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Business Advisory – An Essential Service for Every Family-Owned Business

Covid-19 has introduced the term ‘essential service’ into our everyday language. For the Business Advisory Team at PVW Partners, the concept is relatable.

The operators of family-owned businesses often need to develop and deploy a wide variety of skills as they oversee all aspects of the business from administration to operations. But it’s difficult to be prepared for every scenario that arises in the lifecycle of a business.

Colin Ryan, who leads the Business Advisory team says, “PVW Partners works with some 1300 family groups. At some stage every one of them will require a piece of specialist advice. That advice could be a light touch, where we provide guidance on a potential solution to a tough decision or challenge the business or the owners are facing.  In other circumstances, our client will ask us to step in and work closely with them on complex issues from start to finish. On some projects, we work with our clients over a number of years.”

The PVW Partners Business Advisory team specialises in providing innovative solutions and practical advice to help businesses grow and develop.

Services requested by client’s range widely from:

  • advice on complex tax matters
  • business sales and purchases
  • succession planning
  • to general business strategy

The Business Advisory team within PVW Partners continues to grow its ranks, which Colin says has a renewed focus on not just improving the ability to deliver the current service offering but also bringing in personnel with new skills and ideas to expand the service offering to clients.

“It’s a credit to the whole team at PVW Partners that our firm is a great place to work and has a great reputation as an employer of choice.  We continue to be able to draw exceptional talent into the Business Advisory team,” continues Colin.

The real beneficiaries of this expanded service offering are the clients of PVW Partners. 

The McMurray family started working with Colin and his team in 2016. At the time, Chris and Rosa McMurray had a successful road transport business but wanted to maximise cash flow returns and start planning for an exit from the business.

Over the course of 5 years, Colin worked with Chris and Rosa to almost double the size of the business and more than triple the bottom-line financial performance. The growth in both size and profitability made the business more attractive to potential buyers, with the family eventually selling the business to another Townsville transport operator in 2021.

Chris McMurray explains how Colin spoke to them about the business in a way they hadn’t experienced before.

“We spoke about everything from key customers to what was happening in the workshop. If he visited and there was a truck parked up, he wanted to know what was happening with it,” says Chris.

“We really wanted to set ourselves up financially and hand over the business in good shape to someone else so we could retire to the family farm. It was a lot of hard work, but we achieved what we originally set out to achieve in 2016.”

The Business Advisory Team are now working with another transport operator, BMR Logistics, which is owned by Matthew and Rachael Geary. BMR Logistics is growing and PVW Partners believe Matthew and Rachael have the smarts to build a truly successful business.

Colin Ryan.Rachael Geary & Matthew Geary

Rachael Geary says, “PVW Partners talk with us about every aspect of our business.  At a recent strategy meeting, we discussed profit margins, dealings with particular customers, team management, and assessing growth opportunities. They know our business and they know what we want to do with it. They’re our trusted advisors.”

“So far, so good,” says Colin. “They’re doubling the business every year while still improving their interactions with customers and their people.  Matthew and Rachael work hard, work smart and are really great people. We love working with them.”

BDMag

BDMag

Compiled by the BDmag editorial team