68. You Make It Happen: 3 Biggest Lessons Learned From Shutting Down A $12M Business (with Michael Fox, Shoes of Prey and Fable Food Co)

The Make It Happen Show

Shutting a business down is no easy decision, especially 10 years in when you have over 200+ people employed, millions of dollars invested from investors, and you're seemingly 'successful' at $12M revenue. But when you're operating at a loss, the inevitable is bound to happen — and that's exactly what happened to Michael Fox and the business he co-founded, Shoes of Prey.

However, despite its closure, Michael didn't let that 'failure' stay fatal to his journey as an entrepreneur. Instead, he took those hard-earned lessons he gained from Shoes of Prey into his newest business, Fable Food Co, to make it the massive success it is today. Fable Food Co's products are in over 250 restaurants and cafes, in 1700+ supermarkets, and its first customer was even Michelin Star celebrity chef Heston Blumenthal!

Hear all about Michael's 3 key lessons learned from shutting a $12M business down in this snippet of his session with us at The MIH Summit earlier this year all in today's episode of The Make It Happen Show.

Timestamps:

0:58 - Introducing Michael Fox
1:29 - How Shoes of Prey took a niche into the mass market
5:13 - The realities of being married to your business partner
7:53 - The international expansion of Shoes of Prey
8:57 - Shutting down Shoes of Prey
12:57 - What can you do after you've closed your business?
15:04 - Why you need to be passionate about the business you're in
16:24 - Get your market research right!
17:55 - The importance of setting up your business to scale quickly if needed