How energy and ambition combined with the right structure and advice earned 5 stars
“We have added the two additional businesses way sooner than I thought possible and yet I am confident we can still handle the growth. I really appreciate working with advisers who have helped make this all possible.”
- Garry
“I like how our advisers have helped us to still have a life notwithstanding how the business has taken off. It would have been easy to lose focus on what’s important to us personally so I’m grateful that we have maintained our family life along the way.”
- Mel
Ambitious and entrepreneurial
When Garry and Mel first came to us, they already owned two hospitality businesses with the dream to build a group and family of businesses that would benefit the community.
The structure you start a business with, isn’t always the perfect “forever” structure, and so, in the way their business was evolving it was time to move to a more tax efficient structure, eliminating any potential and unnecessary business risk. They were looking for more detailed guidance moving forward.
Structuring for success
Together with Garry and Mel, we quickly instigated a restructure of their business, which included moving operations from a discretionary trust to a company, thereby enabling that portion of the profits which would otherwise have been lost to tax, to be reinvested for future growth.
We were able to adapt their existing Xero accounting system to report results for each business separately, with systems in place to determine accurate cost allocation. Garry and Mel now have the means to make timely decisions on each business, based upon accurate data. As Mel says, “There is no ambiguity” when it comes to assessing how each business is performing. Overlaying the picture on individual businesses is a reporting system we created to give the owners a “helicopter view” of how their enterprise as a whole is performing.
Achieving more of their business goals.
In a recent, and very hectic three-month period, they added a further two businesses to their group. To assist, we prepared detailed cash flow projections which gave them confidence for a comfortable future.
Along the way, Garry and Mel have surrounded themselves with wise counsel - they have a solid management team in whom they have confidence, as well as with meeting us every quarter to assess their progress and look at what is coming up next. They truly appreciate that looking at their business only through the lens of past performance is not sufficient and that the best form of tax planning is looking ahead at future transactions rather than past profits.
With more exciting opportunities coming their way, part of our role as their business advisers is to assist with any challenges as they arise, while also working to ensure that their end game is not forgotten.
