Presentation on theme: "MY PIECE OF THE PIE The story of the Porter Family Facilitated by Bruce Hatcher and Don Collins 4 September 2010 Graham, Christine, Heather, David and."— Presentation transcript:
MY PIECE OF THE PIE The story of the Porter Family Facilitated by Bruce Hatcher and Don Collins 4 September 2010 Graham, Christine, Heather, David and Susan Porter
“I’LL BUY THAT PIE SHOP ONE DAY.....” GRAHAM PORTER
ENTREPRENEURIAL FOUNDER Initial investment $10,000 from two families to start the family business Bricks and mortar important for future business Plastics manufacturing partnership Success from the start Rapid growth Business partnership issues New direction / exit
NEW FAMILY BUSINESS VENTURE – FAMOUS YATALA PIES
PORTER’S 3 P’S Pies Plastics Property
RELOCATION OF THE PIE SHOP
FAMILY IN BUSINESS ‘Family business’ becomes ‘family in business’. Management of the family business (Graham & Christine) Day to day operations of running the Pie Shop (Susan & Heather) Design & construction of the new pie shop (David & Chris Gay)
NEW FAMILY ROLES All family members have an active role Rigorous and animated discussion around the kitchen table Realisation that decisions impact on each generation. Governance Robust family meetings Family retreat Rules for the family - Family constitution
“Too many fish. I can’t get off the island." David Porter
HOLIDAYS ARE HARD WORK Acquisitions and decisions made in family meetings Sailfish on Fraser -Eco Tourism -Hospitality Dayboro, Seven Mt Mee -Vertical integration
NEXT FAMILY BUSINESS VENTURE SAILFISH ON FRASER
ANOTHER FAMILY BUSINESS VENTURE MT. MEE
DAYBORO, SEVEN MT MEE 400 hectares 100 head of cattle Cutting out the middle man
NEXT GENERATION We see the family building on the already successful foundations and adhering to the family constitution and vision.
LESSONS LEARNED From the family’s perspective The advisers role Financial Family business adviser Transition relative to the next generation.