1 00:00:01,040 --> 00:00:03,720 Speaker 1: I'm sure, Alma, and this is Fear and Greed Sunday 2 00:00:03,800 --> 00:00:06,720 Speaker 1: Feature Interview. I'll be back again tomorrow with another weekday 3 00:00:06,760 --> 00:00:09,520 Speaker 1: episode of Fear and Greed, the normal mix of business 4 00:00:09,560 --> 00:00:12,399 Speaker 1: news and interviews that sets you up for a successful day. 5 00:00:12,840 --> 00:00:21,680 Speaker 1: In the meantime, enjoy our Sunday feature interview. The health 6 00:00:21,720 --> 00:00:24,959 Speaker 1: and economic challenges of twenty twenty have been immense. In 7 00:00:25,000 --> 00:00:28,960 Speaker 1: the months ahead, different businesses will continue to experience challenges 8 00:00:29,080 --> 00:00:32,760 Speaker 1: in different ways. Some will get into distress, some will thrive, 9 00:00:32,920 --> 00:00:35,880 Speaker 1: and some won't survive. In Australia, there are a few 10 00:00:35,920 --> 00:00:39,200 Speaker 1: people with more experience in helping businesses through the toughest 11 00:00:39,200 --> 00:00:42,960 Speaker 1: situations than Mark Menpha. Mark is co founder and partner 12 00:00:43,000 --> 00:00:45,680 Speaker 1: of Cord Tomnthha and is regarded as one of the 13 00:00:45,760 --> 00:00:49,560 Speaker 1: leading business recovery and restructing experts in the country. Mark, 14 00:00:49,680 --> 00:00:50,600 Speaker 1: Welcome to Fear and Greed. 15 00:00:51,000 --> 00:00:53,720 Speaker 2: Oh, good morning, Short, and good morning to your listeners. Mark. 16 00:00:53,760 --> 00:00:55,720 Speaker 1: Not all of our listeners will be familiar with your 17 00:00:55,800 --> 00:00:58,640 Speaker 1: story how you went from working for a very large 18 00:00:58,640 --> 00:01:02,640 Speaker 1: firm to start owning and running Cordamntha. Can you take 19 00:01:02,720 --> 00:01:04,840 Speaker 1: us through that of two thousand and two? Was it 20 00:01:04,840 --> 00:01:05,800 Speaker 1: that you started up. 21 00:01:06,160 --> 00:01:08,240 Speaker 2: So I started my career well a long way before 22 00:01:08,280 --> 00:01:11,320 Speaker 2: two thousand and two. I started in nineteen seventy nine 23 00:01:11,319 --> 00:01:14,959 Speaker 2: at a global accounting firm called Arthur Anderson, and incidentally, 24 00:01:15,400 --> 00:01:18,560 Speaker 2: Mark Carter started the year for me in nineteen seventy eight, 25 00:01:18,640 --> 00:01:22,399 Speaker 2: so we've been working together for over forty years. But 26 00:01:22,520 --> 00:01:25,920 Speaker 2: Arthur Anderson was a worldwide partnership and they were the 27 00:01:25,959 --> 00:01:30,880 Speaker 2: auditors of Enron, and Enron spectacularly collapsed in two thousand 28 00:01:30,959 --> 00:01:33,640 Speaker 2: and one and through to the early parts of two 29 00:01:33,720 --> 00:01:37,520 Speaker 2: thousand and two where Arthur Anderson actually collapsed because of 30 00:01:37,560 --> 00:01:42,080 Speaker 2: its linkages globally, it was a global partnership. So from 31 00:01:42,520 --> 00:01:45,360 Speaker 2: that collapse, we had a number of choices, and one 32 00:01:45,560 --> 00:01:49,360 Speaker 2: was to actually join urs young with our fellow partners, 33 00:01:49,840 --> 00:01:53,400 Speaker 2: or go and do something which both Mark and I 34 00:01:53,440 --> 00:01:56,120 Speaker 2: wanted to pursue. And we were firmly of the view 35 00:01:56,120 --> 00:01:59,000 Speaker 2: that you could not wring fence audit risk in the 36 00:01:59,080 --> 00:02:02,200 Speaker 2: large Big four firms as they are called today. So 37 00:02:02,720 --> 00:02:05,520 Speaker 2: we decided to step out on our own and create 38 00:02:05,560 --> 00:02:08,440 Speaker 2: Court a mentor in April two thousand and two, and 39 00:02:08,480 --> 00:02:11,680 Speaker 2: we've been on that journey ever since, some eighteen years. 40 00:02:11,919 --> 00:02:14,160 Speaker 2: And as I said, earlier. We've been working together as 41 00:02:14,200 --> 00:02:17,360 Speaker 2: a partnership for over forty years since our earlier Thur 42 00:02:17,440 --> 00:02:18,160 Speaker 2: Mison days. 43 00:02:18,440 --> 00:02:20,560 Speaker 1: And you kicked off with a very high profile client, 44 00:02:20,560 --> 00:02:21,640 Speaker 1: which that have got your going. 45 00:02:22,000 --> 00:02:27,560 Speaker 2: Yes, two thousand and one September eleven, the world been 46 00:02:27,600 --> 00:02:32,640 Speaker 2: into shock really with the September eleven terrorist attacks on 47 00:02:32,680 --> 00:02:35,600 Speaker 2: the World Trade Center, and of course all of a sudden, 48 00:02:36,040 --> 00:02:39,520 Speaker 2: aviation assets were being used as terrorist tools and the 49 00:02:39,520 --> 00:02:45,280 Speaker 2: global aviation market went into free fall. And Anset fell 50 00:02:45,320 --> 00:02:50,040 Speaker 2: into administration on September twelve, two thousand and one, and 51 00:02:50,080 --> 00:02:53,239 Speaker 2: Mark and I, about eight days after the appointment of 52 00:02:53,280 --> 00:02:56,519 Speaker 2: the original administrators, were appointed by the Federal Court of 53 00:02:56,560 --> 00:03:02,280 Speaker 2: Australia to undertake that administration. So from Anderson's collapse to 54 00:03:02,639 --> 00:03:06,799 Speaker 2: having the Answert administration was somewhat serendipitous. 55 00:03:07,080 --> 00:03:09,360 Speaker 1: Eighteen years on. What do you see the role of 56 00:03:09,400 --> 00:03:10,359 Speaker 1: cored Amanthad to be. 57 00:03:10,840 --> 00:03:15,679 Speaker 2: Well, Cordmentthor is many things. It's still very much has 58 00:03:16,440 --> 00:03:21,239 Speaker 2: the ethos of a family business. We're a fairly fiercely 59 00:03:21,400 --> 00:03:25,799 Speaker 2: independent investment and advisory firm. We don't do order or 60 00:03:25,919 --> 00:03:30,200 Speaker 2: tax and at its simplest, the heart and soul of 61 00:03:29,440 --> 00:03:33,560 Speaker 2: our brand is the bringing together of our people, this 62 00:03:33,680 --> 00:03:36,600 Speaker 2: great diversity of intellect and abilities of our people to 63 00:03:36,720 --> 00:03:40,720 Speaker 2: solve the most complex of problems. And pretty much we're 64 00:03:40,880 --> 00:03:45,280 Speaker 2: situational experts and industry agnostics. So no matter what the challenge, 65 00:03:45,640 --> 00:03:46,280 Speaker 2: we're up for it. 66 00:03:47,000 --> 00:03:48,800 Speaker 1: So when and how are you normally asked in? 67 00:03:49,280 --> 00:03:52,320 Speaker 2: Well? Typically, one of the things I should have pointed 68 00:03:52,320 --> 00:03:55,839 Speaker 2: out a little earlier was that Quartermentthor is a very 69 00:03:55,880 --> 00:03:59,040 Speaker 2: diverse business other than just restructuring. But when it comes 70 00:03:59,080 --> 00:04:04,040 Speaker 2: to high profile while insolvencies or restructurings, we're typically asking 71 00:04:04,240 --> 00:04:07,280 Speaker 2: by a number of stakeholders. It could be the courts, 72 00:04:07,400 --> 00:04:10,120 Speaker 2: it could be the financiers, it could be the directors, 73 00:04:11,080 --> 00:04:13,800 Speaker 2: it could be other stakeholders that have invested interest in 74 00:04:13,840 --> 00:04:16,200 Speaker 2: the outcomes, such as the unions and employers. 