You don't create a $160 million a year business without hurdles. For the full interview, pick up Ragtrader's May edition.
1. He defied a learning disorder
"I went into remedial class and my whole school life, I was told I was not going to pass and I was not going to succeed. Then finally, my parents and I were called up by the school principal who said I shouldn't do Year 12. He felt I was probably just going to fail and I should head straight into a TAFE. I said, 'All my friends are doing Year 12. I started school and I feel like I should finish it.'My parents were torn on what to do. I didn't like being told what I can't do so I wanted to do it. That is something that has happened a lot throughout my business life. I've been told that I can't do things. I've always said I will. I studied really hard and tried and I did pass my HSC."
2. He endured medium-sized business woes
"As a small business, you are turning over $100,000 year or under. When it is a medium business, you're turning over more like $1 million to $4 million annually. The medium starts becoming a little bit more tricky. You suddenly have staff, offices, overheads. You also start manufacturing offshore, which means you've got to start predicting you're going to buy. It's a lot more risky financially because suddenly the numbers are bigger. I almost closed the business twice in those years. I spent seven to 11 years in that middle size business bracket. The business almost collapsed because it was very hard for me to control."
3. He adapted to big retail
"The challenge for me now is it's big, it's so big, it's a machine. I can't stop for a minute. From doing 12 collections a year as a medium business, now I do 24 collections a year and I'm doing ladies, mens, kids, gift. When you're a big business, you design for what the public wants. I have a real responsibility to the shareholders to make sure that they get good returns."
