FS360 Podcast - Episode 40
FS360 Podcast Episode 40
Values Based Advice in a modern business world.
Gavin Nash introduced Scott Kitchin, Accounting Director at Mulcahy’s Geelong office. Scott began practising Accounting in his hometown of Horsham, before moving to Geelong in 1998, where he became a partner in a multi-partner firm.
In 2014 Scott started his own practice, launching his vision of a different way of running an accounting business. He proceeded to recruit others who shared his vision, won awards, and built a client base of professionals and business owners in the Geelong Area. When a client introduced him to Mulcahy & Co, he found that there was a shared mindset, and in 2021 he moved his business into the Mulcahy & Co Group. Whilst Scott was initially concerned that he might lose his point of difference, he very quickly realised that Mulcahy & Co had the same approach and values as himself.
The move also gave Scott the opportunity to provide his young and energetic team with a dynamic career path. The multi-disciplinary nature of the Mulcahy & Co company structure provides Scott’s team with the valuable experience of collaborating with other professionals to create strategies for their clients.
Scott Kitchin
Accounting Director
Mulcahy & Co Geelong
Scott explained his Values Based Advice system – he and his team spend time with clients in order to get into their hearts and minds; from there he can provide relevant, tailored and sustainable advice in line with his clients’ values. Clients have dreams and goals but don’t always know how to achieve them.
Helping clients in this way is not only rewarding and relevant, but also builds sustainable relationships with clients which carry through generations of families and businesses. Scott finds it rewarding to see someone able to bring their retirement plans to life, or to assist their children to build their dream home – this point of difference is what adds value to a relationship which could otherwise be just transactional.
Scott cited the example of a client whose retirement plan was to sell his business for an expected sum. His plan was, however, severely flawed as he had overestimated the value of his business - Scott worked with the client to review his plans.
Being part of the
Mulcahy & Co Group has provided Scott with the opportunity to work with financial planners, other accountants, the legal team, and other professionals to obtain powerful outcomes for clients in a short time frame. With a broad spectrum of clients in the Geelong area, including doctors and other professionals, tradies, and small businesses, as well as a number of agribusinesses in the Western District, Scott finds that he has diversity in his client base without the risk of losing focus on particular trends in specific industries. The Mulcahy & Co model also provides referrals to new clients which are very welcome.
Responding to a question about “pain points” in his client community, Scott cited liquidity as the leading problem at this time. Covid has slowed down the cash cycle – businesses are carrying more debtors, so they are slower to pay creditors. Scott can apply various remedies depending on the type and size of the business e.g. accessing equity in assets due to the growth in property values, varying trading terms, as well as borrowing, although this does not need to be the first solution. Accessing equity needs to be used with a disciplined approach. Some clients take steps to educate themselves regarding finance. Whilst others prefer to leave the decision making to Scott and his team, he stressed that he always insists on taking the time to clearly explain the chosen strategy - this is in the best interest of the client who needs to understand the strategy and agree that it is the right way to proceed.
Scott offers a free and non-conditional discovery session for new clients; these sessions are connected to the Value Based Advice system. Topics covered in the discovery session include where do you want to be, what are you trying to achieve, how much can you afford to invest after your bills are paid, how much tax are you paying, is the structure of your retirement plan correct, are your wills in order, legacy and family values, and children’s education. This free session determines whether a client is a good fit for Scott and his team , and that the team is a good fit for the potential client. Not all clients take up this opportunity , but fortunately many do, allowing Scott to meet them and introduce them to the multi-disciplinary offerings of the Mulcahy Group. Even if clients don’t proceed with Mulcahy & Co, Scott is happy to provide this free service to the community.
For more information,
contact us here.
Episode 40
Host Gavin Nash chats to Scott Kitchin from Mulcahy & Co Geelong about his journey in business and how his company IWS joined Mulcahy & Co recently.
Scott also talks in depth about 'Value Based Advice' and how this can be the catalyst for a secure financial future for his clients.
Available on Apple, Google Podcasts, Spotify and on our website.
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