Californian horses to Kiwi cabins

As entrepreneurs, Ric and Sherry Boyd have done very well over the years. In achieving that, they have demonstrated remarkable patience in waiting for the right opportunities and taking on the right advice. “We make things happen,” says Ric. “And we also know you can’t beat a good accounting firm when it comes to breaking things down and helping you make things happen!

“To help us, we wanted a firm that would tell us the good, the bad and the ugly – not some Disneyland outfit! That’s where Hayden Cargo and Philip Morrison of Franchise Accountants came in. The six times winners of Service Provider of the Year at the Westpac New Zealand Franchise Awards absolutely have their fingers on the pulse when it comes to a high-performing franchised business.”

Horses to switching courses

Ric used to be an equine chiropractor, spending several years in the States. “I worked for Warner Brothers and Disney, looking after all the horses in their films,” he says. “After many years of successful chiropractic work, I decided to come back to New Zealand to follow my entrepreneurial dream.”

He and wife Sherry next weighed up the option of following another passion – fitness. “We were looking at the opportunity of owning a gym,” Ric explains. “And we seized it! We had two – one in Auckland, and one in Rotorua, which became the top gym in the country.”

“We sold these but were then offered an opportunity to take a national gym franchise to New Zealand. We could see just how big this opportunity was,” he says. This is when he called in the big guns at Franchise Accountants.

Words of warning

“Philip Morrison and Hayden Cargo were invaluable in doing the due diligence. And, at the same time, educating me on what it would take to own and run a multi-national chain.

“Everything looked rosy, the numbers were good. I knew I had the skills to take it to the next level. Then, Covid hit. From earning very good money, it dropped to losing around $150,000 a month. Post-Covid, I thought, it just needs a turbo boost! But Franchise Accountants came to us with very long faces and said, ‘You’re not buying it!’

“It was clearly explained to us,” Ric continues. “We’d have been heaving money out. And, much as I wanted that business, I knew pulling out was the right decision. Hayden and Philip said we had to apply patience. They assured us the right opportunity would come along, but didn’t say when!”

Make room for patience

It took two years before the right opportunity did come up for Ric and Sherry. Now, 18 months on, they are convinced Franchise Accountants led them to ‘the best business we’ve ever had’. They have been successful in growing Roommate Cabins in a short time. 

Established in New Zealand in 2002, Roommate Cabins was the first business to specialise in building and leasing cabins for the residential market. “They provide such a simple solution for families to solve space problems,” says Ric.

“They are built to the highest standards, with the philosophy that a temporary, portable home should still feel like home and be insulated to NZ residential standards. They are a great solution both short and long term, and we now have 240 cabins out on a minimum six-month lease. We’ve just bought another batch, so you can see, it’s been a tremendous success and most certainly worth the wait!”

Ask the right questions

According to Philip Morrison, “The first question any would-be franchisee needs to ask is this: ‘Is the business I’m buying viable, sustainable and profitable?’ Our job is to find out and advise accordingly. Many good entrepreneurs are not accountants, so they need professional assistance delivered in a way they can understand.”

Ric concurs robustly, “I also now mentor people in business too, but I rely heavily on Hayden and Philip. They don’t miss anything and are quite prepared to give me a kick when I need it or educate me! Accounting for dummies would be about my level. Hayden and Philip have always broken things down so that I can understand – that’s one of their skills.”

Philip says, “The gym business that Ric and Sherry were looking at undoubtedly was good, but the effects of Covid meant the debt level would have been catastrophic thereafter.

“I’m proud to say, many of our clients have praised the clarity with which we have presented figures to them. It has enabled them to do what they do best – build and run their business.”

“Some accountants and lawyers have a tendency to stifle good commercial ideas,” Ric states. “As an entrepreneur, it’s in my blood to look for a business’s possibilities. Franchise Accountants provide the analysis needed to prove the wisdom in proceeding, or not.

“Establishing the nitty-gritty and the unforeseen consequences is what makes Franchise Accountants so valuable. If they think it’s a bad decision they won’t hesitate to say so, and back it up with data to show they’ve done their homework. That’s what I need to hear. I ain’t finished as an entrepreneur – so no doubt I’ll be hearing that many more times!”   

This advice is of a general nature only and expert advice should be sought to get the right advice for your specific situation.

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