75 00:04:16,520 --> 00:04:19,719 Speaker 1: Okay, so moving beyond that more high profile work that 76 00:04:19,800 --> 00:04:22,480 Speaker 1: you do, what are the other services and other functions 77 00:04:22,480 --> 00:04:23,039 Speaker 1: of the business. 78 00:04:23,480 --> 00:04:27,480 Speaker 2: Well, we have the quarter menthod business pretty much has 79 00:04:27,800 --> 00:04:31,800 Speaker 2: in solvency and restructuring is heritage, but we've now grown 80 00:04:32,440 --> 00:04:35,960 Speaker 2: to having over fifty percent of our revenue from non 81 00:04:36,120 --> 00:04:41,279 Speaker 2: restructuring or distress clients. Our service line specialties cover a 82 00:04:41,400 --> 00:04:45,360 Speaker 2: very broad range of professional services such as forensic capital 83 00:04:45,600 --> 00:04:52,080 Speaker 2: and corporate finance, corporate consulting, real estate consulting, and private 84 00:04:52,120 --> 00:04:53,080 Speaker 2: equity investments. 85 00:04:53,480 --> 00:04:55,880 Speaker 1: Now, mostly when you go in, well, most businesses that 86 00:04:55,920 --> 00:04:59,920 Speaker 1: you go into probably are in some sort of strife. 87 00:05:00,080 --> 00:05:02,240 Speaker 1: Is that fair to say? That's a kind of tough 88 00:05:02,320 --> 00:05:03,280 Speaker 1: environment to walk into. 89 00:05:03,960 --> 00:05:08,440 Speaker 2: Most the challenges we walk into can be very, very 90 00:05:08,480 --> 00:05:12,720 Speaker 2: diverse and very situational. But you know, we've been famous 91 00:05:12,760 --> 00:05:17,760 Speaker 2: for our successes in turning around large, complex businesses. But 92 00:05:18,000 --> 00:05:20,360 Speaker 2: in doing so, you know, we bring to bear all 93 00:05:20,400 --> 00:05:22,840 Speaker 2: of those skills that we have across the firm, our 94 00:05:23,040 --> 00:05:25,640 Speaker 2: capital market and M and A skills, our forensic and 95 00:05:25,800 --> 00:05:30,600 Speaker 2: data capturing capability are corporate and turn around capability, and 96 00:05:30,640 --> 00:05:33,920 Speaker 2: of course real estate very much forms the basis of 97 00:05:34,520 --> 00:05:37,760 Speaker 2: lots of lending and lots of balance sheets, so you know, 98 00:05:37,800 --> 00:05:40,520 Speaker 2: to have that expertise and bring it all together to 99 00:05:40,600 --> 00:05:44,280 Speaker 2: solve the problem. To solve many problems is how we 100 00:05:44,320 --> 00:05:49,000 Speaker 2: structure our business. But the challenge can be many and varied, 101 00:05:49,040 --> 00:05:51,680 Speaker 2: and as it was in two thousand and one with 102 00:05:51,760 --> 00:05:57,279 Speaker 2: aviation assets and those assets plummeting globally in today's market 103 00:05:57,440 --> 00:06:01,719 Speaker 2: with COVID and COVID post recovery. Those challenges will present 104 00:06:02,000 --> 00:06:04,960 Speaker 2: very different ones to the ones that existed in the 105 00:06:05,000 --> 00:06:09,200 Speaker 2: early two thousands when we were moving into new technologies 106 00:06:09,560 --> 00:06:12,880 Speaker 2: and companies were actually being valued on revenue or the 107 00:06:12,920 --> 00:06:17,120 Speaker 2: eyeballs they attracted to a screen rather than profits. And 108 00:06:17,240 --> 00:06:19,040 Speaker 2: when you go back to the late eighties and early 109 00:06:19,120 --> 00:06:24,359 Speaker 2: nineties with the collapse of the stock market and the 110 00:06:24,400 --> 00:06:29,240 Speaker 2: distresses in global assets, all of those experiences are very 111 00:06:29,320 --> 00:06:33,359 Speaker 2: different and unique. And even just before I started at 112 00:06:33,440 --> 00:06:36,080 Speaker 2: Arthur Anderson, you know, you had the global oil crash 113 00:06:36,120 --> 00:06:39,400 Speaker 2: in the mid seventies. So all of these things have 114 00:06:39,720 --> 00:06:42,720 Speaker 2: panned out over time, and the most recent before COVID 115 00:06:42,720 --> 00:06:47,240 Speaker 2: being the global financial crisis, where we had toxic assets 116 00:06:47,279 --> 00:06:51,159 Speaker 2: all over the world, toxic debt being sold, which undermined 117 00:06:51,960 --> 00:06:54,760 Speaker 2: the economies of most of the modern Western world. 118 00:06:55,600 --> 00:06:57,640 Speaker 1: So currently, then, how do you think the next six 119 00:06:57,720 --> 00:07:01,000 Speaker 1: to twelve months will pan out for insolvent Keeping in 120 00:07:01,000 --> 00:07:04,000 Speaker 1: mind of course, that insolvencies themselves are down, but perhaps 121 00:07:04,000 --> 00:07:05,480 Speaker 1: that's because of government support. 122 00:07:05,720 --> 00:07:10,360 Speaker 2: Yes, the government's support has been an absolute god send 123 00:07:10,800 --> 00:07:15,080 Speaker 2: for full businesses that have faced what many call an 124 00:07:15,160 --> 00:07:19,240 Speaker 2: unprecedented challenge. But these challenges, as I've just spoken to 125 00:07:19,600 --> 00:07:23,760 Speaker 2: arise pretty much every decade and can be cyclical, and 126 00:07:23,840 --> 00:07:29,120 Speaker 2: you know, we've had sars before COVID, so businesses have 127 00:07:30,080 --> 00:07:32,640 Speaker 2: lent their mind to some of these challenges previously, so 128 00:07:32,760 --> 00:07:36,480 Speaker 2: there is lessons to be learned. But the other issue 129 00:07:36,520 --> 00:07:40,560 Speaker 2: before COVID and what companies and businesses have experienced is 130 00:07:40,560 --> 00:07:43,480 Speaker 2: the fact that not long ago our country was in 131 00:07:43,520 --> 00:07:48,240 Speaker 2: a severe drought that was