Waikato Business News has for a quarter of a century been the voice of the region’s business community, a business community with a very real commitment to innovation and an ethos of co-operation.
26 WAIKATO BUSINESS NEWS February/March 2018 Waikato tech business wins national prize A new Waikato-based tech company has taken out a national award, winning $20,000 ahead of five other companies from around New Zealand. CoHired was one of six finalists in BNZ’s Startup Alley awards, part of Webstock – an annual web technology conference featuring high profile speakers from around the world. Start-up Alley is a celebration of New Zealand start-ups and early-stage companies. CoHired trumped two other finalists in their category: ‘Start-Up Accelerator - taking New Zealand to the world’, aimed at tech businesses that have developed an innovative tech product and have their sights on potential growth and expansion beyond New Zea- land. As a futuristic recruitment platform, coHired was built to re-imagine the way the world hires. It matches people to jobs they love through technology that has shortened the process for customers and continues to match jobseekers to new jobs as they come up. The selection process relies on three main themes: Job fit - is the person fit to do the job? Experience - have they got the right experience? Ethos - does the way they think and live match the hiring company? The aim is to keep the human aspect alive and well, even CoHired staff members Vivek Sharma, Meghan Woodney, Lisa Harris (back),Nicole Odendaal (front), Andrew Nicol (back), Rachel Kelly (front), Jame Hendricks. Also part of the team but missing from the photo: Bex Grace, Etain Zhang and Alayn Clint. through the use of technology. “CoHired's mantra is ‘matching people to jobs they love’ because having a job you love brings great dignity,” said coHired’s chief executive and founder, Andrew Mr Nicol. The company had to impress judges including PledgeMe founder Anna Guenther, CD Baby creator Derek Sivers, head of BNZ small business Harry Ferreira, and Breaker chief technology officer Leah Culver. “Our software works 24/7, matching every active jobseeker with each new vacancy. It shortlists the top 10 applicants based on whether people have the experience for the job, will enjoy the job, and then makes sure they will love working in that team. “For the jobseeker they get a job they love, and the company gets people who are more productive and stay longer.” Nicol said they are looking to expand internationally in the near future with Australia being first on their radar. “When we founded on March 15 last year, our dream TGH appoints new head of property Tainui Group Holdings (TGH) has promoted Andrew Brown – an internationally experienced commercial property professional – as head of property. TGH chief executive Chris Joblin said the appointment reflects the key role played by commercial and residential property development in the company’s business investments to grow the long-term prosperity of Waikato-Tainui. “Andrew has been with the TGH property team since mid-2015 and has built an excellent knowledge of our business, a keen understanding of our property portfolio and strong relationships in the sector,” Chris says. Andrew has more than 27 years of professional property practice in New Zealand, and has also worked in the UK, the US and South East Asia. Having initially qualified as a valuer, he has also worked in commercial investment sales, leasing and as a consultant. He is a Fellow of the New Zealand Property Institute, a Fellow of the Royal Institution of Chartered Surveyors and a Member of the Institute of Directors. Andrew will report to Rob Batters, GM Operations. Current property projects at TGH include developing Ruakura Inland Port, Te Arikinui Pullman hotel (a joint venture with Auckland International Airport Ltd), a forty-room extension at Novotel Tainui Hamilton hotel and investigation of other major residential and commercial property opportunities in Waikato and Auckland regions. was to make a global impact, using technology to drive quality human interactions. “Our vision of ‘People Matter ∴ Do Good’ drives us to not only make a change in New Zealand, but improve human dignity through great jobs TGH head of property Andrew Brown. worldwide,” he said. The prize packaged included $20,000 cash from BNZ, a return trip for two from BNZ to the USA to further their business and access to free business mentors, also provided by BNZ. ‘Don’t wait to get that look’ affordable Botox treatment expertly applied PACKAGE DEAL BOTOX consultation and 50 units of Botox for only $300 Saturday appointments are now available, so get in quick to secure yours. Offer expires end of March 2018. T&C’s apply. Call now for an appointment 07 871 7432 371 Mahoe St | Te Awamutu www.dentalonmahoe.co.nz and for a gleaming smile $65 exams for new patients including xrays & polish Kerry is a dedicated real estate professional who has been involved in the Hamilton residential property arena since 1993. He was also active in the marketing of the exclusive beach and canal front properties at Pauanui on the Coromandel Peninsula. Tips to market your property 1) – Create atmosphere. – Make you home as warm and inviting as possible. – You could have light music playing in the background during purchaser inspections. 2) – Spouting should be cleaned and in good repair. – Garage /carport clean and tidy. – Drapes should be open, carpets freshly vacuumed. 3) – All rubbish cleared away. – Any cracked or broken windows repaired. – Cupboards and pantry neat and tidy. Lugtons have been and still are industry leaders in the marketing of both residential and lifestyle property in the Hamilton regions since 1955 which will certainly guarantee exposure of your investment to potential buyers. Hence, with Lugtons heritage in the development of this City and together with the commitment of Kerry and his team, are extremely proud of their role in the important buying and selling decisions of their valued clients. Kerry Hopper DDI: (07) 838 5870 Mobile: (021) 984 173 www.KerryHopper.nz Kerry Hopper – Lugtons Real Estate P5855W
