Queensland Gaskets has been a central part of the Quarterman family’s life for many generations. So it came as no surprise when Carl Quarterman, having spent his childhood working in the business during school and university holidays, expressed an interest in taking over.
For Guy, this was a perfect opportunity to pass on a business he had been running since taking over from his father in 1968 and to secure a long-term family legacy. However, with four other children, Guy was keen to see a fair and transparent process and also to achieve an outcome that set him up for retirement.
Guy approached his accountant of 30 years, Grant Field, who had been informally discussing Guy’s succession plans over many years, to help him facilitate his exit.
“Grant had vast experience in facilitating business succession and he was able to advise us on key steps we should take to identify any concerns and ensure family harmony throughout the process,” Guy said.
Ensuring open transparent communication with all family members
Initially, all family members were consulted to determine who might be interested in taking on ownership. MGI then prepared an indicative valuation of the business and made sure everyone in the family understood how this had been prepared.
Structuring the transition to cater for the interests of both father and son
MGI took care of all the administrative demands of transferring ownership including managing tax and stamp duty implications. They also helped to structure the transaction in a way that was most appropriate for Guy, Carl and the family. Grant was on hand to liaise with the solicitors, manage the business registrations and to help convert the accounting system from Guy’s to Carl’s.
Three-and-a-half years on, Guy and Carl reflect back positively on the overall experience.
“Grant and the team at MGI took a lot of the stress out of the process,” said Guy.
“Their experience shone through and gave us real financial and emotional peace of mind”.
Helping the business through new leadership
Today, the final piece of the chapter has been to work with Carl to ensure the business continues to perform well under the new leadership.
Grant has worked closely with Carl to undertake financial assessments and report back on how the business is going since the ownership change.
“This process has helped me get a better grip on running the business and the financial management side of it,” Carl said.
“Grant has explained things in a simple and clear way, which has made it much easier for me,” he said.
Under its third generation management, the future looks positive for Queensland Gaskets. The business continues to grow steadily and is now looking to expand even further through acquisition.
Grant and the MGI team are excited to continue to be a part of Queensland Gaskets’ long and successful journey.
Talk to us for a free consultation to review your options and establish your next steps.