Waikato Business News July/August 2019

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36 WAIKATO BUSINESS NEWS July/August 2019 Leading firm’s donation launches Hamilton CBD Fund CBD Fund will link Hamilton’s generous businesses and corporates to transformational projects Waikato’s leading construction company is kick-starting a new philanthropic investment fund that aims to transform the public’s experience of downtown Hamilton. Foster Construction Group has donated $50,000 to Momentum Waikato’s Hamilton CBD Development Fund and will follow this up with $25,000 a year for the next four years, for a total initial contribution of $150,000. Local businesses, corporate offices and philanthropists keen to see Hamilton’s downtown become a major drawcard for the city are being invited to join them in backing the fund. “Fosters is all about creating ‘great communities through strong foundations’,” says group director and Momentum Waikato Chair Leonard Gardner, who spoke at the CBD Fund’s breakfast launch, held in July at FMG Stadium Waikato. “As a proud Waikato company, we want to give back to Victoria on the River makes a connection to the Waikato River – the CBD Fund aims to enhance Hamilton’s city centre and increase river access. the city that enables our success and is home to most of our dedicated team and their families. “We’re hoping that by seeding this fund, we are able to work alongside other CBD landlords and businesses to enable improvements in the urban environment that would not occur under the usual funding processes. “We invite other local businesses keen to see the CBD play a bigger part in attracting talent to Waikato to join Fosters in taking advantage of the simplicity and focus that Momentum Waikato offers with the new CBD Fund.” Momentum Waikato chief executive Kelvyn Eglinton says the CBD Fund will link Hamilton’s generous businesses and corporates to transformational projects that enhance the vibrancy and attractiveness of the city centre and increase access to its greatest natural asset – the Waikato River. “It is an exciting time to be making things happen downtown. The CBD Fund is a simple and effective way for companies to contribute towards making Hamilton Central even better.” The CBD Fund’s Disbursements Group will be convened annually by Momentum Waikato to identify the projects it will support. It will initially consist of representatives or nominees from Fosters Construction, Waikato Chamber of Commerce, the Hamilton Central Business Association and the Waikato branch of the Property Council. Any contributor that donates more than $25,000 in a given year will be invited to join the Disbursements Group for that year. To find out more about the Hamilton CBD Development Fund contact Kelvyn Eglinton at Momentum Waikato via kelvyn@momentumwaikato.nz or (07) 834 0404. Banks ruthless over loan repayments Few businesses get away without taking out a loan, even if it’s only to launch their bright and new endeavours in the business world. Establishing a new business or expanding an established business is an exciting time. There’s usually much enthusiasm and passion involved, and you might hear plenty of encouraging and supportive words from your bank manager, too. However, when it comes to protecting that loan they’ve so readily given you, banks are ruthless. It’s their job to play hardball, keeping proceedings ‘strictly business.’ A loan is a loan and must be repaid. The emotions your family will be experiencing if you die or are seriously disabled have no bearing on a bank’s lending terms. As recently as last year, we recommended a small business-owner take out insurance to cover his debt. However, he preferred to simply give a personal guarantee to the bank, along with the normal terms of the loan agreement. Distressingly, he was later involved in an accident which left him with severe injuries, including serious head trauma. There was no prospect of his ever returning to work. As far as a bank is concerned, that situation is the equivalent of his having died. His bank moved very quickly to recover their loan. The business was wound up and the assets were sold under fire sale circumstances. Had the business owner taken our advice, the debt insurance would have covered the loan re-payment to the bank. The business could have been wound up or sold in a more orderly manner – and undoubtedly would have realised a much higher sale price for the now-disabled owner and his family. Debt insurance is ideal for a number of business loan situations, from loans for updating or purchasing equipment and machinery to loans for buying out one’s business partner or perhaps to complete a research and development project. There are just as many loan options available as there are reasons for wanting one. They include term loans, revolving credit, mortgage finance, Contemporary NZ art works for hire in workplaces & private homes. FrEE consultation & installation Consultancy services available. Portfolio Art Hire Janet Knighton P 021 059 0028 E art.hire@xtra.co.nz corporate finance and lease arrangements. These can be secured in several ways, such as putting in place loan agreements or mortgages, a personal guarantee or a deed of debt. Unfortunately, the risks associated with debt are numerous and daunting. Potential financial disasters come in the form of bankruptcy, bank foreclosure, major issues with key people – directors and shareholders – and all the possible events which render a business incapable of repaying a loan (or the interest) on its due date or on demand. As always, in business, the stress, distress and grief which come with the injury or death of a business owner or shareholder impact heavily on those left behind – even causing life-changing or life-threatening health issues. Insurance