quickly followed by bushfires, floods, 132 00:07:48,520 --> 00:07:51,520 Speaker 2: and set against a backdrop of government spending which was 133 00:07:52,000 --> 00:07:54,560 Speaker 2: being withdrawn from the economy trying to get the budget 134 00:07:54,680 --> 00:07:58,440 Speaker 2: into the black. So you know, when COVID came along, 135 00:07:58,800 --> 00:08:05,000 Speaker 2: the businesses now economy generally was a very vulnerable stage, 136 00:08:05,800 --> 00:08:10,280 Speaker 2: and the government, post COVID and the unprecedented shutting of 137 00:08:10,400 --> 00:08:14,480 Speaker 2: borders has stepped in to prop up the economy to 138 00:08:14,520 --> 00:08:21,120 Speaker 2: prop up businesses, and the government stimulus is basically so 139 00:08:21,320 --> 00:08:25,360 Speaker 2: much cash and liquidity to the market that in fact 140 00:08:26,000 --> 00:08:29,679 Speaker 2: businesses have been paying off debt. Consumers haven't been spending 141 00:08:29,680 --> 00:08:32,280 Speaker 2: as much because they just don't have the opportunity for 142 00:08:32,360 --> 00:08:35,360 Speaker 2: discretionary spending, so a lot of that's been going into savings, 143 00:08:35,720 --> 00:08:38,120 Speaker 2: and banks are telling us that their deposits are up 144 00:08:38,200 --> 00:08:41,439 Speaker 2: in some states as much as twenty percent in dangerous 145 00:08:41,480 --> 00:08:45,200 Speaker 2: offset accounts are actually running down because this money has 146 00:08:45,280 --> 00:08:48,120 Speaker 2: been used to pay off debt and make sure that 147 00:08:48,240 --> 00:08:53,160 Speaker 2: businesses would be more resilient they come out of COVID. So, 148 00:08:53,200 --> 00:08:55,960 Speaker 2: but without this government intervention, there is no doubt that 149 00:08:56,000 --> 00:08:59,640 Speaker 2: we would have had far more insolvencies, far greater unemployment, 150 00:09:00,480 --> 00:09:03,520 Speaker 2: and the economy would have been on its knees. 151 00:09:03,960 --> 00:09:05,800 Speaker 1: So Mark, what about the next six months? 152 00:09:06,240 --> 00:09:09,439 Speaker 2: I was sure, and where we a the economy. Businesses 153 00:09:09,640 --> 00:09:14,520 Speaker 2: face substantial challenges post COVID. Post challenges will be many 154 00:09:14,559 --> 00:09:16,880 Speaker 2: and varied, and we look forward to working with our 155 00:09:16,920 --> 00:09:22,079 Speaker 2: clients to helping them meet that challenge and helping them 156 00:09:22,080 --> 00:09:24,760 Speaker 2: restructure to and you will post COVID. 157 00:09:25,160 --> 00:09:27,760 Speaker 1: So if you're a company now and you're worried about 158 00:09:27,760 --> 00:09:30,280 Speaker 1: the future, what should you be doing? 159 00:09:31,080 --> 00:09:35,840 Speaker 2: Well, you should be clearly planning for what has occurred 160 00:09:36,200 --> 00:09:39,720 Speaker 2: in terms of the disruption to your business model. So 161 00:09:39,920 --> 00:09:45,600 Speaker 2: many businesses have already faced these issues through the earlier 162 00:09:45,640 --> 00:09:50,880 Speaker 2: part of COVID. Clearly, tourism, hospitality, aviation have all been 163 00:09:51,000 --> 00:09:55,880 Speaker 2: massively impacted. The fact that we have no population growth, 164 00:09:56,000 --> 00:10:02,760 Speaker 2: no immigration, no inbound tourism, enormous pressure on companies that 165 00:10:03,040 --> 00:10:07,920 Speaker 2: have very little or if any revenue growth. So managing 166 00:10:07,960 --> 00:10:11,800 Speaker 2: to come out of COVID, come out of this new 167 00:10:11,880 --> 00:10:15,720 Speaker 2: world that these businesses now face, will be very challenging. 168 00:10:15,760 --> 00:10:19,480 Speaker 2: Depending on where you sit in the cycle, Some businesses 169 00:10:19,520 --> 00:10:23,960 Speaker 2: have actually prospered. Some disruptors have responded to COVID, which 170 00:10:23,960 --> 00:10:29,040 Speaker 2: has created new opportunities such as online sales, such as 171 00:10:29,080 --> 00:10:34,040 Speaker 2: online learning in the education sector. And these are the 172 00:10:34,080 --> 00:10:36,720 Speaker 2: things that the economy and the treasure as to balance 173 00:10:36,800 --> 00:10:41,680 Speaker 2: out over time, particularly with the RBA, as to making 174 00:10:41,720 --> 00:10:45,760 Speaker 2: sure that the businesses that are capable of surviving do 175 00:10:46,720 --> 00:10:49,360 Speaker 2: but the bad ones will fall away as they normally do, 176 00:10:49,840 --> 00:10:53,640 Speaker 2: and that there is an environment for disruptors and new 177 00:10:53,640 --> 00:10:57,440 Speaker 2: players who have adapted to the world to thrive and flourish. 178 00:10:57,800 --> 00:10:59,680 Speaker 1: And look back to you. You've done some really high 179 00:10:59,679 --> 00:11:02,120 Speaker 1: profile work over the years, starting with Anset, but through 180 00:11:02,160 --> 00:11:04,719 Speaker 1: the Tassel Griffin Cole Timbercorp. Do you have a. 181 00:11:04,679 --> 00:11:07,560 Speaker 2: Favorite that's a good question. 182 00:11:07,800 --> 00:11:09,600 Speaker 1: Something you're proud of, particularly proud of. 183 00:11:11,000 --> 00:11:13,640 Speaker 2: Well, you know, when I think back to the early 184 00:11:13,640 --> 00:11:17,320 Speaker 2: eighties when I did my very first restructuring, it was 185 00:11:17,520 --> 00:11:21,760 Speaker 2: as equally as important as the larger engagements today are 186 00:11:21,840 --> 00:11:25,000 Speaker 2: in terms of the areams which have just been successfully completed, 187 00:11:26,080 --> 00:11:30,880 Speaker 2: buying out of administration of Virgin Airlines for Bay. All 188 00:11:30,960 --> 00:11:36,280 Speaker 2: of those are incredibly exciting challenges. But I'm reminded and Markkorter, 189 00:11:36,679 --> 00:11:39,160 Speaker 2: both of us are reminded every day and now a 190 00:11:39,160 --> 00:11:41,520 Speaker 2: lot of our staff to take a lot of pride 191 00:11:41,559 --> 00:11:43,640 Speaker 2: when they see a logo on a truck that goes 192 00:11:43,679 --> 00:11:46,920 Speaker 2: past from a company that we've been involved in restructuring, 193 00:11:47,280 --> 00:11:51,160 Speaker 2: an advertisement on television, or people meeting and greeting you 194 00:11:51,320 --> 00:11:53,960 Speaker 2: face to face. And I spent a lot of time 195 00:11:54,000 --> 00:11:58,120 Speaker 2: in airports, and