The Reality of Expanding to The UK Part One - Before The Move!
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- Let’s meet Michael Budnow
- Why are you going to the UK?
- Any tips for someone about to make the move?
- What’s next?
- Get in touch!
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While we usually interview our clients to talk about their successes and how we have helped them on their journeys, for something a little different we looked a little closer to home, and interviewed co-founder and MD Michael Budnow, who is preparing to relocate to the UK to continue growing Standard Ledger abroad.
At the time of writing, Mike was about a week or two out from leaving Australia, so let’s see how things have been going so far! And remember if this is something you have been considering or have started on the journey, read our guide for expanding to the UK, and get in touch to see how we can help.
1. Let’s meet Michael Budnow
Here he is!
Michael is an accountant and CFO who left the corporate world to honour his entrepreneurial spirit, and co-founded Standard Ledger. His tax and investment background is invaluable for clients, and his success story is one that many founders aspire to. In Australia, he has helped startups secure millions in funding, guiding them through the complex world of investment, and he has been instrumental in advising on the sale of startups and taking founders from solo operators in co-working spaces, to leading businesses commanding eight-figure exits.
Michael’s move to the UK marks a significant milestone for Standard Ledger, with years of hands-on experience in the dynamic Australian market, Michael has played a pivotal role in growing our successful business in Australia. His journey has been characterised by an unwavering commitment to our clients, a deep understanding of the startup ecosystem, and a knack for turning challenges into opportunities.
2. Why are you going to the UK?
Our expansion into the UK is more than just a geographic move, it’s a commitment to the startups and scale-ups in the UK. Being physically on the ground there will allow us to provide the same level of personalised, high-quality support that has become our hallmark in Australia. We’ll be offering strategic financial advice, operational CFO services, and a deep understanding of the local market to help UK businesses navigate their growth journeys.
From a wider business perspective, the start up scene is relatively small in Australia, and the UK isn’t just the UK – it’s also Europe and a segue to the US – so it opens many more doors for our business to continue growing.
3. Any tips for someone about to make the move?
While everyone’s experience will be different based on citizenship and rights to work, here is what Michael has experienced himself, and would recommend to others:
- Know you have a market in the location you are headed to, do your research and make sure you will be able to find (and service) clients
- Choose the best structure for your business, we chose to set up as a subsidiary (here’s a handy read for the info you will need on this)
- Visas can be complex to get – using an agency may be useful if you don’t have a straightforward visa application, but beware of the upfront costs and potential wait times!
- Finding somewhere to stay and live may be easier once you are already there – I have had some challenges with confirming somewhere to live from afar! I’d probably recommend booking somewhere short term in the first instance, and then being able to quickly secure something in person
- The UK is large – public transport is efficient and some of the best in the world, so location wise there are plenty of options depending on where your clients are based, and the amount of contact you wish to have with them in person (events/networking etc) may help you hone in on an area
- In terms of the business, get the right people working for you from the start, in most cases that will mean one of the original team may need to relocate, as there can be some pain with going through many people to find the right one. I think also doing competency tests etc to confirm you are recruiting the right people if you aren’t there yourself, to make sure the brand continues to stay strong on its ethics and reputation
- Get used to bureaucracy – there is a hefty amount of paperwork involved! While the admin is clear and available, it is still a lot to do on top of your existing business needs
What’s next?
We’re excited about the opportunities ahead, we know the UK startup ecosystem is vibrant and full of potential, and we’re here to be a part of that growth. We’re confident in our ability to make a meaningful impact on the success of UK startups and scale-ups, and as we already have clients we are working with, we know our business has all the opportunity to succeed as it has in Australia.
We’ve always been driven by a simple yet powerful mission, to help startups and scale-ups thrive. This passion has fueled our success in Australia, and we’re excited to bring that same dedication and expertise to the UK. Our story has always been about more than just accounting, it’s about partnership, growth, and shared success, so we can’t wait to help more founders turn their visions into reality.
Get in touch!
Stay tuned for part two, how things went when Michael actually reaches the shores of old Blighty and gets settled in!
Remember – we know what you are going through, so get in touch for help/questions on moving to the UK (or anywhere else!), and let us take some of the worry away, and for any UK-based startups and scale-ups looking for a trusted partner, Michael Budnow and the Standard Ledger team are here to help you navigate the path to success.
BOOK A CALL with us for a chat, and get your business ready for the next stage of growth.
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