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No 48 SUMMER 2018


HOW A BOOM CAN SEND YOU BUST Cashflow issues in the residential housing sector

The Entrepreneurship Issue

HOW TO START A BUSINESS IN NZ A step-by-step guide

BRAINSTORMING TO BUSINESS PROPOSALS How to turn your entrepreneurial dreams into reality



The legal ins and outs

Prepare for the future with financial forecasting

TEXAS BBQ FOODS From hobby to award-winning business

2016 Network of the Year BAKER TILLY INTERNATIONAL


David Searle

(09) 373 1128


David Heald

(07) 834 6801


Chris Downey (07) 578 2989


Dave Sawers

(06) 878 7004


Chris Lynch

(06) 757 3155


David Hulston (04) 472 7919

CHRISTCHURCH Dave McCone (03) 343 0599

DISCLAIMER No liability is assumed by Staples Rodway for any losses suffered by any person relying directly or indirectly upon any article within this document. It is recommended that you consult your advisor before acting on this information.

No 48 SUMMER 2018

CHAIRPERSON'S MESSAGE In my first Chairperson’s message I would like to thank Peter Guise for his service as Chairperson over these past 19 years. He has left the network in a strong position for growth and continues to provide us with his guidance and mentorship. I step into the role of Chairperson at a very exciting time, with our global network Baker Tilly going through a global rebrand and refresh. I feel that Baker Tilly's message “Now, for tomorrow” speaks to our vision for our clients, as we help them plan and guide their organisations and families towards a strong future. It has been an interesting year, with strong employment and economic growth, contrasted with negative business confidence and a construction sector in constant unpredictable flux. There is some uncertainty on the horizon with regards to tax changes and the Tax Working Group’s findings are expected in February. I feel confident that our firm’s strong reputation as a leader in tax stands us in good stead to help clients navigate the changes ahead. We have some exciting changes planned for 2019 and I look forward to chairing the Board and helping bring those changes to fruition. To all of our staff, clients and their families, we wish you a Merry Christmas and a Happy New Year and look forward to seeing you in 2019.


Brainstorming to business proposals Turning your entrepreneurial dreams into a reality

4 Nuts and bolts How to start a business in NZ

6 Now, for tomorrow Baker Tilly International unveils new visual identity and brand positioning

8  Uncertainty How to use financial forecasting to plan ahead

10 How a boom can send you bust Cashflow issues in the residential housing sector

12 MineralBoost A Kiwi company leading the way in animal nutrition

14 The Bright-Line Test Taking stock three years on

16 Who owns your IP? The legal ins and outs

18 Texas BBQ Foods When it is your first rodeo


20 Ask an expert 22 Staples Rodway snapshot

BRAINSTORMING TO BUSINESS PROPOSALS Turning your entrepreneurial dreams in to a reality.

Article by Kylie Filbee-Cronin STAPLES RODWAY TARANAKI


ANY HAVE BEEN THERE. A great idea pops in to your head for a new product or service, you think there must be a better way of doing your job, or maybe you just want to call the shots when it comes to work-life balance. Either way, many of us have thought about starting a business; but only a few take the next step, and even fewer succeed. The first step to a successful new business is to decide if it's really the right thing for you.

IS IT RIGHT FOR ME? There are 3 main reasons people become their own boss: Time, Money and Control. More time means a better work-life balance, more money is self-explanatory, and more control means you call the shots on business direction, your working hours, company culture and so on. Unfortunately, the rule of thumb is that in the early days of business you only end up with two of these golden pieces of the puzzle. You’re either working hard to grow the business so you have less time on your hands, or you’re paying someone else to do it, so you have less money. Of the three, control shouldn’t be one of the options you sacrifice - if you haven’t got that, then chances are it’s no longer your business. Before you even start this journey, you need to consider which two of those pieces are most valuable to you. Eventually a mature, successful business will bring you all three, but in the beginning you’re either going to work hard or be on a tight budget until the profits grow. In many cases both time and money are sacrificed, but if your idea stacks up, it shouldn’t be long until you’ve got some freedom.

WHERE DO I START? We rarely see businesses succeed when they have no startup capital. They often underestimate the costs involved - such as supporting lost wages or paying for initial equipment and stock. If you haven’t got savings to rely on, you’ll need funding from investors or the bank, who are going to want a budget and a business plan. There are some brilliant tools available that your accountant should have access to. These automated tools allow for quick updates and reporting against your actual results later down the track. Alternatively, there’s nothing like a quick spreadsheet. It is strongly advised that you either have an accountant prepare the budget and business plan with you, or at least have your budget reviewed by one. They will know about the standard costs that come with most types of business. Market research is also key to building a reliable and factbased business plan, so you can show your funders/investors that you are confident in your budgeted sales. What made you think there was a need for this in the market? If you’re simply going out on your own from your current employer, will there be enough customers to go around and what makes you different from your previous employer that will make the customers follow you? Assuming your funding is approved, next you’ll need to figure out how best to structure your business. We often hear comments like “well yeah I set up a company because my mate said I can pay less tax”. This is not the case. There are some advantages with companies that help minimise tax,

however there are many other complications that come with that. Companies should be viewed as a vehicle for limiting your personal liability. When it comes to business structures, having an accountant and lawyer involved is a no-brainer. They’ll future proof your structure so that you can access your profits, secure your personal assets, allow for succession planning, or have an easy exit if you’re looking at a short-term project. Once you’re set up and have the funds in the bank, it’s time to start drumming up business. Where do your customers come from? You can’t just rely on friends and family spreading the word – they have their own busy lives as well. Marketing and branding is such a complex and confusing beast in the digital age, but it comes with great advantages such as geographic and psychographic targeting, and retargeting (when you’ve googled something or looked at a website and similar advertising starts following you around online). We can all figure out how to boost a social media post, or create a quick logo, but if your brand isn’t captivating and you don’t understand how a brand is more than a logo, it will be almost completely ineffective. A top tip – invest a bit of your start-up capital in brand design, a dynamic, responsive online presence, and invest in some professional marketing strategies and guidance. Now you’re ready to start selling your product or service – congratulations! This is where the hard part starts, and the costs associated with running a business start rolling in. Cashflow in the first 2-3 years needs to be monitored carefully to avoid rising debt levels, interest costs or being cut off from your suppliers. Keeping an eye on the original budget and whether you’re on target or not will help you decide where to fine-tune your processes. Stay in touch with your advisors for some honest and unbiased feedback, and above all else, do not put your head in the sand if it gets hard. When that happens, often you need some guidance to get you back on track, but sometimes the answer is that it’s just not going to work out, or perhaps you just need to scale back and rebuild using a different technique. It’s ok to say that you didn’t get it right the first time, or even a second or third time; if you recognise this early, you can fix the issues or back out before you dig yourself deeper in to debt than necessary. All these factors make being in business sound like hard work – and that’s because it is! But if you’re passionate enough about something and you focus your energy in the right areas, you can be successful. Stay in touch with your advisors and use professionals for the tasks that you aren’t trained in, so that you can spend your time reviewing the results and growing your business. Above all else, don’t ignore the numbers. Get yourself a bookkeeper (part time internal or use an accountant to outsource) who takes care of the bank reconciliations and billing for you so that you can spend your time reviewing the results and growing your business. After all, when that initial business idea first came to you, what image did you picture in your head? Surely it was something far more inspirational than an image of you stressing about taxes, and ACC? If you’ve got a great business idea growing, check out our Nuts and Bolts article on page 4 and contact Kylie Filbee-Cronin on, or your usual advisor. NUMBERS Summer 2018 • 3




