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MY PIECE OF THE PIE The story of the Porter Family Graham, Christine, Heather, 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 “I’LL BUY THAT PIE SHOP ONE DAY. . . ” GRAHAM PORTER

ENTREPRENEURIAL FOUNDER Initial investment $10, 000 from two families to start the family business 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 NEW FAMILY BUSINESS VENTURE – FAMOUS YATALA PIES

PORTER’S 3 P’S Pies Plastics Property PORTER’S 3 P’S Pies Plastics Property

SECOND GENERATION SECOND GENERATION

RELOCATION OF THE PIE SHOP RELOCATION OF THE PIE SHOP

FAMILY IN BUSINESS ‘Family business’ becomes ‘family in business’. Management of the family business 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 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 FRASER ISLAND

“Too many fish. I can’t get off the 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 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 NEXT FAMILY BUSINESS VENTURE SAILFISH ON FRASER

ANOTHER FAMILY BUSINESS VENTURE MT. MEE ANOTHER FAMILY BUSINESS VENTURE MT. MEE

DAYBORO, SEVEN HILLS @ MT MEE 400 hectares 100 head of cattle Cutting out DAYBORO, SEVEN HILLS @ MT MEE 400 hectares 100 head of cattle Cutting out the middle man

SANTA GERTRUDIS SANTA GERTRUDIS

MT. MEE MT. MEE

NEXT GENERATION We see the family building on the already successful foundations and adhering NEXT GENERATION We see the family building on the already successful foundations and adhering to the family constitution and vision.

THE FUTURE THE FUTURE

LESSONS LEARNED From the family’s perspective The advisers role • Financial • Family business LESSONS LEARNED From the family’s perspective The advisers role • Financial • Family business adviser • Transition relative to the next generation.