With significant risks, there are great possibilities. That, we are told, is a sign fortune follows the brave. One of the greatest risks is to enter business using your own money. If the business succeeds the opportunity to make it is before you. The chances are you will have to prove yourself before anyone else will invest anything in something you start from scratch. It gets going, even if you have a lot of money. Be prepared because it will take more than you plan to spend.
A third and fourth career of mine was to help business manage cash. I did this for fourteen years. In my case, I have seen how easy and how hard it is. Many years ago I knew one family where both mum and dad were running a successful business, yet I saw the woman in tears. She remembered when she was told there was no money, none to buy a meal for the family. The mother went through her purse and found a few cents. Francene reached in the crevices of the couch and found a few more. She told me that after robbing the kids piggy banks she just found enough to buy half a dozen eggs so they could eat one night. Even after that, she said, “Bob had faith this business would succeed.” With the T family it did, however, it took many years living, hand-to-mouth like this before it paid off for them.
Only last month I heard a similar story of a family that had invested everything in farming. They had faced years of plenty and invested it all: in more land, in more equipment, in more seed. The current season is the best they have had for 25 years, yet they were at the mercy of the weather for 10 days after they cut the crop before they could harvest it. Even then there was no guarantee until it was in the silo.
Such is the life of those who risk everything in the hope of — One Day. One day we will be ok. One day we will have a holiday. One day we will have enough to buy a new home. One day….
I have also seen people who didn’t have to go through these trials. I have spoken with people who have taken charge of the family business and decided the wisest way forward was to grow the business. The decision to borrow and expand is also fraught. Normally the generation that makes that decision is very aware of the risks and they work as hard as their parents did on the business.
They make personal sacrifices and measure their chances with the risks of expansion. Like many farmers, they succeed where others might have failed
It is a factor of business the risk is not over even when they make the sale This is especially so when the sale is one made of business terms? We can be owed companiesed, and owe thousands of dollars at the same time. All party’s reason the job be done before all payments are made.
Not that that is the end. If I return to my story from Mrs T. They sold their business to a multinational competitor after their years of struggle just to see the business close and the products be taken off the market. The millions they received did not make up for the work, recipes, name loss, and pain – it just helped them have a very comfortable retirement.
In the third generation of a business, things are more difficult. You take an enormous fortune and spread an enormous fortune, and all you get are arguments. If, as is done with two very public big names – the money is left to one person to manage things can go wrong.
James Packer has halved his wealth in a decade. The mental anguish is apparently awful. Noting what our eldest has said of his friends clever enough to have sold businesses for tens of millions. They talk of the pressure they have had not losing what was so hard won. It must be worse when billions are risked.
One fellow, and his brother, inherited Australia’s largest building company about 15 years ago. Most of it went to one grandson. Now, remembering when I was preteen, I travelled around the eastern suburbs in the early mornings with my uncle. Some first workers we saw every morning were stocky Italian chaps. Many of them arrived in this land with no English. The owner of the business knew these men before he came here. As his business grew he remembered these hard men. He knew there was no work for them in the aftermath of WW11, so he called on them. The country was short of tall men, and stocky men were even better for the job.
The jobs they worked at were dirty. The equipment they had was scarce, so they picked and hammered with manual tools forming roadside gutters and curbs. The old yellow grader was the only tool of note I remember with the name Grollo printed on the side.
Fifty years afterwards one grandson managed the expansion of the business across the world. He decided he could manage the building company and its expansion into a whole new field from New York. He lived part time there and wherever else it was possible to live as a jet setter and still monitor the business. All the stocky men had retired or died like his grandfather, so he hired the smartest people money could buy.
Last weekend the building company went into receivership. Daniel has named many reasons the company has run out of working capital, but the one person ultimately responsible for the loss.
It is awful to watch a company collapse. Many times, losing a business can be put down to happenstance. Things like the pandemic are not down to mismanagement. Sometimes companies fail because their customers run out of money. Many times good people get caught by sly operators. That hasn’t happened here, and it will not stop many hundreds of innocent people from being hurt.
I have worked with people on both sides of the ledger. I have seen the damage done to families when ill health is the cause of failure. I have seen the anguish when an owner has to find thousands a debtor cannot pay. Insolvency used to be a crime.