is damage-control which is so much easier to put in place than it is to manage the fall-out from not having debt insurance cover at all. This year’s Kudos Awards finalists continue to show that science thrives in Hamilton and Waikato. Eighteen finalists have been named in the region’s science excellence awards recognising research and scientific innovations in agriculture, medical, engineering, environmental, ICT and education. Finalist achievements range from new ways to reduce and eliminate the use of antibiotics for mastitis in cattle to genetic variations reducing nitrogen leaching, and from improving outcomes for trauma patients to world leading research on survival of marine species and coastal impacts shaping our coastlines. An eminent scientist to be named on the night will also receive the supreme award for lifetime contribution to science. “Our finalists are a reflection of the calibre of scientists living and working across our region,” says Prof Ross Lawrenson, chair of the Kudos Science Trust. “Being able to showcase the wealth of scientific expertise and achievements from Waikato is inspiring for our community and region.” The awards will also acknowledge the achievements of Waikato’s top science students who will share the limelight when this year’s winners are announced at the 13th Annual Kudos Awards Gala Dinner on September 5. • Tickets to the Kudos Awards on September 5 can be purchased at https://www.thekudos.org.nz/thekudos-awards/#tix INSURANCE MATTERS > BY DAVID COONEY David Cooney is a director of Cambridge-based Cooney Insurance Kudos Awards name science finalists the 2019 finalists are: Wintec Secondary Science Teacher/Educator Award Lynnette Rogers, Kukutaaruhe Education Trust Ricci Wesselink, Wintec Rachael Goddard, University of Waikato Hill Laboratories Laboratory Technologist Award John Williamson, DairyNZ Karen Thompson, NIWA Raewyn Keene, St Pauls Collegiate Kudos Science Trust Food & Ag Award CRV Ambreed LowN Farm Medix Hamilton City Council ICT Award Matthew Luckie, University of Waikato Waikato Data Portal Team, Waikato Regional Council Datamars Engineering Science Award Amir Tarighaleslami, University of Waikato Lee Streeter, University of Waikato Waikato Regional Council Environmental Science Award Jonathan Caldwell, Waikato Regional Council Drew Lohrer, NIWA Julia Mullarney, University of Waikato Waikato DHB Medical Science Award Doug White, Waikato DHB Midland Trauma Research Centre Ruth Martis, Wintec University of Waikato Lifetime Achievement Award Recipient announced at the Kudos Awards Gala Dinner on 5th September
FROM THE GROUND UP WAIKATO BUSINESS NEWS July/August 2019 37 The greatest opportunity given When we took over this company it was with a heavy heart, we lost Alan Masters he was a mate, a mentor and a downright good man, But he left us with his legacy 5 years ago to continue and to grow. With lots of changes over the years we have added to the staff and lost staff but it really has become a family affair with Sam’s mother and Duncan’s wife Lorretta joining the team we also have Rachael who is in the office and Jeremy in the workshop our new friendly truck driver is Willy our team is always available to help out with any needs. Over the last 5 years we have gone from strength to strength, don’t get me wrong, we have faced our fair share of challenges and are competing with the bigger companies with the likes of Fletchers and Steel and Tube but we are still here. We have had to make changes where we buy our steel from as the steel prices have escalated over the years due to steel prices rising all over the world. We had to do in depth research into other suppliers and have found one that best fits our needs. With New Zealand Steel being expensive to buy now we no longer are in the position to stock New Zealand made steel which is such a shame as we loved to support the New Zealand market. We are not one of the cheapest in town but we pride ourselves on our turnaround times and ensuring that that customers are always taken care of and have their steel on time and it’s correct. With new computer software to make things faster and easier for Sam to get quoting out faster and more accurate, things are starting to heat up around here. We still have the regular Joe We have formed new partnerships and new friendships with new customers, and we appreciate all who come to buy products off us. Bloggs come in off the street to purchase steel or mesh but we are doing loads of residential and some commercial. It’s exciting to see around town what we have helped build, in a sense, as without the steel you wouldn’t have a sturdy foundation. I have watched Hamilton and surrounding towns expand so much and looking back 20 or so years you wouldn’t have imagined that all those houses or commercial buildings are on land that you once used to hang out at as teenagers. It’s so good to see something that you work so hard to ensure is successful is going from strength to strength. The team that we have now works so well together we are just like a small family here and it’s a great atmosphere We are looking forward to the many years that are to come for this company and can’t wait to see in the next five years the growth we would have achieved. We hope that somewhere, wherever the man and mentor is, that he is looking down on us and is so very proud of us and all that we have achieved. - Advertorial Limited We specialise in reinforcing steel and mesh with all recycled NZ supplied steel. Family owned and operated. Contact us for free, no obligation quotes. ReinfoRcing Steel SupplieS 28B Foreman Road 07 849 8196 reosupplies@xtra.co.nz
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Waikato Business News July/August 2019

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