there is so many alumni of ANSET 196 00:11:58,240 --> 00:12:01,960 Speaker 2: working for Corners, Urgin and Rex that they continually come 197 00:12:02,040 --> 00:12:04,840 Speaker 2: up to you and thank you for getting back all 198 00:12:04,880 --> 00:12:08,000 Speaker 2: their employee entitlements as long ago as two thousand and two. 199 00:12:08,440 --> 00:12:09,600 Speaker 1: It must be a real buzz. 200 00:12:10,600 --> 00:12:15,360 Speaker 2: It's humbling in many respects and it speaks to the 201 00:12:15,400 --> 00:12:18,320 Speaker 2: success that we as a team at courtA Menta have 202 00:12:18,440 --> 00:12:23,720 Speaker 2: had over many, many years. But there is obviously unique 203 00:12:23,800 --> 00:12:27,800 Speaker 2: challenges in all of what we do. And I cast 204 00:12:27,840 --> 00:12:31,040 Speaker 2: my mind back to early days in Porta Menha when 205 00:12:31,080 --> 00:12:34,559 Speaker 2: we had ANSET. We tried to save the mainline airline, 206 00:12:34,960 --> 00:12:38,599 Speaker 2: but there were sixteen other businesses saved through the restructure 207 00:12:38,640 --> 00:12:43,160 Speaker 2: of Anset, and even Rex Airlines today is the combination 208 00:12:43,320 --> 00:12:46,880 Speaker 2: of Hazleton Airlines and Kindle Airlines which were Anset Airlines, 209 00:12:47,400 --> 00:12:50,520 Speaker 2: So you know, there was a lot of success out 210 00:12:50,559 --> 00:12:53,880 Speaker 2: of Anset even though the mainline airline unfortunately couldn't get 211 00:12:53,880 --> 00:12:56,760 Speaker 2: back in the air. Tassel Salmon that you spoke to 212 00:12:57,280 --> 00:12:59,800 Speaker 2: was a very unique engagement. Tassel is now one of 213 00:12:59,800 --> 00:13:03,960 Speaker 2: the largest employers in Tasmania, but in two thousand and 214 00:13:04,000 --> 00:13:09,480 Speaker 2: two it suffered greatly from Melnino and the warm currents 215 00:13:09,480 --> 00:13:12,679 Speaker 2: flying down the east coast of Australia which extended all 216 00:13:12,720 --> 00:13:15,800 Speaker 2: the way to Tasmania. And it's hard to think that 217 00:13:16,160 --> 00:13:20,560 Speaker 2: Tasmania is the closest growing area to the Equator for 218 00:13:20,720 --> 00:13:26,520 Speaker 2: Atlantic salmon, and these currents warmed the water temperatures to 219 00:13:26,600 --> 00:13:31,320 Speaker 2: about twenty two degrees and salmon don't grow over growing 220 00:13:31,520 --> 00:13:35,840 Speaker 2: waters above sixteen degrees. So we had to go down 221 00:13:36,080 --> 00:13:40,240 Speaker 2: and restructure that company dealing with these warm waters, thinking 222 00:13:40,320 --> 00:13:43,040 Speaker 2: about how to diversify the growing areas in which we 223 00:13:43,200 --> 00:13:47,120 Speaker 2: found our fishing grounds, which were mainly in the Deonentrechastroi 224 00:13:47,240 --> 00:13:52,160 Speaker 2: channel around brune Island and off Dover, and we had 225 00:13:52,200 --> 00:13:56,920 Speaker 2: other conditions we had to cope with, such as cataracts 226 00:13:56,960 --> 00:14:00,600 Speaker 2: in fish because they form in warm water and meet 227 00:14:00,600 --> 00:14:03,440 Speaker 2: thee Guild disease forms in warm waters, and all of 228 00:14:03,480 --> 00:14:08,640 Speaker 2: these challenges had to be basically work through to enable 229 00:14:08,720 --> 00:14:13,560 Speaker 2: us to save the company. But also the first time 230 00:14:13,600 --> 00:14:18,199 Speaker 2: ever in Australian insolvency we actually bought our largest competitor 231 00:14:18,280 --> 00:14:22,120 Speaker 2: whilst we're in receivership. And I'll always remember the discussion 232 00:14:22,160 --> 00:14:24,200 Speaker 2: I have with Bill shut as the head of the 233 00:14:24,240 --> 00:14:27,080 Speaker 2: Australian Workers Union at the time. He said, what you 234 00:14:27,200 --> 00:14:30,760 Speaker 2: want to take a company that's not in receivership into 235 00:14:30,800 --> 00:14:33,680 Speaker 2: one that is you want all our employees to transfer? 236 00:14:33,880 --> 00:14:35,560 Speaker 2: You said, Mark, that's going to be a tough sell. 237 00:14:36,000 --> 00:14:39,080 Speaker 2: It's a fair question, but you know the proof is 238 00:14:39,120 --> 00:14:43,400 Speaker 2: in the eating. And now to Tessel is expanded beyond 239 00:14:43,400 --> 00:14:47,680 Speaker 2: salmon to prawn's and other aquaculture and as a wonderful 240 00:14:47,720 --> 00:14:50,960 Speaker 2: success story. And the CEO is actually an excord a 241 00:14:50,960 --> 00:14:53,640 Speaker 2: metal partner in Mark right. So we're very very proud 242 00:14:54,560 --> 00:14:59,560 Speaker 2: of that achievement. When you speak to other engagements. I 243 00:14:59,600 --> 00:15:04,080 Speaker 2: think the biggest impacts where a business or a company 244 00:15:04,200 --> 00:15:09,640 Speaker 2: dominates a town's employment, it's well being where every business 245 00:15:09,680 --> 00:15:14,240 Speaker 2: has a symbiotic relationship with that company, even the schools, 246 00:15:14,360 --> 00:15:20,160 Speaker 2: the accommodation an RIM and the steel works and minds 247 00:15:20,600 --> 00:15:24,000 Speaker 2: operated out of Wyala is a very good case in point. 248 00:15:24,560 --> 00:15:29,320 Speaker 2: The whole town was depended upon one business and to 249 00:15:29,440 --> 00:15:35,400 Speaker 2: successfully successfully restructure that business with so many different stakeholders 250 00:15:36,480 --> 00:15:41,160 Speaker 2: at play was a wonderful achievement for our team and 251 00:15:41,800 --> 00:15:47,080 Speaker 2: one which we're very very proud and the gratitude from 252 00:15:47,120 --> 00:15:50,720 Speaker 2: the city of Wyala, both during and after that successful 253 00:15:50,760 --> 00:15:53,960 Speaker 2: turnaround has given us a lot of pride. 254 00:15:54,680 --> 00:15:57,479 Speaker 1: So what next for Mark menha En quarter MENTHA. 