Central Coast Business Review October 2020

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October 2020 Published monthly (except January)

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BRISTOL PAINTS ERINA & CHARMHAVEN FEATURE P11-14

Colin and Lisette Marchant Costata Landscape Design Roses Only picks Coast for growth McConaghy latest build racing at Rhode Island 20-CCBR-0319 CCBR Oct.indd 1

Page 6 Edgar Adams’ Editorial Broadband for our region – an opportunity lost

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FOR LEASE AND / OR FOR SALE ERINA PROPERTIES 222 CENTRAL COAST HIGHWAY, ERINA

ERINA PLAZA, 210 CENTRAL COAST HIGHWAY, ERINA

PLATINUM BUILDING, 4 ILYA AVE, ERINA

SUITE 1.02 – 207 sqm SHOP 11a – 139.1 sqm SHOP 1 – 195 sqm Ground entry, reception area of approx.

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Extra wide shopfront with loads of floor to ceiling glass façade. Polished concrete floor and blackend exposed ceiling with ducted AC FOR LEASE - $37,500 pa + OG + GST

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GOSFORD PROPERTIES PARK PLAZA, 131 HENRY PARRY DRIVE, GOSFORD

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OFFICE 8 – 279.2 sqm

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ELEMENT BUILDING – 200 CENTRAL COAST HIGHWAY, ERINA

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KARIONG PARKLANDS THE COTTAGE – 52 THE AVENUE, KARIONG

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CON T EN TS

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Cover story

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19 Gosford Gateway redevelopment now on exhibition

4 Colin and Lisette Marchant – Costata Landscape Design

19 Mouse House – A new workspace concept

Business news 7 Roses Only picks Coast for growth 8 GBD marketing agency writes COVID-19 TVC for Ingenia 9 McConaghy latest build racing at Rhode Island 10 Major rebrand for George Brand Terrigal Toukley 10 Ettalong bakery wins artisan baking award 15 Matthew Lusted continues as President of Wyong Chamber of Commerce 15 Our House introduces podcasts 16 Commercial and Industrial For Sale / Lease 17 Sydney buyer to relocate to Tuggerah 17 Gosford Gateway redevelopment now on exhibition 18 Modular home builder leases modular home factory 18 Local investors confident about Warnervale

Contact

Read ersh ip

20 What would it mean to you if all your employees were identifying, attracting, engaging, getting and keeping new business for you 21 Right place – Wrong Time!

Front cover: Colin and Lisette Marchant – Photo: Jeff McGarn

21 When is a redundancy payment not required?

22 Mind your business - Where has the profit gone?

Regular features 6 Edgar Adams ’Editorial Broadband for our region – An opportunity lost

10 Business Briefs 17 PROPERTY NEWS 20 Business Tips 23 Funny business 11–14 BRISTOL PAINTS ERINA & CHARMHAVEN FEATURE

Hear Edgar Adams’ business comment 8.10am each Monday.

Also follow us on Facebook and Twitter

Central Coast Business Review Central Coast Business Review is a Registered Trade Mark of Adams Business Publications Pty Ltd P.O. Box 3259, Erina, NSW 2250 Phone: (02) 4367 0733 Fax: (02) 4367 0744 Email: info@ccbusinessreview.com.au Typesetting by Graphic by Design ph (02) 4365 6777 Print & Distribution by Bromley Direct ph 0412 439 773 © Adams Business Publications 1994. All rights reserved.

Reproductions in any part prohibited. While every effort has been made to ensure all information in this magazine is accurate, no responsibility will be accepted by the publisher, Adams Business Publications. The producer accepts no responsibility for illustrations or photographs supplied by organisations or individuals and/or typographical errors.

Phone 02 4367 0733 Fax 02 4367 0744 Email info@ccbusinessreview.com.au Web www.ccbusinessreview.com.au

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COV ER S TORY

Colin and Lisette Marchant – Costata Landscape Design WHEN COLIN MARCHANT purchased a small lawn mowing run on the Central Coast in 1990 as an entry into landscaping, he didn’t imagine the business would evolve into the nationally recognised design and construction enterprise it is today. Costata Landscape Design, named after Col’s favourite tree, the Sydney Red Gum (Angophora Costata), celebrated its thirtieth anniversary in September. From humble beginnings, Col and his wife and co-managing partner, Lisette, have earned an enviable reputation built on trust, transparency, quality and clear communication from concept to completion. In the process, they transformed a lawn mowing run into an established landscaping, building design and management business.

They have also been awarded three times nationally, are currently finalists for another national award and continue to grow stronger year by year. With a business structure and philosophy that is quite unique from most other landscaping businesses, Col and Lisette discovered a symbiotic ‘sweet spot’ that not only works effectively for them, but also for their clients and the team of contractors that supports them.

Col’s landscaping journey began in the 1980s when he and Lisette spent a year living and working on a large country estate in Scotland. On their return to Sydney’s northern beaches, Col was offered a position with a local landscaper and spent the next three years maintaining commercial and high-end residential gardens. Realising he lacked the landscaping skills to fulfil his ambition of starting his own business, Col completed an

Advanced Certificate in Urban Horticulture while continuing to work full time. Two years into his tertiary studies, the couple purchased a small lawn mowing run on the Central Coast where they decided to settle and raise a family. “That tiny run was a means to an end. It allowed me to earn a weekly wage and work my way into being a landscaper,” said Col. He decided to concentrate on commercial and acreage maintenance and, in so doing, established contacts in local property circles.

“That was my first entrepreneurial decision because one of those clients engaged me to do the largest landscaping job I’d ever done and then proceeded to recommend me to at least half a dozen movers and shakers on the Central Coast, and it all went from there,” said Col. Lisette, a successful commercial interior designer and project manager, was handling the administrative duties after hours while commuting to Sydney for work by day. “It was a typical husband and wife small business working team,” said Lisette, whose thirty-five years’ experience in the construction and civil engineering sectors would serve the business well in the future.

“That was my first entrepreneurial decision because one of those clients engaged me to do the largest landscaping job I’d ever done and then proceeded to recommend me to at least half a dozen movers and shakers on the Central Coast, and it all went from there.”

By Phaedra Pym

Right from the start, Col’s professionalism, punctuality and communication skills stood him apart. He was also a supreme perfectionist with very strong work ethics.

However, he was very conscious of the construction skills he lacked as a horticulturalist to install a project. “I had been in business for ten years and I remember shedding tears of frustration because I just didn’t seem to be making significant progress in establishing the business in its own right,” said Col. He came to the conclusion that his strengths and passion were in landscape design and client liaison. He just needed to find the best way to outsource the construction and build up the confidence and courage to charge appropriately and separately for his design and project management expertise because nobody else was doing that at the time.

“The real turning point came when I did a job in Pearl Beach that was so breathtaking it featured on our website for twenty-five years. It was then that I realised, I’m better than this. So, I started humbly charging a management fee and then eventually began charging separately for my design, slowly raising that fee over the years as my confidence grew.” Col also realised that his target market was clients who saw the value in his meticulous twelve-step design process and concept to completion philosophy.

In 2016, Lisette left her employment in Sydney and came on board in a full-time capacity after adding a building design qualification to her credentials. Since then she has applied her skills to projects that require built elements and construction experience,

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COV ER S TORY

including pool cabanas, boardwalks, outdoor kitchens, multi-level decks and cantilevered, floating concrete steps, in a way that seamlessly ties the landscape and built elements together. Lisette also has a strong forte for project management and adopts a structured, systemised and pragmatic approach to every project they undertake. In this way, she and Col, complement one another as well in business as they do in life. A client summed up their balanced partnership well, “Col is an artist and a dreamer, Lisette makes it happen”.

