because this is another issue that often people have particularly entrepreneurs or people, self employed people, people where there's a there's always a That gray area between work and home, isn't there? How did you manage that?
Ian Beestin 26:05
Probably not as well as we should. And regrettably, we're now separated and maybe that's got something to do with it. I don't know. So, yeah, you want to be ups and downs in this phone call again. And I think it was it was difficult for us both because being a first time mom is is extraordinarily challenging, I think, you know, it's a completely different lifestyle and then being in a business where, you know, there's opportunities everywhere. As I say, I was working a lot of hours. I used to run home from work as well. It was the only time I could do any exercise. I used to get the books in the morning and run home. So the only sort of half an hour is four miles an hour. I got it down to half an hour, which was quite quite good for me. That was the only time I had on my own really without phones ringing in my head or babies crying or, you know, it was a Yeah, I don't know. It's you just deal with things. I don't think I thought that the ISIS shot would get so busy, really. But it would.
Jason Butler 27:05
And looking back, if you could have changed something about that period, what would you have done differently? It's just because it's nice to share this with people who are listening, who are going perhaps through or thinking about going through a similar thing, what would you have done differently at that particular time?
Ian Beestin 27:17
I should maybe take it a bit more holiday. It just, I'm not sure Jason has a really, really challenging question, actually. Because at the time, you just, you know, my ambition was that we looked after our children we have we have family around us as well, but the support in terms of the young family, but that this was this was such an opportunity that could effectively help us, you know, for the rest of our lives that you know, any sacrifices at the time, were kind of worth it. Really.
Jason Butler 27:48
That's what I'm trying to get to is the motivation for you to do this was was partly financial security for your family.
Ian Beestin 27:55
Yeah. Almost exclusively I would say.
Jason Butler 28:00
Okay, it's not your motivation. But then it got so big and so mad the business sort of you you got carried along like an on a wave,
Ian Beestin 28:08
is that fair to say, got more successful than you realized? Yeah, yeah, it was it was harder work than than we'd had before I think. And you know, there's always growing strains in a business isn't there? You know, we had to recruit people just to deal with volumes of stuff. And, you know, sometimes that worked out and sometimes it didn't. And, and even the three of us who founded it, we had different ideas about, you know, what priorities, there should be. And, you know, one of my colleagues did take a long holiday at one point and, and, you know, it costs quite a bit of resentment because, you know, it just put pressure on other people's work didn't go away. But I do think if you want to be an entrepreneur, you know, hopefully the idea of an entrepreneur is that you will create some kind of financial security, but you have to accept that you have to make sacrifices. Any other thought is, you know, I wouldn't bother frankly, I'd stay in a nine to five job, really, if you don't really want to make it.
Jason Butler 29:06
I think that's really the point I'm trying to get to is that an employed job is actually right for lots of people. And there's no shame in doing that. And I when I read all these gurus and finance experts saying, Oh, you know, you make your own money and that it's not right for everyone. And there's no and, you know,
Ian Beestin 29:21
my dad was employed for 40 years working for the railways and you know, he never got paid spectacularly but he got a built up a brilliant salary, which he, you know, still growing today. A holiday I'm sure. Yeah, yeah. Yeah. And he still gets free rail travel, you know, nearly and goes back to him, you know, the railways are his passion as well as his profession. And so, absolutely, I I don't please, please, I'm not saying it's all everyone should be an entrepreneur. Probably the reverse. Yeah, no, no, no,
Jason Butler 29:52
no. And you know, I'm an entrepreneur as well. So you know, we're in the puppies at the same point, but I just always like to make people feel you know, their whole as a person. If They don't want to be entrepreneur because it's not right for everyone. But here's the Yeah. So let's say you run that business for what, seven, eight years, or whatever it is, and what what was the catalyst that made you decide to sell it? Did someone come up to you? Or did you actively get the business ready for sale?