New Zealand is often heralded as the number one place in the world to start up a new business. New Zealand and Singapore share the top spot for ease of doing business and New Zealand holds the top spot on its own for starting a new business1. But is it really that easy? We work through what’s required, further expanding on Brainstorming to Business Proposals on page 2 and explain in more detail how to go about it.

4 • NUMBERS Summer 2018

Article by Aniela Tkacz & Nicola Hankinson NATIONAL TECHNICAL MANAGERS, STAPLES RODWAY


OU'VE GOT A GREAT IDEA - so how do you start a business? Starting a business takes a lot of work, but this 10-step guide2 should make the job a little bit easier:


As explained in further detail on page 3, do your research explore your competition, outline your idea, determine how you will fund your business, work out which problem your new business idea will solve and what your target market is. The answers to these questions will form the basis of your business plan (i.e. who, what, when and how).


Get professional advice – Staples Rodway has professional advisors across New Zealand who have experience in helping New Zealand businesses to ‘get off the ground’ and prepare their business plan, set up their governance structures, prepare their capital raising and funding plans and a cashflow forecast (see How to Plan for Uncertainty on page 8).


Choose a business name – one that isn’t already taken! Use the OneCheck search function on onecheck to establish this quickly and easily.

4 5

Secure your business name – make sure you’ve got a website domain name and check for trademarks.

Choose a business structure – i.e. sole trader, partnership, limited partnership, company, trust. We can give you advice on what structure is going to be most effective for your business.


Look into regulations – know what you need to comply with. This could be anything from food preparation regulations to health and safety in the workplace.


Get a RealMe login and a New Zealand Business Number – you’ll need a RealMe login in order to manage your business’s IRD account and details on the Companies Register. The New Zealand Business Number also gives access to a number of other functions and makes it easier to do business by providing you with a unique identifier for all your business information.


Get registered – register your business for GST and if you decide that a company is the right structure for your business, register your company. All businesses with ‘taxable activities’ generating income of more than $60,000 in a 12-month period need to register for GST. Staples Rodway can help you with registering for GST and registering your company.


Determine your financial reporting requirements – do you need to prepare financial statements and how do you go about preparing them (i.e. which reporting format and following which reporting standards?). Do you need to submit financial statements and if so, to whom and are there fees and penalties if you don’t submit them on time? What should your balance date be?


Prepare your business case – Staples Rodway has specialist advisors who can help you with preparing your business case, including preparing and analysing your cash forecast. It is important to make sure that your business case is robust and readable, especially for external stakeholders such as registered banks who you may want to seek funding from.

GOVERNMENT SUPPORT FOR NEW BUSINESSES The Government has developed some useful resources to help you through the new business start-up process. The Ministry of Business, Innovation & Employment (MBIE) website3 has some practical interactive tools and step-by-step instructions which guide you through the process of setting up a new business and help you to: ƒƒ determine the most appropriate business structure; and ƒƒ  simplify and facilitate the processes, requirements and legalities of setting up a business in New Zealand. These tools include a feasibility and risk checker to help determine if your business idea is viable and a quiz to test your knowledge on which expenses can be claimed for tax purposes. There are also links to other government agencies, such as a market and competitor research tool on the Statistics New Zealand website. MBIE’s website also provides a range of funding and support services for new business ventures, such as the Regional Business Partner Network4, which supports all businesses, at all life stages and Callaghan Innovation, who assist high-growth or technology start-ups, and a low-cost mentoring service. Access to funding is limited, with grants only available to technology start-ups and beneficiaries who wish to start a business or become self-employed. New Zealand Trade & Enterprise (NZTE) also has some useful resources designed to help you navigate business start-ups. These include dedicated information on market research, governance, investment readiness and strategy. Targeted assistance is available to specific businesses who meet NZTE’s criteria for different phases of business development, such as ‘Build’ and ‘Focus’. cntd. over NUMBERS Summer 2018 • 5

SPOTLIGHT ON THE FINANCIALS We are accountants after all! In order to establish a sustainable business, you will need to make sure that your business is able to fund its costs. Costs can come in a variety of different shapes and sizes. There are likely to be one-off establishment costs like securing a domain name, perhaps securing premises to operate from, or paying for website creation. Your business costs can also be fixed (such as when you enter into a contract, including an employment contract, that locks you into making pre-defined payments on a regular basis) or variable (costs that you can more or less control and ‘wind down’ if needed, such as electricity or printing costs and purchasing supplies). In any business cash is king and this is particularly the case for new businesses which don’t have well established credit histories or a guaranteed client base or revenue streams. New business ventures are commonly funded from a mix of personal savings and bank or other loans. As such, it is important to get your cashflow forecast right – to make sure that you are able to pay your business expenses as they fall due, and also pay for your own living costs. While it is relatively easy to set up a new business, only two thirds of New Zealand businesses survive – up from less than a third of businesses in the mid-2000’s5. Another key thing to focus on is your asset base. While people are often considered to be the richest asset of any business, in pure financial terms, we are talking about the assets that will appear on your business’s balance sheet – both the physical assets, like land, buildings and computer equipment, and the intangible ones, such as potentially the software you have developed or the website created to help you sell your products or services. From both an accounting and a tax perspective it is important to build in depreciation expenses for your assets, recognising that these will need to be replaced over time as they deteriorate and also recognising that you will want to make sure you are able to claim any tax benefit relating to use of your assets.

