Enhancing a valuable property
This company operated as a Body Corporate Secretariat. The owner had worked in the industry for many years, growing the business over 25% a year from incorporation until it was one of the leading industry players.
Although the owner had a number of staff, it always seemed that he was the business and that no one else could step up or take the load off his shoulders. He was responsible not only for the majority of revenue but also the operational side of the business. Although the company was successful, his work/life balance was out of kilter. He held many of the client relationships and industry knowledge, and it seemed that when he took a break, income suffered.
This had not been his original plan. The owner felt locked into the business and unable to extract any of its financial value. The business was not creating the lifestyle he envisaged when he set it up. Even worse, the more the business grew, the harder he worked.
A Leadership Transition programme was put in place to create both commercial and personal options. A potential business partner who would also work as General Manager was then identified and brought on board. The GM had a background in property and law as well as sound commercial business building skills, all complementary to the owner’s attribute. The GM was seeking an opportunity to build a successful, profitable business that he could also hold a share in.
The GM joined the company, and the business made a successful transition to a new management and ownership structure. As part of the transition, an advisor worked with the owner to help develop the business, its growth, shareholder value and business opportunities.
The business continues to grow. The owner has stepped back from administrative duties and is focussing on core opportunities. His life is in balance and he’s looking forward to a future with a strong business colleague and partner. The new GM purchased his first share of equity in March 2012.
"This has proved to be an extremely successful commercial arrangement and we are indebted to you for this initiative."