“When I started, I had visions of what a successful landscaping business looked like. In my mind it had fifteen staff and trucks and machines, but that didn’t seem to be the right direction for us. We debated many times over the years which way we should go, and it took some time before we got the right formula, and that was to get people on board who had skin in the game.”

Today Col and Lisette work with a core team of local professionals, all featured on their website, who share their customerfocused values and have been with them for many years, in some cases more than a decade. The decision to outsource the installation and maintenance of their projects was a strategic move after employing staff years ago, with Col admitting he was “more like a mate than their boss”, which caused some challenges. “When I started, I had visions of what a successful landscaping business looked like. In my mind it had fifteen staff and trucks

Designed and built by Costata the owners of this Terrigal garden enjoy the pool in the summer and their firepit in the winter with an all year round view of the ocean from the garden. and machines, but that didn’t seem to be the right direction for us. We debated many times over the years which way we should go, and it took some time before we got the right formula, and that was to get people on board who had skin in the game.” Lisette added, “What’s good about the way we work with our team is that they have their own independence and their own businesses.

They also know the quality we’re looking for and what’s expected. And they’re treated with respect in return and provided ample work.

But at the same time, they can manage their own staff and cashflow while working to our recommendations. It means they have their own self-respect and reputations to uphold.”

Garden maintenance is also outsourced to a regular contractor to ensure gardens not only endure, but grow more beautiful over time, another strategic decision that continues to generate referrals, even years later.

With abundant work in the pipeline, the luxury of being selective on projects, three

national award wins under the belt and the potential of another later this year, Col and Lisette are justifiably proud of the business they have built and confident about the future. “The calibre of jobs we are doing now not only reflects well on us and our team, but also on the progress on the Central Coast and the type of people moving here,” said Lisette. “Thirty years ago, we could not have attracted that type of client,” added Col. “That market was very small on the Coast.

A lot of people coming up here now are established. They want quality landscaping, a pool, decks, the firepit etc. and they want someone to design, manage, ensure it all works together and be accountable for it.” As a creative and management enterprise, Col and Lisette have structured the business in such a way that there is scope for them to continue doing what they love for as long as they want to and potentially even broadening their horizons for design work as their reputation grows nationally.

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EDITORIAL

Edgar Adams discusses local issues

Broadband for our region – an opportunity lost SO, HAVING BEEN dragged into admitting that copper, as lauded by the wonderful former Minister for Communications and Broadband, Malcolm Turnbull, our Federal Government has finally conceded that fibre optic cable is actually faster. The result being that the Government will now spend billions more completing a job that should have been done properly in the first place.

One of the lasting legacies of the Abbott/ Turnbull era will be how our country went from potentially being a world leader in telecommunications to winding up as a third world country.

It’s ten years since the Rudd Labor Government came out with the idea of a national broadband network that would see fibre to the premises across the nation.

It was without doubt the most forward thinking move since the Snowy River Scheme.

Trouble was Telstra with their ancient copper network and no intention of modernising did all they could to kill it off and they were supported by the cable TV networks and some media companies who were stuck with this ancient technology. Together, these dinosaurs managed to convince Malcolm Turnbull who was Minister for Communications to bastardise the roll-out by claiming “He” could do it quicker and cheaper using a mix of technologies.

Of course we can’t exclude Tony Abbott who played his usual Liberal/Labor Labor/ Liberal politics as well. In the end Central Coast businesses and residents were the losers.

The people who knew better said it would not work and now we know it hasn’t.

At that time CCBR was instrumental in getting a local leadership group together, along with international communications guru and broadband champion Paul Budde, and make a bid to have fibre optic cable rolled out across the whole Central Coast region with fibre-to-the-premises. We were to be the first to get it and it would have put this region ahead of the cities – Sydney included.

In the end, it turns out, NBNCo had no idea where the Central Coast was and while Gosford to West Gosford got FttP, Erina a major business district got FttN. The other Point of Interconnect was Long Jetty, to service the northern areas of the region! This didn’t work and had to be moved to the Berkeley Vale Exchange which services Long Jetty and surrounds.

So, in the end the northern areas were initially left out.

Having said that, one of the most disappointing aspects of bringing high speed broadband to the Coast was that most business people had no idea of its value and weren’t interested in finding out.

Meanwhile, this month we welcome to the Central Coast, Roses Only. An online florist founded by Jack Singleton some fifteen years ago and now in all the capital cities, the Gold Coast and Newcastle. He sees the Central Coast as their ninth largest market.

From their facility at West Gosford they

intend to service the Central Coast and northern Sydney. (See story on Page 7).

Mr Singleton is enthusiastic about the opportunities that will open up once the NorthConnex opens. He sees the region as being the one that will benefit most from NorthConnex.

Having said that, will the local business community see those opportunities and take advantage, or will it be like the broadband?

Our story on McConaghy Boats on Page 9 is an indicator of the importance of our diverse manufacturing sector.

McConaghy’s is a long-established builder of performance sail boats and relocated from Mona Vale to North Gosford three years ago. Since then they have increased their staff to 40 people and are looking to put on two apprentices in the new year.

Its businesses like these two, who have seen the Central Coast as a good place to invest that are our future.

There will always be businesses closing up for all sorts of reasons but we need to have a pipeline on new ones coming in.

Edgar Adams Editor

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NEWS

Roses Only picks Coast for growth ROSES ONLY, AUSTRALIA’S largest online flower seller sees the Central Coast and the Lower Hunter as a significant growth area over the next five years and has set up a distribution centre at West Gosford to service the area.

Chairman and major shareholder, Jack Singleton, said that the location in Enterprise Close, West Gosford to service the region was a decision based on data that showed the Central Coast was the ninth biggest market in Australia and growing, and as a distribution centre across the Coast and into Newcastle West Gosford is the most effective location. Not only that, with the opening of North Connex very soon it will be the right location to service the northern suburbs of Sydney.

“The data we have shows that spending on flowers on the Central Coast is strong and growing and the average price per sale is above the industry average,” said Mr Singleton.

“We also see a strong market here for corporate gifts,” he said.

“Our plan is to have 10 delivery centres servicing the major cities and 10 centres across regional Australia over the next five years,” Mr Singleton said.

Currently the Central Coast distribution centre is the 8th to be established with others in Melbourne, Brisbane, Sydney, Perth, Canberra, Gold Coast and Newcastle.

The company has appointed Angela Hewitt, a local person, as Manager of the West Gosford centre and is aiming to employ around fifteen local staff in the lead up to Christmas.

Roses Only chairman Jack Singleton and Central Coast manager Angela Hewitt The Central Coast is home to a growing number of flower growers and Mr Singleton said that Roses Only are already doing business with them.

FlowersCorp Group the owners of the Roses Only and 1300 Flowers brands was started by Mr Singleton in 2004, a few years after he returned from a stint in New York working for ad agency JWT. It was while in the US that he discovered the size of the online market for cut flowers which at around $4 billion and growing at over 10% per year is massive. The biggest player in the US online market was 1800 Flowers.

“When I returned to Australia I wanted to get right into this business so I set up FlowersCorp Group marketing under the 1300 Flowers name (the 1300 number being the Australian equal to the US 1800),” said Mr Singleton.

“We launched in Brisbane in 2004 with the 1300 Flowers brand because Brisbane

had good TV coverage and we saw it as an efficient market to start in,” he said. “It was a great success which gave us the confidence to invest further and open next in Sydney at St Peters, which is our largest market now.”

Mr Singleton said that while he was happy with their growth there was no question that they had a strong competitor with an even stronger band name – Roses Only – and had been around since 1995 and became an online brand in 1999.

