For several years now, InCorp Advisory has been supporting John Barraclough’s two major businesses: UAG Bio Nutrients and UAG Macadamias. From research and development (R&D) to accounts, and tax & advisory, here’s how InCorp is helping John manage rapid growth across both businesses.
While entirely separate entities, both of John’s businesses require broad support beyond the standard financial functions provided by InCorp. Moreover, as Executive Chairman of both UAG Bio Nutrients and UAG Macadamias, John is responsible for overseeing every aspect of the companies – a job made increasingly challenging as they experience rapid growth.
“Both companies are moving at a hell of a pace,” John says.
UAG Bio Nutrients is all about sustainability – treating waste without inducing greenhouse emissions, so the subsequent fertiliser and bio gas can be used as a sustainable fuel source. The everyday running of the business involves multiple stages, each with its own complexities and challenges. These include testing, development, filtering non-organic waste, capturing gas through fermentation, and more.
Conversely, UAG Macadamias is a wholesaler that harvests macadamia nuts from numerous farms. As one of Australia’s top five macadamia processors, the facility performs a range of tasks, from separating and washing the nuts, to deshelling them, removing the skin from the kernels, and recycling the waste.
In short, while both companies operate within vastly different sectors, they each require a lot of experimentation, prototyping, R&D and top-level management. So it goes without saying that John has needed ongoing external support to help his businesses thrive.
InCorp offers a wide variety of support services to businesses like UAG Bio Nutrients and UAG Macadamias – whether that’s government incentives and SME grants, R&D financing, and even early-stage innovation company (ESIC) tax incentives. The latter provides concessional tax treatment for investors in innovative, high-growth startups.
Over the years, InCorp’s partnership with John has grown to encompass a range of business needs for both UAG Bio Nutrients and UAG Macadamias.
“They do all our accounting, including the ASIC and shareholder work,” John says. “In the first two years, UAG Bio Nutrients achieved ESIC status thanks to support from InCorp, which meant the seed and first-round shareholders received a 20% tax break on their investment in Year 1, and 10 years capital gains tax free, which they should start to see the benefits from in about a year.”
John particularly loves the diversity of services provided by InCorp and the attention to detail – no matter the task at hand. “Their services are quite broad and they are remarkably detailed and concise in getting everything done.”
InCorp is currently helping UAG Bio Nutrients with a special case involving a large-scale manufacturing facility. Costs are expected to exceed the $10 million mark, and as a growth-stage business there are often questions around how to get enough money to support those projects – including R&D incentives and government grants.
Those applications are going through the proper channels, but in the meantime InCorp is helping John achieve his business goals and start implementing the initial stages of the project. This includes critical tax and advisory services.
What’s most important for both of John’s companies is that compliance is top-notch, which is where InCorp’s support really shines.
“They make sure everything we do is squeaky clean,” he says. “Whether that’s ASIC requirements, accounts, R&D. I trust their attention to detail, and their performance record with me and other companies speaks for itself.”
John reflects on one particular instance where InCorp really came through for him at a challenging time.
“We had a balance-sheet issue that impacted R&D,” he says. “I spoke with Sameer at 6pm that night, and over phone calls, text and email we managed to resolve it in principle by the end of the night. I held a board meeting the next morning, gave Sameer the minutes and by the afternoon the issue was fixed. That was a pretty great experience.”
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