255 00:15:57,920 --> 00:16:01,160 Speaker 2: Quarter MENTHA has been going for eighteen years, Arthur Anderson 256 00:16:01,400 --> 00:16:04,520 Speaker 2: went in ninety years, So I think Mark and I'd 257 00:16:04,560 --> 00:16:07,280 Speaker 2: like to think that we could surpass that. There will 258 00:16:07,280 --> 00:16:11,640 Speaker 2: always be a place for truly independent investment and advisory 259 00:16:11,680 --> 00:16:15,640 Speaker 2: houses like ours where you can do great work with 260 00:16:15,680 --> 00:16:19,040 Speaker 2: great people for great clients. I think if we are 261 00:16:19,120 --> 00:16:21,120 Speaker 2: calld A meant to continue to invest in our people, 262 00:16:21,240 --> 00:16:25,520 Speaker 2: continue to operate a self regulating culture, and I'm very 263 00:16:25,640 --> 00:16:31,280 Speaker 2: hopeful for our future as for Mark and me, will 264 00:16:31,280 --> 00:16:33,680 Speaker 2: continue to do the work we love as long as 265 00:16:33,720 --> 00:16:38,400 Speaker 2: we remain relevant, but we are forever thinking about what's next. 266 00:16:38,880 --> 00:16:42,000 Speaker 1: Through all of your different roles, through multiple projects, You've 267 00:16:42,000 --> 00:16:44,960 Speaker 1: had an exceptional career, and no doubt each situation real 268 00:16:45,040 --> 00:16:47,400 Speaker 1: quie is something different from you. Do you prefer a 269 00:16:47,520 --> 00:16:49,800 Speaker 1: sort of a hands on approach leading through others or 270 00:16:49,840 --> 00:16:50,640 Speaker 1: a bit of both. 271 00:16:51,080 --> 00:16:53,600 Speaker 2: That's a great question, and thank you for asking. I 272 00:16:53,640 --> 00:16:57,440 Speaker 2: think there is a time and place for both. The 273 00:16:57,520 --> 00:17:01,040 Speaker 2: key to leadership is knowing when you ROLLI sleeves up, 274 00:17:01,760 --> 00:17:06,440 Speaker 2: there is expectation that as the name on the door, 275 00:17:07,240 --> 00:17:12,040 Speaker 2: you're expected to be at the scene, no matter what 276 00:17:12,080 --> 00:17:15,840 Speaker 2: that scene is, And the key is to knowing when 277 00:17:15,840 --> 00:17:18,200 Speaker 2: to do that and when to nuance that, but also 278 00:17:18,840 --> 00:17:23,040 Speaker 2: how deeply you get involved and knowing that also by 279 00:17:23,040 --> 00:17:27,080 Speaker 2: empowering others, you can step back and direct. So I'm 280 00:17:27,119 --> 00:17:31,280 Speaker 2: a leader that believes strongly that empowerment builds trust. Trust 281 00:17:31,480 --> 00:17:35,280 Speaker 2: builds a great sense of responsibility and commitment in your people. 282 00:17:35,600 --> 00:17:37,399 Speaker 2: So that's very much my style. 283 00:17:38,040 --> 00:17:40,159 Speaker 1: Business challenges can put a great deal of pressure on 284 00:17:40,440 --> 00:17:43,040 Speaker 1: both companies and the individuals within them. Now, some of 285 00:17:43,040 --> 00:17:45,679 Speaker 1: those challenges are chronic, they're always going to be there, 286 00:17:45,880 --> 00:17:48,359 Speaker 1: or they're just smaller things that keep people up at night. Now, 287 00:17:48,440 --> 00:17:51,359 Speaker 1: for anyone listening and thinking about their own business challenges, 288 00:17:51,400 --> 00:17:53,879 Speaker 1: no matter what they are, do you have any tips 289 00:17:53,920 --> 00:17:56,879 Speaker 1: that might help them avoid future pressure or if the 290 00:17:56,920 --> 00:17:59,520 Speaker 1: time has come, how they should share that challenge with 291 00:17:59,560 --> 00:18:00,240 Speaker 1: an expert. 292 00:18:00,640 --> 00:18:05,480 Speaker 2: And my tip best it would be the business owners, CEOs, boards, 293 00:18:06,440 --> 00:18:11,040 Speaker 2: management or even bank managers need to get advice early 294 00:18:11,480 --> 00:18:15,960 Speaker 2: and be honest with themselves and their advisors about the challenges, 295 00:18:16,000 --> 00:18:20,440 Speaker 2: about the risks, about the opportunities, particularly in this post 296 00:18:20,440 --> 00:18:24,920 Speaker 2: COVID world, that their businesses face. Hope, there's never been 297 00:18:24,920 --> 00:18:27,760 Speaker 2: a strategy that is something the head of our corporate business, 298 00:18:27,840 --> 00:18:31,000 Speaker 2: Chris Martin, talks about all the time. So people can 299 00:18:31,040 --> 00:18:34,000 Speaker 2: deal with bad news, but they find it much harder 300 00:18:34,480 --> 00:18:36,520 Speaker 2: to deal with uncertainty. And I think that's what we're 301 00:18:36,520 --> 00:18:40,520 Speaker 2: seeing play out in this COVID world because there could 302 00:18:40,520 --> 00:18:43,560 Speaker 2: be another resurgence. So if you're not thinking about how 303 00:18:43,560 --> 00:18:46,800 Speaker 2: your business has reacted in the first or second phase, 304 00:18:47,600 --> 00:18:50,280 Speaker 2: what happens if it comes again. So your mind needs 305 00:18:50,320 --> 00:18:53,480 Speaker 2: to go to building that resilience or changing your business 306 00:18:53,480 --> 00:18:58,199 Speaker 2: model or changing your supply chain, changing your service offering. 307 00:18:58,600 --> 00:19:01,520 Speaker 2: All those things need to be thought about. But good 308 00:19:01,560 --> 00:19:05,120 Speaker 2: advisors know that to rain they can predict how those 309 00:19:05,160 --> 00:19:09,160 Speaker 2: things will play out. As we've been through the seventies 310 00:19:09,160 --> 00:19:11,639 Speaker 2: and eighties and nineties and the early two thousands, as 311 00:19:11,720 --> 00:19:14,719 Speaker 2: Mart Colder and I haven't many of our staff, and 312 00:19:14,760 --> 00:19:19,520 Speaker 2: we can predict those things and rely on that experience 313 00:19:20,200 --> 00:19:24,919 Speaker 2: and rapidly work through situations towards a better outcome. And 314 00:19:24,960 --> 00:19:29,000 Speaker 2: we're firm believers that problem shared is a problem halved. 315 00:19:30,800 --> 00:19:34,480 Speaker 2: And don't sleep on it would be my would be advice. 316 00:19:34,960 --> 00:19:38,560 Speaker 1: Yeah, great advice, don't sleep on it. Mark individually, you 317 00:19:38,560 --> 00:19:41,320 Speaker 1: have a very strong track record of success. What advice 318 00:19:41,359 --> 00:19:43,879 Speaker 1: would you give to someone starting a new career or 319 00:19:43,920 --> 00:19:45,280 Speaker 1: operating their own business. 320 00:19:45,560 --> 00:19:48,399 Speaker 2: Well, there are two different things. I'll deal with the 321 00:19:48,480 --> 00:19:52,679 Speaker 2: career aspect. Firstly, I think when you're starting out on 322 00:19:52,720 --> 00:19:58,320 Speaker 2: a career, effort is rewarded. Just that it sometimes takes time. 323 00:19:59,560 --> 00:20:03,479 Speaker 2: So to go fast, you have to go slow. You 324 00:20:03,560 --> 00:20:05,160 Speaker 2: just can't jump and I can't go to one hundred 325 00:20:05,200 --> 00:20:09,760 Speaker 2: miles an hour. Tenacity is just as important as talent. 