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How the business journey of Darren and Dianne started

It was 2001 when Darren and Dianne first came to see us about their electrical contracting business. In their early 30’s, they were full of beans and had ambitious plans for their new enterprise. Astutely realising there were limits to their business knowledge, they reached out to us for help. It was just as well they did.

After reviewing their future plans they readily agreed to set up the legal structures we recommended for what was to follow.

They also had a bunch of questions about how best to run and organise their business which we were happy to answer. It was this process that helped Darren and Dianne appreciate that relying on what they heard from outsiders, no matter how well intentioned, was not always appropriate!

Guidance throughout the journey

Initially, there was work required to restructure the operating business entity. Later, on our advice, further structures were added to accumulate assets outside the business and provide more flexibility for tax planning.

Accurate accounting records were also a priority in the early days, to produce the business reports necessary for proper decision making.

Later, a significant set of milestones was facilitated by establishing a self managed super fund – moving the business out of the home office (to the delight of Dianne) and into purpose-built facilities (which enabled Darren to accelerate business growth). Owning these premises continues to be a source of deep satisfaction and security for both Darren and Dianne.

Throughout their business lifecycle, Darren and Dianne have appreciated being able to call us about issues of the day and what’s coming up over the horizon. Now that their little startup business has grown to be an enterprise of up to 30 employees and subcontractors which services public companies along with interstate clients, there’s been no shortage of challenging moments!

Taking stock of progress

These days, Darren and Dianne are quite familiar with what needs to be done for their quarterly BAS, annual tax planning and super to be contributed. The calls we get from them about such issues tend to be more confirming in nature than the “how to” requests for help of previous years.

Rather, it’s a new set of items on their agenda for which they require professional advice – exiting the business, be it by way of bringing their adult children in or selling to a third party altogether, along with acquisitions to their growing property portfolio.

Upon reflection

Darren and Dianne readily concede that by working with an accountant attuned to their needs they have much more to show for their hard work than otherwise would have been the case.

“We always perform quality work for our clients but with Darren’s help we’ve accumulated quality assets outside the business to help fund our retirement plans. It’s been a great ride and we’ve appreciated having our adviser with us every step of the way.”