Going Solo. 12. MTI

MTI stood for Money Transfer International (UK) Ltd. It was a placeholder while we were writing the business plan. We forgot to change it.

Cyprus

As Lime, I was consulting to a Cypriot group that was the MoneyGram super-agent in Cyprus. I had managed a super-agent in Central Europe for the market-leader in money transfer, Western Union.

It became apparent to me that Moneygram was mounting a challenge to Western Union and that there might be opportunity beyond Cyprus. I discussed this with my friend and ex-colleague, James. Together we approached MoneyGram in the headquarters of their European operations, in London.

Long story short, Moneygram appointed MTI as a super-agent for the UK. MTI consisted of James and I, a few silent shareholders and a business plan. We took an office in London (I phoned my now-wife and asked her if she could find me a flat as I was moving to the UK in ten days) and bought ourselves laptops.

London

James and I built MTI from the ground up. We were Sales, Marketing, Compliance, Finance and Admin, as well as anything else that needed doing.

It was our ambition to be debt-free. James has a cost-control instinct that borders on ruthlessness, and it served us well. We under-estimated how long it would take the company to become generative, so after two months, we halved our salaries.

Simplicity

Our competitors completed detailed thorough research on how best to recruit retailers.

We recruited retailers.

Competitors recruited debt collectors and lawyers to reduce bad debt.

We escorted bad debts to their banks and took our money there and then.

Success

We met some dodgy people, we met some wonderful people. We worked very long hours, long days and weeks. The business made us laugh and cry, sometimes in the same day. We fought like cat and dog at times, but allied, we were an irresistable force.

For 10 years we worked and built a significant multi-national company that kept us well. The time came when we foresaw that our interests were diverging from those of our principal, MoneyGram, and we agreed to sell to them.

We both went to lie down in a dark room for a while.

Then, I decided to write for a living…

Next week, Paperback writer.

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Going Solo. 10. Multiple Businesses

Multiple businesses is a side-effect of Going Solo. New projects can become an addiction.

My Journey

In Summer 2002 I got fired. My time in Central Europe came to an abrupt end. I moved from Budapest to Cleethorpes, a seaside town on the North Sea coast of England.

Consequently, I became a barman to try pay some bills and setup my first company. Stuart didn’t jump into Going Solo, he got pushed.

Lime Training and Consultancy was incorporated in February of 2003, although I had been trading as a sole trader in the second half of 2002. I was providing customer service training to the foreign exchange industry. I didn’t have a printer, so I used a print shop to put together training materials.

Money Transfer

In April 2003, my marriage broke up and I moved in with my Mum, in Cyprus. Lime spawned a Cypriot sister company. I started consulting for a local company offering MoneyGram money transfers. In 2004, I teamed up with the guy that fired me (A long story…) to setup Money Transfer International (UK) Ltd (MTI) and moved back to the UK.

Subsequently, the Cyprus company was folded up, but I kept Lime going, and it is still going now.

For 10 years, my professional life was all about MTI, until we sold the business in 2014.

stuartlennon.com

Footloose and fancy-free, I started this blog, ostensibly to record the writing of my novel. No novel yet, but I’m getting there, honest!

Pocket Notebooks

In 2016, I rediscovered my childhood passion for stationery. One thing led to another, and before I knew it, I was the proud owner of pocketnotebooks.co.uk, now nerosnotes.co.uk

1857

While I was diving into stationery rabbit-holes, I discovered podcasts. I got talking with TJ Cosgrove who has a healthy obsession with pencils. Somehow or other, we got to recording and releasing our talks weekly. Tonight, we will be recording episode 84.

Variety

Each of the above gives me something. Not always financial reward.

I’ll give some background on each one over the coming weeks.

Multiple businesses / projects is one way of keeping things interesting when #goingsolo.

Membership

My writing is supported by people like you. Membership costs £12 per year. For this princely sum, you will get access to subscriber only posts, direct access to a members chatroom , and a digital copy of any and all work that I publish in the year. Become a member.