David Gold on making important decisions at Ann Summers [Video]
David Gold urges entrepreneurs to use available time to consider important decisions
Speaking to Startups in this video, former Birmingham City chairman David Gold explains the importance of giving due consideration to important business decisions.
“I’ve made decisions off the cuff, and I’ve made them with due consideration,” Gold says. “In the main, I would urge anyone – if you have the time, use it.”
Whilst the business leader acknowledges that it is not always “practical” to give proper consideration to decisions – sometimes snap judgements must be made – he advises entrepreneurs to “sleep on” the truly big ones.
It is a lesson Gold has learned the hard way – in 2007, a consortium of businessmen led by controversial Chinese hairdresser Carson Yeung attempted to buy Birmingham City from Gold for £50m, only to fail to come up with the majority of the cash. “With the Carson Yeung deal, we made mistakes,” admits Gold. “From our point of view, the mistake was we didn’t dig deep enough into the background of the consortium; we believed the info we were given that these were seriously wealthy people. ”
Luckily from Gold’s point of view, Yeung made the more serious mistake, as the £15m worth of shares he purchased at the time are now worth less than £5m, and Gold didn’t have to give up ownership of the club. “I’m thrilled, because I wasn’t a willing seller,” says Gold. “I’m still the chairman, I’m still a major shareholder, and the board supports us – so Carson Yeung is the loser from this.”