Client: Turbo Care
Services: Business Mentoring, Succession Planning, Organisational Structure, Accounting Support
Introduction
Since 2017, Accounting Solutions has had the privilege of partnering with Turbo Care, a dynamic family-owned business. Beyond providing comprehensive accounting support, our role has evolved into that of trusted business mentors, guiding them through the intricate processes of succession planning. We understand that for a family-run business, navigating the path to the next generation can be a delicate journey. Our focus has always been to ensure a seamless transition that not only protects vital family relationships but also empowers the next generation to lead with confidence and success.
It has been incredibly rewarding to witness Turbo Care’s evolution. What began as a business with a strong local foundation has blossomed into a company with a global perspective and ambition. This strategic shift from a focused, operational mindset to a broader, growth-oriented vision is a testament to the team’s dedication and foresight. We have watched Jude & Garry trust and encourage son Jarrad and General Manager Juliet to keep moving the business forward, and we are thrilled to be working alongside them in their remarkable journey of sustained growth and success.
The Challenge: Laying the Groundwork for a Lasting Legacy
When Garry and Jude first engaged with us, they had built a solid business but were facing a series of interconnected challenges that stood in the way of future growth and personal freedom. Their vision was to create a sustainable legacy that could thrive for generations to come, but several key areas needed strategic attention:
- Succession and Wealth Transition: A primary concern was how to transition the business to the next generation. They needed a clear strategy to extract the wealth they had built to fund their retirement, without compromising the company’s financial health or its potential for future growth.
- Operational Constraints: The business was operating with original equipment, and the cost of upgrading was substantial. Furthermore, they were renting their premises, which limited their long-term stability and asset base.
- Founder Dependency: Like many dedicated business owners, Garry and Jude were deeply involved in the day-to-day operations. A key goal was to achieve “time freedom”—the ability to step back, pursue personal interests, and trust that the business would continue to flourish. They believed Jarrad & Juliet would be a good fit to run/own the business one day.
- Growth and Profitability: To achieve their personal and professional goals, Turbo Care needed to significantly lift its profitability, increase its overall business value, and improve its cash flow to allow for greater stock purchasing power and investment.
Our Solution: A Strategic Plan for Growth and Transition
Our collaborative approach focused on building a robust framework that would support both the business’s growth and the family’s long-term goals.
- Building a Foundation for Wealth: The initial focus was on strengthening the financial core of the business. We worked with the Turbo Care team to implement strategies aimed at driving revenue, managing costs effectively, and ultimately, increasing profitability. This created the financial engine needed to take the business to the next level.
- Designing the Organisational Structure: To reduce founder dependency and empower the next generation, we have helped the team to improve their business confidence, knowledge, organisational structure and get clear on team roles and responsibilities. This enabled Garry and Jude to gradually step back from daily operations, confident that a capable team was in place.
- Strategic Succession Planning: We have continued to work with Jude & Garry to develop a comprehensive succession plan that act as a roadmap for the future. This plan outlined the step-by-step process for transferring leadership. Crucially, it included strategies for Jude & Garry to systematically draw wealth from the business for their retirement, ensuring their financial security while the business continued to grow.
- Enabling Strategic Investments: With a clear plan and improved profitability, Turbo Care was in a strong position to make critical investments. They were able to upgrade their equipment andpurchase their own commercial premises, adding a substantial asset to their balance sheet and securing their long-term operational base.
The Results: A Legacy Secured, A Future Redefined
The partnership between Accounting Solutions and Turbo Care has yielded transformative results, reflecting the power of strategic mentoring and dedicated implementation.
- Exponential Profit Growth: The business has achieved a remarkableincrease in profit, a direct result of the strategic changes implemented.
- Valuation Growth: The overall value of the business has increased by an incredible 350%, showcasing a massive increase in its wealth and market position.
- Strengthened Operations: The company has doubled its staff, purchased its own building, and improved cash flow, allowing for greater inventory and operational agility.
- Achieved Personal Freedom: Garry and Jude have successfully transitioned away from the daily demands of the business, achieving the time freedom they desired to enjoy their retirement.
- A Successful Transition to a New Generation of Leaders: The business is now successfully run by a combination of family and dedicated internal leadership, with the next generation poised to continue its impressive growth trajectory.
Some businesses just listen but struggle to implement items in their business. Turbo Care implement all our advice, knowledge and new learnings as well as staying ahead of the game. They go and seek what they could be improving on in their business It’s an honour & privilege to work alongside Jude, Garry, Jarrad & Juliet, who share such passion, doing what they do best and being of service with genuine care.
Louise Neville, Accounting Solutions Ltd
Director, Chartered Accountant & Business Mentor
Read more about our partnership with Turbo Care on our client stories page and the latest stuff article.