326 00:20:10,640 --> 00:20:14,359 Speaker 2: You need to listen because it builds strength in others 327 00:20:15,200 --> 00:20:19,040 Speaker 2: and you should always remember business is about people. So 328 00:20:19,119 --> 00:20:22,040 Speaker 2: they are my golden rules for starting out in a 329 00:20:22,080 --> 00:20:26,200 Speaker 2: new career in terms of starting your own business, sort 330 00:20:26,200 --> 00:20:31,280 Speaker 2: of have my own stone tablet of ten commandments as such. Again, 331 00:20:32,160 --> 00:20:36,359 Speaker 2: it captures the fact that fundamentally business is about people. 332 00:20:36,520 --> 00:20:39,200 Speaker 2: That's why I caught a Memper has had a consulting 333 00:20:39,240 --> 00:20:44,000 Speaker 2: psychologist in Evon Willick from day one, from the very 334 00:20:44,040 --> 00:20:50,720 Speaker 2: start of Courter Memper, because we understand business is about people. Secondly, 335 00:20:51,520 --> 00:20:54,080 Speaker 2: you need to be honest at what you're good at 336 00:20:54,359 --> 00:20:58,600 Speaker 2: and hire people for what you'renot. Thirdly, as Mark Carter 337 00:20:58,680 --> 00:21:02,440 Speaker 2: and I have proved than time and time again, you 338 00:21:02,520 --> 00:21:04,560 Speaker 2: know it can be very lonely at the top. You know, 339 00:21:04,560 --> 00:21:06,920 Speaker 2: if you're a CEO, if you're a business owner, if 340 00:21:06,920 --> 00:21:10,360 Speaker 2: you're a chairman of a board. So two people can 341 00:21:10,400 --> 00:21:13,760 Speaker 2: always do the work three because you can share that problem. 342 00:21:13,880 --> 00:21:17,960 Speaker 2: You can bring different insights, different inferences from your own 343 00:21:18,000 --> 00:21:20,840 Speaker 2: experiences over the years. Even the way you know you're 344 00:21:20,880 --> 00:21:23,800 Speaker 2: bought up will have a difference in determining an outcome. 345 00:21:24,920 --> 00:21:27,199 Speaker 2: So one person will only ever do the worker one. 346 00:21:27,640 --> 00:21:31,080 Speaker 2: Two people can do the worker threat. The other aspect 347 00:21:31,960 --> 00:21:36,800 Speaker 2: that's absolutely critical is cash or equidity. Cash people will 348 00:21:36,800 --> 00:21:38,480 Speaker 2: think what's that in a couple of years time, but 349 00:21:39,040 --> 00:21:43,800 Speaker 2: liquidity will always be king. And I don't care if 350 00:21:43,800 --> 00:21:46,880 Speaker 2: you're running a seven eleven or BHP. You need good 351 00:21:47,000 --> 00:21:52,399 Speaker 2: corporate hygiene. You must have up to date financials, preferably 352 00:21:52,440 --> 00:21:55,600 Speaker 2: an integrated model that captures your cash flow, your profit loss, 353 00:21:55,600 --> 00:21:59,040 Speaker 2: and your balance sheet. You must always know whether mile 354 00:21:59,119 --> 00:22:03,440 Speaker 2: mark or the columny is on the road, something we've 355 00:22:03,440 --> 00:22:07,760 Speaker 2: touched on slightly. A firm believer, don't swept the small stuff. 356 00:22:08,680 --> 00:22:12,840 Speaker 2: Don't stay awake at learn about the small stuff. As 357 00:22:12,840 --> 00:22:16,520 Speaker 2: I said organizational psychologists and cordamant that she's the custodian 358 00:22:16,600 --> 00:22:21,200 Speaker 2: our values, so very important. Culture is one of the 359 00:22:21,240 --> 00:22:25,439 Speaker 2: most important things when you start outing business because the 360 00:22:25,440 --> 00:22:30,359 Speaker 2: behavior you walk past is the behavior you tolerate. Number 361 00:22:30,359 --> 00:22:36,040 Speaker 2: eight would be don't be afraid to confront the truth. Penultimately, 362 00:22:36,400 --> 00:22:39,639 Speaker 2: surround yourself with good people and a good panel of 363 00:22:39,680 --> 00:22:43,800 Speaker 2: advisors and mentors. Like I said, you know it can 364 00:22:43,840 --> 00:22:46,000 Speaker 2: be lonely at the top, and a problem shared is 365 00:22:46,040 --> 00:22:51,760 Speaker 2: a problem harved. Finally, be bold, be brave, and be responsive. 366 00:22:52,280 --> 00:22:55,240 Speaker 1: That's a great set of commandments we've seen tremendous evolution 367 00:22:55,280 --> 00:22:57,840 Speaker 1: of community expectations in the past six months or so. 368 00:22:58,520 --> 00:23:01,200 Speaker 1: You've mentioned in the course of this and bushfires, floods, 369 00:23:01,359 --> 00:23:04,800 Speaker 1: economic challenges from the pandemic, et cetera. You've also mentioned 370 00:23:04,800 --> 00:23:07,560 Speaker 1: that every decade will have its own challenges. Do you 371 00:23:07,560 --> 00:23:10,440 Speaker 1: think that the expectations of a company to have articulate 372 00:23:10,480 --> 00:23:13,760 Speaker 1: and maintain culture have changed in the past six months. 373 00:23:14,400 --> 00:23:19,080 Speaker 2: I think that culture has held good companies in good stead. 374 00:23:19,760 --> 00:23:24,840 Speaker 2: Bad culture probably wouldn't have coped that well with this crisis, 375 00:23:25,560 --> 00:23:29,840 Speaker 2: and leadership has been key and communication has been key. 376 00:23:30,640 --> 00:23:33,600 Speaker 2: But equally, you know, we have all these client facing 377 00:23:33,720 --> 00:23:38,240 Speaker 2: capabilities of Cardamenta across our real estate, capital, corporate, forensic 378 00:23:38,240 --> 00:23:42,160 Speaker 2: and restructuring practices, but none of them work without good 379 00:23:42,320 --> 00:23:45,920 Speaker 2: roads and rails. So the practice management support that we've 380 00:23:45,960 --> 00:23:50,080 Speaker 2: had through people in culture and consulting psychologists and others, 381 00:23:50,119 --> 00:23:56,119 Speaker 2: through marketing, through finance, and especially technology, because technology has 382 00:23:56,160 --> 00:24:00,800 Speaker 2: come to the fore. I have spent three months on 383 00:24:00,960 --> 00:24:04,760 Speaker 2: zoom calls and team calls working with Baying Capital in 384 00:24:04,880 --> 00:24:10,000 Speaker 2: Hong Kong and Sydney and Boston buying Virgin airlines without 385 00:24:10,040 --> 00:24:13,879 Speaker 2: ever stepping foot in the place. So technology is played 386 00:24:14,119 --> 00:24:19,920 Speaker 2: an enormous part, but culture and being able to collaborate, 387 00:24:20,640 --> 00:24:25,280 Speaker 2: being able to communicate, being