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Greg Brennan
Partner, Brennan Sloan Leahy

Having begun his career as an auditor, today Greg is the partner of an accounting and financial planning firm, which holds a finance brokers' licence and is the major shareholder of a state wide car-detailing franchise.

Starting out: the family business

In 1992, after four years with KPMG, Greg moved to Brian Brennan and Associates – his father's accounting practice. With Greg's mother as the office manager, this was definitely a family-based affair.

Greg is positive about this period. He views his parents as role models and still values their opinions, saying: "I never went through the embarrassed-of-my-parents phase of many young adults – I have always been proud of them." Perhaps this explains Greg's business acumen: as well as having been an accountant, his father is a successful hotelier who has owned the Bel-Eyre Hotel for sixteen years.

Working in his father's practice gave Greg an insider's look at the ups-and-downs of small business – understanding he applies to the businesses he works with today.

In 1995 Greg bought the practice, and over the next five years grew it significantly – doubling revenue and winning many new clients. Greg says that faced with onerous legislation and compliance requirements, growth for small practices during this period was tough.



	“Thinking strategically is what the General does when drawing up plans before battle. He must get it right.”

Expanding step-by-step

By 2000, Greg knew he had to "get bigger or get out." So together with Adrian Sloan, a like-minded accountant and financial planner, he formed Brennan Sloan. In the four years that followed, Greg's business savvy was central to Brennan Sloan's growth – chiefly, his strategic thinking, watertight management, and the ability to understand and manage risks.

Greg thinks strategically about his clients' businesses as well as about his own. He takes this very seriously: "Thinking strategically is what the General does when drawing up plans before battle. He must get it right – if he doesn't, the ramifications are massive!" For businesses, these can include huge capitals gains tax and stamp duty costs, and missing out on golden opportunities.

As for watertight management, Greg says: "it is easy for accountants and business advisers to be like mechanics who drive the worst car in the street – they can be so busy making sure their clients' businesses are performing well that they neglect their own."

Nothing could be further from the case under Greg's management. Determined that his firm 'practise what they preach', staff productivity is reviewed against KPIs every month, key financial indicators are monitored daily, and net profit – more important than revenue, according to Greg – is watched closely.

Greg deems the ability to analyse and take risks as critical to business success. However, he is quick to add that seeing the downside is not the same as being scared of taking risks – something he certainly isn't. Rather, Greg's approach is to assess risks and then take the smart ones; to be both the accountant and the entrepreneur.

Acquiring new businesses

After four years of incremental growth, in 2004 Brennan Sloan acquired Leahy and Partners, a well-established Subiaco accounting practice. Greg views this as one of his major business achievements. In basketball terms, it was a 'triple-double': the number of clients doubled from 500 to 1,000; staff numbers doubled from 8 to 16 – and revenue doubled.



	“For Greg, family support is everything – the source of his business confidence.”

The acquisition was an achievement for other reasons: a new and progressive administration system was implemented in an older office; all key staff were retained throughout the move; and, importantly, a very high proportion of clients were retained.

Was there a key ingredient? "Hours and hours of planning to ensure we got everything right: financial forecasting to ensure we had adequate working capital, meeting after meeting with Ted (the principal of Leahy and Partners) to make sure each side was happy, and meetings with staff to ensure their needs would be met."

Diversifying

Greg's first year with Brennan Sloan Leahy has been productive. Recently, the practice became a licensed finance broker. Although a logical move (given such an intimate knowledge of its clients' financial situations and debt structures), the need to meet stringent conditions meant obtaining the license was far from simple.

Brennan Sloan Leahy also recently became the major WA shareholders of Car Care, a national car detailing franchise with thirty-three franchisees in Western Australia. Improvements at Car Care have come swiftly. These include an Australia-first wireless booking system, in which bookings are registered on franchisees' handheld PDAs, and an upgrade of administration systems – in particular, debtor management and payment methods.

With smart business moves like these in year one, Brennan Sloan Leahy's next five years under Greg's leadership look exciting.

What keeps Greg going?

The answer is simple. Quoting the words of Sydney Swans star, Brett Kirk, upon winning the AFL grand final, Greg says: "nothing compares with having a family." For Greg, family support is everything – the source of his assurance and business confidence.

Greg's wife Monica is also a chartered accountant who practises part-time. With three children, including twins, they're eagerly awaiting their fourth child, due in February 2006.

There is one other thing – fitness. Having played football for East Perth and State League Baseball for over ten years, Greg is emphatic about the need to keep fit. Each week, two or three gym sessions are 'locked in' his diary. And if Greg applies himself to these as he does his work, odds are they are vigorous sessions!

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