SOUNDS LIKE A LOT? While there might be things on this list you’re not quite prepared for, thankfully we’ve got you covered with approved Regional Business Partners and advisors across the country who can help you navigate through the business start-up process and resolve any accounting issues you might encounter along the way. Let us make sure your business is set up right from the start and allow you to focus on growing your business. Get in touch with your closest Staples Rodway Business Advisor to discuss how we can help. 1 2 Adapted from taking-the-first-steps/10-step-guide-to-starting-a-business 3 4 5 [Survival rates of enterprise births, by industry]

6 • NUMBERS Summer 2018



UR GLOBAL NETWORK BAKER TILLY is proud to unveil a new logo, visual identity and a new purpose - Now, for tomorrow - as part of the ongoing evolution of the Baker Tilly brand. Aimed at strengthening and modernising how the network represents itself to its clients, its people, its profession and the communities in which the network operates, all the core elements that comprise Baker Tilly’s visual identity - colour, fonts, imagery, and the applications in which they reside - have evolved. Speaking on the new identity, Ted Verkade, CEO of Baker Tilly International, said: “Beyond our expertise and proven capability to serve global clients, we want the Baker Tilly brand to be synonymous with our commitment to building great relationships and having great conversations to ensure great futures. This is what sets us apart. We make decisions now, to shape a successful tomorrow for our clients, our people, our profession and our communities. From today, Now, for tomorrow will serve as both our purpose and our tagline, becoming central to our brand and at the forefront of all of our communications. “Growth is at the heart of our business. Our new symbol is inspired by organic growth patterns found in nature. It signifies our capacity to be agile and adaptable to the unique needs of our clients. The wordmark is in all lowercase letters

to represent our personal and approachable nature. The removal of the space between Baker and Tilly signifies our cohesive network.” The emphasis on a new brand identity reflects Baker Tilly International’s desire for a more unified representation across its global network. "Our decision to make this change now is because over the last two decades the Baker Tilly network has continued to grow and evolve and this needs to be reflected in our branding. A consistent brand position makes it easier for people to appreciate who we are, what we do, and how we operate across markets," said Ben Lloyd, Baker Tilly International’s Chief Operating Officer. The new brand positioning was developed after consultation with Baker Tilly member firms’ clients, partners and employees. It is designed to be easier to use and better suited to digital and online use. David Searle, Staples Rodway New Zealand Chairperson says “Now, for tomorrow speaks to our vision for our clients as we help them navigate toward a healthy financial future for their families, organisations and businesses.” A global launch event took place in Beijing on 7 December to celebrate this milestone for the network in conjunction with the 30th anniversary of Baker Tilly in China, the network’s largest member firm in terms of people.

NUMBERS Summer 2018 • 7


UNCERTAINTY Whether you are in start-up mode, or your business is more mature and in a rapid growth phase, planning and forecasting for uncertain and dynamic conditions can be challenging. Here we look at some tips and tools to help you prepare your financial forecast.

Article by Tracy Hickman STAPLES RODWAY AUCKLAND


NCERTAINTY IS A BASIC AND persistent aspect of decision making, strategy and planning. It’s a reflection of trying to make decisions using imperfect information that is vague or open to interpretation. Some information may be missing, or there may be risks that you are aware of but haven’t assessed. For example, when you know that you have a share of the market, but you don’t know the total market size to work out your market share. However, you probably have an idea of where your business sits in the market, and so could estimate a range. There may also be factors with the potential to affect your business, but you don't know that they exist. Thirty years ago, we were just getting used to mobile phones to make calls; few imagined the potential for apps, the Cloud, social media. While you can’t plan for these, you can include a contingency buffer to cover unexpected costs.

Uncertainty around future events can be greater as we try to forecast for a longer period. A twelve-month earnings forecast may be predicted relatively reliably. Pushing that timeframe out to two, three, even five years, poses greater issues. We face complex and uncertain situations every day: ƒƒ What will sales be like next year? ƒƒ Will our new product succeed? ƒƒ How will the competition react? Yet future outcomes can be estimated, with probabilities and predictions, and that’s how we can handle them in forecasting.

TYPES OF UNCERTAINTY When estimating future events, understanding the level of environmental uncertainty can help us, and this can be analysed in terms of Miliken’s State, Effect and Response. State Uncertainty refers to when you are unable to determine what could happen as a result of the business environment. It’s an inability to forecast industry or market events. For example, if you're running a business that sells large machinery which is usually financed by banks. You deal with State Uncertainty when you really can't be sure what the interest rates offered by banks will be. Instead, you can usually work out the range of options (6%, 7%, 8% interest rates) or probabilities (40% chance of 6%) and model the impact that they would have on your business. Effect Uncertainty refers to when you can't figure out how outside environmental events might affect your business, either now or in the future. It stems from a lack of skills, knowledge and resources that could assist you to understand or influence market reactions. Say you think the interest rate will be 7%, but you are not sure whether that will prevent purchasers from buying your equipment. Again, you can estimate the impact on your business by modelling a range of sales. Once you know what effects a change in state could have for your business, you can then plan a response. Response Uncertainty refers to your inability to be sure of how the market will react to the actions that you take. For instance, if you arrange fixed interest rate finance at 7% for your customers, you can't be sure that they will want to take up that offer. Businesses typically respond to uncertainty in one of four ways: ƒƒ Structure the business within a narrow and specific niche, that can be defended in the face of uncertainty. ƒƒ Accept uncertainty and constantly look for new business opportunities that can replace any areas that get negatively impacted. ƒƒ Do both - maintain core competencies while expanding. ƒƒ Avoid change, until uncertainty forces the issue.