“By 2014 we decided that it was time to make an offer for the brand and were successful in negotiating the deal.

Today Roses Only is the market leader of the floral segment of the Delivered Gifts category in Australia which according to IBISWorld has a market size of $257 million.

Looking forward, FlowersCorp Group aims to achieve annual revenue of $100 million through delivered flowers and gifts, and the company is already more than half way there.

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BUSINESS NEWS

GBD marketing agency writes COVID-19 TVC for Ingenia IT COULD BE assumed that most companies who developed a marketing strategy for this year, did not account for a global health crisis. Many were thrust into the melting pot of chaos sparked by the intense upheaval of COVID-19. GBD Lifestyle Marketers, a Central Coast agency, quickly adapted and in response to their retirement client Ingenia Lifestyle, produced a sensitive creative campaign to cut through the fear and alarm in the market.

Ingenia briefed GBD on developing an inspiring, future-focused campaign to stay connected with customers in a relevant way and to remind their target audience of the certainty, continuity and positivity of a future with Ingenia. “Given that so many of the mainstays of our society were suddenly radically changed – from grocery shopping to public transport, recreation to socialising with friends and family – we felt that it was important to remind people that Ingenia remains available and reliable to help them find their best future.” Said Joel Fyfe, National Marketing Manager.

“GBD has worked closely with our gold class communities from the start culminating in Ingenia winning the Retirement Living Council’s marketing award for the last two years. It was a natural choice for us to invite GBD to be involved in this project,” said Fyfe.

GBD’s recommendation was to run an overarching brand-building TV campaign to reassure all targeted groups, followed by a shorted tactical message to provide more detail about each of the lifestyle communities in their respective regions. They

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Jeff McGarn Creative Director on Ingenia’s TVC campaign in GBD’s inhouse recording studio and editing suite achieved this through first creating content for a long form advertisement – building a bridge between the target audience and the brand through adept storytelling. “An ad is most powerful when you first build rapport, establishing a reason for the target audience to take interest,” said Jeff McGarn, Managing Director, GBD Lifestyle Marketers. “We used the devices of powerful imagery and emotive storytelling to meet people where they are feeling right now,” he commented.

“An effective campaign will take its audience on a journey. Through storytelling we can tap into feelings, aspirations, imagination and those deeper human decisionmaking drivers that go beyond pragmatism.

When a brand paints a picture that a target audience can identify with, pinpoint key needs and then follow through with a practical solution, it helps people solve problems. That’s the mechanism behind the ‘reimagine’ campaign,” stated McGarn.

GBD has writers and cinematographers on staff and used their in-house edit suite and recording studio to create the TVCs. The result is a 60 second brand ad, a highend production that conveys the message of hope and reassurance. The ad features an appealing voiceover that uses a positive and comforting tone to convey confidence, reassurance and certainty. This is followed by a 15 second tactical ad that concludes the story with strong and simple messaging on the benefits of an Ingenia Lifestyle community.

Ingenia was very pleased with the result, with Fyfe commenting “This ad hits all the right notes for our audience and it’s a great piece of compelling creative. GBD translated our brief into an impactful communication that works well for our immediate strategy and also has longevity in delivering our brand messages.”

To view GBD’s TVCs go to www.gbd.com.au

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BUSINESS NEWS

McConaghy latest build racing at Rhode Island NORTH GOSFORD PERFORMANCE boat builder, McConaghy, reports that their latest build, a 44-foot custom designed sailing boat, completed in June and shipped to their customer in the US East Coast, finished 2nd on corrected time in its first Rhode Island regatta last month.

Designed by acclaimed US America’s Cup designer Harry Dunning the high performance racing yacht took ten months to build and is one of many Harry Dunning designs built by McConaghy over many years.

Built from carbon fibre prepreg this racing boat is the latest state of the art design.

Since relocating from Mona Vale on Sydney’s Northern Beaches three years ago McConaghy have completed, refurbished and modified many sailing boats, among them supermaxi Black Jack 100 that underwent hull modifications in 2019.

Currently McConaghy is working on the

McConaghy Boats’ boat building shed at North Gosford

44-foot custom designed sailing boat nearing completion at McConaghy Boats’ boat building shed

refit of a 72-foot performance cruising yacht which will be completed in 2021, and a new 56-foot cruiser racer construction of which started early this year and will be completed late 2021. Also in the McConaghy shed is an ‘old darling’ from the 70’s built in the UK and bought to Australia by a new owner for restoration.

McConaghy’s General Manager, Eric Desjardins, said that since relocating to North Gosford three years ago the facility has doubled in size and the staff increased to 40 people, mostly hired from local talents.

McConaghy is also looking to hire a couple of apprentices in 2021 and applicants are invited to come in and discuss their plans.

Mr Desjardins said that now McConaghy is well established on the Central Coast they are looking forward to supporting the local boating industry and developing the industrial applications of lightweight and strong composite structures.

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BUSINESS BRIEFS

Major rebrand for George Brand Terrigal Toukley

Ettalong bakery wins artisan baking award

Daniele and Orly Del Castillo

Brand Property General Manager, Andrew Lane with Directors Samantha and Andre Kubecka After 15 years operating as George Brand Terrigal-Toukley, Andre and Samantha Kubecka are re-launching their real estate business as Brand Property and exiting the George Brand Real Estate Group.

Mr Kubecka said that during the COVID-19 pandemic when local agencies were forced to lay off employees, Brand Property were actually in a position to employ extra staff to help service their growing business.

“Our business has doubled in size over the past four years and during the COVID19 while a some of our competitors shut up shop, our staff worked throughout the pandemic.” Mr Kubecka said.

Mr and Mrs Kubecka said that re-branding was all about wanting the outside of

their business to reflect what they look & feel like on the inside – an innovative, prosperous and forward-thinking company with a great culture.

While they have thrived with the support of their previous franchise group, they now feel that they need to keep up with the industry by presenting something fresh, new and exciting.

Working with newly appointed General Manager Andrew Lane and Menace Group -Marketing. Digital.Social’s Kevin Spiteri, the Kubeckas have developed their vision of a smart, progressive and independent real estate brand that is modern, minimal and reflective of the growing and changing needs of the property market on the Central Coast.

PROBLEM SOLVING FOR YOUR BUSINESS

The Sasa Bakery Ettalong, Sicilian style artisan bakery in the Ettalong Markets has taken out 2nd and 3rd prizes at the 2020 National Artisan Baking Competition in the Traditional White Sour Dough and Open Gourmet Sour Dough categories.

Operated by Daniele and Orly Del Castillo, the couple opened the bakery two years ago specialising in sourdough artisan bread, European pastries and cannoli.

Mr Del Castillo was formerly a professional photographer working in Italy while Mrs Del Castillo was a graphic designer specialising in fashion and also working in Italy.

They moved to Australia moving to the Coast and baking and selling sour dough bread and cannoli from their home kitchen.

They moved into the Ettalong Markets setting up a full bakery and shop in 2018.

CONTINUED ON PAGE 15

Considering employing a skilled overseas worker?

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Our solicitor, Sam Haln, can advise and assist you to get your sponsorship approved for temporary and permanent skilled visas.

Some areas of the Central Coast are also eligible for the Regional Sponsored Migration Scheme.

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If you have skills and qualifications in demand in Australia, or wish to join an Australian family member, Sam can assist you in finding and applying for the right visa.

Sam also advises and represent clients at the Administrative Appeals Tribunal for reviews against visa cancellations and refusals.

