- Business structuring and tax management strategies
- Succession planning to ensure the family business thrives from one generation to the next
- Accounting support
- Family wealth management, including superannuation trust fund
Sportsmaster Athletic International is a sports equipment manufacturer with over 3000 products for martial arts, boxing and kickboxing, MMA, strength and conditioning, mats and flooring, padded products, and more. What began as a small operation out of co-founders Homa and Lilly Alenaddaf’s garage has grown to a renowned international company serving customers across Australia and the globe.
“Our goal was to create an Australian brand that is internationally recognised for reliability, service, quality, and affordability,” says co-founder, Lilly Alenaddaf. “The result is that we’ve tripled our business over the past decade. And BLG Business Advisers has been there every step of the way.”
Growth Required Shift in Strategy
In 2006, Sportsmaster Athletic International had grown to a level where they needed more structure. “Our old accountant was doing accounting, but we were at a stage where we needed someone to give us advice on management, investment and tax,” Lilly says.
They turned to BLG Business Advisers and they’ve never looked back. “In our very first meeting with them, everything made sense. They used a board, and whatever the question was, they broke it down into smaller pieces explaining how BLG could help. It was very impressive: clear, transparent. They picked up a few mistakes in our existing system and we knew we needed to make the switch.”
From Structure to Succession Planning
One of the first things that BLG did was help Sportsmaster Athletic International to restructure, dramatically improving their tax efficiency. In addition, BLG has provided valuable advice on when to open new warehouses, which has helped manage liability.
Perhaps most importantly for the Alenaddaf’s, BLG provided input on succession planning and family wealth management, to ensure that the family business continues to thrive from one generation to the next.
“Our son is the next generation running the company,” Lilly says. “He’s been through it all with BLG as well. With our succession plan in place and the superannuation trust fund BLG advised us to open, our son is well set up for the future.”
In the end, Lilly says that the best part of working with BLG is knowing that they’re taking good care of you. “When you’ve got a good thing, you don’t change it,” she says. “They really look after you and your business.”
Benefits and Results
- Provided tax-effective structure to maximise efficiency
- Advised on business matters, including accounting and warehouse investments
- Helped create succession plan
- Assistance maximising investment opportunities through the family structure
“I recommend BLG whenever anyone tells me they have a problem with their accounting,” Lilly says. ”They’re professional and ethical. As our business has grown, BLG Business Advisers has been there every step of the way to help us manage our tax strategy, create the right structure, and set our family up for success.”