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Adding up the benefits of a plan By PENELOPE ARTHUR

The firm now has two partners in Tony Olsen and Andrew Zammit and employs 26 PEND some time talking staff that service primary to Flor Hanly director, producers, the mining industry Tony Olsen, and you soon and the local business sector. realise he’s qualified for Flor Hanly clients are much more than just taxation. scattered interstate and even A cattleman and cane farmer, overseas, but the bulk are based Mr Olsen has a depth of on the Mackay Central Coast knowledge of rural industries and across the Central that, combined with his 18 years Highlands, western Queensland experience in accounting, makes and Darling Downs. him a powerful person to have With a strong background in working on your business. primary production, Mr Olsen “Flor Hanly isn’t just an said his specialty was dealing accounting firm – we are a with clients in business primary advisory firm production. and we don’t We are very “I grew up on just look after focused on a property at tax – we look Wandoan and after the ensuring that my family still complete run the Neslo financial and people are Brahman Stud business affairs down there running profitable of our clients,” while my wife he said. businesses and and I run the “We are very Lindley Park focused on working with Brahman Stud ensuring that here at Mackay,” people are them to help. he said. running “We also profitable have a cane farm here and I have businesses and working with another grazing property with them to help monitor where they my brothers at Rockhampton. are going. “I have a passion for rural “We meet with many of our industries and firsthand clients every quarter and experience and I think that’s sometimes monthly to talk about very important to our clients.” their cash flow, how the business Flor Hanly offer the full is going and brainstorm any range services including difficulties or opportunities that succession and estate planning. may arise. We also encourage Mr Olsen said succession clients’ bank managers to attend planning had emerged as a very as well.” difficult issue for many Based in Mackay, Flor Hanly landholders in recent years, was established in 1971 by Cliff largely thanks to an increase in Flor, a highly respected Mackay land values. businessman with cane farming “Before we saw this spike in and grazing interests.


land values, people used to be able to buy out their parents or a sibling without too much hassle,” he said. “The increase in land prices has really crippled a lot of families and forced people to take some big risks to expand

their operation or just buy the family farm. I really think succession planning has become one of the most difficult issues for people to deal with.” Mr Olsen said Flor Hanly had an “open door” policy, with

clients encouraged to pick up the phone or drop into the office regularly to talk about the direction of their business. “We get a kick out of seeing their businesses and lives move in the direction that they want them to,” he said.

“It’s not always about making money – lifestyle is important to people too. “I often tell my rural clients that the best investment they could make is a holiday every year.” AgP

Many minds to solve problems T has often been said the many minds working on a problem are far better than just one. This sound philosophy was the basis for the formation of the Proactive Accountants Network – a group of 90 accountants across Australia and New Zealand, who joined forces in May to deliver better outcomes for their clients. Flor Hanly director Tony Olsen said his firm jumped at the opportunity to join the Proactive Accountants Network. “The idea is to tap into the skills and experiences of other accountants in the group and use that in your own business,” he said. “We meet with a smaller group within the network


LEFT: Flor Hanly director Tony Olsen.

every three months and share ideas about how we have helped our clients. “Often someone will have an issue and if they share it with the network, there is a pretty good chance that another accountant has faced this issue before. “It’s all about sharing resources and it can be very powerful.” Mr Olsen said the Proactive Accountants Network also exposed Flor Hanly staff to the latest technology and changes in the industry as well as better ways to operate their own business. “We have actually changed the way we do business,” he said. “We now don’t charge by the hour – we negotiate a fee at the start of the work so that the client doesn’t get a nasty surprise at the end.”

WHAT SETS US APART? • First hand experience in primary production Se • Business advisers who work with you to develop your business througho rvicing clients • Taxation planning - We don’t just do your tax returns, we suggest strategies to improve your position ut Centra lQ • Self managed super fund specialists & beyond ueensland • Experienced retirement, succession and estate planners • Investment Advice - A licensed Investment Advisor visits our office regularly offering a wide range of investment options • Quality personalised service to all clients large & small • Strong relationships with our clients • Accessibility - Phone calls always returned promptly and our door is always open • We offer training and ongoing support in both manual and computerised record keeping • We encourage and assist clients to do their BAS themselves if they wish • We like to visit our clients to help understand their operations • We assist clients with their financing needs and work with their bankers

First Floor, Cnr Sydney & Gordon Streets, Mackay, 4740 Email: 94 QUEENSLAND COUNTRY LIFE 1 December 2011

Phone (07) 4951 6000

Country Life Feature December 2011  

The benefits of financial planning in agriculture.

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