Sir Richard Harpin wanted to be an entrepreneur since before he knew the word. He sold conkers in the playground, bred and sold rabbits in his garden, ran a tuck shop from his school locker, and by 15 was bunking off chemistry to cash cheques with the bank manager.

In this special episode of Crisis What Crisis – recorded in front of a live audience at the Walbrook Club in the City of London – Andy sits down with the founder of HomeServe, the company Richard built over 30 years and sold in 2023 for £4.1 billion. Richard was knighted in the 2024 New Year Honours. His Sunday Times bestselling book, How to Make a Billion in Nine Steps, is out now.

This episode is for anyone who has ever wanted to start something, scale something, or is simply looking for guidance on how to manage the day-to-day crises of running a business.

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FIVE BUSINESS LESSONS FROM SIR RICHARD HARPIN

1) Copy. Richard didn't invent the HomeServe model – he openly admits that he copied it (and then did it better). If someone else is doing it and it works, the risk is lower.

2) Prove the model before you scale it. HomeServe burned through half a million pounds trying to grow a loss-making business. With modern technology, Richard says, you really don't have to do that.

3) The best time to build is when conditions are hardest. Comfortable conditions produce cautious thinking. The best businesses are built with their backs against the wall.

4) Admitting the mistake is often the fastest route out of it. Richard told the stock market he'd wasted £130 million, wrote off the assets, and said sorry. The share price went up £250 million the same day. The market doesn't punish honesty. It punishes opacity.

5) Not taking a risk is itself a risk. Staying still has a cost that compounds invisibly. The test isn't whether the risk is scary. It's whether you can live with not taking it.

CHAPTERS

04:52 – Why Richard wanted to be an entrepreneur

10:35 – His first businesses

13:28 – What working at P&G taught him

19:22 – How HomeServe started

19:22 – Running out of money at Christmas

21:07 – Taking investment at the wrong terms

22:00 – The moment he nearly quit

23:00 – The £50 letter that saved the business

24:43 – The importance of copying

25:34 – Why he hired someone to replace himself

27:06 – Breaking America