environment. Taking last year’s results or budget, plus a percentage increase, is commonly used because it’s easy. Yet this approach does not take account of changes in the operating environment that are likely to be present for a young or fastgrowing business. You’ll achieve greater agility using zero based budgeting, recognising that your situation may be different this year. Or you could use rolling forecasting, a continuous look forward on an 18-24 month basis and typically updated every month or every quarter. You’re making decisions throughout the year, always looking ahead and able to make tweaks to your budget as the situation changes. One danger when presenting numbers in budgets or forecasts is that a level of certainty or accuracy can be assumed. Sales Forecast: $343,000 or $343,212 Think of the different impact of these sales numbers. Round thousands can imply a higher level of estimation. Also, what’s the perspective of the person presenting the budget. Are they so convinced (and convincing) that the budget is achievable, that you start to treat the numbers as certain? Check the sensitivity of the forecast to changes and, as discussed earlier, where there is uncertainty provide a range of outcomes, based on probabilities. Consider preparing best, base and worst budgets: ƒƒ Best (aspirational) for your sales team goals ƒƒ Base for your key stakeholders ƒƒ Worst for cashflow planning Assume the failure of new strategies such as product launches, export strategies, and capital expenditure payback. Modelling the outcomes may result in creative insights and identify possible issues otherwise overlooked. Think about sources of data for your assumptions. You’ll likely be talking to your colleagues to garner assistance for sales, costs and expense forecast assumptions. Consider talking to your bank about interest rate and exchange rate assumptions. Some banks also offer benchmarking services that are useful for assessing how your business is performing compared to the market, and whether your goals are realistic. Check the Statistics NZ website for forecast information on population, tourism numbers, consents and electronic card transactions. There is also a new ‘Business Performance Benchmarker’ tool which provides statistics on market size and ratios (using data from IRD). To sum up, when preparing budgets and forecasts where you are faced with a great deal of uncertainty, think about the type of uncertainty you’re facing, what elements you can control and do research or change your approach to reduce the level of uncertainty. Use appropriate methods such as zero base budgeting or rolling forecasts and use ranges, scenarios and sensitivity analysis on key variables.

BUDGET AND FORECAST APPROACHES Once you have considered the type of uncertainty that you are facing, think about how you can improve your forecasting process. Start by choosing an approach that matches your

If you need help with preparing your forecast, please contact Tracy Hickman at or 09 373 1133, or get in touch with your usual advisor. NUMBERS Summer 2018 • 9

HOW A BOOM CAN SEND YOU BUST CASHFLOW ISSUES IN THE RESIDENTIAL HOME BUILD SECTOR A housing boom that’s tough on the residential home build sector reads like an oxymoron, but high competition, price volatility and large overheads make it tough going for many companies.

Article by Matt Marshall STAPLES RODWAY TAURANGA

10 • NUMBERS Summer 2018


ITH BUILDERS BOOKED OUT FOR months in advance, and a major housing shortage, we can be forgiven for assuming the building industry won’t slow down for some time. However, that doesn’t mean the industry is flush with cash. Cashflow issues are rife and remaining ‘cash positive’ is more vital than ever. In our experience the three key factors to keep builders in the black are billing structure, margin and breakeven point.

THE BUSINESS MODEL Margin We are all aware that the ‘kiwi way’ is to get three quotes for any major renovation or build and generally opt for the cheapest. This has led to a very competitive market and a resulting drop in margin for many companies. The main residential home build sector is now dominated by large housing companies, and the business model for many of these companies is high sales volume, low-mid margin. Often, they have high overheads to cover (including management salaries, significant marketing spend, construction managers and finance costs) and the high volume turnover is necessary to continue to cover these costs. If sales volumes drop for an extended period the company can soon run into issues covering these overheads, and we have seen examples recently of housing companies falling over. Price Fluctuation Another issue facing the housing industry is fluctuations in costs – both in land and materials. The latest QV cost builder six-monthly report* shows the average cost of building a new home has risen by 30.7% since 2007. The issue is that often these cost increases may be unable to be passed on to customers quickly enough, due to existing fixed price contracts. The companies that offer houses and land packages take on a calculated risk when it comes to the price of land. Companies that turn houses over quickly do well, however often subdivisions are sold one to two years prior to houses being sold. An agreement to purchase 10 lots at $300,000, with an on-sell value of $320,000 makes sense, but if the land value suddenly drops to $280,000 the price of the house and land package needs to increase significantly or you’re faced with absorbing the loss. On the flip side, if the land value increases those 10 lots become very profitable. Billing Structure - Cash is King In the building industry cash is king. Any successful company relies on a steady stream of cash coming in to cover the

goings. The construction of a residential house generally has certain billing points, for example “ready to roof stage”, which means housing companies are incurring costs such as labour and building materials which they need to cover before a billing point is reached (unless the up-front deposit is sufficient to cover this). At any one point you could have multiple jobs that haven’t reached a billing point, combine this with the fixed overheads and you’ve got a large cash outflow and high working capital requirements. Managing the billing points on multiple jobs to keep cashflow regular becomes key. Job Tracking The timeline for a house to be built could range from six to twelve months, with multiple builds on the go you need a system that allows you to review how much profit you are making each month. Each house that is built needs to be carefully planned and priced, therefore you also need the ability to track how the job is progressing and whether you are meeting budget. A quality job costing system is a key tool for monitoring progress.

KEY TAKE-OUTS Successful housing companies remain cash positive by focusing on key items such as billing structure, margin and breakeven point/volume requirements. ƒƒ R  eview your target margin and stick to it. Avoid negotiating below this point. Five quality jobs with a good margin can be better than 10 jobs won by negotiating down on price and making poor margins. ƒƒ Know your breakeven point. How many houses do you need to build over a period to cover your fixed overheads before you are making a profit in that period? ƒƒ Aim to be cashflow positive on every job by reviewing your billing structure. If a build has four billing points then consider what the optimum spread is of these billing points to keep working capital requirements down (therefore saving on costs of capital). ƒƒ Track your costs by maintaining a quality job costing system that can record costs on a job by job basis and allow you to monitor multiple jobs on the go. If you have any questions regarding the residential home build sector, contact Matt Marshall at, or your usual advisor. *QV Cost Builder, 2018

NUMBERS Summer 2018 • 11

MINERALBOOST MI A KIWI NICHE COMPANY LEADING THE WAY IN ANIMAL NUTRITION Warwick Voyce, CEO of MineralBoost, would tell you he was “just doing his job”. He doesn’t believe he is exceptionally entrepreneurial.



