Putting on a big show

We’ve just completed our first trade show as the new owners of Artiwood. It’s been a frantic time since acquiring the business in June. Garry and I have been working long hours as we come up to speed. We’ve also kicked off a series of projects to modernise the company’s marketing and back-office systems. 

It’s been a rewarding experience so far. We can see early signs of strong growth, particularly for the forthcoming Christmas period. For example, orders placed at last week’s trade show set a new record. This is encouraging given that the company’s revenue is highly seasonal. 

We exhibited at the Australian Gift and Homewares Association’s (AGHA) annual Melbourne gift fair. This is the industry’s largest event of the year and operates from two locations in Melbourne. The main event happens at the Showgrounds in Flemming, supplemented by a small contingent at the Melbourne Convention and Exhibition Centre (MCEC) in Southbank.

Artiwood has been exhibiting at the showgrounds for many years. This year we used a custom-built stand for the first time. It was designed and built by the previous owner. We saw it for the first time in February at an event in Sydney. It created a strong impression, encouraging us to begin serious discussions with the owner. We also used his team of temporary staff for last week’s event. They've been incredibly loyal to the former owner and really know their stuff.

I’ll share more about the business soon. However, for now, I'm grateful that our investment appears to be paying off. This is particularly reassuring for me personally. In March we convinced the National Australia Bank (NAB) to loan us a considerable amount of money to buy the business. 

Given my corporate heritage, I naturally built a detailed business plan, accompanied by a 23-page business case to support our loan application. After approving the loan our business banker commented that he’d never received such a comprehensive document from a small business owner. It appears this worked in our favour as the loan was approved in record time.

UPDATE: 10 September
It’s official. My family is off to Rarotonga for a pseudo-family reunion later this month. Friends of my brother Matt own property on the island and have made it available to the family for a week. Everyone suggested we make it a 50th birthday celebration for me. 

Sadly, Garry and I have declined the offer. We’ve decided we simply cannot take time out of the business now. As new owners, we’re still on a steep learning curve. The phone is constantly ringing as we rapidly approach our first Christmas season. It's the right decision, but gosh, it's hard to swallow. No big 50th celebration for me!

UPDATE: 29 December 2022

We've just paid off our business loan, two years ahead of schedule. Our big bet has clearly paid off. For the last seven years, Garry and I have kept a roof over our heads and successfully grown a thriving, reputable business. A proud milestone!