Occasionally it is no one’s fault. All too often it is. The lesson from all this entry is to learn from what I have seen close by — fortune follows the brave. Sometimes. Sometimes the brave one is just a foolish gambler. Sometimes the brave one is a thief that will steal and steal again with a Phoenix movement. Observationally i say if you want to play because you inherit the earth, play but don’t pretend your play is business. Better to invest your money and play with the dividends than play with your capital that is someone once worked hard to build it.
(Not sure my last statement is correct.) What have you got to say?
There is no advantage being overweight if you do not like food. Despite my overweight status, I like fine food cooked , and eating in restaurants where taste is king. The linen is fine, as is the cutlery, so too are the waiters. All in all I say, goodness reigns.
Fortunately, I have enjoyed many beautiful meals in such establishments despite having a beer budget and champagne tastes. It is my hope you do too.
At one stage during a period when fine dining was called “nouvelle cuisine” (1960+) chef’s lost the plot. From the many choices I offer two examples:
In the 1970s Daryl and I decided to take Michael to a restaurant called Pamplemousse at 200 Collins St. Melbourne. As a mark of distinction, this restaurant was on the 2Oth floor in a National Mutual building. (Neither the restaurant nor the company survives).
During the meal, high above the darkened city, a waiter brought us our main course. It was served on a huge plate. Maybe the plate was 40 cm across. In the centre of it in a swirl of jus sat the food. To give you an idea of its size, I calculate maybe a couple of match boxes would have covered it. In all, it was so attractive it would not have been out of place if it had hung from an art gallery wall. However, the course was not sustaining by itself.
Frank tells of a similar experience at a different place. The dinner was held to celebrate a very successful business trading year. The meal was seven courses long. In his words, to give you an example of a chef gone mad his description was. “The cook served a single leaf ripped from a Brussels sprout as a separate course”. At its conclusion the diners were so hungry they went the Scottish named take-away for bedtime sustenance before calling it a night. The message to take from this is — food must first be filling.
Of the thousands of dinners I have eaten, more than ever, I understand some meals seem tastier when we eat. Wonderful surroundings help, but the best cooks insist on simple food cooked well. It is helped when you understand the secret ingredient to every good meal is — good company.
One restaurant I would like to patronise in Melbourne is Atticia. The chef Ben Shewry has worked hard building its reputation. Before lockdown, it was placed variously in the top 100 places in the world to dine. Meals in this place carry a high premium, but that is not why I would like to go there. I know the food to be great. (It is however, beyond my retirees budget).
My reason is to support him is for his generosity towards hospitality staff who were stood down during during ISO. Of all the people who were unsupported financially with government aid during this time, wait staff represent a significant number. For more than five months most went without a pay-packet. In recognition of their hard times Ben and food writer, Dani Valent cooked soup and gave it away each Wednesday to unemployed restaurant staff.
These descriptions of my enjoyment of excessive attention dim if you cannot afford food at any price. That is why a free meal supplied by one of the best chefs is so exceptional.
In Melbourne, expensive places are fewer. The Hare Kristina group offer very cheap vegetarian meals in many locations. A business named Lentil as Anything, before ISO, left it to the diner to decide how much they paid for their meal. (After five months closed its reopening however it is dependent on GoFundMe supporters to do so.)
Across the country, diners could once visit a group of diners named Sizzlers. After more than thirty years the last “eat as much as you can” place closed this week.
Times change and dining is no exception. As far as I know, you can no longer order Peacocks tongues anywhere. Excellent news for Peacocks. What else is food news? You can eat for nothing if you live in Tel Aviv, especially if you like chicken. In return there is good news for chicken, according to my friends at Future Crunch.com
FC reports the company, The Chicken, is feeding visitors free chicken sandwiches. This is good news for the visitors, and it is excellent news for chickens. No chickens die in order for The Chicken to make their sandwiches. “the chicken on the menu is grown from cells in a bioreactor in an adjacent pilot plant visible through a glass window. Diners don’t pay for their meals; instead, SuperMeat, the startup making the “cultured chicken” meat, is asking for feedback on its products, as it prepares for large-scale production of food that it thinks can transform the industry.”
