21/04/2022 - 09:30

Succession Strategy – Key to 30 years in business

21/04/2022 - 09:30

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Succession Strategy – Key to 30 years in business

As far as milestones go, 30 years in business is an epic achievement.

Pacific Finance is led by a strong team of five Directors.  Through hard work and determination, they have navigated through some tumultuous times to forge a formidable reputation within the Western Australian business landscape as the go-to financier assisting WA companies achieve growth and success.

Taking a look back to where it all began, Managing Director Jeff Doig said reinforcing the founders’ passion and purpose in the group had been key to the financier’s longevity.

Original directors Phil Corbett, Gary Watkins, Jeff Doig, Mark Didco and Alan Quartermaine had a vision when they established the business from humble beginnings in a house on Wellington Street in 1991. Their primary goal was to implement a succession plan that would ensure the group’s longevity well past 20 years, and it’s certainly accomplished that.

“Our founding partners have transitioned the business through to the younger generation of Directors who have embraced the founding core values of the business,” Mr Doig said.

“The transition from one generation to the next has not been without its challenges, but through sheer determination and a willingness to overcome any hurdles we’ve had along the way, we’ve managed to ensure essential experience is contained within the group, knowledge is shared, and essentially this has set us up for success.”

Pacific Finance is now WA’s leading independently owned asset, commercial and property finance broking group, employing 25 eager young and experienced professionals.

Unusually, its team is relatively young by industry standards which has proven to be advantageous to the business. They are driven from the get-go and determined to succeed. Their ongoing intern program with Notre Dame provides an opportunity for the team to hand pick graduates and mentor their professional journey while growing their expertise; as well as instilling the core values that guide the culture within the business.

“Unlike banks who have high turnover of staff,” Mr Doig said, “we have managed to create a dedicated and loyal team which provides our clients with stability.”

Today the business is led by finance experts Jeff Doig, Joel Quartermaine, Joel Waddell, Mark Didco and Tim Edwards.

To their clients, the Directors are more like invaluable lifelong business partners, essential for growing their businesses and personal wealth.

Our team works closely with each client to understand their business operations, financial situations and goals; providing the best financial solutions that will fulfil their client’s specific needs.

Mr Doig said 30 years in industry had provided his team with a deep knowledge around all WA businesses and industries.

“We’ve established a very large contact network which we leverage to assist our clients where we can. We’re well connected with other corporate services and can provide invaluable networking opportunities for our clients such as service provider referrals; recommendations for accountants, strategy consultants, insurance brokers etc; we can also offer client and supplier referrals.

“When clients are seeking to source equipment whilst another is looking to sell; we are able to offer those introductions, with positive outcome for all parties. We have also facilitated joint ventures between clients which have been a huge success.”

The founders were also at the forefront of finance broking for many businesses that continue to trade in WA today. Longevity has been crucial to servicing clients throughout the lifespan of their businesses.

“We have clients that first approached us to fund their first item, and then sourced every funding requirement on their way through to an eventual business sale. The journey includes business debt restructures, working capital facilities, asset finance and insurance premium funding.”

Civil contractors Vernice Pty Ltd have been a client of Pacific Finance for 30 years.

They attribute their long-lasting relationship with the financier to the “professional, swift and accurate service” they consistently receive, as well as the “excellent guidance and practices that are demonstrated by the staff”.

The Complete Group hires out a range of building site solutions to companies all over WA and has grown from strength to strength over the past 20 years. Managing Director Emanuel Dillon has worked with Pacific Finance for many years and said their commitment to personal service and getting to know their business requirements was outstanding.

Mr Doig said the journey for Pacific Finance will continue to evolve as industry conditions change however, his team’s adaptability and hard work will continue to forge the business ahead for years to come.

“We’ve achieved what we have on account of the hard work that the people behind the company have put in over the years. We see ourselves as finance partners for our clients, their success is a true reflection of our success. If they do well, we know we’ve done our job to the best of our ability.”  

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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