Page 2 - Chamber Voice Magazine Autumn 2024

W E L C O M E T O V O I C E

WELCOME TO THE AUTUMN
2024 VOICE MAGAZINE
CONTENTS

Professional advice - cost or investment?
Welcome from Pete Coldwell,
General Manager I attended a great event last week along with 50 or so local business
01 people of all ages. It was hosted by BNZ along with Strategic Specialists
Regional Business Partners Group, Icehouse and with a bit of help from the Chamber and Angel
Network Investors Marlborough.
02
I know that with so many members busy lives, the thought of attending
Chamber Board Profile yet another event sometimes ends up in the “Too hard basket”, but then
03 you can end up missing really informative events like this one.
Regional Business Insights
Survey The focus was on Succession Planning or Exit Planning, a topic that’s oh
04 so relevant to many businesses in Marlborough. Not just because we have
both a steadily aging population and a steadily aging business owning
Sponsored Feature population, but more importantly because according to Forbes, over 70%
05 of business owners who do sell profoundly regret their sale in the
following 12 months.
Good Governance
06 That’s not to say that owners shouldn’t sell businesses, but rather if they
Infometrics update want to do that without regret, then proactive planning for that
succession or sale, starting years before the ideal date of sale, is the way
07 to go.
Training & Events Coming Up
at the Chamber The fact that only 30% of businesses survive the transition from 1st
10 generation to 2nd generation and only 12% survive the transition to the
Inspire Aotearoa 3rd generation suggests getting some professional help with the process
11 makes absolute sense.
Meet New Members
12 The most insightful comment to me during the session was that in New
Community Initiative - Paint Zealand many business owners tend to see getting professional advice as
the Town Pink 13 a cost rather than an investment. Whether that be an accountant, a
private wealth advisor, a lawyer, mentor or an agent, so many people only
Education to Employment see the cost, not the added value and potential.
Introduction 14 The two presenters Andrew Martin (Strategic Specialists Group) and Matt
Carnell of BNZ covered the entire journey for exit or succession and I’m
Young Chamber 16 quite sure that every attendee got something from the session and that
they are likely to do something differently in the future as a result of
Marlborough Chamber of Commerce
Marlborough Chamber of Commerce attending.
Level 1, 6-8 Scott Street
Level 1, 6-8 Scott Street
www.marlboroughchamber.nz The same consideration of cost rather than investment sometimes holds
www.marlboroughchamber.nz
back businesses owners or managers from investing in professional
Editorial and Advertising development for them or their staff. But the benefits can be great,
Editorial and Advertising
E: anna@marlboroughchamber.nz
E: anna@marlboroughchamber.nz improved productivity, efficiency, wellbeing, and potentially better
T: 021 935 844
T: 021 935 844 retention rates. Have a look at the range of courses we have on at the
Chamber or if you have suggestions for courses you need, then please let
us know.
So if you’re considering retiring or the next stage of life, then do start
planning for that time, it’s all too easy to be too busy in the weeds of the
business, but as Harry S Truman said “Imperfect action is better than
perfect inaction.”
Giving this some time and thought before the ideal time to sell or go
through succession will reap substantial rewards and give you a much
better chance of not being in the 70% regretting their sale.

Regards,
Pete Coldwell
CEO Pete

1 VOICE MAGAZINE