Further, they explain:
“The process is far faster and more efficient than raising animals. “Once the desired animal mass is achieved, it allows harvesting approximately half the meat every day,” says Savir. “It is metaphorically the equivalent of having a farm of 1,000 mature chickens, and harvesting 500 mature chickens out of that farm every day endlessly.” The “meat” is produced directly, without the intervening step of slaughtering and butchering. Done right, with renewable energy, the process can also cut the environmental footprint of meat, since it uses fewer resources.
Now the meals are free because no government has granted the company approval to sell their product. Today’s food lovers are simply testing food they proclaim, is as good as chicken.
My mixture of unrelated stories accepts good people continue to help the disadvantaged in: soup kitchens and food banks without any motive but to help. May their good work continue.
This article is reposted because it is more authoritative than my entry from 25th September 2020. Barracouta is a fishy narrative.
The inclusion of this story follows a return to a family farm at Apollo Bay (thanks Robin and David Knox). Chatting around the fire one evening talk turned to the barracouta and fishing there. It so happens when a fresh catch is sent from Apollo Bay a Colac fish and chip shop still sells it. On our journey home Jennie ate a tasty reminder of a common weekly meal. (She hadn’t seen the story above.)
Today i have watched Sean Connelly’s acceptance speech at the AFI awards. In 2006 he was given the tribute of a Life Achievement Award. I watched the program today as this is the week he died at 90. In his speech he acknowledged he had in inauspicious beginning. He left school at 13. I was shaken when, of all the things he might have said, he marvelled at how his life changed when he turned five. He said, “ I got my break, big break, when I was five years old, and i t has taken me more than 70 years to realise it. It is that simple, and it is that profound.” This man who became the character James Bond, 007 owed his success to those who taught him to read.
To read is life changing. We caught sight of it in our judicial child. At four she “transcribed” from a favourite work the words use to explain the tale. Drawing page after page of scribble — each sound representing the word she understood we spoke. As a teenager she noted the words she didn’t recognise it a text book in order to later check the meaning from a dictionary and note that beside the entry.
I, with some glee, report the company Adani changed its name this week to – Bravus. Presumably they assumed it meant “brave”. The company is far from brave. It was controversially given the opportunity to open what is proposed to be the largest coal mine in the world in the Galilee basin of Australia’s far north. At every stage, Adani has thumbed its nose to all complainants.
Whenever it reaches full production, the coal will be shifted offshore to India to produce thermal electricity without any acknowledgement of the contribution it will make toward global warming. Therefore, it was with great mirth to read students of Latin pointed out bravus would never have meant brave. The appropriate word in English is fortis. The Guardian Australia reported the word meant something else. In fact, it was the opposite of brave. They wrote, “Mining company Adani has changed its name to a Latin word that means “crooked”, “deformed”, “mercenary or assassin”, after mistakenly thinking that it meant “brave”. Knowing the true meaning it appears the company has chosen its new name very carefully as it is most appropriate.
My own education was not as clear cut as it was for Sean Connelly. I had trouble learning to read because I now understand what made it difficult was dyslexia. 75 years ago, no one had a name for it. My teacher thought by sitting me in a corner called, “the dunce’s corner” I might get over my disability and be shamed into reading.
I realised words and I did not get on together early in life. Learning to read was painful and it took me years to master. Learning to spell was as difficult. At school a training exercise was to learn five words as a spelling exercise each night for homework. Early next morning our teachers tested our comprehension and spelling of those words in the subject, Dictation. Day after day i failed to write the words I was expected to learn.
However, instead of being discouraged I took it upon myself to study vocabulary. I learned the foreign roots of words and little by little to decode the clues in order to read. I learned prefixes and suffixes, and the shape of words in order to scan paragraphs for meaning. Even at this stage of my life i find it easier to scan a text for meaning rather than to concentrate on each word. The downside of this is I still misread obvious errors, especially when rereading my writing, and I find form filling onerous.
To this point I have found you, my reader, accepting of my shortcomings in this area.
I love the sound of well read language. Many authors you like I cannot read. I cannot immediately identify words I use in speech unless I have mastered them before in print. It is possible i have a problem with English but as it is my only language I would be lost without it. As it is I sit somewhere between Sean Connelly and Adani when it comes to language, malapropisms excepted.