MGI AUSTRALASIA NEWSLETTER Issue 13, July 2015
A WARM WELCOME TO ANOTHER ISSUE
MGI PARTNER PROFILE
Since our last issue we have had another firm, Joyce|Dickson join the MGI Australasia network. We are very pleased to welcome our first firm in Canberra.We look forward to strenghtening our ties with Joyce|Dickson and getting to know more about them in the coming months. Managing Partner, Lorin Joyce gives us an overview of the firm in his article, Questions for the new kid on the block. I would also like to congratulate Maree Caulfield, Director of Taxation and Business Services, MGI Adelaide on her recent appointment to the State Tax Technical Committee of the Tax Institute of Australia. This is a great acknowledgement of Maree’s professional skills. We hope that you enjoy the newsletter and welcome any feedback for articles for the next edition.
Brendan Brown Director, MPR (MGI in Melbourne)
Why did you decide to become an accountant? Maths was always my favourite subject at school. I was awesome at the times table races at primary school! During the later years of high school I thought about becoming an engineer but ended up hating physics and chemistry. I did work experience at a family friend’s accounting firm and enjoyed it so I decided from that point on that an accounting degree was the way to go. If you were not an accountant what would have been your next career choice? Why?
Grant Field Executive Chairman MGI Australasia
That’s easy! I’d definitely be a professional sailor. Sailing is my passion and I have been actively involved in the sport since a kid with my family. Some of my childhood sailing friends have grown up to become professional sailors in around-the-worldraces or the America’s cup and I am still in close contact with them. As much as I envy them at times I’m really glad with the choice I made to be an accountant as I get great satisfaction from the team and clients with whom I work. I also have good worklife balance which enables me to spend time with my family and as well as sailing a few times a month on weekends. What do you like about your role? Why? I head up the grants division of our firm which I really enjoy as it is great to constantly meet clients that are developing innovative new technologies. These
MGI AUSTRALASIA NEWSLETTER Issue 13, July 2015
clients are generally based in biotech, IT or manufacturing. Most of our biotech clients are in the early stages of developing new drugs for human use. Although none of them have got their products to market as yet, it is rewarding to think you are working with companies that may potentially be able to solve a world wide health problem and in turn reduce deaths and increase patient quality of life. What does it mean to be a director of an MGI firm? Although relatively new to the MGI network, I have seen some great benefits for our firm as part of the global MGI community. Red Agency (MGI’s PR firm) recently arranged for me to speak on the Sky Business News SME program about the R&D tax incentive program. It was great to be asked to do this and promote our wider network. I also have clients regularly looking to expand overseas and it has been great to tap into the global MGI network of firms and see how they can assist our clients. If you were marooned on a desert island what one piece of music would you like to have with you and why? I can’t say I have a favourite song but like to listen to a wide range of music. So if I had a wind up radio and reception to listen to Triple J I’d be happy! I also took up learning to play the guitar a few years ago but since having our first child the lessons and practice have taken a back seat. If you also throw in an acoustic guitar and a chords book you’ve got a deal! How long do I have to stay on this island for again? What is your favorite past time outside work? As indicated above, sailing is my favorite past time outside of work. I have sailed various boats over the years from dinghys, catamarans and keelboats, but a few years ago I bought a 20ft trailer sailor which I tow around to various regattas in Victoria to compete. The boat was built in 1977 and is in mint condition and it has been great to spend time with my father getting it up to speed and he also races with me. He’s pushing late 60’s now so I realise I’ve got to make the most of the time we spend together as father and son, but that doesn’t give him any excuses and I work him pretty hard in the races!
What advice would you provide to recent graduates about how to become a director/partner? The first year out of University can be quite daunting. As much as you thought you knew everything at University, you quickly realise you are on a steep learning curve in public practice for the first few years. The key is to focus on your technical skills and work ethic and then you will hopefully get more client exposure and develop your personal style in dealing with clients. If you are to be successful and become a director/partner the technical skills are a given but your ability to communicate with and attract new clients will be a large part of your role and determine your success. BRANDING FOR LEADERSHIP Written by Grant McIennan, MGI Sydney This year’s MGI Australasia Future Leader’s conference was held in Sydney at the Amora Hotel th st on the 20 and 21 of February. Delegates from across the Australasian MGI network attended the conference. Held over two days, the conference facilitated by John Prentice from Plan B International focused on what it means to be a leader within MGI. The main aim of the conference was to identify what qualities make a leader and how to develop an effective leadership “brand”. Delegates focused on developing their brand over the course of the two days. Throughout day one John facilitated group discussions on a variety of topics including identifying
MGI AUSTRALASIA NEWSLETTER Issue 13, July 2015
leadership qualities, workplace culture, building working relationships and providing feedback. The structured discussions, informal group discussions and team building exercises allowed delegates from across MGI to get to know each other, while at the same time allowing us to also gain some interesting insights into how groups work together and the different personalities and dynamics within groups.
I would like to take this opportunity to thank MGI as well as John for an enjoyable and insightful two days which not only allowed us an opportunity to work on our leadership skills but also allowed time for some personal reflection and refocus. All delegates have since continued to develop on their personal brand and look forward to continuing to work on these with John moving forwards.
After completing a full day of sessions the group moved on to dinner at The Malaya on King Street Wharf with everyone enjoying a fantastic set menu and the opportunity to network and further get to know each other with the added help of a few drinks.
QUESTIONS FOR THE NEW KID ON THE BLOCK Can you give us a quick overview about Joyce|Dickson?
Day two was made up of various group discussions, team exercises and opportunities to work one-on-one with John. The day was focused on each delegate starting to bring together their personal brands. Everyone had undertaken a self-assessment, as well as collecting feedback from colleagues prior to the conference on identifying areas of strength and weaknesses in their current working behaviours.
Joyce|Dickson was founded in 2003 and has become a prominent accounting firm located in the heart of Canberra. Joyce|Dickson provides accounting, business consulting and tax advisory services, with our core focus being on creating strong client relationships to ensure our clients achieve their business objectives and maximise their potential opportunities.
The personal brand was based on outlining the behaviours/attributes each delegate believed made them an effective leader, as well as developing a detailed action plan on how they will continue to improve their brand. Over the day delegates also had the opportunity to share a story about an item of significance they had bought with them and why it is symbolic of a significant moment in their life. The conference concluded with a lunch at the Amora Hotel before finishing up for the day.
How many directors are there at Joyce|Dickson? We have five partners, five managers, 14 professional staff and eight administration staff, totalling 32 staff. The five partners at the firm are – myself Lorin Joyce, a Founding Partner, Chris Fusca, Jeff Brewer and Greg Diamond who are Partners of Business Services and Wayne Bolin who is the Superannuation Partner. What is the history of Joyce|Dickson?
Attendees at the MGI Future Leaders Conference
Jodie Dickson and I founded the firm in 2003 with the vision of providing better service through building strong client relationships. A key driver for growth in the Canberra market is linked to client expectation versus reality in regards to the service they receive. I believe that we have been able to enjoy continual growth of our firm through developing and maintaining individualised client relationships whilst always providing the highest standard of service in a relaxed client environment. We have also been able to meet our client’s needs through the creation of strategic partnerships with Custodian Financial Group, our financial planning division, and Priority One Mortgages, our lending providers. These collaborations enable us to provide our clients with a true holistic financial service solution.
MGI AUSTRALASIA NEWSLETTER Issue 13, July 2015
What are the areas of expertise for Joyce|Dickson?
we have the capabilities to service large private clients in this market.
We offer our clients tailored strategies to help them achieve their objectives. The services we provide include taxation advice and compliance, business advice and planning, succession planning, business wealth creation strategies, valuations and due diligence. We also have a team dedicated to providing a specialised Self-Managed Superannuation Funds (SMSF) service. What type of businesses does Joyce|Dickson seek as clients? Are there specific industries that are of interest to Joyce|Dickson? At Joyce|Dickson we have a vast array of different clients in the SME market including property developers, medical professionals and franchisees. Our clients are knowledgeable in their specific industries and are looking to develop their businesses through the value added services we provide such as mentoring, the setup of systems & procedures and growth strategies including merger and acquisition advice. What factors influenced your decision to join MGI? As a firm we decided that MGI was the best fit for us due to the similar values our organisations share, as well as MGI’s commitment to striving to constantly improve and develop. Joining the MGI group will allow us to extend our capabilities and resources by utilising other firms with differing specialisations, as well as developing our own staff through training opportunities. We also found that the MGI community had a number of similar firms to us that we would be able to share our resources with to help resolve shared problems and develop best practices. What does Joyce|Dickson hope to get from its relationship with MGI? We look forward to creating a relationship with MGI that we can use as a sounding board to bounce ideas off, while also being a platform that we can use to build better accounting practises through the development of better systems and processes. We also hope that this relationship will enhance Joyce|Dickson’s profile in Canberra and highlight that
JoyceIDickson staff enjoying a few minutes from client work
Do you have any observations so far about MGI? MGI is a very professional body. It is well run and has a motivated and driven executive committee lead by Grant Field. In addition the feedback we have received from staff who attended a recent training session was extremely positive, reconfirming to us that this partnership is a good cultural fit. The Partners are all looking forward to the upcoming national conference to build closer relationships with the MGI Australasian Network. What do you see as the main challenges for the industry in Australia and Asia Pacific? The biggest challenges that we face are technological advances, outsourcing and attracting and retaining staff. In order to overcome these challenges we need to continue to adapt and develop as technology shifts and to continue to put our clients at the forefront of all our service offerings. Do you see any immediate potential collaboration areas with other MGI firms? We are looking forward to collaborating with all the MGI firms over the next few years and developing strategic partnerships that will benefit our clients. In the immediate future we hope to develop relationships at an operational level and develop best practice approaches with firms similar to ours through idea sharing.
MGI AUSTRALASIA NEWSLETTER Issue 13, July 2015
An Interview with MGI North America’s International Committee Member
Do you have a particular area of expertise? What would you say your strengths are? My expertise lies in advising sectors such as manufacturing, distribution and not-for-profit organisations. I would say my strength is being able to make big business decisions, which is something I learned from my time at the winery. What is your greatest professional achievement? What do you hope to achieve in the year ahead, both professionally and personally?
Ed Fahey President, RINA
Ed Fahey is president of RINA, one of MGI’s North American member firms, which has offices across California, including San Francisco. He is the International Committee’s North American representative. What do you enjoy most about your job? Is there anything you DON’T like about your job? I enjoy the variety of the work and as president I enjoy the challenge of trying to move people in the same direction. We also get to work with some pretty high calibre people. I dislike it when petty issues distract from the goals of the firm. What was your first job? Where else have you worked before your present firm? My first ever job was as a janitor when I was working my way through college. RINA was my first job after college. I spent 14 years there before taking a threeyear sabbatical to work in the wine industry, which was really interesting. I got to deal with different aspects of the business, including financial, retail, sales, tasting and farming. During my time there, I bought several vineyards and even created a label. Why did you decide to become an accountant? I have always enjoyed the combination of business and mathematics.
My greatest professional achievement is becoming president of RINA in 2006. In terms of what I hope to achieve in the year ahead, I would like to see RINA continue to recover from the economic downturn and create new opportunities for different members of our team. Personally, I would like to get through my daughter’s graduation from college . How has membership of MGI helped you connect with other firms around the world? We have been collaborating on audit work with other member firms. The meetings and conferences held throughout the year have also provided an excellent opportunity to speak to other firms from around the world. Personally, I think MGI has really turned a corner from a social club to a professional association. Its current structure, with each area having its own co-ordinator, has really allowed us to grow. We are also looking at recruiting more members in several big cities across the USA. What hobbies or interests do you have outside of work? Any favourite holiday destinations? I enjoy wine tasting, which is something I had the opportunity to do plenty of during my time in the wine industry. I don’t have a favourite holiday destination, preferring to visit a different place each time, although we do visit Disneyland quite a bit with our children. I do enjoy travelling and I enjoyed visiting Australia for the 2013 International AGM. If you were not an accountant, what other job would you do? I’m doing my dream job now, but I would probably work in data analytics, as I have always found that fascinating.
MGI AUSTRALASIA NEWSLETTER Issue 13, July 2015
If you could go back in time and offer advice to yourself when you were just starting out in the profession, what would you say? Remember, there are people behind the numbers. It’s easy to get bogged down in the technical aspects of tax returns, but there is always a story behind the numbers, such as how the client started their company and the things that are important to them. MGI RIGHT STUFF WINNER Ricky Prasad from MGI Sydney is an MGI Right Stuff recipient. Ricky is a valuable member of the MGI Sydney team and is a Senior in Business Services. Due to a shortage of staff in MGI Sydney’s audit division, Ricky showed his commitment to being a team player. For three months during the busy 2014 audit season, Ricky stepped into an audit role despite not having had any previous audit experience. During this time Ricky endeavoured to get the job done, despite having to work late or coming in on weekends. Ricky with his dedication to the MGI Sydney team and his initiative certainly demonstrate the values behind the MGI Right Stuff recognition.
WELCOME TO MGI..... MGI Auckland
Laureen Chong Naseema Mohammed Sarsha Sooriah Richard Hirst
MGI Sydney
Craig Hughes Grant McIennan Niza Khan Rachel Dorrian Susan Zou Ryan Laney Yin Cao Vanessa Ly
Joyce|Dickson
Patrick Gordon Kelly Turnbull Chloe Ciscato
IMPORTANT DATES MGI Australasian AGM Gold Coast, 9 – 10 July 2015 MGI International AGM London, 21 – 23 October 2015 Managers Conference 2015 Glenelg, 13 – 14th November 2015 Tax Conference 2016 TBA (l – r) Matt Moy, Ricky Prasad, and Vince Hourigan
Audit Conference 2016 TBA Future Leaders 2016 TBA