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O E SS N T H

Brian (Longie) Long and John Murray Bristol Paints retailers B R I S T O L PA I N T S E R I N A C H A R M H AV E N F E AT U R E 20-CCBR-0319 CCBR Oct.indd 11

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B R I S T O L PA I N T S E R I N A C H A R M H AV E N F E AT U R E

Bristol Paints and the Central Coast connection AN ENDURING LANDMARK on the Central Coast Highway at Erina opposite Fountain Plaza is the big red drive-in BRISTOL PAINT CENTRE. It’s been there for over 20 years!

However, the Bristol Paints story goes back to 1985 when three young blokes decided to go into business together!

Brian (Longie) Long and John Murray (the remaining directors) have grown Bristol Paints from these humble beginnings to become the largest and most successful independent paint retailer on the Central Coast.

Their success is a result of their relentless adherence to the basic business formula of SERVICE, QUALITY and CUSTOMER RELATIONS. As Longie and John Murray say, “we owe this success to our extremely loyal customer base, both retail and trade and our solid relationship with our suppliers.

The journey John Murray and Steve Ward worked in the paint department of Sterland Bros, one of the oldest and most respected building supplies companies during the early 1980s.

At the time Sterlands were the largest Mitre 10 store in NSW. It is also worth noting that the Central Coast economy was flying on the back of a residential building boom.

Sterland’s trade customers were ‘rusted on’ and in the paint department it was exactly the same. The relationship was personal.

Meanwhile, Brian Long was the Central Coast representative for Taubmans Paints, one of the oldest paint brands on the market.

He knew the Central Coast paint industry inside out, and he knew his customers intimately.

Things changed around 1985 when Sterland Bros sold out to BBC Hardware,

Bristol Paints’ Erina Store the forerunner of Bunnings. BBC’s business model was a whole lot different to the old fashioned Sterland business model.

Says ‘Longy’ (these days Brian Long is an institution in the paint trade), “BBC did not understand that trade customers were in fact our customers who we had serviced so well for so long.”

The three could see there was an opportunity so decided to have a go themselves.

Bristol Paints comes to town To be successful though they needed to have a product that was new to NSW, and different.

They approached Victorian paint manufacturer, Bristol Paints and spoke to the owner Bob White. “Mr White liked our enthusiasm and told us we could be a Trade Distributor of their products in NSW and the first in the State,” Longy says.

The challenge then was to introduce a virtually unknown brand to the Central Coast.

“It worked. Bristol was a top quality paint and we knew and were trusted by everyone in the paint business on the Coast.”

Coastal Paint & Hire was set up and in no

Bristol Paints’ Erina Team: Manager, Adam Mula, Colour Consultant Gloria Chaplin, Trade Manager Daniel Devine and Ty Drew Trade Manager Charmhaven

20-CCBR-0319 CCBR Oct.indd 12

time the Bristol Paints brand was established.

The three partners had succeeded well beyond their expectations - and that of Bristol.

Their success soon created a problem – growing pains! The shop at North Gosford/ Wyoming soon became too small so they relocated to one of the most prominent spots in Erina where they could carry a label range of products and be a complete paint shop.

Meanwhile the paint industry in Australia was going through considerable turmoil.

In 1988 Bob White sold Bristol Paints to Ford dealer, Lanes Limited who, inspired by Central Coast’s sales figures decided to open company owned stores in the Sydney metro area however they did not flourish as expected.

Taubmans, by this time were owned by British company, Courtalds Limited who in turn were bought out by South African brand management company, Barloworld. Barloworld now owned both Taubmans and Bristol.

In 2007 PPG Industries, a US Forbes 500 company, and one of the largest paint suppliers in thewsorld with over 47,000 employees, acquired Taubmans along with Bristol and White Knight Paints. Bristol is now the retail arm of PPG and PPG is a major player in Australia’s paint industry.

During this turbulent time in the paint industry the local paint business was doing very well selling a range of paint brands under the PPG banner. They were the complete paint shop.

Subsequently Taubmans, who had three trade outlets on the Central Coast, decided that company owned stores were too hard to manage, and in most cases were not viable.

They offered the Erina store to Longy, Murray and Ward because the three had proved their ongoing success and not long after the Charmhaven store which, with new staff, new stock and new attitude is a success story of its own.

In the interim Steve Ward had decided to move on leaving Longy and John Murray and their team at Erina and Charmhaven, which Longy says is the best team of people in the industry, to carry on.

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B R I S T O L PA I N T S E R I N A C H A R M H AV E N F E AT U R E

Staying top-of-mind with customers THE PAINT INDUSTRY is a highly competitive industry, however the Erina and Charmhaven outlets have been trading longer and far exceed industry ‘norms both locally and Australia wide.

That’s the boast of Brian Long and he can back it up.

“Service is one thing,” he says, “but you still have to get the message out to customers, both retail and trade.”

“Over the years we have adopted a policy of promoting our retail products and our service on radio and in the press as well as relying on word-of mouth,” he says.

In the trade sector Bristol’s painters’ breakfasts are legend and their Race Day at Gosford some years ago is still talked about in the industry. Every professional painter on the Central Coast on the Coast knows they can rely on ‘Longy’ and Bristol Paints. “ While some are our own direct customers, some are PPG customers but it doesn’t matter because in

Bristol Paints’ Charmhaven store the end they look to us to supply them.”

“At the same time we have a lot of housing customers. Some are PPG accounts and some are ours but, again, in the end we service them all,” he says.

Bristol Paints’ Charmhaven Team: Manager, Jeff Gormley, Assistant Manager Andrew Trapman and Troy Hughes Salesaman. (Trade Manager Ty Drew in Erina Team photo)

“Our business philosophy has always been – win, win, win. Win for our customers, win for our suppliers and win for us.

And it works.”

“Bristol was never just about paint, it is about the destination. It was and remains the independent paint sellers dream.

Having quality Bristol branded products that are exclusive to us and not available in the ‘sheds’ is our point of difference.”

Finally, says Longy, “its been a great journey and PPG are taking it to a new level nationally.

So hang onto your hats, this is the beginning of a new era.”

Some recent major projects supplied with Bristol Paint.

Gosford Hospital Central Coast Grammar School Brentwood Village, Bonython Towers Pine Needles Retirement Village

Bristol – painting since 1938 Bristol’s long history of providing premium paints began in 1938 when founders George White and Jack Bate first set up shop in Carlton, an inner Melbourne suburb. After successfully catering to trade painters, they ventured into the DIY market and never looked back. Since then, the legacy of providing top-quality paints and expert advice to Australian painters has not wavered.

Today, all Bristol stores are owned and operated by local small business owners, with the backing of PPG - the world’s largest paint manufacturer and leading coatings innovator. PPG supports Bristol store owners with resources, training and technology, which means that when customers choose Bristol, they are assured of reliable, expert paint advice and high-quality products to complete any project.

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Bristol has an extensive library of paint colours, as well as a highly sought after range of interior decorating products. The Bristol Easy Living paint range is ideal for DIY painters; it provides excellent coverage, is fast drying, grease and stain resistant, and easy to keep clean. While Bristol Supreme Enamel Doors & Trims is highly durable, easy to wipe and provides a smooth finish.

Bristol’s Trademark range — specially formulated for trade painters — offers superior coverage, minimal light reflectance, has good flow and is perfect for filling and sanding. And made for Australian conditions, Bristol WeatherTough Exterior paint provides UV protection, great coverage, is dirt shedding and self-priming.

Bristol stores are the one-stop-shop for all your painting and decorating needs. Drop in for a complimentary 30-minute in-store

colour consultation with a qualified design professional, to provide full confidence in your colour selections, and leave with everything you need to complete your project.

Homeowners and professional painters can count on Bristol to provide an unparalleled level of expertise and high-quality products to get the job done right the first time.