Ian Beestin 30:14
It was only three years actually. of trading. And yeah. The catalyst was an approach. Yeah, yeah. A company wanted to buy. So, you know, we looked at the market at the time. And, you know, it made sense really, it was a, it was a good time to sell it. So so we we did and that that was an interesting process itself. And I met some really good people through that, and particularly a lawyer, Anthony bison, who helped us with the agreement. And yeah, it was it was a it was a kind of exciting time of life, really. And as I say, once we've done it, we then started going on a few holidays and making up for, you know, some of the sacrifices that we have to make.
Jason Butler 30:55
Right, okay. There's two two aspects of that, that I'm really interested to hear. understand a bit more about. One, how did you work out how much was enough? And I'm not just talking about what companies sell for in the market, but how much was enough and you don't have to go into the numbers but how did you work out? How much was enough for you to say Actually, yes, this is worth me giving this baby up. And then secondly, how did you navigate that from being all hands on deck mad business, the business was a key part of your identity and your you know, creating value to suddenly got a lump of money. Now what?
Ian Beestin 31:23
Yeah, so first of all, I, you know, I've never had any ambitions have a yachts or anything like that just want to have a comfortable lifestyle. So you know that so I've worked out that the money that had been offered was enough to achieve that. So I kind of, you know, my indulgence was a cottage in Derbyshire, which is a county that I love, and I'm now fortunate to live in. So you know that that was my extravagance? I guess. I've never, I've never had an expensive car. Well, apart from Mercedes ones. I've never expensive cars. So You know, it didn't have to be a huge amount of money for me to work out. But that was enough for me to support the lifestyle that I wanted. But you raised an interesting point there in terms of going from being massively busy to suddenly not being busy. And she was talking to someone about this recently. I think it was willing to city wide raise this about what happens when people kind of retire and of course, I was too young to retire. But I found myself kind of thinking, you know, quite enjoyed certain elements of the buzz of working and I'd invested some of the money. I've made through Tilney, the private client business, and six months after I'd finished the ice shop, I happened to go to a client event where the then Chairman, who was a very entrepreneurial character was was at the same event and we got talking and he pretty much said, By the end of the evening, I could really do with someone like you here, and would you can say a bit about part time work. So I actually ended up going back and doing consultancy work for Tilney for a year. And then after a year, they offered me a position on the board of Tilney, as the marketing director, and which I took on a three day week basis. So I didn't last last long out of work Really?
Jason Butler 33:17
Yeah. So it wasn't a you'd had a low cost lifestyle, which meant that the number you needed was modest. But nevertheless, the number was more probably far more than you needed. You're pretty pretty, pretty modest there. And secondly, you you drifted into sort of doing what you were good at, which is marketing and communication. For a big stockbroker strike investment company. They just happen to be managing your own money. Yeah, yeah.
Ian Beestin 33:39
Yeah. Because of because of the team to be perfectly honest, fascinating team Tilly at the time, and I ended up doing six years and during that time, we did a management buyout backed by a private equity firm, and I ended up selling the company to Deutsche Bank.
Jason Butler 33:57
Really, so that was another exciting so that was, are you interested? trinary which means you you you brought your skills into an existing business. And then you were part of the management team cashed out and made some money selling it to the private equity boys.
Ian Beestin 34:10
So it's a Deutsche Bank. Yeah. Deutsche Bank. Yeah, similar thing, right when management buyout and then and then a sale to Deutsche Bank. Yeah. And the management buyout was funded by private equity. Yeah. So that was that was really fascinating and again, met lots of lawyers, met lots of bankers, you know, did some really, really interesting due diligence meetings in London? Yeah, it was a it was a it was a fascinating ride because, of course, Tilney is a much, much bigger business than the nicer shop. So handle the dynamics. It had offices all over the UK and in Scotland. And so head office in Liverpool, so I used to love going over to Liverpool in a fantastic city. I even got to go and see Everton once or twice which it was real nice kind of split between blues and reds and destiny football. You kind of have to be.