able to trust your people 388 00:24:25,960 --> 00:24:27,960 Speaker 2: that are working at home, that have had it dropped 389 00:24:28,000 --> 00:24:31,000 Speaker 2: on them in a minute without all the proper training, 390 00:24:31,160 --> 00:24:34,040 Speaker 2: without all the face to face engagement that they would 391 00:24:34,119 --> 00:24:38,920 Speaker 2: normally get in their daily lives. Being able to talk 392 00:24:38,960 --> 00:24:44,040 Speaker 2: to clients and sell your capability to clients online rather 393 00:24:44,119 --> 00:24:48,880 Speaker 2: than in person is an incredible change to professional services 394 00:24:48,880 --> 00:24:52,959 Speaker 2: business models, but to most business models, the fact that 395 00:24:53,040 --> 00:24:55,080 Speaker 2: you can look someone in the eye and not shake 396 00:24:55,080 --> 00:24:58,440 Speaker 2: their hand but give them an elbow, but even changes 397 00:25:00,200 --> 00:25:06,159 Speaker 2: that the tactile feedback that one gets when meeting stakeholders. 398 00:25:06,840 --> 00:25:11,160 Speaker 2: So all of this has to play out now as 399 00:25:11,200 --> 00:25:14,879 Speaker 2: we go forward, and that is fundamentally different to the 400 00:25:14,920 --> 00:25:21,400 Speaker 2: way we entered this COVID pandemic. So it is challenging. 401 00:25:22,000 --> 00:25:24,800 Speaker 2: It will be exciting for many, it'll be fearful for some. 402 00:25:25,359 --> 00:25:31,600 Speaker 2: So I think having a great culture is like having 403 00:25:31,640 --> 00:25:36,000 Speaker 2: a foundation upon which everything else is built. So if 404 00:25:36,000 --> 00:25:41,320 Speaker 2: you are walking past behaviors that you can't tolerate, then 405 00:25:42,000 --> 00:25:45,399 Speaker 2: now's the time to step on them and shore up 406 00:25:45,440 --> 00:25:48,320 Speaker 2: your foundations and build your business and build resilience in 407 00:25:48,720 --> 00:25:49,480 Speaker 2: your organization. 408 00:25:49,960 --> 00:25:53,119 Speaker 1: Yeah right, it's a fascinating challenge in terms of working 409 00:25:53,160 --> 00:25:55,919 Speaker 1: with your current team as well as inducting new people 410 00:25:55,920 --> 00:25:58,040 Speaker 1: and also having people leave the business while trying to 411 00:25:58,040 --> 00:26:02,000 Speaker 1: pass that culture on. See culture being impacted by having 412 00:26:02,080 --> 00:26:05,760 Speaker 1: people inducted and exited while working remotely and on site 413 00:26:05,760 --> 00:26:06,240 Speaker 1: at the moment. 414 00:26:06,520 --> 00:26:10,920 Speaker 2: Yeah, it's not only those inducted, it's your current cohort 415 00:26:11,600 --> 00:26:16,080 Speaker 2: have to basically deal with each other in a different way, 416 00:26:16,600 --> 00:26:21,080 Speaker 2: but still in the same culture, the same respectful mindset, 417 00:26:21,280 --> 00:26:26,320 Speaker 2: the same empathy you bring to your clients. And internal 418 00:26:26,359 --> 00:26:30,720 Speaker 2: relationships are just as important a CORDAMMPA as external ones. 419 00:26:31,200 --> 00:26:34,600 Speaker 2: So that's how you build you build trust. You know, 420 00:26:34,680 --> 00:26:37,840 Speaker 2: those people who working out technology, some of them get 421 00:26:37,880 --> 00:26:41,040 Speaker 2: to clients, some don't, but they have all internal clients 422 00:26:41,080 --> 00:26:44,359 Speaker 2: that absolutely rely on them. And particularly in this post 423 00:26:44,359 --> 00:26:47,840 Speaker 2: COVID world, induction of new employees, and how do you 424 00:26:48,080 --> 00:26:50,359 Speaker 2: ingrain You know, they come in as an empty test 425 00:26:50,359 --> 00:26:52,320 Speaker 2: tube and you need to fill them with training and 426 00:26:52,400 --> 00:26:55,040 Speaker 2: culture and know how. And this is the way we 427 00:26:55,119 --> 00:26:59,080 Speaker 2: do things around here, doing the right things. That is 428 00:27:00,080 --> 00:27:04,920 Speaker 2: basically an open menu. At the moment we are preparing 429 00:27:05,119 --> 00:27:09,080 Speaker 2: for inducting our graduates, not in the one place. We're 430 00:27:09,119 --> 00:27:12,440 Speaker 2: going to have to do it online, and we're going 431 00:27:12,480 --> 00:27:16,520 Speaker 2: to have to formulate new strategies as every other business 432 00:27:16,560 --> 00:27:22,159 Speaker 2: will do, on how to best build that culture. But 433 00:27:22,560 --> 00:27:27,399 Speaker 2: mostly it's about patterns of behavior, demonstrated patterns of behavior 434 00:27:27,440 --> 00:27:31,680 Speaker 2: of a long time. Will I think instill that culture, 435 00:27:32,240 --> 00:27:35,440 Speaker 2: which in courtammpher absolutely self regulates. 436 00:27:35,800 --> 00:27:37,879 Speaker 1: I see keeping some balance in your life is vital, 437 00:27:37,920 --> 00:27:39,840 Speaker 1: and I can imagine that your role takes a great 438 00:27:39,840 --> 00:27:42,960 Speaker 1: deal of time and attention and probably always has. How 439 00:27:42,960 --> 00:27:45,480 Speaker 1: are you managing to keep lively, happy, productive? 440 00:27:45,800 --> 00:27:48,439 Speaker 2: It's a great question, and the word balance is often 441 00:27:48,800 --> 00:27:54,480 Speaker 2: used in the workforce around balanced work life balance, and 442 00:27:54,600 --> 00:28:00,320 Speaker 2: I can honestly say it's never been balance. I look 443 00:28:00,320 --> 00:28:03,359 Speaker 2: at it through the lens of three interacting cycles, and 444 00:28:03,400 --> 00:28:06,720 Speaker 2: I share this with my staff and do with as 445 00:28:06,720 --> 00:28:10,600 Speaker 2: we spoke to earlier about how we induct people, and 446 00:28:11,320 --> 00:28:14,200 Speaker 2: I talked to them about the way I see happiness 447 00:28:14,240 --> 00:28:18,560 Speaker 2: and being productive and have a sense of vitality. I 448 00:28:18,560 --> 00:28:20,879 Speaker 2: look at it through the lens of three interacting circles, 449 00:28:21,080 --> 00:28:25,400 Speaker 2: your body, your mind, and your spirit, and they're never 450 00:28:25,440 --> 00:28:28,719 Speaker 2: in balance, but they differ in size over your career 451 00:28:30,160 --> 00:28:34,120 Speaker 2: Your body is about what I do for me. It's 452 00:28:34,119 --> 00:28:38,000 Speaker 2: about keeping active and keeping vital. You know. I walk 453 00:28:38,040 --> 00:28:42,600 Speaker 2: every day, I play golf, I cycle like tennis, I fish, 454 00:28:43,080 --> 00:28:46,960 Speaker 2: wash my weight and I'm getting better. I'm watching my 455 00:28:47,000 --> 00:28:50,800 Speaker 2: alcohol and take in COVID times. I've discovered non alcoholic 456 00:28:50,840 --> 00:28:56,560 Speaker 2: beverages which you can still have a drink but not overindulge. 