ARWICK VOYCE WAS A YOUNG CEO at just 32 with enthusiasm to burn when his board asked him to diversify within the business. He went about identifying a need, then used his contacts and developed a mineral product for animals. At the time Warwick was CEO of a niche fertiliser company called Fertco. This business already serviced the farming (and in particular dairy industry). The Board was looking to diversify and create other income streams, so Warwick performed a SWOT analysis to work out where their strengths lay, what weaknesses they had, and the opportunities and threats. Their strengths lay in already being in the rural industry. He identified that there were certain cross overs with the fertiliser business and the proposed MineralBoost business. Their weakness was only having the fertiliser products offering and being a smaller player in a market dominated by large players like Ballance. Warwick saw the opportunity to have a different offering for farmers and this is where MineralBoost developed from. The threat was that doing nothing would limit the group’s overall growth. Adding minerals into animal feed was certainly not a new concept at the time - but granulating the minerals first was. Minerals added straight into a feed such as grain and palm kernel were not an exact science and the ability for powders to segregate out of animal feed left farmers with an uncertain way of determining the amount a cow had received. As is typical in product development, trial and error played its part in the process. Being the first in the granulation sphere meant there was no recipe or process to follow. The original idea was formulated in 2010 and it wasn’t until 2012 that the granule gained real traction. Warwick set up an R & D committee to help in the process. This group included nutritionists, chemists and end users. The process and products were refined and tweaked until they felt they had the right formulation. There was a reasonable amount of investment in the formulation and manufacture capability and Warwick will admit they got things wrong, but that was part of the process in the recipe formulation. Making mistakes was the way to make sure they ended up with the right granule in the end. As a result they set up protocols to follow, such as traceability and efficacy of the inputs, with only premium NZ and Australia inputs being used. Warwick uses the analogy that mineral boost is like a craft beer. If you talk to any craft brewer, they will say inputs are vital and process is next. A craft brewer will also admit making mistakes with batches, which is just part of the process. Quality

MineralBoost Founder, Warwick Voyce

has been paramount in the process with each batch now being tested in a laboratory prior to release for sale. Comparisons and tangible benefits were seen in testing with the first product so Warwick and his team knew they were on to a winner. From here they have been able to add a wide product range for different times of the year, different life cycles of the animal and other areas in the nutritional feed domain. During the journey, the overriding premise has been that animal welfare was paramount. Warwick and his team saw a need, took a risk and developed from there. Warwick will admit being first is hard. External factors such as the dairy downturn made life difficult and sometimes it was about realising the idea is great, but the environment wasn’t. Yet the team persevered as they knew they had a great product. Naveen Jain, an Indian businessman, once said “A person who sees a problem is a human being; a person who finds a solution is visionary; and the person who goes out and does something about it is an entrepreneur”. Warwick Voyce was able to gather like-minded people, create the MineralBoost product and take it to market, exhibiting true entrepreneurship qualities. MineralBoost has been a client of Staples Rodway Tauranga since it’s inception, and as a result of great business advice was able to turn their idea into a successful business. If you would like help making your dream a reality, contact your usual advisor. NUMBERS Summer 2018 • 13

THE BRIGHT-LINE TEST THREE YEARS ON The Bright-Line Test was promoted by the Government as a simple tool to tax property speculation, but even a simple tool can have complications. Thankfully, Inland Revenue has recently provided some clarification on some of the more complex scenarios.



s most people know, the Bright-Line Test originally applied from 1 October 2015, taxing residential properties sold within the stipulated period of two years. That two-year period has since been extended to five years (if acquired on or after 29 March 2018). The family’s ‘main home’ has been excluded, but otherwise, the taxpayer’s use of the residential property is irrelevant. This universal approach has made the rules simpler, but what has not been very clear is how the rules apply to the subdivision of land originally forming part of the undivided section of the family’s main home. Doubt has also existed regarding where the boundary lies between residential land and ‘farmland’, which is excluded from the Bright-Line Test, in the context of lifestyle blocks. Further, there are some remaining issues that are still problematic.

SALE OF SUBDIVIDED SECTION Inland Revenue’s guidance explains how the Bright-Line Test applies when there is a subdivision of land that has been used as part of the family’s main home. It confirms that the main home exclusion can apply where: ƒƒ m  ore than 50% of the area of the subdivided section has been used for a dwelling that was the seller’s main home; and ƒƒ the seller used that land in that manner for more than 50% of the time since the undivided land was acquired. The guidance provides an example where a subdivided section was used as the backyard for the dwelling for most of the time the land was owned. In that situation, the exclusion could apply. However, if the subdivided section was a construction site for a new investment property for most of the time the land was owned, the exclusion would not apply.

LIFESTYLE BLOCKS The Bright-Line Test only applies to ‘residential land’ and expressly excludes ‘farmland’. In the context of a sale of a lifestyle property, there could potentially be residential and rural components. Take the example of a 4ha section that consists of a house and curtilage in one corner, with the remainder of the property used for cattle grazing. If the property is sold, does the BrightLine Test apply to the whole property, or just the house and curtilage? If it does apply to the whole property, can the main home exclusion have application to the whole property?

the traditional tests of what constitutes a ‘business’ activity. Equally, it will be difficult ‘to show a lifestyle block is capable of being worked as a farming or agricultural business if the area of the block means it would not be ‘capable of producing a profit when used for the proposed activity’. In short, it seems in most cases the bare-land portion of a lifestyle property will be subject to the Bright-Line, except to the extent that the main home exclusion can be applied.

CAN THE MAIN HOME EXCLUSION APPLY TO A LIFESTYLE BLOCK? Inland Revenue’s guidance confirms that the main home exclusion can apply to the home and curtilage on a lifestyle block where: ƒƒ m  ore than 50% of the area of land has been used for the seller’s main home; and ƒƒ the land has been used in that manner for more than 50% of the time the seller owned it. The area used for the seller’s main home includes the curtilage around the residence and other land used for residential purposes. Based on this, we consider the exclusion should apply in many common situations where the property has for most of the ownership period been used for hobby farming, pets, native plantings, and growing vegetables etc.

OTHER ISSUES We believe Inland Revenue’s guidance is useful. However, there still remains some other aspects of the Bright-Line Test that require clarification or legislative attention.

CONSTRUCTION PERIOD – MAIN HOME EXCLUSION There is an issue where a main home has been recently constructed. While the owner may have resided in the family home for the whole time since it was completed, the relevant test period for residing is the entire ownership period, including any construction time. That test period might mean the owner does not qualify as having used the property as a main home for most of the time they owned it.

ASSOCIATED PARTY RESTRUCTURES The rules allow for relationship property transfers. But there can be other instances where a residential property would be transferred between associated entities. It seems unfair that the Bright-Line Test may be triggered even though ultimate control of the property remains the same.

WHETHER THE BRIGHT-LINE TEST APPLIES In regard to the above example, Inland Revenue says in its guidance that the owner needs to demonstrate certain attributes, either: ƒƒ t he bare-land was being worked in a farming or agricultural business, or ƒƒ due to its area and nature, it is capable of being worked as a farming and agricultural business. Inland Revenue makes it clear that it will be difficult to satisfy the first limb, because the relevant test is based on

CONCLUSIONS A simple tax rule is usually a good tool, but the weakness of any simple rule is that it can also be a blunt tool that can apply unfairly in marginal situations. We believe these few remaining issues could be resolved without adding undue complexity. If you have any questions regarding the application of the BrightLine Test, contact Mike McDrury at, or your usual advisor before taking action. NUMBERS Summer 2018 • 15

WHO OWNS YOUR IP? Intellectual property can be a key driver of value in many businesses, whether it is software that has been developed, specialist manufacturing techniques, trademarks or other know-how.

