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
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
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 hectares100 head of cattleCutting 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.