Jason Butler 35:02
very tribal. Yeah.
Ian Beestin 35:03
And as the marketing director, part of my budget was spent on the benches at Anfield and Wembley, so, yeah.
Jason Butler 35:12
Be tough on you. Yeah, I get it. It's been tough on you. So, so let's just be clear, then. What was your relationship with money like that stage then bear in mind you had your original lump that you'd had to cash out you were working obviously and what sounds like quite a well paid position there. You were traveling all over the place and how was your relationship with money and also how your lifestyle was developing them.
Ian Beestin 35:33
And we bought a nice family home say we got we've got a cottage in Derbyshire. Yes, went on nice holidays. We were again, my wife didn't go back into paid employment for many years after the children were born, and so you know, she was able to focus on them really, and we were able to take them to all the after school activities, and interestingly, one of the things that we did was support them to do drama at their school that they went to a state school who had this very charismatic drama leader, but he was very, very demanding and out to go to loads of rehearsals. So we were always around, you know, to give them lifts and things like that. And both my children would say, I think that by doing drama, that's really quick, both of them to do quite well, because they're both very competent speakers and the greater learning lines and things like that, which in the world of employment is extraordinarily valuable. So yeah, I think just to support to support the family, really, and say, we went on nice holidays, setting some nice hotels, and went to America a few times. And, you know, we enjoyed ourselves really. And, yeah, it is a different culture, though to me, because, you know, the, the executives were, you know, or pretty wealthy people. And some of them were more ambitious financially than I was, I think it's fair to say
Jason Butler 36:59
so what's your is That's interesting. So did you change your lifestyle because of what you saw around you with your colleagues, because this is often a big problem, what people the cues they see from their environment and their peers can often influence them to have a more expensive lifestyle than either they want. And it's not aligned with their values. And all that restricts their ability to build more wealth. So I'm just wondering, did that have any implications for you?
Ian Beestin 37:22
I don't think it did. Actually. I think one of the couple things. One, it was a part time position. So but it wasn't all the time. And secondly, I did most of the job working from home. So I remained in Nottingham. I worked in Liverpool once a week and went down to London every couple of weeks, but I wasn't totally in the culture there. So I don't think it was that influential and funnily enough, a lot of people in Tilney were very keen golfers and extremely good golfers but I'd never played golf and actually the sort of work friendship I developed. One of the main ones was with their chief operating officer who, like myself was a big fan. Kind of cycling in garbage versa, culturally, you know, I did as much kind of cycling in darbishire, as my colleagues were playing golf, you know, talking about work. But but but you know, none of these things are particularly expensive. So, I don't I don't think they did change me that much.
Jason Butler 38:15
So how long did you do that job for them before you decided it wasn't for you anymore.
Ian Beestin 38:20
I left because of the Deutsche Bank purchase. And you know, going back to that point I made big businesses aren't for me. I said, Go to bank for a bit, but I was pretty clear with everyone that I wouldn't hang around for long. And it was when I got called into some international marketing meeting with my colleagues in in, in Australia and Europe and America, and Asia, and I was asked about my opinion about whether a dog's been an advert or not, and I just thought, you know, this, this really is not a beast in marketing. I have no I have nothing valuable to add here. That whether it should be in another and you know, so I did six years in total.
Jason Butler 38:58
So you like shortly after For the Deutsche Bank transaction, you took some more money off the table. That was nice. But did you change your lifestyle math? Or did you just keep it the same? You didn't you know, the money didn't wasn't a trigger for you to suddenly go berserk and buy boats and stuff, or did you just keep it keep it so modest?