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RET2144

PLANNING YOUR NEXT

PAINTING PROJECT? Bristol is your one stop destination for all your painting and decorating needs.

Colour advice

Interior & exterior paint and wallpaper

tools to get your job done right the first time

Find your local Bristol Paint Specialist CHARMHAVEN 1/6 Botham Close Charmhaven, NSW 2263 Call (02) 4393 6771

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ERINA 179 The Entrance Road Erina, NSW 2250 Call (02) 4365 4667

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15

BUSINESS BRIEFS

CONTINUED FROM PAGE 10

Our House introduces podcasts

Matthew Lusted continues as President of Wyong Chamber of Commerce

Matthew Lusted Wyong Regional Chamber of Commerce 2020 Annual General Meeting in late August saw incumbent President Matthew Lusted re-elected along with Vice President - Darren Hooper, Central Coast Unity Bank Secretary - Jenny Darbin, Jendar Interior Design Treasurer - Susan Rodak, ANZ Mobile Lending Central Coast North Board Members - Richard Eifler, Next Step Inc - Adrian Simpson, Coastwide First National Real Estate - Joanne Cho, Organic Property Group - Glenn Zocher, Studio 2 You Photography & Video - Geoff Hetherington, Elite Business Institute

Matt Sharp, Rod Amos and Steve Allan After hosting a top rating ‘Our House’ property show on Central Coast radio for over a decade, Steve Allan and Rod Amos have reunited for the Our House Podcast, and have been joined by buyers agent and former rugby league star Matt Sharp.

The Our House Podcast provides a dose of information and observations about real estate across the nation. The presenters cover everything from real estate data, to what they’re seeing on the ground.

They also share some local insider tips on things to do, see or visit across some of the most popular suburbs in the country, as well as some suburbs you may not ever have heard of. It provides a perfect blend of perspectives from the crazy world of real estate. Rod Amos is an award winning auctioneer and highly regarded sales agent,

Matt Sharp is an independent buyers agent and member of the Property Investment Professionals of Australia, and the unmistakable voice of Steve Allen steers the ship and also shares his personal experiences.

This podcast is like nothing else out there. It’s factual, punchy and easy listening with some of the smoothest voices in radio.

Argyle Estates

Business Brokers Buying or selling a quality business, contact the experts on the Central Coast

Argyle Estates

EST. OVER

40YEARS

024332 6555 argyle@argyleestates.com.au Graham McMullen – Licensee F.A.I.B.B. 0419326555

Get with the Strength

Over the past 20 years Twin Lakes Air Conditioning has installed over �80M worth of commercial and residential projects on the Central Coast & Sydney.

Our highly skilled and experienced teams will design, install and maintain systems, including solar, to meet your specific needs.

License No. 30616C

A local family owned company - that’s our guarantee!

P. 4396 9020

www.twinlakesair.com.au

285 Main Road, Toukley NSW 2263

CENTRAL COAST BUSINESS REVIEW OCTOBER 2020

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16

PROPERT Y

COMMERCIAL AND INDUSTRIAL PROPERTY FOR SALE/LEASE

FOR SALE ERINA - BUILD YOUR DREAM HOME/ BUSINESS

BERKELEY VALE

Prime position! Floor area approx. 122m2. Consist of 3 bedrooms, combined lounge/dining room, kitchen & bathroom/laundry.

Close to Erina Fair, Terrigal beach & Gosford CBD. Zoned R2.

FOR SALE CONTACT AGENT

KINCUMBER - FREESTANDING BUILDING

Open plan, air-con, glass frontage, high clearance, storage mezz, LED lighting, 3 phase power 180amps, 3 kitchens, bathrooms, security system, 17 car spaces.

Total floor area approx. 1,505m2.

FOR LEASE $195,000 N/PA + GST Excellent position & signage exposure, dedicated parking on-site, amenities within the lettable area, close to café, shopping centre & train station.

Partitioned offices with air-con & carpet throughout.

FOR LEASE FROM $20,000 N/PA + GST

WYOMING - ICONIC THAI RESTAURANT

Popular restaurant located at the Fiveways roundabout.

Approx. 250m2, high foot traffic & highway exposure, ample on-site parking & within close proximity to Gosford CBD. FOR SALE EXPRESSIONS OF INTEREST

BERKELEY VALE - CRANEAGE, HEIGHT & ACCESS!

Freehold property zoned IN1 & consists of (approx.)

4,000m2 high clearance industrial factory/warehouse space, large mezz areas & office space. Lot is approx.

8,422m2 with hardstand areas.

FOR LEASE - $390,000 G/PA + GST

SOMERSBY - PRE-CONSTRUCTION RELEASE

10 industrial strata units ranging from 102m2-118m2.

Great exposure, parking, concrete tilt panels, kitchens, disabled facilities, LED Hi Bay lighting, zoned B5, close to M1 MTWY. FOR SALE FROM $306,000 + GST

WAREHOUSE, OFFICE & HARDSTAND!

Purpose built with (Approx.) 2,420m2 of quality high clearance (6m - 9m height internally) warehouse or manufacturing space. 350m2 (Approx.) of office space with natural light & quality amenities.

FOR SALE - $4,950,000 + GST

SOMERSBY – VACANT LAND! REDUCED TO SELL!

North facing lot, approx. 5,098m2. There is a gas easement leaving approx. 3,336m2 net land area to build on. Couple of mins to the M1 MTWY. Fully serviced, all Somersby Contributions have been paid.

FOR SALE $910,000 + GST

FOR LEASE

FOR SALE & LEASE

GOSFORD - GROUND FLOOR OFFICE/RETAIL

Must be leased or sold, a unique opportunity to secure a high quality aquatic centre with benefits (including huge dedicated parking & additional infrastructure). 1,140m2 approx. under roof.

FOR SALE & LEASE - EXPRESSIONS OF INTEREST

SOMERSBY - SHOWROOM, OFFICE, WAREHOUSE

WOY WOY – 3 MODERN SUITES AVAILABLE

Approx. 1,108m2 of nett area over 2 levels, 27 car spaces, 6 internal amenities, disabled bathroom, kitchen, roller door, aircon, flexible working areas, IN1 zoning & 3 separate entrances.

FOR SALE CONTACT AGENT

TUGGERAH - INDOOR AQUATIC CENTRE!

FOR LEASE

PROPERTY OF THE MONTH

Suites & whole floors available, ranging from approx.

350m2-996m2. Prime corner CBD location.

Fit out is high-quality. Contains reception, board & meeting room, open plan workstations & kitchen.

FOR LEASE $300,000 N/PA + GST

Visit our website for additional properties and more information centralcoast.ljhcommercial.com.au

TUGGERAH - CAFÉ/RESTAURANT!

Consisting of (Approx.) 230m2 of high exposure, design & purpose built café and restaurant, this large floor plan has an elegant al fresco seating area, & several semi indoor/outdoor areas for customers.

FOR LEASE - $80,000 N/PA + GST

BERKELEY VALE - CRANEAGE, HEIGHT, ACCESS, & SIZE!

Freehold property zoned IN1 & consists of (approx.)

4,000m2 high clearance industrial factory/warehouse space, large mezz areas & office space. Lot is approx.

8,422m2 with hardstand areas.

FOR LEASE - $390,000 Gross PA + GST

TUGGERAH - DELUXE, FULLY FITOUT CAFÉ/RESTAURANT!

Consisting of (Approx.) 230m2 of high exposure, design & purpose built café and restaurant, this large floor plan has an elegant al fresco seating area, & several semi indoor/outdoor areas for customers.

