Bellchambers Music School has been operating in Canberra for approximately 36 years. With enrolments of over 700 students of all ages and 30 teachers of almost all instruments, Bellchambers is one of Canberra’s most popular music schools. When Bronwen Mackenzie took over ownership in 2016 there was a lot for her to get on top of.
MGI Partner Chris Fusca has worked alongside Bronwen from day one and was on hand to provide valuable advice and assistance during the business purchasing process.
When asked to reflect on her experience during the purchasing of her business, Bronwen said that Chris and the rest of the team far exceeded her expectations by ensuring the business was purchased at an affordable price and the lease agreement was negotiated to Bronwen’s benefit.
Key wins for Bellchambers Music School
(1) Smooth business purchase
Purchasing a business can be a confusing and complicated process, luckily Bronwen was able to capitalise on Chris’s experience and he was able to provide advice relating to the purchasing process, perform the majority of the negotiations relating to purchase price and recommend a mortgage broker.
According to Bronwen, Chris was also instrumental in negotiating a reasonable lease for the original unit and provided additional lease assistance in late 2017 when the business expanded into a larger space.
“I trust Chris and feel comfortable talking to him, asking for advice and bringing my financial concerns to him,” says Bronwen.
(2) Assistance and advice on bookkeeper
When Bronwen took over the business in 2016 she knew she needed assistance with the bookkeeping so that she could focus on her passion, teaching music. Chris was able to recommend a bookkeeper that works closely with MGI which was reassuring for Bronwen as she knew “they would work together to ensure the financial aspects of her business run smoothly.”
Having access to reliable, accurate figures about the businesses performance allows Bronwen to have a clear idea of how her business is tracking and any areas they may need improving.
(3) Support into the future
Bronwen has already expanded her business with the help of Chris and the MGI team and plans to continue to develop her business by offering music classes to people with special needs, providing real time online lessons to remote students and encouraging more adults to take up music lessons.
Chris and the MGI team will work closely with Bronwen to develop forecasting tools that will evaluate past and current performance of the business to help project future financial conditions. These tools along with continued support and advice will help provide Bronwen with the expertise needed to achieve her current and future business goals.
Would you recommend MGI?
“Yes without a doubt. Everyone I have worked with at MGI have always been friendly, efficient and approachable,” Bronwen said.
Read through the other stories that MGI Joyce|Dickson have to show.
Download our guide on key performance metrics that will show you how your business is really tracking.