As the host of the Troubleshooters Podcast, I’ve had the privilege of chatting with some incredible people, but my conversation with Pat Farmer back in Feb 2023—a professional Ultra-Runner, former politician, and all-around Australian hero—stands out as one of the most inspiring yet. Pat’s story isn’t just about running insane distances (like from the North Pole to the South Pole in 10 months!) Ultra running is so similar to starting and running a business – the initial idea and vision and the need to sell that to others to secure backing. The sheer grit and termination to not just start but to keep going even when everything seems impossible – these are the skills and attributes that every business needs. The parallels between Pat’s Farmers journey through life, interrupted by these amazing ultra milestones, mirror many of our client’s own stories. If you are time poor and can’t afford the time to listen to the podcast, here are the best bits from our chat.

Pat left school at 14 with no qualifications, grew up in a struggling family in Western Sydney, and became a motor mechanic apprentice. Pat’s “aha” moment came when he saw Cliff Young—an ordinary bloke doing something extraordinary. It wasn’t enough to admire it; Pat called the race organisers, got hung up on multiple times, and kept pushing until he got the qualifying event details. That persistence turned a spark into a career.

At Oasis Partners, we work with founders who’ve also worked their way to success, often through sheer determination, and some would say bloody-mindedness!  Pat’s story also reminded us that selling a business can also be a marathon and not a sprint. We recently sold an intergenerational business to an international buyer after the owner had been trying to retire for two and a half years. It was wonderful to see the three owners realise their aim of a successful exit, securing their father’s legacy with a continuation of the business.

Selling your business starts with an idea —triggered by the thought that maybe it’s time – this is often a deep-down instinctive feeling. But a thought is just that until it is acted upon. Pat didn’t just dream of running; he chased it down asking questions and learning from others. Similarly, we speak to our clients initially by just answering their questions, giving them some facts to fill in the gaps in their understanding about what might be possible and over what timeframe.  The initial hunch is then often fuelled by information which suggests that it might be possible and that there is help available.

One of the most jaw-dropping parts of our chat was Pat describing his North Pole to South Pole run—20,000 kilometers, averaging 80 kilometers a day, raising money for the Red Cross. He admitted it was “incredibly difficult” to convince people it was possible when it had never been done. Yet, he secured sponsors, rallied a team, and got it done.

The initial feedback in M&A is often muted or even disappointing – beware of false narratives. The early feedback can be false and not worth listening to. Working a feedback loop and adjusting based upon the learnings is key. The clients who recently sold their company saw the results of 29 months work, where we approached 102 companies in 15 countries making 1228 phone calls and having 46 meetings! It felt like an ultra-event!             

Perhaps my favourite moment was Pat’s shift from running for personal glory to running for causes—like his 14,000-kilometer run around Australia for “The Voice” referendum. He talked about inspiring Aboriginal kids in Elliott, raising funds for charities, and finding meaning beyond the finish line. Ultimately The Voice referendum failed but Pat Farmer did not, he took action and made a difference in his own way.   

For business owners, this is a powerful conversation and a reminder that persistence in any worthwhile endeavour is key. Selling a company isn’t easy, very few achieve it.  At Oasis Partners, we feel privileged every time an owner asks us to help them complete their business journey.

At Oasis Partners, we help business owners troubleshoot their way toward the next stage of their journey, sometimes quickly, sometimes slowly! Pat’s story is a reminder that no matter how big the challenge—even 20,000 kilometres, is only ever achieved by taking one step at a time.  

People often ask us when the best time is to sell my business? Our answer is always the same, whenever you’re ready.

If you feel ready, give us a call.  

Oh, and if you just need a lift, listen to the full podcast here: https://www.oasispartners.com.au/podcast/pat-farmer-the-ultra-troubleshooter/