Travelex Founder Lloyd Dorfman talks about Business Finance
Lloyd Dorfman explains about how he funded and developed Travelex. He also talks about his wide range of other businesses interests – from The Prince’s Trust, to sailing and youth theatre.
Lloyd Marshall Dorfman is a British entrepreneur and philanthropist. Lloyd founded Travelex 41 years ago, and today the Travelex Group is the world’s largest retailer of foreign exchange.
In this video, he discusses some of the current issues around finding the right type of business finance. Lloyd offers hints and tips based on his own experience of starting up and scaling up a business – and staying ahead of competitors to become market leader in a highly competitive sector.
Lloyd is currently a director of a number of extremely diverse businesses, including a youth theatre, and is a shareholder in the Ben Ainsley British America’s Cup Challenge – and backs and invests in a wide range of enterprises.
He is a chair of the Princes’ Trust, which has supported more than 80,000 businesses over the past 40 years, offering mentoring and advice as well as financial support.
Starting up is always hard
A family friend lent £25,000 to Lloyd 41 years ago to start his business – for which he received 50% of the business. Lloyd was able to buy him out three years later, at which point the friend had tripled the value of his investment.
“If you are passionate enough, you will always find a way to do it. The Business Finance Guide’s Journey tool can be a good place for many to start”.
Lloyd Dorfman’s advice on scaling up
A good bank is still a vital partner as you scale the business, even in the current age when there are a myriad of finance options.
“My experience was of a bank that stuck by me as the business scaled”, says Lloyd. And whilst the role of the bank has changed somewhat in recent years, building long-term relationships with advisers and partners is important to help navigate your business finance journey.
“The Business Finance Guide contains useful information about where to go to find appropriate advice, or for regional support.”