WAIKATO BUSINESS NEWS February/March 2018 27 Family trusts - the role of trustees In last month’s column I wrote about family trusts, which are of interest to many New Zealanders. We know that there are as many as half a million trusts in this country, and when it comes to protecting the ownership of assets – a family home or farm from creditors – a discretionary family trust provides important protection, especially to the self-employed and those running a business. There is a lot of interest in family trusts – and confusion – so it’s important to be clear about how they operate. Last month I wrote about who needs a family trust, and this month I will detail the different roles of people involved with a family trust and, in particular, focus on the responsibilities of Trustees. Trust roles There are three main parties involved in a family trust – Settlors, Beneficiaries and Trustees. A Settlor is the person who creates the trust by transferring their property, money or assets to the care of the Trustees of the trust. The settlor settles the Trust with their personal assets. Beneficiaries are the people identified in the Deed of Trust as the people who will benefit from the trust, and these can include the original owner of the assets (the settlors). They may also include the children or grandchildren of the Settlors, for example. Trustees are the people who manage the Trust according to the rules contained in the Deed of Trust. There tends to be two or more people on a family trust, and trustees can include the original settlors, family members and, often, an unrelated, professional trustee such as a family lawyer or accountant. Trustee responsibilities If you are asked to be a trustee on a family trust, think it through carefully. Being a trustee on a family trust comes with its fair share of responsibilities and obligations, so you have to understand what you are taking on. The obligations can be equated with that of a company director. They include regular meetings, keeping a record of those meetings (minutes) and acting in the best interests of all trust beneficiaries. It is a serious commitment, and a long-term one. As a trust lawyer it is not uncommon to see trustees breaching their trustee obligations to their beneficiaries and treat the trust asset as their own asset, on the basis that they were the original settlor and the trust’s assets are really theirs. The reality is that by creating a separate legal entity in which to settle your assets, you are no longer in direct control of the asset, nor are you the owner of the asset. You become, in effect, the caretaker of the trust asset on behalf of the listed beneficiaries (and hopefully, your trust deed includes you, the settlor, as a beneficiary). Ryan Hamilton takes council seat Hamilton City Council’s East Ward By-Election show voters have elected Ryan Hamilton as their new City Councillor. Ryan Hamilton is a local business owner and a trustee on the Hamilton Christian Night Shelter Trust. The official result was declared on February 21 and Mr Hamilton was sworn in at an extraordinary Council meeting on February 22. The Electoral Officer received 12869 votes, or 23.2 per cent of the 55,512 papers initially issued. This compares with the 35.4 per cent of East Ward papers returned in the 2016 full Council election. Hamilton City Council’s East Ward By-Election was prompted by the passing of Councillor Philip Yeung on September 30 last year. The By-Election attracted fifteen candidates and was held under the First-Pastthe-Post electoral system. The East Ward covers all the city east of the Waikato River and is represented by six Councillors. My experience is, and recent cases suggest, that many trustees do not fully understand their trustee responsibilities. There is a growing body of law and litigation where beneficiaries are suing their previous trustees for poor decision making in relation to the erosion of the value of the Trust assets. Trustee responsibilities and obligations are in the spotlight, and change is coming. The Law Commission recommended in 2015 that a new bill replace the 1956 Trustee Act. The Trusts Bill aims to clarify and simplify trust law and trustee obligations. This new legislation is seeking to ensure good governance, accountability and transparency to beneficiaries. It is currently before Parliament and public submissions can be made until March 5, 2018. The trustee duties that have been recommended in the new trust legislation are: (a) to be familiar with the terms of the trust; (b) to act in accordance with the terms of the trust; (c) to act honestly and in good faith; (d) to act for the