1300 462 887

From a bungled sale to a $42 million high

10 August 2015 Brent Grundy

From a bungled sale to a $42 million high

Failure is feedback
Success isn’t always a linear path. In this series, entrepreneurs share how they dusted themselves off after their first business went south to then strike a chord with a completely different concept.

I had an electrical business I decided to sell and unfortunately I received bad legal advice throughout that process which led to me losing almost $700,000. I basically signed the business over before I was paid in full and was never paid.

It was the most crushing moment I’d ever experienced and taught me the hard way that a ‘she’ll be right’ attitude doesn’t cut it in business. I also learnt an entrepreneur needs to keep his finger on the pulse and across every aspect of their business.

After a year of moping and feeling sorry for myself I decided to let the experience go as I didn’t have the finances to take legal action. I started to work for my father in his industrial waste business and saved as much as I could as I had been left in a very bad position financially.

I literally had $300 in my bank account when I came up with the idea for Flip Out. I was with my son visiting a children’s play centre for a birthday party when I noticed upset children being told they were too big to jump on the trampoline. It got me thinking about how a love of trampolines was universal across all ages.

I decided in that moment I wanted to build a trampoline centre for children and adults to enjoy. I went on to rent a car park in Penrith and my first trampoline centre was born! It was a humble beginning, but today Flip Out dominates the local trampoline market with 28 centres across Australia, two in Taiwan and two in Malaysia.

We have a team of 450 people and $42.1 million in turnover forecast for 2014/15. One of the most satisfying parts of creating Flip Out has been watching our franchisees earning back the money they invested within six months.

Flip Out wouldn’t be the success it is if I hadn’t made the mistakes I did the first time around. Structures and procedures became very important to me and helped me build a really strong business model for Flip Out.

It has been rewarding to prove I’m much more than a one hit wonder by reinventing myself. A lot of people can create a successful business in an industry they know. Not many can take a fresh idea and turn it into a successful business and even fewer can do it multiple times.

Brent Grundy

About Brent Grundy

Brent is the founder and CEO of Australia’s first and largest trampolining franchise business Flip Out.

View all articles by Brent Grundy

Related Careers articles

Honours program arms naturopath with confidence to tackle research career

Honours program arms naturopath with confidence to tackle research career

Naturopath Hope Foley found herself dreaming of combining her client work with a career in research after a year of working in clinical practice. Here Hope shares why she was one of the first to sign up when Endeavour announced the launch of its Honours degree for Bachelor of Health science graduates, and how it has helped her developed the confidence to dive into a research career.

Freelancing: What I wish I knew before jumping in

Freelancing: What I wish I knew before jumping in

Nutritionist Samantha Gemmell shares her biggest lessons since striking out as a freelance health writer and nutritional consultant to help others interested in taking the leap to becoming their own boss.

What I learnt from winning a book deal with Hay House

What I learnt from winning a book deal with Hay House

Enterpreneur and kind living devotee Amanda Rootsey shares how she won an international book deal with some dreaming, careful planning and a smidge of luck.