Defining 'Enough': Declan O'Toole on Exit Strategies & Entrepreneurial Freedom

Show Notes

Summary

On this episode of the Evolve to Succeed Podcast, Declan O'Toole shares his remarkable journey from marine biology to building a successful catering business, Forerunner Catering.

He discusses the challenges of transitioning from Meals on Wheels to providing school meals, the importance of cash flow management, and the lessons learned from navigating public sector contracts. 

Declan reflects on the decision to exit the business, the sale process, and life after exit, emphasising the need for resilience and the fulfillment found in the entrepreneurial journey.

This episode of the Evolve to Succeed Podcast covers…

Define "Enough" Early: Declan covers what “enough” was in his life. He applied the 4% rule to plan his exit and financial future.

Public Sector Contracts Can Be Goldmines: Declan talks about public sector contracts and how they can be stable and profitable when executed well.

Systems and Process Create True Business Ownership: A business that can run without the owner is a real business. Declan emphasises how important it was for his catering company to be people-independent and systems-led.

Cashflow is Everything: Declan emphasises that cashflow forecasting is a non-negotiable practice.

Exit Requires Strategy, Not Spontaneity: Declan discusses his exit from the business by tightening operations, ensuring clean books, and building scalability before stepping away.

Legacy Over Maximum Payout: Declan talks about choosing the right buyer, by assessing their values and ability to take care of his team and legacy.

Soundbites

“The bit that’s really good about generating wealth is not having the wealth. It’s the journey from not having it to getting there.”

“You only own a business if it can run without you for three to six months.”

“Cashflow, cashflow, cashflow. There’s nothing else. That’s priority one.”

“Once you get public sector contracts, just don’t f* up.”

“You’ve got to have grit. Everyone I know who’s made it has been through some deep, deep s*.”

“I’m great at building systems. I’m absolutely crap at doing them.”

“Success is waking up looking forward to the day and being happy with what you’ve achieved so far.”

“I’d be a corporate muppet if I hadn’t read Rich Dad Poor Dad.”

Chapters

00:00 Introduction to Declan O'Toole

01:20 From Marine Biology to Catering Business

05:00 Transitioning from Meals on Wheels to School Meals

10:00 Challenges of Rapid Growth and Cash Flow Management

15:00 Navigating Public Sector Contracts

20:48 The Importance of Relationships in Business

27:47 Lessons Learned from the Public Sector

32:54 Deciding to Exit the Business

38:28 The Sale Process and Finding the Right Buyer

47:38 Life After Exit