How we helped an owner sell tax-efficiently while the new owner expanded quickly and successfully.
GEM Switchboards
Electrical equipment manufacturing
Gosford, NSW
Growth
GEM Switchboards is a leading Australian manufacturer of industrial switchboards, powering critical electrical infrastructure for hospitals, data centres, utilities, and other key industries for over 60 years.
Succession was GEM’s first priority, helping the original owner retire smoothly while keeping tax to a minimum. Next, the new owner aimed to grow the business quickly, which brought added pressure and the need for new HR and finance functions, clear departmental structures, systemised operations, and two factory relocations.
The business had clear opportunities to grow revenue, expand services – including switchboard maintenance – maintain existing clients and bring on a contractor, while strengthening the team and systems. By aligning shareholder goals, planning strategically and preparing for growth, the new owner could accelerate the business and position it as a go-to provider for long-term success.
A dedicated Maxim team guided the business through succession, growth, and strategic planning. We acted as a sounding board for key decisions, adapted our approach as the business expanded, and put in place restructuring, departmentalisation, asset protection, reporting systems and financial forecasting to set the business up for accelerated growth and long-term success.
With our support, GEM hit their desired revenue growth in just 3 years instead of 5, exceeding all gross and net profit targets. They also benefited from having a trusted sounding board, providing clear guidance and peace of mind as they navigated key decisions.
“Maxim aren’t just our accountants, but a true strategic partner on our business journey. From helping us achieve ambitious growth to making our business more stable long term, their advice goes beyond numbers. We’ve relied on the whole Maxim team for ongoing support, planning and mentorship, and it’s made a real difference in how we navigate challenges and opportunities.”
