REPLAY · 26:04
Joanne Brooks (Guest): So, you know, a lot of people look at that and go, oh wow, that was crazy. Absolutely, it was crazy. But as I said, I had all these years of being in the industry, RTO space, all that sort of stuff, lots of learnings along the way that actually at that point I then was able to put a lot of systems, automation, high touch, all those sort of things. And we were delivering qualifications that were 7 times the price of the standard. In the industry at the time. And you know what we created was an unlisted public company with all these different companies underneath, which was RTO, accounting, law, HR, IT, marketing, financial planning. Have I missed any? Can't remember. But they had all these. And so it was a professional services department store. It was a wonderful concept. So people could come in at any floor, lingerie, shoes, whatever, you know, and they could experience our various services. But the RTO was the biggest piece because it was the education piece. And it had access to government funding that I had secured by partnering with some of my biggest competitors in the country. So I didn't have the funding, but I went and spoke to all my competitors and said, so you have funding, I have this product, it's different to yours. How about I give you a share of it if you give me access to your funding? And I got to the point I had about 5 competitors that we were working with. So that enabled that machine to get going. Uh, and you know, in a short space of time, it was like hanging onto your hat. You know, it was fast. I went from that, you know, when I launched the, the new company in Tamiya, we had, we're at the launch, we, I think I had 5 staff and we did it at a restaurant. We did it all properly. And within 2 years I had 110 down the eastern seaboard. So it, it grew massively, uh, with all these divisions in here as well. And that's when wheels start falling off. When you have this growth that is not under control. And I often do speaking pieces about, you know, these overnight successes are an illusion because you normally have this amount of experience behind you. But there are a number of key things that you need to make sure that you are prepared for, and one of them is about pace. We weren't prepared for that pace. You know, it was massively— it was fast. So I was signing agreements, I was buying companies, I was putting in all these layers to improve the customer experience. But there were decisions towards the end of it, there were decisions being made that I, I shouldn't have made. And I, and that was a hard thing for me to accept that whilst legislation changed and partners pulled the pin on me, which was the trigger to close that company, ultimately it was my responsibility. I was the owner, I was the CEO, and that was a very hard pill. To swallow. And I think I know a lot of business owners, you know, I've got, I've got staff, so it's, you know, they didn't do it right, so they're at fault. No, no, no, no, no. Ultimately, as the owner, you are the one who makes the decision, and you are the one that signs the check, and you are the one that's responsible. As I said, that was a really hard pill to swallow. But what I found towards the end of that, to those 2 years, is that I'd lost my connection to purpose and why I did it. Started it with great ideas, very profitable, had an amazing company that we were, you know, and I've shared with you before, Evelyn, rewarding them with some amazing expeditions, you could say. I took people to New Zealand, China, Hawaii, Alaska, hired a plane to take us to Sydney for lunch. They were all things because it was always important to celebrate the wins. And that was done by putting a percentage of my income into a fund account. And I still do that today. So it's a percentage and it just sits there and it just gradually, but you have to spend it each year. You have to spend it. And so by the time we're doing $30 million, that's a rather large pile of money. But by the end of that, I'd become somehow just the pace. Some of the people that I was doing business with, I shouldn't have signed contracts to do business with. They, were not aligned to values and purpose. And as we all know today, oh, I know very clearly, if they don't align, those relationships are really hard. They're difficult to manage.
REPLAY · 30:44
Joanne Brooks (Guest): yeah, so at this launch of this business, my ideal, um, vision was to have a university with, um, the full raft of qualifications. We'd have our own premises and we would be able to do the training on site. We would have cafes, all that. That was the vision. But because the pace was so fast and we needed to act quickly— like, I remember Christmas Eve 2014-15, legislation changed to the point that we knew we needed to have everything automated by the time we opened the doors again in January. So I just said to everybody, no Christmas, this is what we're doing. We'll set up the systems. And we were the first RTO in the country to go paperless on the 5th of January that next year because that was the only way to get, you know, to take into account the change in legislation. It was all around the Fee Help piece, and there was some really bad behavior going on there. But, you know, we were achieving 85% completion rate compared to the standard of 3% industry-wide, which was just amazing that we managed to do that. But because of the pace, and then, you know, I remember waking up often at nighttime thinking, oh man, this machine is going so far. I felt like the rat on the wheel, or the guinea pig, to use a nicer creature. Um, and I felt that I couldn't step off it, and that, you know what, I just have to make decisions that I think are right at the time. But on reflection now, I, I know they weren't the right decisions to make, and I was terrified of having to step off it. Terrified because, A, impact on my family, losing house and those sort of things. But more importantly, what would it do to all these students and staff, thousands of students all my suppliers, you know, the complete ecosystem in your business. And I, and I was just, I thought, I can't get off this thing, so I just have to persevere and, and hope that it survives.