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 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
SECOND GENERATION
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
FRASER ISLAND
“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 Hills @ Mt Mee - Vertical integration
NEXT FAMILY BUSINESS VENTURE SAILFISH ON FRASER
ANOTHER FAMILY BUSINESS VENTURE MT. MEE
DAYBORO, SEVEN HILLS @ MT MEE 400 hectares 100 head of cattle Cutting out the middle man
SANTA GERTRUDIS
MT. MEE
NEXT GENERATION We see the family building on the already successful foundations and adhering to the family constitution and vision.
THE FUTURE
LESSONS LEARNED From the family’s perspective The advisers role • Financial • Family business adviser • Transition relative to the next generation.