Article by Sam Wilson & Nick Valentine DLA PIPER


HEN INTELLECTUAL PROPERTY IS AN important component of a business, investors and prospective acquirers want to know that the business owns all the rights to that intellectual property. In most cases, owning intellectual property is preferable to licensing it. In most cases, a business will be held in a company structure. Throughout a company's life cycle, there are times when the company's ownership of intellectual property may not be a given (for an overview of intellectual property rights in countries around the world, including New Zealand, please see DLA Piper's intellectual property and technology global comparison guide). This article describes some of those situations and the steps a company can take to ensure that it secures ownership of its intellectual property.

FORMATION Often, prior to a company's formation, one or more of the founders may have developed technology that is protectable as intellectual property. In order to ensure the company owns that intellectual property, the founders will need to assign ownership of the intellectual property to the company. This is typically done as part of the formation process and often in full or partial payment for the founders’ shares. Ensuring that each founder has signed a written assignment that documents the transfer of ownership of any developments created prior to the company’s formation is a critical step in the formation process. Although the assignments can be done later, it is best practice, and often much 'cleaner' to do them upfront.

EMPLOYEE AND CONTRACTOR ONBOARDING Most countries have legislation dealing with the 'default' position for intellectual property ownership. For example, in New Zealand work created by an employee in the course of his or her employment will be owned by the employer; and a person who commissions certain types of work (such as software) will own the copyright in that work. However, that does not apply to all types of work, e.g. a contractor commissioned to create a literary work (like a software user guide) will own the copyright in it. The position in relation to employees is similar in Australia, but it is different for contractors - absent a written agreement to the contrary, a contractor will own all intellectual property it creates, even if it is paid to develop it. In the US, companies can rely on the work for hire doctrine to own any copyrights in developments made by employees in the scope of their employment, but the work for hire doctrine does not apply to inventions that could be protected by patents.

These examples illustrate that there are many nuances and different approaches across jurisdictions in relation to ownership of material created by employees and contractors. The position will be even more complex where a company outsources its work to other jurisdictions, e.g. by engaging software developers in India and Europe. However, usually the default statutory position can be overridden by contract. It is best practice to ensure a company has written agreements with all employees and contractors that clearly deal with intellectual property ownership. As part of the onboarding process for all employees, consultants and contractors, a company should ensure that it has each person/ company sign an employment agreement or contractor agreement with the requisite assignment language to ensure that any intellectual property created by them in the course of their employment or engagement vests in the company. Given the importance of getting this right, the employment and contractor agreements should undergo legal review for compliance with the laws of the applicable country.

DEVELOPING MATERIAL FOR CUSTOMERS If a company develops something for one of its customers, the customer may want a written assignment of the intellectual property the company creates, or a broad licence to use it. A company may agree that the customer should own the material being developed. However, new material could have the company's pre-existing intellectual property incorporated in it (e.g. customer-specific customisations of a company's commercial 'off the shelf' software will have bespoke code, and pre-existing code). Care needs to be taken to avoid agreeing to anything that could restrict the company's ability to use developments in its own business or provide similar or identical developments to another customer (be particularly wary of exclusive licences). Again, a written agreement addressing the parties' rights to new and pre-existing intellectual property is crucial to avoid any unintended assignments or retention of rights. Being able to confirm that there is no ambiguity in ownership of intellectual property is essential to any company responding to diligence inquiries by an investor or prospective acquirer. Being proactive before problems appear on the horizon will help to ensure that your company avoids issues. For help ensuring that your company secures ownership of its intellectual property, contact your legal adviser or reach out to Sam Wilson ( or Nick Valentine ( at DLA Piper. NUMBERS Summer 2018 • 17


When asked to tell the story of how Texas BBQ came to be, owner Ash Peters says with a grin “…it’s a hobby run amok.” This little hobby has grown rapidly into an award-winning business in year one.


18 • NUMBERS Summer 2018


HIS VENTURE INTO FAST-MOVING CONSUMER goods (FMCG) evolved from many years of travel in and out of the United States in Ash’s previous career as an engineer in the oil and gas sector. His first taste of traditional Texan smoked barbequed meat was a revelation - the spices, the quality of the meat and the addictive nature of the smoky taste got into his veins. Ash would land in Texas and go out of his way to get the good stuff.

RESEARCH AND DEVELOPMENT When he got back home to New Zealand Ash started playing around with an old BBQ, trialling numerous spice mixes and wood chips for smoking, and testing on different cuts of meat to try and replicate what he was craving. His friends, family and the neighbour’s dog all got to sample his efforts. “When I shared the meat with family and friends, they just couldn’t get enough.” This passion for what he was creating was the driving factor that lead Ash and Jerryn Peters to take the big step, going into business to share this ‘hobby’ with the rest of New Zealand. Based out of Egmont Village in Taranaki, Texas BBQ Foods has a state-of-the-art manufacturing facility, where founders Ash and Jerryn Peters and their team can be found working around the clock to cure, smoke, slice, pack and ship their products nationwide.

SEEKING HELP Already an accounting client of Staples Rodway Taranaki, Ash met with Director, Philip Macey for guidance around the financials and logistics of starting up an FMCG business in a highly commoditised market. Together they put a robust business plan in place. Part of this business plan included hands on support from the Staples Rodway Taranaki marketing and computer systems teams. “They have worked very closely with us for our launch with ongoing marketing, design support, social media set up and management as well as co-ordinating all the software and interfaces required for our business - without their help we could not have achieved the great results that we have.” Ash says.

Ash & Jerryn Peters at The Food Show

Texas BBQ Foods Founder, Ash Peters

They also worked closely with Venture Taranaki, the regional development agency who put them in touch with other local food producers, and pooled resources to help all the ‘foodies’ attend the Auckland Food Show and share the costs of a stand and marketing materials. After a successful launch phase they began selling products direct from their website to both consumer and hospitality/trade and began making many more appearances at food events, in-store sampling and festivals across the country.