Ian Beestin 39:15
too modest, really. I put some money. I know some financial advisors who I'm good friends with would kill me for saying this, but I put some money in my children's pensions. So I started saving into their pensions when they were young. So things like that. And
Jason Butler 39:32
yeah, or bought some pictures that I liked. And but nothing I think spectacular goes and I think I think for me is you know, it's the excitement and the hunt as much as a reward really. So you didn't define yourself by the payout check or the big the bank balance. It was just nice to have and you did a few things around the edges. It sounds to me like you're very focused on financial security and having options for you.
Ian Beestin 39:56
Yeah, yeah. Other things like I was a school governor. So I get time to probably Objects I became Chair of governors of a school. And actually that took a lot of time. So yeah, that's Yeah, not not that exciting. There were no, there were no motor memory or two big motor cars or boats.
Jason Butler 40:13
The sounds to me like you're intrinsically motivated. So intrinsic motivation is where we get l payback from within a feeling that we're doing well, pro social stuff, you know where we are. We're doing stuff because we think it's the right thing to do, as opposed to seeking accolades of others. Right. So that sounds to me, like, everything you're talking about. There's that and that's a key point. Keep life fulfillment. Yeah. So what did you do then?
Ian Beestin 40:38
I took a break. I took a bit of a break. And then I helped a friend out with a PR company that he was setting up so I did a bit of work with him barely. But as I say, I was a school governor at the time, and I was still doing lots of music. And, you know, being a dad as well, you know, I've been lots of time with my children, which was which was fantastic and I really enjoyed that.
Jason Butler 41:02
So you weren't defined purely by work, although it sounds like you'd like to be involved in something, it wasn't the be all and end all you could you could adapt yourself, you know, because that's the problem some people have when their business does go or their job goes or it's like some people now in this current environment are losing their jobs or not sure what they've got, we've got to change their job because their job if you're a pilot is looking a bit tricky. So, but to what extent did your did your sense of identity, how much how much of it is wrapped up in your job and doing your job versus just a family life and all the other stuff you did like the governorship and putting into the community?
Ian Beestin 41:34
Yeah, and as I say, music was also and continues to be important. I think, for me, it kind of comes in phases. I don't know if that's, if that makes sense to you. But you know, like intense periods, and then kind of backing off a bit and then intense periods and then and then backing off a bit. So maybe, you know, priorities change, for example, you know, when you've got children, then there's a really good opportunity to spend time with them, but when they go There's less of a time and I, I know I was interested, as I say, I don't I've done a bit of work helping a friend out with with a PR company. But then I went through quite substantial life change with with with separation. And one of my friends joked to me at the time that I used to have a small fortune, but after that I had half a small fortune minus fees, which I thought, which was I thought, That's it very well and put me in a very different, you know, financial situation. And then clearly the time the priority then was was the children. And I think just just the process of separation takes up a lot of resources, and time and making sure that everyone is looked after. Because I'd spent a lot of time sort of thinking about, you know, the important things that children need to know, if you can, to know that they're, that they're loved and cared for And actually secure. So we, you know, we put work into making sure that that that was absolutely the case. And then I think I got a call from a friend of mine who I used to work with it from LinkedIn, sort of saying, hey, there's this guy I've met and he's got this really great, great idea. Why don't you come up to you for a cup of tea? And, you know, I was on the next train. Jason. Well, this sounds interesting. And that's, that's what began the next chapter of my life, which isn't really alive. You know, five years ago, five or six years ago, five years ago, so
Jason Butler 43:33
well, interesting guy and obviously that, you know, you still got plenty of stuff left in the tank. You're doing this business now, which is going great guns. It's not the gun in a straight line. I know that and that's the nature of business. But it sounds It sounds like you're, you're enjoying what you do. You always seem to be very happy to me. No one's got a perfect playbook. Have they grown relationships? The interesting thing about relationships and money is that relationships you aren't the same person you are now that you were when you were 25, and now is your wife, right? So So So some relationships do naturally run their course it sounds awful to say, but they do run their course they doesn't take anything away from the past, but they but to be seems to me that you because you were clear about your priorities that if when that situation came to pass, and he decided to go your separate ways, you still had the financial wherewithal and structure to, you know, okay, so you haven't got as much money, but you've still got this ability to create wealth, haven't you? Because that's not that no one can take that away from the other entrepreneurial drive. You still got that, haven't you?
