Keeping out of retirement

Written on the 7 October 2009 by Tom Reid

WHEN Peter Taylor’s accountant ‘made off’ with his superannuation, the businessman didn’t think he would be thanking him more than a decade later.

After working in the steel industry for 40 years, the loss of Taylor’s retirement fund turned out to be just the catalyst he needed for a mid-life entrepreneurial resurgence.

Using equity in his house to invest in property, Taylor was able to buy small building company Townsend Building Services (TBS) which would eventually become one of three business streams of T & T Corporation.

“We liked it (TBS) because it employed 40 people who had enough hold in the business to keep it running, those initial relationships were very important,” he says.

Today Taylor, wife Gay and children Natasha, Justin and Brendon operate the West Burleigh-based company which employs 80 staff and more than 200 contractors.

Since the Taylors took over in 2003 with annual revenue of $3 million, T & T Corporation has grown by around 60 per cent each year with the last financial year turning over $32 million.

The corporation provides building services to both the insurance industry and Queensland Department of Public Works with offices in Cairns, Townsville, Mackay, Sunshine Coast, Brisbane, Toowoomba, Gold Coast and Newcastle.

Last year alone T & T Corporation completed more than 6000 jobs.

In August the company took out the National Family Business of the Year Second Generation award at Family Business Australia’s annual national conference in Darwin.

The corporation came out on top following an examination of the performance and professionalism of the business and the company’s commitment to community service.

“The FBA were looking for a business that is not only well organised and running well, but organised with a family council and constitution,” says Taylor.

“We are competing with companies that have had over 40 years in business, but we are not feeling the effects of the recession at all.”

At 68, Taylor says he is more entrepreneurial now than at the time of his attempted retirement.

As for the man who robbed Taylor of his retirement prospects over 12 years ago?

“I thank the bloke every day of my life for getting me up and back into business,” says Taylor.

“I have never had so much fun in business as I do now, working with my family – it has been a terrific journey.”


Author: Tom Reid

Latest News

AGENTS REPORTING STRONG DEMAND FOR MELBOURNE CBD OFFICE SPACE PURCHASES

SEVEN Melbourne CBD offices have recently sold for more than $11 million in total, demonstrating huge demand for c...

DREAMWORLD PARENT COMPANY DEMOTES CEO DEBORAH THOMAS

ARDENT LEISURE, the parent company of Gold Coast's Dreamworld theme park, has reshuffled its core leadership w...

MELBOURNE SHOPPING CENTRE SELLS FOR $48m AS CHINESE DEMAND RAMPS UP

A MELBOURNE shopping centre has been sold for $48 million, bringing the total spent by Chinese investors on Victor...

HOW WEDDING WOES INSPIRED A BOOMING BUSINESS FOR MEGAN ZIEMS

WHEN she was dress shopping for her wedding in 2010, Megan Ziems (pictured left) was disappointed to discover a ma...

Related News

FURNITURE DISRUPTOR SET TO SHARE HIS ONE OF A KIND BUSINESS MODEL

IT'S no secret that Australians love homemaking. Their ceaseless quest to create the perfect place to call hom...

WEEDING OUT THE ASX'S BURGEONING CANNABIS TREND: 8 COMPANIES TO WATCH

A NICHE is budding on the ASX in the form of medical cannabis, an industry which has been on the country's rad...

FRESH CLASS ACTION TO REVEAL ANOTHER SIDE OF SLATER AND GORDON DOWNFALL

ACA LAWYERS has issued a formal letter of demand to Andrew Grech (pictured), managing director of Slater and Gordo...

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter