Accountant has an exceptional duty of care for family business

“We have experienced a six fold increase in turnover since engaging Manos Partners. Peter’s professional contribution has been critical to that development.” So says Andrew Marshall SACARE’s Managing Director as he reflects on the positive contribution that Manos Partners has made to his business.

SACARE is an award winning South Australian, family-owned business, established in 1991, and which now provides care to more than 200 people. Since inception, the company has set unique and unrivalled world standards for the future of residential care within SA and Australia. This was recognised when SACARE won the Most Outstanding Disability Care Provider Internationally Award, 2011 at the Global Over 50′s Housing Awards in a ceremony in London.

In May 2008, when the company was considering extending its services to include specialised supported accommodation options, it engaged Manos Partners, based on referrals, to research and assess the viability of the initiative, create cash flow forecasts and consolidated profit and loss statements for quarterly reporting to the ANZ bank
“From the outset, Peter worked really hard to properly understand our business and translate those understandings to get best financial outcomes, such as adopting the most cost effective tax structure,” Andrew said.

Alex Marshall, SACARE Development Manager said that Peter possesses an excellent understanding of family business, describing Peter as “honest, extremely thorough, with an incredible attention to detail.”

He adds that Peter is conservative in that he strives to reduce the company’s exposure to risk, “Over the past five years there hasn’t been an issue that could have arisen that he hasn’t preempted and alerted us to.”

“He is proactive and calls to remind you of this and this and that and even provides us a clearly itemised list of what is required…not to boost his turnover but to reduce our risk and protect our interests,” Alex said.

This assessment is supported by other management team members. Sue Marshall says, “He is looking out for business interests at all times. Thanks to him I can sleep at night.”

 

 

In addition to the provision of outstanding accountancy services, Alex said that Peter has redesigned SACARE’s business practices: helping the company to systemise its administrative, financial and accounts processes, which in turn has enabled the team to optimise efficiencies and effectiveness.

For example, Manos Partners advice enabled the company to ‘close the circle’ on its reporting processes from an annual to a monthly basis, which has increased the company’s responsiveness to budgetary issues.

Andrew adds that the team at SACARE has learnt a lot from Peter’s approach to business “as an adjunct to skills suite he already provides.”
“Peter is an advisor on a higher level,” he said. This is reflected by the fact that the company engages Peter to research business development initiatives and sanity check ideas as Andrew has found his research is guided by design and “informed by asking the right questions.”
“He goes well beyond the scope of usual accountant. For example, Peter recently recommended that we appoint an internal accounts person and even interviewed candidates to ensure our requirements were met,” Andrew said.

Andrew said that Peter also acts as a valued intermediary between family members when they reach an impasse on a decision, saying he brings an impartial third party perspective which gives us “an edge”

“Peter is very good at balancing family dynamics, resolving any issues and ensuring that we pursue the right path,” said Andrew.

In the interests of progressing the family’s succession plan from an informal arrangement, Manos Partners recommended and appointed an independent Director to the Board to bring a fresh management perspective and establish a management structure that would enable the founders to shift responsibility to the next second generation.
“Since the first day, Peter has always been main point of contact and is always available for an discussion whenever we need with him,” Alex said.
“Working with Peter is the best thing we have done. I’m just loving it.”