Russell worked for Reuters in the City for 13 years selling financial information, software and hardware to financial institutions, when in August 2003 he was unexpectedly made redundant. Here Russell gives some insight into his experience of redundancy.

Made redundant? Consider franchising an option
Russell Golding, Owner Recognition Express Home Counties North

Russell Golding, 40, lives in Maulden in Bedfordshire with his wife, Sally, and two children, Charlotte, 10 and George 8.  Russell worked for Reuters in the City for 13 years selling financial information, software and hardware to financial institutions, when in August 2003 he was unexpectedly made redundant.  Here Russell gives some insight into his experience of redundancy.

How did you feel when you were made redundant?  What impact did it have on you at the time?

Russell says:  “It was a very black time and a very traumatic few months as my father had also just died.  Luckily I had the luxury to be able to take 9 months out to think about what to do with my life.  I had a young family and had been leaving home at 6.30am every day, commuting 1.5 hours to work and not returning until 7:00pm on a good day.  If I was entertaining clients it would be gone midnight before I got home.”

“Being made redundant gave me the breathing space to look at my lifestyle and make some changes.”

Had you always wanted to run your own business?

“I knew I wanted to set up my own business but I couldn’t come up with a unique business idea that I felt could work for me, so I decided to look at existing businesses and that led me to franchising.”

What led you to franchising and in particular to Recognition Express?

“At that time there were about 700 franchises in the UK so I narrowed it down to those that interested me and that might fit with my new lifestyle choice and I came across Recognition Express, who at the time was franchise of the year.  I went to see them all, and some franchisees, for first hand knowledge.  Over two months I whittled it down to one – Recognition Express.”

When and how did you start trading?

“We started trading in March 2004.  Initially my wife and I worked together but after nine months we both decided that we didn’t want to work together – it just didn’t work.  It works brilliantly now as she has gone back into corporate employment to work.  So, for the first 3-4 years it was just me covering the Cambridge area.  I was able to work from home and spend some time with my kids.  I was only of only a few fathers at the school gates!”

“This year, in January I purchased an existing franchise in Kettering covering an additional 6 territories.  I now manage 9 members of staff.”

How is business going?

“Year on year sales are up by 20% and that’s in a recession.  There’s no recession in our office!  We’re getting a regular stream of enquiries coming through to us each day, both from our existing client base as well as from new prospects.  I’m putting this success down to the fact that we are going the extra mile for our clients and offering a great level of customer service.”

Russell adds: “Some of our competitors have disappeared and as a result we’re picking up enquiries and business from them too.  I see the next 12 months as a huge opportunity to grow the business further.”

Looking back how do you feel about your decision?

“With hindsight I think it’s the best thing that could have happened.  I had a young family but I wasn’t seeing them.  The way things worked out meant that I got to see them grow up and spent quality time with them.  It was a blessing in disguise.”

What advice would you give to someone who has just been made redundant?

“It is never as black as you think it is – look on the bright side.  Get out there and do the research, physically visiting franchisors and franchisees.  The franchise exhibitions are great because you can get a lot of research done in one day.”

“You either want to work for yourself or you don’t.  Deep down, if someone has the entrepreneurial spirit I would encourage them to look at franchising.  Many people are not quite the professional entrepreneur, but they also don’t always want to be an employee either.  They are sitting in that middle tier, in roles that don’t make them very happy but afraid to move because of the security.”

“My advice is to be brave, don’t stay in a job that you don’t enjoy.  Nothing much will change in your life, unless you make some changes to your life.  Get out there and see what’s available in the franchising world, you may just be pleasantly surprised!”