FOR LEASE - $80,000 Net PA + GST

Suite 401 / 1 Bryant Drive, Tuggerah NSW 2259 87 Mann Street, Gosford NSW 2250

Phone 4353 7700

HUGE EXPOSURE FOR LEASE Suite 3, 36-40 Victoria Street East Gosford

FOR SALE From $134,950 +GST

FOR SALE $2.7 Million

Premium Highway Location

High Profile Fast Food Investment!

• • • •

• • • •

Wyong Business Park

Construction commences January 2021 Multiple units are available from 33m2 Ideal for owner occupier & investors ING four story office tower already under construction

Brad Rogers 0459 921 122

rhccc.com.au

3/57 Central Coast Highway, West Gosford

High Profile Fast Food Investment Prominent exposure, great access & plenty of parking Surrounded by high profile neighbours Drive-thru, grease arrestor, cool room & freezer

Ben Purdue 0450 719 600

Local Knowledge & National Strength

High proole, ground oor, corner position.

Located at main intersection on Central Coast Highway.

Customer car park on site.

1x undercover reserved space for tenant.

122 sqm internal area.

Awning signage area.

Ducted air conditioning, 3 phase power, ceiling, lighting, white walls.

Lee Woodward 0414 877 780 | 02 4323 7606 lee@vcmanagement.com.au www.vcmanagement.com.au

CENTRAL COAST BUSINESS REVIEW OCTOBER 2020

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PROPERT Y

Sydney buyer to relocate to Tuggerah

UNIT 3/8 WILLOW TREE ROAD, WYONG FOR LEASE $375 Per Week Net + GST Located in IN1 zoned area of North Wyong Industrial estate, giving any occupant a conveniently short trip to the M1 Motorway this Full concrete panel industrial unit within a secure complex that has a combined floor area of 164sqm including reception/showroom, and an open concrete mezzanine floor level. This unit is at the rear of the complex that consist commercial glazed shopfront style entry, high & wide automatic roller door, and Kitchenette.

222 WISEMANS FERRY ROAD, SOMERSBY FOR SALE

SOMERSBY’S NEWEST INDUSTRIAL ESTATE - SIZES FROM 167SQM Quality, brand new industrial complex, offering units from 167sqm up to 914sqm. Solid concrete panel construction with high internal clearance, clearspan floor area, with mezzanine office and on-site parking. The complex offers a Café at the front of the development and easy access, just of the M1 Motorway. Contact us for available sizes and prices.

Pricing from $395,000 + GST.

A Sydney based buyer looking to relocate his business to the Central Coast has purchased a freehold property at 1 Marklea Close, Tuggerah.

The property, on a 2,126 sqm lot comprises a 999 sqm concrete construction

SHOP 2 / 152 LAKEDGE AVENUE, BERKELEY VALE FOR SALE/LEASE AFFORDABLE RETAIL / COMMERCIAL PREMISES Positioned on busy Lakedge Avenue, Berkeley Vale offering a modern shop front, security shutters, alarm & amenities. There is lots of parking at your front door, great exposure and close proximity to Tuggerah Lakes.

Purchase price $330,000 + GST or lease for $18,000.00 Net + GST. Contact: Mark Davies 0422 442 858 Daniel Mason 0403 889 530 Chris Watson 0402 430 213 Prices shown with * are inclusive of GST.

4325 0208 83 MANN STREET, GOSFORD 2250 www.chapmanfrazer.com.au

warehouse with extensive hardstand.

Price paid was $1.23 million (No GST – Going concern).

Ty Blanch and Brett Dowling from LJ Hooker Commercial Central Coast negotiated the sale.

West Gosford factory units sell Anthony Scarcella from L J Hooker Commercial Central Coast reports the sale of two factory units at 290 Manns Road, West Gosford: Unit 8 of 245 sqm has sold to an owner occupier for $550,000 plus GST, Unit 4 of 250 sqm has been bought by an investor for $560,000 plus GST

FOR LEASE

PROFESSIONAL & SPECIALIST MEDICAL SUITES

152-154 PACIFIC HIGHWAY TUGGERAH

Easy Parking, great exposure, well maintained & presented property with well known quality tenants including Trader Vics, BCF & Super Cheap Auto, PRP Radiology, Australian Clinical Labs Pathology, Fullerton Health Medical Centre, Geriatrician; Psychologists, Dentist, Sports & Spinal Physiotherapy, Chiropractor, Cafe & more.

Ideal for the Professional, Legal, Financial or Medical Specialist with sizes from 16m2 up to 95m2 suitable to Lease or Purchase.

Features include: • Flexible lease terms • Competitive rentals • Excellent parking • Air-conditioning, carpets, kitchenette • Balcony access for East Wing suites • Exposure of Complex to Tuggerah Straight

For further details contact Julie Davies on 0402 779 186

Get results!

ADVERTISE YOUR PROPERTY IN CCBR For further information phone 4367 0733 or email info@ccbusinessreview.com.au CENTRAL COAST BUSINESS REVIEW OCTOBER 2020

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18

PROPERT Y NEWS

7.5% return for Kincumber industrial investment

A Sydney investor has paid $1,810,000 (GST not applicable) for an investment property at 8 Bilinga Road, Kincumber providing a net passing yield of 7.5%.

With a site area of 1,855 sqm the property in the Kincumber Industrial Area zoned IN1 – General Industrial, comprises freehold industrial factory building of 992 sqm consisting of 3 industrial factory units plus 65 self-storage units and a substantial solar electricity generation facility is installed on the roof.

A Development Approval for a further 140 self-storage units is current.

Ben Purdue from Raine & Horne Commercial negotiated the sale. $207 per square metre for Somersby Industrial lot A local transport company has paid $4,650,000 plus GST for a 2.25 hectare industrial lot at 85 Pile Road, Somersby.

Oblong in shape, cleared and level the property was sold by way of Expression of Interest through Brad Rogers from Raine & Horne Commercial Central Coast.

Modular home builder leases modular home factory

Previously occupied by the Builtsmart Group a property at 5 Sunny Bank Road, Lisarow (on the corner of Railway Crescent) has been leased to another modular home manufacturer, Manor Homes.

Due to growth and expansion they have relocated their factory from West Gosford to Lisarow. Manor Homes will still retain their display location at 281 Mann Street, West Gosford.

The property, a level site of 3,448 sqm, comprises the main clearspan factory building of 2,682 sqm with office area, plus 60 sqm office/lunchroom mezzanine.

Local investors confident about Warnervale

A separate 390 sqm welding facility and external 181 sqm detached office forms part of the overall complex Terms of lease are 3.5 years with 2 year + 3 year options at an undisclosed rental.

Ty Blanch and Brett Dowling from L J Hooker Commercial Central Coast negotiated the sale with Mr Blanch commenting that the property had been marketed as an EOI campaign which drew considerable interest and in the end the owner struck a deal with another modular home builder.

LEASINGS Erina space leased for supermarket A local family has leased Unit 2, a 117 sqm space at 202 The Entrance Road, Erina and will establish a supermarket selling grocery items and halal meats.

Terms of lease are 3 years at a rentail of $35,000 for the 1st year, escalating to $40,000 in the 3rd year, including Outgoings plus GST. Ben Purdue from Raine & Horne Commercial negotiated the lease.

Industrial property investors are active across the Central Coast and this is very evident with a new development of 10 industrial units at 1 Burnet Road, Warnervale.

A consortium led by developer Mark Carey developed the complex have seen all but two units sold with five

settled and five exchanged with settlement due in the next month.

Ty Blanch and Brett Dowling, marketing agents for the project report that five units ranging in size from 109 sqm to 192 sqm have sold between $2,450 and $2,650 per square metre depending on size and optional mezzanines.

