Steve Broughton’s entrepreneurial journey is a testament to determination, growth, and the highs and lows of running a business. From launching his first company at 29 to managing its eventual sale, Steve shares valuable insights about entrepreneurship, personal growth, and the lessons he learned along the way.
Steve began his career in a corporate setting but realised early on that he craved independence and the freedom to work on his own terms. Encouraged by a casual remark from a colleague, he left his job and launched a specialist cleaning business from his parents’ home with little more than a computer and a lot of determination. Over the next 18 years, that small idea grew into the UK’s largest independent company in its niche, employing over 100 people. This growth came with its own set of challenges, particularly around managing and scaling the business, which Steve admits required significant trial and error.
Reflecting on what motivated him, Steve explains it wasn’t about money or an exit strategy in the beginning but rather about self-reliance. He valued the sense of accountability that came from knowing every decision would directly impact him. This mindset helped him persist through difficulties, including moments where quitting might have seemed tempting.
However, success brought new obstacles. Scaling a business meant grappling with complex issues such as managing people and building a capable team. Steve highlights the importance of investing in employees’ training and development—an area he wishes he had prioritised more. Over time, he learned that delegation and focusing on leadership were crucial to overcoming the limitations of trying to handle everything himself.
The eventual sale of his first business was both a professional and personal milestone, though not without difficulties. Steve describes the exit process as long, exhausting, and emotionally draining. Selling the business felt like losing a part of his identity, and the aftermath included feelings of anxiety and even depression as he watched his former company struggle under new management. In hindsight, Steve advises entrepreneurs to take as much money upfront during an exit as possible, avoiding the uncertainty of deferred payments.
Having navigated the complexities of a business exit once, Steve is applying those lessons to his current venture. He’s focused on a clean and well-prepared exit within the next 12 to 18 months, ensuring potential buyers are well-informed and aligned with the company’s vision. This time, he aims for a smooth handover, allowing him to step away completely and avoid the challenges he faced previously.
When asked about his proudest achievements, Steve highlights the impact his business had on its employees and the wider community. Watching his team grow professionally and personally was deeply rewarding, as was knowing his company contributed to the economy by creating jobs and paying taxes.
For aspiring entrepreneurs, Steve emphasises preparation and mentorship. Building strong systems early on and seeking guidance from experienced individuals can save years of unnecessary setbacks. He believes this approach was instrumental in helping his business partner scale their second venture far more efficiently than he had managed with his first.
Looking ahead, Steve plans to step back from starting businesses and instead focus on mentoring and investing in smaller ventures. He also wants to spend more time with his family while maintaining financial security. For him, the future is about finding balance and enjoying life without the pressures of daily operations.
Steve Broughton’s story offers a candid look at the realities of entrepreneurship, from its initial excitement to its eventual challenges. His experiences highlight the importance of persistence, preparation, and self-awareness, making his journey a source of inspiration and practical advice for anyone embarking on their own business journey.
Arbuthnot Banking Group PLC (LON:ARBB), trading as Arbuthnot Latham, provides private and commercial banking products and services in the United Kingdom. Founded in 1833, Arbuthnot Banking is based in London, United Kingdom.
