MY PIECE OF THE PIE

The story of the Porter Family

Facilitated by Bruce Hatcher and Don Collins

4 September 2010

Graham, Christine, Heather, David and Susan Porter

“I’LL BUY THAT PIE SHOP ONE DAY.....” GRAHAM PORTER

ENTREPRENEURIAL FOUNDER

Initial investment $10,000 from two families to start the family business

Bricks and mortar important for future business

Plastics manufacturing partnership • Success from the start• Rapid growth • Business partnership issues• New direction / exit

NEW FAMILY BUSINESS VENTURE – FAMOUS YATALA PIES

PORTER’S 3 P’S

Pies

Plastics

Property

SECOND GENERATION

RELOCATION OF THE PIE SHOP

FAMILY IN BUSINESS

‘Family business’ becomes ‘family in business’.

Management of the family business (Graham & Christine)

Day to day operations of running the Pie Shop (Susan & Heather)

Design & construction of the new pie shop (David & Chris Gay)

NEW FAMILY ROLES

• All family members have an active role • Rigorous and animated discussion around the kitchen table• Realisation that decisions impact on each generation.

Governance • Robust family meetings • Family retreat• Rules for the family - Family constitution

FRASER ISLAND

“Too many fish. I can’t get off the island."

David Porter

HOLIDAYS ARE HARD WORK

Acquisitions and decisions made in family meetings• Sailfish on Fraser

- Eco Tourism- Hospitality

• Dayboro, Seven Hills @ Mt Mee- Vertical integration

NEXT FAMILY BUSINESS VENTURE

SAILFISH ON FRASER

ANOTHER FAMILY BUSINESS VENTURE

MT. MEE

DAYBORO, SEVEN HILLS @ MT MEE

400 hectares100 head of cattleCutting out the middle man

SANTA GERTRUDIS

MT. MEE

NEXT GENERATION

We see the family building on the already successful foundations and adhering to the family constitution and vision.

THE FUTURE

LESSONS LEARNED

From the family’s perspective

The advisers role•Financial•Family business adviser•Transition relative to the next generation.