Author Archives: LTS Lockley

When Business Integration Makes Sense

When Business Integration Makes Sense

Selling or integrating your business is often portrayed with negative connotations and perhaps we have Hollywood to thank for that with countless films depicting the corporate raiders swallowing up the smaller ‘good guys’, leaving their integrity in tatters and indeed fulfilling the ‘Wall Street’ prophecy that “Greed is Good”.

The reality is certainly to the contrary.  Business integration provides an ideal strategy across many scenarios from growth through to succession planning, or it may come following  the realisation that your idealistic post graduate vision of running your own business, hasn’t  actually resulted in garage full of prestige cars and a holiday home on the French Rivieria but rather 16 hour days and an oil spill on the driveway from the 10 year old Hilux.

The idea that being an expert in a chosen field will enable you to run a successful, profitable business may be misguided and can prove to be both disheartening and financially challenging.   An integration strategy, if managed well, can provide the ideal solution, allowing you to focus on your core skill & capability, while leveraging off the collective experience of those around you who are more commercially astute and can ultimately achieve your business objectives.

During my time working in the profession, one of the most endearing qualities I’ve found throughout the surveying community is the integrity and passion surveyors have for their craft.   To lose that passion under the weight of the proverbial ‘mountain of paperwork’, would certainly be an injustice.

We have recently undertaken an acquisition and integration which has been an overriding success and most certainly a win win for all parties.

In November, 2017 LTS acquired Brunskill McClenahan and Associates who had been operating together for 30 years. Richard and Tony took a very wise and proactive approach to succession planning in order to ensure  the value of their business was recognised and  further to provide them the opportunity to continue working during the later stages of their career, without the added pressure of running the business.

Now some 8 months down the track, I caught up with Richard McClenahan to reflect on our journey so far:-

What prompted you initially to sell your business ?

We were seeking a succession/exit strategy and it was proving too difficult to obtain staff who were willing to take over the business from us. After trying for several years to put a succession plan in place we realised that the best option was to sell the business.

What was it about LTS that prompted your decision to join us ?

There were numerous reasons:-

  • LTS was a firm with a similar culture to our firm and a similar commitment to quality.
  • LTS, as a larger firm, offered opportunities for a wider variety of work and the ability to tender on larger projects.
  • LTS also agreed to take all our staff.
  • The LTS office was conveniently located for us, at Gordon.
  • LTS provided us the ability to mentor younger staff members.
  • The offer from LTS was attractive and included ongoing work for myself and Tony and the opportunity to scale back our work load in the future (working 3-4 days a week).

Now that we are 8 months down the track, are you happy with your decision to sell the business? 

Yes, very happy.

How have you found the transition ? 

Pretty seamless.

What do you like particularly ? 

Variety of staff, friendly office environment, reduced administration & HR workload

Is there anything you dislike ?

No

It is important to understand the impact that cultural fit has on the success of a venture such as this one.  As pointed out by Richard, our businesses were very similar in approach.    Commitment to quality and an overriding respect for all team members being key values demonstrated by both businesses.

Further, from the outset of the venture, LTS recognised the inherent value in the level of expertise and experience offered by Richard and Tony, having more than 30 years experience in the industry, not only technically but also in terms of the personal values they demonstrate to our up and coming millennials – hard work , commitment, quality,  integrity, respect to name a few.

Undoubtedly this experience has been mutually beneficial and attests to the value of integration as a succession planning strategy.   We would certainly explore the viability of similar ventures moving forward.

For the sake of transparency, we did ask Tony for his thoughts on the success of the venture, unfortunately he was unable to provide commentary at the time of going to press.  Tony is pictured below floating somewhere in the Ionain Sea and clearly enjoying of the benefit of diminished business management responsibility!

 

 

 

 

The Need for Speed – Supporting the Passions of our Staff

The Need for Speed – Supporting the Passions of our Staff

The driving prowess of our Glenn Cox, mild mannered gentleman by day, first become apparent at the LTS Lockley Go-Cart Day back in May 2016 where Glenn very proudly took ‘best lap’ honors from the rambunctious but less experienced millennials with a lap time of 56.811. Little did we know that Glenn would continue to… Read more

The Anzac Spirit at LTS

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It’s truly impossible to comprehend the plight of our ANZACS but an absolute honor to be a part of their enduring legacy and contribute to the enhancement of the Anzac Memorial currently being undertaken by the NSW Government to mark the 100th anniversary of the First World War. Our contribution made possible by the vision… Read more

LTS Acquires Brunskill McClenahan & Associates

LTS Acquires Brunskill McClenahan & Associates

We are pleased to announce that on 1st November, 2017, Brunskill McClenahan & Associates were acquired by LTS Lockley. We are delighted to have registered surveyors Anthony Brunskill and Richard McClenahan, together with the entirety of their current staff, join our team.    With over 40 years of combined experience, they offer a wealth of knowledge… Read more

Joseph Monardo Joins ACS Board

Joseph Monardo Joins ACS Board

We are delighted to announce the appointment of Joseph Monardo to the Board of the Association of Consulting Surveyors. The appointment attests not only to Joe’s technical ability, knowledge and industry expertise  but more importantly his strength of character and the regard in which he is held amongst his peers. Undoubtedly he will be a… Read more

Process Improvement – The Value in Creating Internal Efficiences !

Process Improvement – The Value in Creating Internal Efficiences !

At a time when surveying practices are stretched to their limits with the sheer volume of work and a resourcing deficiency, we need to focus our attention on ways to improve our efficiency &  embrace the idea of ‘working smarter not harder’.     Interestingly, when we float the idea of undertaking various process improvement initiatives during… Read more

Maintaining the Charm of Yesteryear in Re-adaptive Use

Maintaining the Charm of Yesteryear in Re-adaptive Use

Amidst the ongoing transformation of our urban landscape, with iconic development projects embracing modern, sophisticated, contemporary design concepts in their quest to provide the ultimate lifestyle experience, it’s particularly refreshing to have been involved with the re adaptive use of the City Ford site, a building of such great historical significance. The history of the… Read more

LTS Lockley – Proudly Advocating Women in the Workplace!

LTS Lockley – Proudly Advocating Women in the Workplace!

Without question, Surveying is an industry which has historically been dominated by men. As the General Manager of LTS,     I am delighted that we are leading the way forward in the Surveying industry and breaking down the barriers created with antiquated ideas of gender inequality.   This is most certainly not because I have some overtly… Read more

Drone vs Traditional Detail & Level Survey – How does it really stack up !

Drone vs Traditional Detail & Level Survey – How does it really stack up !

With continual advances in technology, the surveyors toolkit is changing rapidly and it’s difficult not to get caught up in the hype surrounding innovative new tools such as Drones. While we acknowledge the importance of embracing new technologies, as a precursor to gaining efficiencies in our business and ultimately providing a better value proposition for… Read more

Congratulations Tom Bernstein – Winner, NSW Surveyor General Undergraduate Award

Congratulations Tom Bernstein – Winner, NSW Surveyor General Undergraduate Award

LTS Lockley are delighted to congratulate Tom Bernstein on winning the NSW Surveyor General Undergraduate Award for 2017. This award was established to support students entering the final year of their undergraduate degree in Surveying or Geoinformation Systems.  Selection criteria includes:- Academic merit Demonstrated interest in pursuing a career in surveying or geoinformation systems Interest… Read more

LTS Lockley T: 1300 587 000
Suite 1, Level 1, 810 Pacific Highway F: 02 9499 7760
Gordon NSW 2072 ABN 95 317 022 857