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franchise.co.nz – PUTTING PEOPLE IN BUSINESS
s entrepreneurs, Ric and Sherry Boyd have done very well over
the years. In achieving that, they have demonstrated remarkable
patience in waiting for the right opportunities and taking on the right
advice. “We make things happen,” says Ric. “And we also know you can’t
beat a good accounting firm when it comes to breaking things down and
helping you make things happen!
“To help us, we wanted a firm that would tell us the good, the bad and
the ugly – not some Disneyland outfit! That’s where Hayden Cargo and
Philip Morrison of Franchise Accountants came in. The six times winners
of Service Provider of the Year at the Westpac New Zealand Franchise
Awards absolutely have their fingers on the pulse when it comes to a
high-performing franchised business.”
Horses to switching courses
Ric used to be an equine chiropractor, spending several years in the
States. “I worked for Warner Brothers and Disney, looking after all
the horses in their films,” he says. “After many years of successful
chiropractic work, I decided to come back to New Zealand to follow my
entrepreneurial dream.”
He and wife Sherry next weighed up the option of following another
passion – fitness. “We were looking at the opportunity of owning a gym,”
Ric explains. “And we seized it! We had two – one in Auckland, and one
in Rotorua, which became the top gym in the country.”
“We sold these but were then offered an opportunity to take a
national gym franchise to New Zealand. We could see just how big this
opportunity was,” he says. This is when he called in the big guns at
Franchise Accountants.
Words of warning
“Philip Morrison and Hayden Cargo were invaluable in doing the due
diligence. And, at the same time, educating me on what it would take to
own and run a multi-national chain.
“Everything looked rosy, the numbers were good. I knew I had the skills
to take it to the next level. Then, Covid hit. From earning very good
money, it dropped to losing around $150,000 a month. Post-Covid, I
thought, it just needs a turbo boost! But Franchise Accountants came to
us with very long faces and said, ‘You’re not buying it!’
“It was clearly explained to us,” Ric continues. “We’d have been heaving
money out. And, much as I wanted that business, I knew pulling out was
the right decision. Hayden and Philip said we had to apply patience.
They assured us the right opportunity would come along, but didn’t
say when!”
Make room for patience
It took two years before the right opportunity did come up for Ric and
Sherry. Now, 18 months on, they are convinced Franchise Accountants
led them to ‘the best business we’ve ever had’. They have been
successful in growing Roommate Cabins in a short time.
Established in New Zealand in 2002, Roommate Cabins was the first
business to specialise in building and leasing cabins for the residential
market. “They provide such a simple solution for families to solve space
problems,” says Ric.
“They are built to the highest standards, with the philosophy that a
temporary, portable home should still feel like home and be insulated
to NZ residential standards. They are a great solution both short and
long term, and we now have
240 cabins out on a minimum
six-month lease. We’ve just
bought another batch, so
you can see, it’s been a
tremendous success and most
certainly worth the wait!”
Ask the right
questions
According to Philip Morrison,
“The first question any would-
be franchisee needs to ask
is this: ‘Is the business I’m
buying viable, sustainable
and profitable?’ Our job is
to find out and advise accordingly. Many good entrepreneurs are not
accountants, so they need professional assistance delivered in a way
they can understand.”
Ric concurs robustly, “I also now mentor people in business too, but
I rely heavily on Hayden and Philip. They don’t miss anything and
are quite prepared to give me a kick when I need it or educate me!
Accounting for dummies would be about my level. Hayden and Philip
have always broken things down so that I can understand – that’s one of
their skills.”
Philip says, “The gym business that Ric and Sherry were looking at
undoubtedly was good, but the effects of Covid meant the debt level
would have been catastrophic thereafter.
“I’m proud to say, many of our clients have praised the clarity with which
we have presented figures to them. It has enabled them to do what they
do best – build and run their business.”
“Some accountants and lawyers have a tendency to stifle good
commercial ideas,” Ric states. “As an entrepreneur, it’s in my blood to
look for a business’s possibilities. Franchise Accountants provide the
analysis needed to prove the wisdom in proceeding, or not.
“Establishing the nitty-gritty and the unforeseen consequences is what
makes Franchise Accountants so valuable. If they think it’s a bad decision
they won’t hesitate to say so, and back it up with data to show they’ve
done their homework. That’s what I need to hear. I ain’t finished as an
entrepreneur – so no doubt I’ll be hearing that many more times!”
Ric and Sherry Boyd
Franchise Accountants Hayden Cargo and Philip Morrison
Californian horses
to Kiwi cabins
Running a Franchise
How a former equine chiropractor
clicked with Franchise Accountants,
building his cabin hire business from
strength to strength.
Franchise Accountants
www.franchiseaccountants.co.nz
Contact
Philip Morrison/Hayden Cargo
0800 555 80 20 / 021 22 99 657
pmorrison@franchiseaccountants.co.nz
hcargo@franchiseaccountants.co.nz
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