OWNERS’ MANUAL
PUBLISHED: 30 JUNE 2022
V 2.0
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Operating Businesses
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‘The most important thing is to be people and a company that keep our promises’
SECTION ONE: VALUES
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SECTION TWO:
PRINCIPLES
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SECTION THREE: BUSINESS
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0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 1951 1983 2000 2006 2012 # of pages of primary tax legislation Ease of paying taxes (ranked easiest to hardest)1 United Arab Emirates 1 Switzerland 18 Hong Kong / China 3 Netherlands 20 Ireland 5 Australia 25 Denmark 7 Norway 26 Singapore 8 Sweden 28 United Kingdom 10 United States 36 New Zealand 11 Germany 48 Finland 13 France 63 Canada 17 Japan 70 13 OWNERS MANUAL
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3 2 1 3 1 1 1 2 4 3 7 8 0 2006 1 2007 2 2008 3 2009 4 2010 5 2011 6 2012 7 2013 8 2014 9 2015 10 2016 11 2017 12 2018 13 2019 14 2020 15 2021 16 2022 21 OWNERS MANUAL
30% 10% 10% 22 OWNERS MANUAL
SECTION FOUR:
MOAT BUILDING
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“Unless a company has some kind of economic moat , predicting how much shareholder value it will create in the future is pretty much a crapshoot… Thinking carefully about the strength of the company’s competitive advantage, and how it will (or won’t) be able to keep the competition at bay, is a critical next step.”
Pat Dorsey, author of
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“The Little Book that Builts Wealth”
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PERSONAL CLIENT RELATIONSHIP
RESOURCE
TALENT ATTRACTION 28 OWNERS MANUAL
SECTION FIVE:
A GROWTH BUSINESS IN A DEFENSIVE SECTOR
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SECTION SIX:
FINANCIALS
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PROFIT & LOSS
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BALANCE SHEET
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CAPITAL ALLOCATION
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FINANCIAL PROGRESS
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SECTION SEVEN:
QUALITY SHAREHOLDERS
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“Buffett
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has tried to attract only what he calls “high quality” shareholders. These are defined as shareholders who buy large stakes and hold for long periods.”
Lawrence Cunningham “Quality Shareholders: How the Best Managers Attract and Keep Them”
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P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P 50 OWNERS MANUAL
P P P P P P P P P P 51 OWNERS MANUAL
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SECTION EIGHT: OUTLOOK
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Keep making many small deals!
Win in Australia and look globally!
Keep turning your flywheel!
PROGRAMMATIC FLYWHEEL
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THANK YOU
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kellypartnersgroup.com.au
