Banna Property Group
Business Industry/ description
Own & manage commercial property including shopping centres and pubs
What generation is your family business?
How many family members in your business?
2 family members out of 15 core staff
What is your role in the family business?
CEO which means trying to predominantly work ‘on’ rather than ‘in’ the business. This includes leading and managing, cultural change, strategic direction, key relationships and trying to have some fun.
Who is a major influence for you in the family business? Why?
My whole team. They are the ones I rely on to get things done well. They keep me motivated, accountable and help make work an enjoyable place to go to.
What keeps you up at night?
Those stupid infomercials! In all seriousness, switching off from business is something I need to improve on but people management is the thing that occupies my thoughts most. I’m continually trying to develop the tools to better engage, motivate and lead team members.
What’s the key benefit of your FBA membership?
Without a doubt the Forum Groups. I’ve learnt so much from my group and get a lot of inspiration from their achievements. There is genuine care and concern within the group which allows you to truly share and open up. A great experience was our recent Forum Group retreat to Cairns. My wife was happy to give me a leave pass because I said the retreat was work-related!!
Business services description:
I provide a full range of advisory and compliance services for my clients including cash flow planning, business performance improvement, restructuring, business mergers & acquisitions and attending to ASIC and tax matters. I also facilitate management and board meetings for growing businesses. I believe being an advisor is about more than just numbers. Through regular communication my aim is to understand my clients business and individual needs. With a focus on business growth, my approach is to be a sounding board for clients and assist in addressing issues before they arise.
How long have you been working with family businesses?
I have been working with family businesses for over 25 years including being involved in my own family business prior to that!
What’s one of the most common mistakes you see in family businesses?
Many family businesses struggle with succession – namely letting sleeping dogs lie. I have found that opening communication channels enables an open and honest conversation allowing the family to gain an understanding of individual goals, which is the first step in addressing this issue.
The other common issue is having business and personal finances intertwined, such that the bank/financier has control over all family assets, which makes financial decisions difficult. Successful family businesses separate business and personal wealth over time.
What is your “uh ha” moment with your clients?
When the sigh of relief and a smile replaces the look of concern. That indicates to me that I have helped them see a way through their worries.