Jeroen Tokmetzis grew hard with We Love Oldtimers. He sold 25 percent of his business to a defensive-minded investor. "Growth is fun, but you also have to be able to defend the growth.
Jeroen Tokmetzis is brimming with plans for his business We Love Oldtimers. The business, based in the South Holland village of Hoogblokland, rents out vintage cars to individuals and businesses. We Love Oldtimers has a fleet of over 50 vintage cars; many classic Volkswagen vans, but also Beetles, Mustangs, MGs and Citroën 2CVs. A team of 38 employees, some on call, is responsible for 3.5 thousand bookings a year. In recent years, Tokmetzis acquired two competitors, making his company now the market leader in the Netherlands with 10 high-grossing websites.
But more is possible, Tokmetzis believes. For example, the 33-year-old entrepreneur and his business recently started offering the option of an "Escape Room," where you drive a vintage car of your choice from assignment to assignment. He has also started renting out vintage cars for funeral rentals, a service he says is in high demand. In addition to the showroom in Hoogblokland, he plans to open two other branches in the near future.
Mentorship
To make his growth plans a reality, Tokmetzis started looking for an investor a few years ago - preferably someone who would bring not only money, but also knowledge and experience. In the ad he posted on Brookz, he described his ideal business partner as "a strong business angel with a track record for mentorship. In exchange for the investment, Tokmetzis offered a 25% stake in his business.
Tokmetzis: "Due to acquisitions, we had grown fast and an unhealthy ratio of equity to debt capital was created. As an entrepreneur, I have an offensive mindset. I was looking for someone a little more defensive and more focused on finance. Growth is fun, but you also have to be able to defend the growth.'
Four months a year, Tokmetzis runs his business from Tenerife. He's been doing it that way for years and it's going fine, he says. It was one of the conditions a potential investor had to agree to. But most important to him was the investor's intention. 'I want someone who wants to build something beautiful with me and who has no problem investing the profits back into the business. With an exit I am not concerned.'
Back
According to Tokmetzis, the search for the right investor felt like dating for the first time: "There were a lot of different people coming up to the proposition. Actually, I learned something from all the potential investors I talked to.'
After several dates, the ideal investor presented itself in the person of dyed-in-the-wool entrepreneur Erik Leenart. He has the qualities Tokmetzis was looking for. 'Erik is very defensive. He is now particularly focused on budget control and cash flow. I'm still working a lot on growth plans, but it's nice that I can occasionally have a back-and-forth with someone who can back up the plans financially and make liquidity forecasts. We have a weekly check-in.'
Passion
Together with Leenart, Tokmetzis plans to continue working to grow We Love Oldtimers in the coming years. He is considering raising growth capital again to expand the vehicle fleet or realize one of his other plans. He is also busy in Tenerife, buying and furnishing apartments for vacation rentals.
It seems like something completely different from We Love Oldtimers, but the activities stem from the same passion for travel and adventure. Tokmetzis: "Freedom and fun are important core values for me. I want to propagate that with We Love Oldtimers. In essence, we sell emotions and stories.'
