Taking Charge of Your Health

– Hi, I’m Derrick Eube. I’m a partner here in DFK Crosbie in the hospitality division. I’ve been a partner here
for the last 12 years and also have been a part of DFK Crosbie for just on 27 years. I’m Jason Butler I work at DFK Crosbie. I’ve been here for 19 years now. I’ve been a partner for
the last nine years. Largely, I work in the hotel industry, looking after hotel
clients on a daily basis. DFK Crosbie can offer peace of mind for the hospitality industry particularly in the hotel industry. Our organisation looks
after nearly 300 hotels both across New South
Wales and Queensland and by gaining that in-depth
knowledge of the industry we are able to pass our
knowledge on to our clients to provide them peace of mind. Probably the best thing we
can offer is experience. Industry experience. Acquiring more venues is a large decision for any hotelier. Quite often a hotelier buys a
hotel even in a regional area or within the city area. And as they gain knowledge and experience and create additional wealth they’re in the position
to acquire another venue. It’s important that they
obtain the right advise in looking at potential
purchase of that hotel. And by talking to DFK Crosbie that advice and knowledge
that we’ve developed over the years, both through the brokers, insurance, and the banking and valuation side of businesses, we can certainly assist
and provide that advice to acquire that venue. So selling is important. You have to prepare for it. It’s not something that
you decide to do one day and we put it on the market the next. So, it usually takes around
12 to 2 years to get ready, 12 months to two years. And it’s something that
you need to work towards and that is making sure that you’ve got your margins the best the can be and your structure’s right. And that you’re planning so that you can sell
tax effectively as well. I think the best way we can improve
is the experience factor. Looking at what works in other venues. Looking at what benchmarks
people are getting throughout the industry. Because we look after so many hotels, we’ll have one or two or more that are
similar to what you have. So we can look at what they’re getting and what they’re doing right and what you’re doing right as well and we can find those
shortfalls if you like and be able to work on
those and improve them. We can improve your business by looking at the key benchmarks
that we have developed over the last 50 years
within our organisation. Because we do such a
large volume of hotels across the state, both
regionally and in city areas, we’ve sort of built up a strong database where you can match your performance to what the leading benchmark venues perform within the state. (upbeat music) A client of mine came and
saw me not too long ago where he felt that there was shrinkage there was theft within his venue. We stepped in and provided
the necessary information of what we need to do in order to identify where that leakage was occurring. And by conducting a stock take at the beginning of the period, and looking at the sales transactions and the purchase transactions
during that period of time, and then conducting a closing stock take at the end of that period, we were able to identify that
yes, there was a shortage and we were able to provide
the necessary information in order to identify where
that shortage was occurring. Probably the best piece of
mind story that I’ve got in recent times is
something that we’re seeing more of where the younger
generation are coming through and the older generation
are tending to move on. And that’s always a big challenge from a family point of view is how to best structure that in terms of making sure that
there’s a smooth transition, that everything’s set up right, that everyone’s happy. So, the recent one would be a family where the parents have been in the
business for a long time, they’ve been involved
in the hotel industry and they’ve got children coming through who now want to take over. And they really have no idea
how to make that successful. Succession planning is something
that we’re seeing more of now and being able to make
sure that we can do that. So these clients in particular they have their challenges. We’re able to help them
over a period of time to change their structure, get it right, and now we’re working with their children and they’re very successful as well.

Leave a Reply

Your email address will not be published. Required fields are marked *