my piece of the pie
DESCRIPTION
My piece of the pie. The story of the Porter Family. Graham, Christine, Heather, David and Susan Porter. Facilitated by Bruce Hatcher and Don Collins. 4 September 2010. “I’ll buy that pie shop one day.....” Graham Porter. Entrepreneurial Founder. - PowerPoint PPT PresentationTRANSCRIPT
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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
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“I’LL BUY THAT PIE SHOP ONE DAY.....” GRAHAM PORTER
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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
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NEW FAMILY BUSINESS VENTURE – FAMOUS YATALA PIES
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PORTER’S 3 P’S
Pies
Plastics
Property
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SECOND GENERATION
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RELOCATION OF THE PIE SHOP
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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)
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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
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FRASER ISLAND
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“Too many fish. I can’t get off the island."
David Porter
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HOLIDAYS ARE HARD WORK
Acquisitions and decisions made in family meetings• Sailfish on Fraser
- Eco Tourism- Hospitality
• Dayboro, Seven Hills @ Mt Mee- Vertical integration
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NEXT FAMILY BUSINESS VENTURE
SAILFISH ON FRASER
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ANOTHER FAMILY BUSINESS VENTURE
MT. MEE
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DAYBORO, SEVEN HILLS @ MT MEE
400 hectares100 head of cattleCutting out the middle man
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SANTA GERTRUDIS
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MT. MEE
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NEXT GENERATION
We see the family building on the already successful foundations and adhering to the family constitution and vision.
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THE FUTURE
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LESSONS LEARNED
From the family’s perspective
The advisers role•Financial•Family business adviser•Transition relative to the next generation.