Edward Chan & David Naylor story in the Australian Accounting Industry

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Hear the Chan & Naylor story from the founders Ed and David themselves and how they started in the Accounting Industry as a small business that developed into a nationwide property and business tax specialist firm with 11 offices. After 3 decades, they now cater to a wide range of clients with asset protection strategies, different investment and trust structures, and other wealth planning tactics as a holistic approach to reaching financial goals.

 

Transcription:

Ed Meets David

Ed: Many years ago, it was in the early ’80s, David was working in a Chartered accountant firm and I was employed to go in there and help out. David and I worked and built a team, I was his manager I think at the time. We got along pretty well and it sort of developed from there.

What did David think of Ed

David: He was a tough boss. He was my boss at the time. No, he’s very fair and as he said we struck up a good working relationship. And I thought at that time was also a good friendship and we just continued from there.

The beginning of Chan & Naylor

David: We were getting a lot of referrals from families and friends it was becoming a little bit too much for us to handle.
Ed: it’s the uniqueness about the two of us that clients really like. It got to a point where it was too much to do part-time and holding a full-time job and doing that part time. We made a decision to come out on our own and the rest is history.

The first Chan & Naylor team

David: It was pretty much the receptionist , Ed and I when we first started. Like any young people starting off a business here, you don’t have a lot of capital. We were the people who were doing all the work. In fact, sometimes we were answering the phones and things like that. Emptying the bins, the whole lot.  As I’ve said from there, as it grew we then employed some people and took it from there.

The Chan & Naylor care

It’s the way that we’re able to communicate. So I’m really big on communicating and getting back to the clients. And showing them a certain level of care. And treating their work the way you’d like to get it treated yourself. That sort of personality that David and I both had allowed the business to grow quite significantly and over time we did have to hire people to help us deliver the work and it sort of grew from there.

The Chan & Naylor Wholistic Approach

Ed: It’s a wholistic approach. We could help the person on the salary, and then that person might start a small business, and then we’d be able to help that person who’s starting a small business. And then they might branch off into a self-managed superannuation fund. They might buy their own office. They might decide to invest their money in real estate, so we’re able to structure it and then at the same time, what’s really important is protecting their assets as well so we help them not only grow their assets, minimise their tax but also protect their assets

Chan & Naylor’s Expertise on Property

Ed: From my family’s history, from my uncle’s, they’ve all invested in property. My uncle was Bernard Chan who was in BRW’s Richest 200 Men in Australia. And he made most of his wealth in real estate. So often around at dinner table we would be talking about real estate, so as a little kid all I heard was real estate. So naturally when I got into my own practice, so I would talk to the client about real estate and that attracted a lot of clients. And over the years, the clients come to me as they had problems with their investments. They would come to me to find solutions for these problems. And over many many years, you accumulate a lot of knowledge and wealth in a particular vertical market. So we developed a lot of strategies around eliminating and preventing a lot of problems in that particular vertical

David: My father was into property and conversations around the house were developing, as he was a property developer. So Ed and I had that sort interest right from the outset that helped a lot. But Ed and I have also invested together in residential properties, commercial properties and also industrial. And we’ve developed as well. So the whole ambit of the property cycles as far as being in the property cycle from residential, understanding how commercial property works, returns, structuring it correctly for asset protection and negative gearing benefits, all that type of stuff, we did it.  So we learned a lot of it on the job and we developed a lot of the structures that we still use even today. We developed from our own experiences back then.

Ed and the PIT™

Ed: The trust deeds that were around at the time had a 80 year vesting day. Which is pretty silly because after 80 years the trust would  vest, meaning that it would then pass the assets back to the beneficiaries and that triggered stamp duty and capital gains tax. So that was an impediment of all the deeds that were around at the time. And we couldn’t have that because majority of our clients had property. We went looking for a way to get rid of that vesting date. After spending quiet a lot of money in research, we found a way around the vesting date.

Chan & Naylor – also Small Business Specialists

Ed: It evolved that way but we were predominantly interested in looking after small businesses because we are a small business ourselves. So we developed a whole lot of specialty around small business. But small businesses also is like real estate so it sort of went hand and glove with each other.

Chan & Naylor and their Business Clients

Ed: If you came to Chan & Naylor then we can help you with everything from setting up your business, preparing your tax returns, protecting the assets that you bought, doing the bookkeeping for you, finding finance for you if you need to find finance. And then if you needed to invested your money, we’ve got a financial planning for you to invest that money. So it’s basically a one-stop shop.

30 Years After

Ed: It’s been a long journey and the demand has been the thing that has driven it, the demand from clients. And also, I’ve seen an increase in the services required. So we have added quite a few services to what we have including self-managed super funds, financial planning and finance. So we offer like a one-stop shop. So there’s no need to go anywhere if you were to come to Chan & Naylor. The resources are set up to service you from A to Z.  It’s very comforting and good service in that you got trusted people to take care of you

David: There are many different types of structures that we advocate or advise clients on depending on their specific situations. We do get a lot of client demand throughout, one of the reasons why we created a wealth-planning division is to assist our clients through their retirement and part of that is with the advice of the wealth planning division gives in relation to self-managed superfunds and the planning around that.

The Chan & Naylor clients

David: We have a large mix of clients made up of small business clients, people who had interest in property. The cross-spectrum is broad and wide. For business clients we offer bookkeeping services, and structuring, tax planning along with the property side of it as well.

The Chan & Naylor footprint of Chan & Naylor

David: This firm’s far and wide but we’ve got 11 accounting firms across Australia, in various states, in various cities. On top of that we’ve added services such as our insolvency services, administration and insolvency. We’ve got a financial-planning division, our wealth-planning division, finance and mortgage broking division and also bookkeeping services, we actually found a large demand for those services. So it keeps us busy.

 


 

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Chan & Naylor Group has nationwide offices in North Sydney, South West Sydney, Sydney, Pymble and Parramatta in New South Wales, Melbourne, Moonee Ponds and Hawthorn in Victoria, Brisbane and Capalaba in Queensland, and East Perth in Western Australia that can assist you with growing and protecting your property investments. Contact us today.

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