Bundaberg was one of Australia’s poorest in brokerage when it was acquired by former NAB Banker George Farmer in December 2012, earning just $7 million annually. These values have increased to $22 million the first 12 months he took over, and is aiming for $44 million in his second year.
So how did he do it?
The key was to reach out and re – engage the community using an expensive radio campaign, shelling out under $1,000 monthly for a minimum of 50 ads. He voices over the advertisement and introduces himself as the new owner. The business had a poor reputation before he took over.
His efforts eventually paid off, as more people start to recognize the new management and business started to flourish. Part of his success he attributes to the fact that he is the only Aussie store in Bundaberg.
Mr. Farmer was recently named Rising Star at the Queensland Better Business Awards.
Read more about this on the Adviser website.