Blending Business with Family Values For Long-Term Success

Case Study: Tax and Compliance, Superannuation and SMSF, Business Advice

 

Now in its third generation as a family-owned and operated business, Nichol Trading is one of the largest fertiliser retailers in Northern Victoria with a mixture of fertiliser, transport, mechanical services and agriculture. To capitalise on their expanding operations, the family-run business have collaborated with their Business Coach and Accountant to future-proof their business for the next generation.

Husband and wife duo Brian and Glenda Nichol are second-generation owners of Nichol Trading, working closely with their sons Brook and Kyle. Originally beginning with Brian’s parents in the 1960’s, the couple bought Nichol Trading in 2004, quickly expanding the business and launching a mechanical workshop to keep their vehicles on the road and in the paddock. 

As their suite of business solutions grew, so did their need for additional support. Although they had a long-standing relationship with their Business Coach David Wilson, when their sole practice accountant retired, the search began for a replacement. Glenda explains;

‘After receiving strong recommendations from trusted contacts, we turned to Cumulus. At our first meeting with Patrick, he answered every question we threw at him without having to say “I’ll get back to you on that one”, and we did put some challenging ones just to test him. We knew we had found the right person and haven’t looked back since’.

The family wanted to stay ahead of their expanding business and needed to ensure they had the proper structures in place to manage growth sustainably while minimising tax implications.

The 3rd generation is now being given expanded roles in the business (Brook and Kyle) and will take over when Brian and Glenda retire.  Their accountants have been instrumental in shaping their succession, businesses, and family structures, allowing them continued growth.

Turning to Cumulus, the family enlisted several services to align their business with their future goals and their Business Coach’s recommendations:

  • Tax and compliance
  • Business structuring
  • Business advice
  • Superannuation and Self-Managed Super Funds

‘We have an amazing relationship with Patrick. Our calls and questions are answered and acted upon on the day we ring or email. No queueing, just simple excellence in service. We don’t need help with day-to-day operations, as those are well-managed. What we needed was someone to be available if we have a circumstance requiring an immediate response and also someone to look at the big picture, like tax. It’s always our biggest challenge. We also have numerous trusts and needed a structure to ensure assets could be transferred to our next of kin with minimal implications. Patrick is setting us up for the future, ensuring our business remains within the family’.

Thanks to their close relationship with Cumulus and their trusted Business Coach, Nichol Trading has continued to evolve and fine-tune their successful business model. The business has grown rapidly, with sales doubling in the past four years in alignment with their ever-expanding services.

For others facing similar challenges, Glenda advises;

A good business is based on good relationships with fellow professionals that are key to your business success. Professional advice is always worth paying for. In the end, you have to spend money to make money, and Patrick’s advice saves us far more than it costs’.

Looking ahead, Glenda, Brian, and their sons Brook and Kyle have a simple vision for Nichol Trading.

‘We want to continue delivering outstanding service to our customers while managing business growth and our growing family. We’ve just added twins into the family, and hope that some of the five members of the fourth generation of Nichols will decide to continue our business legacy.

With a clear goal and the right support, Nichol Trading is not just poised for continued success but is also setting a benchmark for family-owned businesses. As they embrace growth and new family members, the entrepreneurial family are committed to maintaining their legacy of excellence, ensuring Nichol Trading thrives for decades to come.

You may only sell one business in your life, so it’s sensible to get advice from experts who see many transactions unfold.

Speak with Cumulus for advice on your business.
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