RAPID GROWTH Texas BBQ Foods smoked pork belly, beef brisket, cheese and butter are now stocked in the chiller section at select New World and Countdown supermarkets across the country. The steep learning curve into the world of supermarket labelling and distribution processes didn’t faze Ash and Jerryn; they took it all on board and adapted quickly. They’re also receiving some great reviews and accolades; most notably winning the chilled food section of NZ Artisan Awards 2018 for their pork belly and beef brisket, and placing as a finalist for their smoked butter. These year one FMCG milestones are representative of the hard work they’ve put into Texas BBQ. A significant contributing factor to the success of the business, is the fact that Ash and Jerryn backed themselves the whole way. They were determined to make it work and so invested in the necessary technology right from day one, despite the risks of this approach. They stuck by this philosophy of trusting themselves and haven’t had to do things twice. The risk was big but the benefits even bigger. cntd. over

NUMBERS Summer 2018 • 19

RECIPE FOR SUCCESS All Texas BBQ products are MSG free, gluten free and there’s no preservatives, additives or colouring; “there’s also less salt than you would use cooking potatoes,” Ash proudly states. The wood chips for smoking their meat are imported from America to get the authentic Texas flavour – as the saying goes ‘You don’t mess with Texas’. New Zealand woods such as Mānuka were trialled extensively, but didn’t produce the authentic flavour profile required; however, their spice mix proudly contains some uniquely New Zealand ingredients… all of course a well-kept secret.

ASK AN EXPERT The final packaged meat products only require 45 seconds preparation, making them the ultimate easy meal, and ideal for a quick ploughman’s or tasting platter for a party. Ash and Jerryn are constantly trialling different recipes with their products – many of which can be found on the Texas BBQ Foods website ( Sliders, pizzas and quick salads are favourites for the meats and a smoky fish pie using the smoked cheese and butter proved a winter favourite. Ash thinks the best way is the way the Texans eat it, “that’s simply with buttered bread and pickled cucumbers on the side, and little or no sauce.” Ash and Jerryn are entrepreneurs, motivated to succeed, both strongly action oriented and have a clear business vision for year two and three. Texas BBQ is proof that creating a successful business stems from having a driving passion for something and the smarts to know when to implement help. It’s also about setting goals as big as Texas and having the work ethic to turn a hobby into a reality. If you are looking to start a new business, contact Philip Macey at or your usual business advisor. 20 • NUMBERS Summer 2018

In our regular feature we answer readers' questions on any area in the world of finance, accounting, audit, tax, and other business-related areas. Take advantage of our expertise and send your question to and one of our specialists may answer it in a forthcoming issue of NUMBERS.

I own an IT company and have heard the government is bringing in a research and development tax incentive scheme. What could this mean for me? Answer from Andrew Dickeson, Tax Director, Staples Rodway Auckland

The government has recently introduced a bill to Parliament that, if passed, will reinstate a 15% tax credit for eligible research and development (R&D) expenditure. Our comments are based on the bill as it stands in mid-November 2018. In order to be eligible, your business will need to: ƒƒ P  erform a core R&D activity in New Zealand, or have a contractor perform a core R&D activity on their behalf; ƒƒ Carry on a business through a fixed establishment in New Zealand; and ƒƒ Have controlling rights over their R&D activities. The business will either need to own the results of the R&D activities, be able to use these results without further payment, or be in a group of companies that owns these results (subject to jurisdictional requirements). Eligible R&D will be comprehensively defined. Fundamentally, a core R&D activity is an activity that: ƒƒ Is conducted using a systematic approach; ƒƒ Has the purpose of creating something new; and ƒƒ Has the purpose of resolving scientific or technological uncertainty. It really depends what your IT services company is doing, but many activities would not be eligible R&D. If you are devel-


oping new applications that are not standard there may be scope for a claim and it would pay to speak to a tax specialist. Eligible R&D expenditure will be comprehensively defined. It is expected to include expenditure such as employee salaries, consumables used in the R&D process, and depreciation on assets used for R&D. Up to 10% of an R&D tax credit claim would be able to be on expenditure incurred outside New Zealand. The R&D tax credit will be available for R&D expenditure of between $50,000 and $120 million each year. The R&D tax credit is refundable up to $255,000 per annum if the taxpayer has losses. If a business is in losses, the tax credit will instead be carried forward to be offset against future income tax liabilities. The legislation is planned to come into effect from the start of the 2019/20 year, which for a small number of businesses has already begun! Because of the level of identification and record keeping required, any business involved in research and development should look to get ready for the new R&D tax credit. If you have any questions regarding R&D tax credits please contact your usual Staples Rodway advisor.

NOTE: The above is general advice only and should not be relied upon as specific circumstances can vary. Please contact your Staples Rodway advisor for specific advice.

NUMBERS Summer 2018 • 21

At Staples Rodway, it's our people that set us apart. Take a look at what our team has been up to lately.

PETER GUISE STEPS DOWN AS NATIONAL CHAIRPERSON After 19 years in the position, Peter Guise (pictured above) has stepped down as National Chairperson of the Staples Rodway New Zealand board. Peter’s leadership was key to growing the Staples Rodway network from one firm in 1999 to seven in 2018. Staples Rodway New Zealand was formed when Ernst & Young offices in Hamilton, Taranaki and Hastings came on board with Auckland to form our national network. Over the years Tauranga, Wellington and Christchurch have joined the network, growing it to a nationwide group, the seventh largest accounting network in New Zealand. Peter has been a true visionary, establishing and enhancing our 30-year relationship with Baker Tilly, where he served as Chairperson of the Asia Pacific Regional Board and the Baker Tilly International Board. Our association with the Baker Tilly International accounting network has played an integral part in servicing our clients, with many of them expanding internationally. Peter has handed over the chairpersonship over to David Searle, Auckland’s Managing Director (pictured right). David is his natural successor, having worked in the firm since he graduated in 1992. Active in training and guiding members of the accounting profession, he has also served as New Zealand Divisional President of CPA Australia and Chair of the Australasian CA Training Group. Peter Guise says David’s leadership experience and energetic investment in the accounting profession make him the ideal choice to helm the board. “I have always believed in leaving a board stronger than you found it and I’m delighted to see Staples Rodway in such capable hands going forward. I’ve known David for many years and I’m confident he will ensure the network maintains the outstanding quality of service and people-based approach it’s known for, well into the future.” All of us at Staples Rodway thank Peter for his dynamic work as the National Chairperson.




