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The journey from a “working-class” background to a multi-million-pound private equity exit is often romanticized as a stroke of luck. However, for Andrew Hulbert, founder of a major UK facilities management firm, the path from his bedroom at age 27 to retirement at 37 was a masterclass in strategic de-risking and institutionalizing leadership.
In a recent conversation with Steve McGarry, Hulbert detailed the mechanics of his two-stage exit, the psychological shift required to “sell your soul” to private equity, and the ultimate catalyst for his departure: the pursuit of presence in fatherhood.
The Two-Stage Exit: Why De-risking is Not Defeat
A common point of contention among founders is the “secondary sale”—selling a portion of equity before a total exit. While some purists view this as a lack of conviction, Hulbert argues it is the ultimate tool for long-term growth.
- The First Bite (2021): At an £18m–£20m turnover, Hulbert executed a private equity deal worth approximately £18m. This “took risk off the table,” providing the financial security needed to swing for the fences in the next phase.
- The Second Bite (2023): With the pressure of personal solvency removed, the business grew by 420% over the following two years, culminating in a secondary exit as the turnover hit £50m.
“Private equity can be a very valuable thing for founders… but you need to accept that you’ve made your money, you’ve done things your way… and you can’t continue to run things your way forever.”
Engineering Your Own Obsolescence
A primary hurdle in selling a founder-led business is the “key man risk.” If the business relies on the founder’s face for marketing and their brain for operations, it is worth significantly less to an investor.
To prepare for his final exit, Hulbert systematically removed himself from the equation:
- C-Suite Transformation: He invested over £1m in overhead to hire a “big-company” CEO, CFO, and COO.
- The Shift to Non-Exec: Hulbert moved from the “spotlight” to a non-executive role, proving to buyers that the business could scale to £500m without his daily involvement.
- Financial Rigor: He emphasizes the necessity of a high-tier CFO to “bat away” the challenges presented during rigorous third-party due diligence.
Creating the “Momentum” Narrative
Investors do not just buy EBITDA; they buy a story of future growth. Hulbert’s strategy for driving valuation multiples involved a deliberate “momentum” campaign:
- LinkedIn as a Ledger: A systematic release of positive news—new contracts, strategic hires, and expansion—ensured that when PE firms did their “social due diligence,” they saw a business in flight.
- External Validation: Winning over 45 industry awards served as a “tick in the box” from neutral third parties, reducing the perceived risk for the buyer.
- The Romantic Pitch: While the numbers must be airtight, the presentation must be enthusiastic. “You need to capture the investor’s imagination,” Hulbert notes. “People don’t want to feel like they’re missing out on the next big thing.”
The Human Cost: Health, Relationships, and “Beach Money”
Despite the financial triumphs, the “exit gauntlet” takes a physical and emotional toll. During his first sale, Hulbert worked 20-hour days in total secrecy, surviving on late-night takeout and adrenaline. By the second deal, he pivoted to radical self-care—dropping 120 pounds and cutting out stimulants to maintain the mental clarity required for six weeks of intense negotiation.
Ultimately, the decision to leave was not driven by a spreadsheet, but by a realization during the COVID-19 pandemic. After years of 15-minute windows with his children between work calls, the shift to full-time presence revealed a “warmth and joy” that entrepreneurship couldn’t replicate.
The Lesson for Founders: There is no “perfect” time to sell according to the market, only a perfect time according to your soul. If you are sacrificing more than you are gaining, the “beach money” is waiting.
Andrew Hulbert Bio:
Andrew Hulbert grew a business from his bedroom into one of the UK’s fastest-growing companies in facilities management. In just nine years, he scaled the company to over 500 people, winning more than 40 awards and delivering £0.25bn in contracted services. He went on to create eight figures in exit value for the business, generating significant value for all. Today, Andrew is sharing his story to inspire others and shape the future of entrepreneurship and leadership.