Charmhaven industrial unit leased A property maintenance business has leased Unit 10, 3 Fairmile Close, Charmhaven.

Terms of lease for the 163 sqm unit are one year with no options at a rental of $22,880 per annum plus Outgoings and GST. Ben Purdue from Raine & Horne Commercial negotiated the lease.

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19

PROPERT Y NEWS

Gosford Gateway redevelopment now on exhibition

Mouse House – A new workspace concept

Warren Hughes with Steve Mailey Directors of Stevens Construction following completion of Mouse House Self Storage & Innovative Work Space Architects’ image of propose Gosford Gateway Centre redevelopment PLANS FOR A $300 million redevelopment of Gosford Gateway Centre opposite Gosford Station is now on exhibition with the Department of Planning.

The redevelopment of the Gateway Centre has been going through two years of design phases with State Government and stakeholders.

The 80,000 sqm redevelopment will be a mix of Commercial, Education, Entertainment, Retail, Student Living, Independent Living Units and will provide over 3000 jobs.

The development will comprise 3 Towers with the tallest one topping out at 33 storeys and will be the tallest building in Gosford. 0ver 40,000 sqm of High quality commercial floorspace, 20,000 sqm of Education/Tertiary floorspace, 15,000 sqm of retail/and entertainment and 5000 sqm of public open space A redeveloped Gateway Centre will become an Education, Entertainment and Commercial Precinct with 1200 car spaces.

It will provide much anticipated employment opportunities for the local community by attracting businesses and companies to Gosford particularly with its direct connection to Gosford Station and bus interchange.

A large conference facility is planned and will be accessible to the local and greater community as part of the education hub.

The masterplan has nominated a large public plaza opposite the heritage listed Burns Park.

The space will be activated night and day by restaurants/bars /cafés and a supermarket. It will be a landscaped green space breakout area for audiences at the auditorium but also for community and cultural events and a space to be used by the working community during the week.

Seeing a market shift in the demand from traditional industrial units to smaller ‘mini’ units for micro and mobile businesses, property developer Warren Hughes has just completed the Mouse House Self Storage & Innovative Work Space units at North Gosford.

Designed by MJ Cassidy and Associates and built by Stevens Construction the first stage of the Mouse House units in Carey Street, North Gosford comprise 10 units of 30+ sqm x 6 metres high allowing for mezzanine and 26 containers. The gated complex will have full security including passcode entry and CCTV. All will be available for lease with none being offered for sale.

Mr Hughes said there is a growing demand for this size unit from small distributors, online businesses, tradesmen and mobile mechanics and he sees a strong demand coming from the growing number of residential apartment owners in and around the Gosford CBD. “Over the next five years, following this pandemic, we are going to see a rethink by people downsizing their residential and commercial space needs.

And on the Central Coast this will also be the case with more people finding they can work just as effectively working from home,” he said.

Raine & Horne Commercial Erina have been appointed leasing agents.

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20

BUSINESS TIPS

What would it mean to you if all your employees were identifying, attracting, engaging, getting and keeping new business for you?

By Trevor Marchant, Managing Director, Marchant and Dallas

YOU’VE HEARD THIS story before.

Mary was complaining about the missed opportunities in her business – simply because her team weren’t trained or confident to handle potential sales.

As your business changes and grows, it might not have enough employees to dedicate any of them specifically to sales.

That doesn’t mean however, you can’t have a salesforce.

Every single employee who works for your business is – or should be – selling.

No matter if the employee’s job title is general manager, architect, lawyer, accountant, receptionist, computer tech or service clerk, that person is also a salesperson.

This is true – or should be true for businesses of any size.

As Daniel Pink says in his wonderful book – To Sell is Human – we’re all in sales now.

Particularly now. No one can afford to let

a chance go by… providing the chance is approached in a moral, ethical, legal and professional manner.

Think about it.

Any employee who has contact with a customer, client, vendor or a member of the public – even after hours – is a walking commercial for your company.

For these reasons, it’s important to train all employees in sales skills so they can use them whenever they find themselves in a position to influence someone’s opinion about your business or the products and services you offer.

That said – just so you know what you’re up against – as you begin the process of transforming your workforce into an unofficial salesforce, you will run into three roadblocks: • E mployees who don’t want to sell • E mployees who don’t know how to sell • E mployees who refuse to sell You and your managers can overcome all those challenges. However, you and your managers may also fall into one of those three categories – at least at first.

If you’re in this position – just do what Stevo did…talk to me and put a plan in place to fix the problem and capitalise on those missed opportunities.

Culture change comes from the top.

If every employee is expected to look for and ask for new business, managers and owners must do that as well.

Managers who do what they ask others to do show employees that they’re serious about the new routine and about turning all employees – including themselves – into salespeople.

Culture change begins at the top of the company. You can create a winning sales and service culture for your workplace, even if you don’t have a single, official salesperson on staff. www.marchantdallas.com.au/salesfactor

EFFECTIVE AFFORDABLE ADVERTISING Do you provide a service or sell products to businesses?

For further information phone 4367 0733 or email info@ccbusinessreview.com.au

Service CENTRAL COAST BUSINESS REVIEW OCTOBER 2020

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21

BUSINESS TIPS

Right place – Wrong Time! the sequence in which they occur, with even muted levels of bad volatility, occurring at the worst time, having a significant impact on retirement savings.

By Brett Gilday, Director, Moneywise Financial Solutions

IF YOU WERE to ask yourself, “at which point am I at greatest financial risk?” you may be surprised to know it is the moment you retire and cease earning an income.

“Sequencing risk” describes the risk of experiencing returns in an unfavourable order or ‘the worst returns in their worst order’ challenging the conventional wisdom it is the accumulated average of investment returns that matter.

It is the belief that wealth is not only affected by the frequency and magnitude of good and bad returns, but also

Consider experiencing a GFC event at or around retirement (age 65) Risks large losses occurring at a time when it is difficult to recoup them (ceased working).

This tends to be when you have the greatest amount of invested wealth during your life to date and are more vulnerable to large losses.

Such losses can force you to return to the workplace and/or may require a more limited retirement than you had planned.

If a large loss is incurred, you must achieve a return greater than the percentage of the loss in order to recoup the loss.

For example, if you lose 50% on a $100,000 portfolio, the size of the portfolio shrinks to $50,000.

You then must achieve a 100% return on the remaining $50,000 portfolio for it to return to its pre-loss size of $100,000.

Strategies to overcome sequencing risk 1. Investment Strategy Your “investment strategy” should be reviewed as you transition to retirement with focus shifting to investments that have less volatility and correlation to traditional asset classes. If a passive investment strategy using index or exchanged traded funds has been followed, it will be time to consider active management. Liquidity of investments will also become more important, so you have flexibility to sell down a portion of your portfolio as necessary.

2. Transition to retirement If it is possible to reduce time at work down to 4 days then 3 days, you can take advantage of tax rules encouraging you to work longer and provide an additional retirement buffer.

3. Annuities If you are not prepared to take the risk of a share market downturn, it is possible to protect your income/ capital by purchasing an annuity. There is a variety of annuities offering features for differing circumstances. If there is certain level of income that you wish to lock in, a purchase of an annuity for that portion of your income may be suitable for you.

4. Withdrawal Rates Consider combining different withdrawal strategies to target specific needs. For example, you may use an inflation adjusted withdrawal amount to cover essentials and a fixed percentage withdrawal (which will fluctuate with investment earnings) to meet discretionary expenses.

If you feel like your investments are on a return rollercoaster, speak to your adviser regards ways to limit volatility and provide a more consistent outcome as you head into retirement.

When is a redundancy payment not required?