CAANZ FELLOWSHIP AWARDED Each year the Council of Chartered Accountants Australia and New Zealand recognises members for their outstanding career achievements and contributions to CAANZ, to the community or to business while maintaining the highest standards of integrity and judgement. Sharlene Bryant, Director of Staples Rodway Hawkes Bay, recently became the latest Director to be awarded a Chartered Accountants Australia and New Zealand Fellowship. Pictured right (L-R): Philip Macey, Sharlene Bryant, Libby O'Sullivan & Stuart Signal

WELLINGTON WELCOMES NEW DIRECTOR We are pleased to announce the appointment of Chrissie Murray, a new Audit Partner in our Wellington office. Chrissie joins Staples Rodway with strong public sector audit experience, having recently been a director at Audit New Zealand, where she led the audits of the Inland Revenue Department, Ministry for the Environment and several Crown entities. She was previously a quality assurance manager in the Office of the Auditor-General. “As a highly experienced audit and assurance specialist, Chrissie has excellent networks and a keen eye for supporting improvement. She is an extremely valuable addition to the Wellington team and we feel very fortunate to have someone of her calibre on board,” says David Searle, Chairperson of Staples Rodway New Zealand. Chrissie’s responsibilities include auditing a range of clients from small Trusts to large companies, advising on complex financial reporting issues and supporting clients to enhance their governance. Originally from the UK, Chrissie is a member of both the Institute of Chartered Accountants in England and Wales and Chartered Accountants Australia and New Zealand. She is also an independent member of the Audit and Risk Committee of the New Zealand Walking Access Commission.

NUMBERS Autumn 2018 • 23

START ACTING: JAPAN Staples Rodway Auckland held Start Acting: Japan (the fourth event in their Japan series) in midNovember. It was a full house, with almost 100 guests attending to receive valuable insights from successful business owner Karen Walker (pictured above right) on her experiences in Japan. Graham Collins from Oritain then shared their collaboration with JETRO to bring scientific expertise in product traceability to the Japanese market. Team Japan would like to thank our partners for this event series: JETRO (Japan External Trade Organisation), ATEED (Auckland Tourism, Events & Economic Development) and NZTE (New Zealand Trade and Enterprise). Pictured L-R: Elizabeth Golan (ATEED), Francis Yamada (NZTE), Mr Takashi Oku (JETRO), Annette Azuma (Staples Rodway), Graham Collins (Oritain), Karen Walker, Sachiko Konno (Staples Rodway), Taeko Howell (Staples Rodway), Ayumi Sugimoto (Staples Rodway).

STARTUP TARANAKI Congratulations to the winners of this years Startup Taranaki weekend, Cloud Jump! So many awesome ideas came from this event - we have some extremely innovative people here in Taranaki. If you are looking at taking your business to the next level, come and see us we would love to help!

WOMEN IN BUSINESS: CHAMPAGNE & SHOES To celebrate the success of Women in Business this year, Staples Rodway Auckland hosted Champagne & Shoes. Nikki Kaye opened the evening, speaking to our guests about women in leadership positions and lifting board representation in industry. Jeff Poole from Fine Wine Delivery Co then joined us for a Champagne tasting session, followed by Pip Larner and Liz Upton from Scarpa Shoes sharing tales from their recent buying trip. Pictured L-R: Liz Upton (Scarpa), Pip Larner (Scarpa), Nikki Kaye (MP for Auckland Central), Annette Azuma (Staples Rodway), Tracy Hickman (Staples Rodway)

STAPLES RODWAY TARANAKI SUPPORTS LOCAL FOOD BANK In lieu of sending Christmas cards to clients, Staples Rodway Taranaki donated their time and money to the New Plymouth Food Bank. This involved marketing the food drive, donating nonperishable goods and getting involved in the collection and sorting of products.

HER THRIVING BUSINESS Working in collaboration with ASB, we have been able to bring enthusiastic and passionate speakers to our women in business this year and empower our guests to create successful businesses. Being Digitally Savvy and Creating High Performing Teams were the final two events for the 2018 series of Her Thriving Business. With 100 women attending these sessions, we raised almost $1400 for CanTeen and Cure Kids. We look forward to continuing in 2019 to inform, inspire and connect like-minded women.

ACCESS TO: AUSTRALIA In mid-October Staples Rodway Auckland hosted Access to: Australia in conjunction with ANZ. The session started with presentation of Australian market research conducted by Big Picture, followed by an informative talk from David Bennett (Ryman Healthcare) sharing insight gained by their business from expanding into the aged care market in Victoria. Our speakers and panellists (pictured below L-R): Penny Ford (ANZ), Nathan Farmer (Big Picture), Rebecca Smith (NZ Story Group), The Hon Craig Knowles (Austrade) and David Bennett (Ryman Healthcare).

WOMEN INFLUENCING WOMEN CHRISTMAS APPEAL Staples Rodway Hawkes Bay held a fundraising breakfast for their Women Influencing Women Christmas Appeal, raising $560 towards supporting the operation of the Ocean Beach Surf Lifesaving Club.

Pictured L-R: Roz Scott, Michelle Valler, Richard Wilson, Farren McGregor-Smyth, Alison Prins & Emma Akeripa NUMBERS Summer 2018 • 25

AUCKLAND Level 9, 45 Queen St PO Box 3899 Auckland 1140 Phone 64 9 309 0463 Fax 64 9 309 4544

WAIKATO 4th Floor, BNZ Building 354 Victoria Street PO Box 9159 Hamilton 3240 Phone 64 7 834 6800 Fax 64 7 838 2881

TAURANGA Level 1, 247 Cameron Road PO Box 743 Tauranga 3140 Phone 64 7 578 2989 Fax 64 7 577 6030

HAWKE'S BAY Cnr. Hastings and Eastbourne Streets PO Box 46 Hastings 4156 Phone 64 6 878 7004 Fax 64 6 876 0078

NEW PLYMOUTH 109–113 Powderham Street PO Box 146 New Plymouth 4340 Phone 64 6 757 3155 Fax 64 6 757 5081

STRATFORD 78 Miranda Street PO Box 82 Stratford 4352 Phone 64 6 765 6949 Fax 64 6 765 8342

WELLINGTON Level 6, 95 Customhouse Quay PO Box 1208 Wellington 6140 Phone 64 4 472 7919 Fax 64 4 473 4720

CHRISTCHURCH Level 2, Tavendale Centre 329 Durham Street North PO Box 8039 Christchurch 8440 Phone 64 3 343 0599 Fax 64 3 348 0186

Staples Rodway NUMBERS Summer 2018  

THE ENTREPRENEURSHIP ISSUE Brainstorming to business proposals | How to start a business in NZ | Financial forecasting | Cashflow issues in...

Staples Rodway NUMBERS Summer 2018  

THE ENTREPRENEURSHIP ISSUE Brainstorming to business proposals | How to start a business in NZ | Financial forecasting | Cashflow issues in...