Ian Beestin 44:32
Yeah, yeah. Yeah, very much. So yeah. And, of course, with with money alive, it's a it's a different animal because it's a tech. It's a tech business, really a reg tech business. And so the tech is very, very big in that and I'm working with a fascinating team of my co founders who, Andy would resent me saying this. He's a little bit younger than me and john, and Mark, but, you know, we've worked in fashion I'm so services for 100 years, between the four of us when when we sort of formulated the ideas around money alive, but we're working with a young, a much younger team of technologists who have got an entirely different skill set. And that that's kind of what makes it interesting. I think really not not just what what what the reach of the business and what the business has got the potential to do. And I'm, I'm working on something at the moment that I won't go into any details, but is exciting me bucks more than anything I've done. Where I think the business could have a positive impact. You know, when we set the business up, I think one of the things you liked was the fact it was able to reach a lot of people, not just a small number of people, and we've done this key idea, which is better information, decisions, and better outcomes. Yeah. And I'm working on something at the moment on those last two words, better outcomes that I'm really passionate and motivated about and i think you know, there's there's an opportunity for money life to make a really big difference. Because our tech, our technologists are of such caliber that, you know, we've really developed something that I think is robust, you know, 100,000 videos all delivered to the right people with the reporting or to the right people, you know that they've had the acumen to develop in the light of feedback from the market. So it's an exciting and it's an exciting business with with almost unlimited potential I would turn because it's because it's tech based.
Jason Butler 46:31
I was gonna say, and it's no doubt that you've got passion for it. And as I say, we're running out of time now because you know where we're at. But if people want to find out about money or life or money live dot, what's the website on that one?
Ian Beestin 46:44
moneyalive.co.uk
Jason Butler 46:46
great stuff so they can find out more about that and then you and the team's stuff there. But just before we finalize and finish, do you want to just share your sort of the just one or two pearls of wisdom just before we wrap up?
Ian Beestin 47:00
Yeah, they're fairly, fairly predictable, I would think, given what I've said. And I would say, there was there was an expression that I heard recently about, about spent spend the money that you have, after you finish saving right rather than the other way around. I'm sure it's a cliche, you know, as well, Jason. And, and, again, I was chatting this with with my oldest daughter at the weekend, I think people do have a challenge these days, because housing expenses are so high, you know, rents are high, and the cost of property is high. But I think committing to saving is a really good idea and trying to figure that out because it will put you in a stronger position, it will give you more choices as you go through your life. And the corollary of that is really avoiding stupid things like paying high interest on credit cards, if you can avoid it, you know, just just always think there's someone on the other end of this financial transaction, and they're probably a lot better. are often you know, as a, you know, safe what you can and avoid, you know, taking on high interest debt.
Jason Butler 48:06
Yeah, don't complicate. It's not complicated. But it's easier said than done in a basement. It's been very, very good to speak to there's a lot of wisdom in there. When I listen back to again, I think, I think there's going to be some pearls of nuggets there. I'm going to pull out. But thanks very much indeed, for your time. It's been great to talk to you good luck with the business. You know, my children, my children are rooting for you for the inheritance that they are not doing to get, no, no best of luck. And thanks very much indeed. for your time today. Appreciate it.
Ian Beestin 48:38
Yeah. Thanks very much, Jason. It's been great to talk to you.
Jason Butler 48:46
Thanks for listening to Real Money Stories with me, Jason Butler. If you like what you hear, please do tell your friends. And more importantly, please rate us on your preferred podcast app, because it really does help us get the message out. There. So until next time, good luck with your money journey.
Transcribed by https://otter.ai