By Warwick Ryan, Partner, Hicksons Lawyers

FOR MANY EMPLOYERS, a changing workforce is a fact of life. Employees may be working seasonally, workload may be subject to the changing market, or dependent on securing contracts for work. Add this to the current uncertainties of business and redundancy payments can be a complicated aspect of running a business.

Redundancy occurs when a permanent employee is terminated because the employer no longer requires that job to be performed by anyone due to changes in operational requirements. When this occurs, employees are entitled to redundancy pay under the Fair Work Act 2009.

When is an employer absolved from paying redundancy?

There are some exclusions to the obligation for an employer to pay redundancy where a permanent employee is made redundant: • if the employee is terminated due to the ordinary and customary turnover of labour; • for small business employers with 14 or fewer staff (apart from construction industry employees); • for employees with less than 12 months continuous service’

• w here the termination is part of a business sale and the employee is rehired with their prior service recognised; and • an award that specifies other situations where redundancy will not be paid.

What is defined as ordinary and customary turnover of labour?

The Federal Court of Australia recently confirmed a redundancy payment is not required where an employee is made redundant due to the ordinary and customary turnover of labour. This typically arises in industries where it is expected that employee tenure will be relatively short term and uncertain – perhaps because the continuation of a role is dependent upon the employer retaining certain funding or a particular contract, for example welfare or security roles.

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22

BUSINESS TIPS

MIND YOUR BUSINESS

By Troy Marchant, Director, Adviceco Chartered Accountants

Where has the profit gone?

It’s a common question. The P&L reports a profit, but there’s no money in the bank?

Here are some of the reasons why: • Invoices: The work is done but the invoice hasn’t been paid. The invoice is recorded in the profit & loss statement but no amount will show in the cash flow statement until the invoice is paid. One way businesses might try to preempt this is to invoice 50% upfront.

This leads us to point number 2…

• Deposits and prepaid income: When a deposit is received it will show as an increase in the cash flow statement but there will be no corresponding increase in the profit until the full invoice is issued and paid.

• Expenses and bills: When a bill is issued to you/your business, it will appear in the P&L but not show in the cash flow statement until the

account is actually paid.

• P ersonal withdrawals from the business: This will show as a reduction in cash available, but have no impact on your P&L, sometimes called ‘drawings’ or ‘Directors loans’.

• Loans and hire purchases: Cash is reduced by the loan repayment however the profit is only impacted by the interest component.

• Asset purchases: The impact of the Instant Asset Write Off means cash is reduced by the same amount as your profit thus reducing your tax.

The best way to marry your P&L and your cash flow statement is through: 1. S ystematised software management, such as Xero or MYOB 2. H abitual reporting and review to consider the trends retrospectively and to preempt the opportunities and risks ahead 3. P rofessional support. If you don’t have in-house accounts, talk to your accountant about making sure your profit is reflected in your bank account.

Troy Marchant is hosting a business seminar called: The U-Factor – your business pre, during and post COVID-19 on Wednesday 21 October at 5.30pm at the AdviceCo offices in Gosford.

Complimentary places are limited in keeping with COVID Safe standards. Register at www.adviceco.com.au/events/

When is a redundancy payment not required?

CONTINUED FROM PAGE 21

The Federal Court confirmed that this avenue remains open for employers to not have to make redundancy payments in such circumstances. However, the court limited this exemption to one where a reasonable person – in the position of the employer and employee – would have understood that the job was not permanent and would come to an end within a reasonably foreseeable timeframe.

Some roles in particular industries, i.e. logistics, welfare and security, are often understood to be contract and/or government funding dependent. In such situations, employees would have an expectation that work is not ongoing. Also, for redundancy not to be payable, there needs to be a clear link between the reason the worker was made redundant, and the ordinary and customary turnover of labour (i.e. loss of contract or government funding).

Redundancy can be a significant cost for a struggling employer or one with a rapid turnover of staff. Seeking advice early can potentially remove the obligation of this expense where it is not required by law.

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23

FUNNY BUSINESS

MURPHY APPLIED FOR an engineering position at an Irish firm based in Dublin.

An American applied for the same job and both applicants having the same qualifications were asked to take a test by the Department Manager. Upon completion of the test both men only missed one of the questions. The Manager went to Murphy and said.

“Thank you for your interest, but we’ve decided to give the American the job” Murphy: “And why would you be doing that? We both got nine questions correct.

This being Ireland and me being Irish I should get the job!”

Manager: “We have made our decisions not on the correct answers, but on the question you missed.”

Murphy: “And just how would one incorrect answer be better than the other?”

Manager: “Simple, the American put down on question #5, “I don’t know.” You put down “Neither do I.” Did you hear about the banker who was recently arrested for embezzling $100,000 to pay for his daughter’s college education?

As the policeman, who also had a daughter in college, was leading him away in handcuffs, he said to the banker, “I have just one question for you. Where were you going to get the rest of the money?”

I am a very nervous flyer. During a trip from California to Indiana, it didn’t help that my connecting flight from Denver was delayed twice because of mechanical problems. Then, after we were aloft, I noticed the lights began flickering. I mentioned this

to a flight attendant. “I’ll take care of it,” she said. Moments later the lights went out.

Clearly she’d solved the problem by turning off the lights.

A passenger across the aisle who had been listening leaned over and said, “Whatever you do, please don’t ask about the engines.”

Fred got home from his Sunday round of golf later than normal and very tired. “Bad day at the course?” his wife asked.

“Everything was going fine,” he said.

“Then Harry had a heart attack and died on the 10th tee.”

“Oh, that’s awful!”

“You’re not kidding. For the whole back nine it was hit the ball, drag Harry, hit the ball, and drag Harry.”

An accountant is having a hard time sleeping and goes to see his doctor.

“Doctor, I just can’t get to sleep at night.”

“Have you tried counting sheep?”

“That’s the problem - I make a mistake and then spend three hours trying to find it.”

Our neighbour passed out in a dead faint as he came out of his front door onto his porch.

Someone dialled 000 When the paramedics arrived, they helped him regain consciousness and asked if he knew what caused him to faint.

“It was enough to make anybody faint,” he said. “My son asked me for the keys to the garage, and instead of driving the car out, he came out with the lawn mower.”

Accountant after reading a nursery rhyme to his child, “No, son. It wouldn’t be tax deductible when Little Bo Peep loses her sheep.

But I like your thinking.”

A window salesman phones a customer….

“Hello, Mr Brown,” says the sales rep, “I’m calling because our company replaced all the windows in your house with our tripleglazed weather-tight windows over a year ago, and you still haven’t sent us a single payment.”

The customer replies: “But you said they’d pay for themselves in 12 months.”

A group of high-level executives at a company decide to start a rowing team?

No matter how hard they try, though, they always end up losing against their rival firm. After months of humiliating defeats, they send one of their guys to spy on another team’s practice session, hoping to discover their secret.

After returning, the spy reveals: “I found out how they keep on winning. They have only one person do the yelling.”

Quote of the month “Thinking is the hardest work there is which is probably the reason why so few engage in it.”

Henry Ford

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CENTRAL COAST BUSINESS REVIEW OCTOBER 2020

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THE NEW M3 WITH AN EXTENDED TEST DRIVE.

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Speak to a Worthington BMW Sales Consultant to book your Extended Test Drive.

Cnr Central Coast Hwy & Kangoo Road, Kariong NSW 2250 Vehicles are subject to availability and a dealership reserves the right to refuse an extended test drive at any time. All customers must be 25 years or older with a valid unrestricted drivers licence which must be produced upon pick up of the vehicle. Test drives are subject to participating dealers terms and conditions. Speak to a BMW Sales Consultant for more information.

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