benefit of the beneficiaries or to further the purpose of the trust in accordance with the terms of the trust; (e) to exercise stewardship over the trust property for the beneficiaries or the purpose of the trust; and (f) to exercise their [Trustee] powers for a proper purpose. These proposed changes have set the cat among the pigeons within the legal profession, with many law firms reconsidering whether they wish New Hamilton city councillor Ryan Hamilton. Preliminary results show Mr Hamilton received 1931 votes, 396 votes ahead of the second candidate in the 15 person race, Michael West. to provide the service of being a professional trustee. My advice is to exercise caution if asked to be a trustee on a family trust, and ensure you are able to commit to the responsibility of the role. To those looking at setting up a family trust, understand what is involved and ensure J5298P ASK A LAWYER > BY KARIN THOMAS Karin Thomas, runs her own practice, Karin Thomas Lawyer. Contact Karin at email@example.com or 07 974 4808, or visit www.karinthomas.co.nz you choose trustees who can act prudently and fulfil their obligations. Consider things such as trustee succession planning, which is another topic altogether. And, with any of this, it pays to consult with your lawyer before you do anything else. In the next column, I’ll look at divorce and the family trust If you have any questions on this topic or for a future column, please email me. • Karin Thomas runs her own practice, Karin Thomas Lawyer. Contact Karin at firstname.lastname@example.org or 07 974 4808 or visit www. karinthomas.co.nz Hamilton Monthly Property Report SNAP SHOT OF WHAT HAS BEEN HAPPENING IN THE MARKETPLACE OVER THE PAST MONTH. The median price across the Waikato region rose 10% compared to January 2017. Prices rose 26% in Waikato but decreased 9% in South Waikato. Compared to December 2017 the median price decreased 6% with strong increases in Waikato and Waitomo (22% and 19% respectively), with a large decrease in South Waikato (-32%). Compared to December 2017, sales volumes fell 27%, with sales decreasing most drastically in Matamata-Piako, Hamilton City and Hauraki (-57%, -42% and -26% respectively). Compared to January 2017, sales across the region increased 2% with sales rising sharply in South Waikato and Waipa (61% and 42% respectively) but decreasing notably in MatamataPiako, Waitomo, Hauraki and Thames-Coromandel (-36%, -30%, -26% and -25% respectively). The median number of days to sell eased by 14 days compared to December, from 36 days in December to 50 days in January. The median number of days to sell eased by six days compared to January 2017. Over the past 10 years the median number of days to sell during January for Waikato has been 55 days on average. “Waikato is experiencing a reasonable number of listings considering the holidays. It is still a steady market with good sales, lots of multiple offers and more auctions coming up for the year which is good as we have high demand for good properties across the board. Investors are still buying, and first home buyers are more active in the market. We are seeing buyers spread across all price brackets and I believe that the market will find a new and more sustainable level in the next few months.” Philip Searle REINZ Regional Director. The statistics contained within this article represent only a small fraction of the data I have at my fingertips. For more information relevant to your street or your property, please call one of our experienced EVES agents. P 07 834 9570 M 027 801 9962 F 07 854 3837 VISIT www.eves.co.nz Hamilton City By Greg Petrin Rototuna branch manager Local market facts Sales January 2018 Sales January 2017 Under $200k* 0 3 $200 - $299k* 1 2 $300 - $399k* 28 23 $400 - $499k* 50 45 $500 - $599k* 31 26 $600 - $699k* 24 20 $700 - $999k* 16 12 $800 - $999k* 9 10 $1,000,000 - $1,999,999* 3 2 $2m+* 0 0 Total number of sales* 162 143 Median sale price* $505,000 $495,000 Median days to sell* 52 47 *Statistical Information Derived From The Real Estate Institute Of New Zealand. Realty Services Ltd/Success Realty Ltd and any contractor/employee is merely passing over the information. We cannot guarantee its accuracy and reliability as we have not checked, audited or reviewed the information and all intending purchasers are advised to conduct their own due diligence investigation into the same. To the maximum extent permitted by law Realty Services Ltd/Success Realty Ltd and its contractors/employees do not accept any responsibility to any person for the accuracy of the information herein. ATTRACTING INVESTMENT TURNING INNOVATION INTO GOLD. All businesses need capital to grow. To scale up and make it on the world stage you need investment. With plenty of different funding options available ranging from bank loans to online investment, venture capital and private equity. What are the advantages of each, and what do they look for in a potential investment? Join James & Wells and a host of funding providers who will explain different capital raising options aimed at established or high growth businesses. Plus learn what is needed to get your business investment ready and how to position your business to attract the right kind of investment. To purchase tickets or for more information, check out jaws.co.nz Hamilton Wednesday, 7 March, 7:30am – 10:00am Waikato Innovation Park, 9 Melody Lane