457 00:28:57,160 --> 00:28:59,560 Speaker 2: And again, you know, that's come out of COVID, you know, 458 00:28:59,640 --> 00:29:02,760 Speaker 2: the the non alcoholic drink sector I think has had 459 00:29:02,760 --> 00:29:05,960 Speaker 2: a real burn having touched alcohol for a month and 460 00:29:06,040 --> 00:29:12,000 Speaker 2: not missing it. So body is my first circle and change, 461 00:29:12,040 --> 00:29:13,920 Speaker 2: you know, and it's a different size circle when I'm 462 00:29:13,920 --> 00:29:15,840 Speaker 2: twenty to when I was thirty, to when i was 463 00:29:15,880 --> 00:29:20,280 Speaker 2: forty tow when I'm sixty. My mind is dominated by 464 00:29:20,320 --> 00:29:25,840 Speaker 2: my work. As discussed quartament, there is incredibly diverse and challenging, 465 00:29:26,520 --> 00:29:28,880 Speaker 2: so staying on top of things and staying relevant is 466 00:29:28,880 --> 00:29:32,560 Speaker 2: a must. So my mind is pretty much full time 467 00:29:33,040 --> 00:29:37,720 Speaker 2: around Quarter, around our issues, around our clients, around what's 468 00:29:37,760 --> 00:29:40,760 Speaker 2: happening in the economy, about what's happening in the future 469 00:29:40,760 --> 00:29:43,320 Speaker 2: in terms of trends, and trying to be nimble and 470 00:29:43,320 --> 00:29:45,920 Speaker 2: position our firm and our people to be at the 471 00:29:46,000 --> 00:29:52,040 Speaker 2: forefront of those challenges. And the spirit circle is about 472 00:29:52,080 --> 00:29:56,280 Speaker 2: what I do for others. And I'm passionate about mental 473 00:29:56,320 --> 00:29:59,880 Speaker 2: health and well being. We bring that into the workplace, 474 00:30:00,080 --> 00:30:04,600 Speaker 2: we bring that into every client engagement. And I'm very 475 00:30:04,600 --> 00:30:08,680 Speaker 2: passionate about a quartermina family because that is the ethos 476 00:30:08,680 --> 00:30:12,240 Speaker 2: of our business. It is a family business, and I'm 477 00:30:12,240 --> 00:30:14,840 Speaker 2: passionate about my family. I have a beautiful wife, very 478 00:30:14,840 --> 00:30:19,960 Speaker 2: supportive my boys. I have a grandson who's just basically 479 00:30:20,000 --> 00:30:22,880 Speaker 2: added a whole new dimension to one's life. And he's 480 00:30:22,880 --> 00:30:24,960 Speaker 2: five years old now and just full of energy. And 481 00:30:25,360 --> 00:30:28,160 Speaker 2: you know, I also have a father of ninety three 482 00:30:28,240 --> 00:30:31,080 Speaker 2: years and he lives up on the Murray and I 483 00:30:31,080 --> 00:30:34,080 Speaker 2: haven't seen him since March, but he tells me I 484 00:30:34,080 --> 00:30:39,040 Speaker 2: ain't going anywhere anytime. So I think. You know, by 485 00:30:39,120 --> 00:30:44,440 Speaker 2: keeping those circles interacting, and they change. When you're eighteen nineteen, 486 00:30:44,480 --> 00:30:46,160 Speaker 2: you know there's more focus on the body, and that 487 00:30:46,320 --> 00:30:48,960 Speaker 2: is on the mind and spirit. You know, when your 488 00:30:49,000 --> 00:30:52,440 Speaker 2: workload increases and you become a partner, now your mind 489 00:30:52,480 --> 00:30:55,680 Speaker 2: dominates the circles. And as you get older, you know 490 00:30:55,720 --> 00:30:58,560 Speaker 2: it's about giving back and about giving to others. So 491 00:30:58,640 --> 00:31:02,200 Speaker 2: your spirit circle comes a bigger part of those three 492 00:31:02,240 --> 00:31:06,640 Speaker 2: interacting rings. So that's the way I see, you know, 493 00:31:06,760 --> 00:31:10,880 Speaker 2: my being productive, being happy, being having a sense of 494 00:31:10,960 --> 00:31:13,480 Speaker 2: vitality is looking through those three lenses. 495 00:31:13,960 --> 00:31:16,520 Speaker 1: A final question, You've had a remarkable career and it 496 00:31:16,600 --> 00:31:19,719 Speaker 1: continues today. How do you think quarter MENTHA will handle 497 00:31:19,720 --> 00:31:20,760 Speaker 1: the challenges ahead? 498 00:31:21,560 --> 00:31:25,800 Speaker 2: Quarter MENTHA is often seen as a restructuring insolvency firm. 499 00:31:25,840 --> 00:31:28,280 Speaker 2: That's so much more than that today, and we've been 500 00:31:28,320 --> 00:31:32,360 Speaker 2: able to pivot our business to non distress situations where 501 00:31:32,360 --> 00:31:38,240 Speaker 2: we have very large AX listed companies, very large government agencies, 502 00:31:38,360 --> 00:31:41,880 Speaker 2: things like the NBN, Assic Opera, the A, Triple C 503 00:31:42,600 --> 00:31:46,200 Speaker 2: all as clients and I'm very proud of that achievement 504 00:31:46,680 --> 00:31:49,440 Speaker 2: in being able to pivot that business. But there's something 505 00:31:49,440 --> 00:31:53,600 Speaker 2: about restructuring insolvency that always captures the headlines. So we 506 00:31:53,600 --> 00:31:57,240 Speaker 2: will always be, I guess known for that. But you know, 507 00:31:57,280 --> 00:32:01,400 Speaker 2: we have softened the brand and broad the capability across 508 00:32:01,520 --> 00:32:05,880 Speaker 2: all challenges that the client's face. And if you hang 509 00:32:05,920 --> 00:32:10,239 Speaker 2: around a lot of unfortunate distress businesses, you're sure as 510 00:32:10,240 --> 00:32:12,000 Speaker 2: heck now what a good one is when you see it. 511 00:32:12,160 --> 00:32:15,600 Speaker 2: So we spend a lot of time working with very 512 00:32:15,680 --> 00:32:19,760 Speaker 2: very good businesses making sure they prepare further challenges ahead. 513 00:32:19,880 --> 00:32:22,720 Speaker 2: And there's none more on the present than the post 514 00:32:22,800 --> 00:32:26,160 Speaker 2: COVID situation the Australian economy and the world economy faces 515 00:32:26,240 --> 00:32:26,680 Speaker 2: right now. 516 00:32:27,280 --> 00:32:29,360 Speaker 1: Mark, thanks for joinings some fear and greed this morning. 517 00:32:29,840 --> 00:32:33,200 Speaker 1: Pleasure sure does Mark Menha, co founder and partner of 518 00:32:33,240 --> 00:32:33,880 Speaker 1: cour to Menthha