Don Manifold is the Joint Managing Director of Equity & Advisory, a preeminent South Australian Corporate Advisory firm. Prior to Equity & Advisory, Don was the Managing Partner for EY South Australia and Northern Territory.
Originally from the small South Australian city, Mount Gambier, Don started his career in Adelaide and has worked in London, Sydney, and Melbourne before returning to Adelaide in 2006.
Don has over thirty years of professional experience including twenty-five years specialising in corporate finance. Don has advised on over 60 completed acquisitions, divestments, capital raisings, and IPOs with a combined value in excess of $3 billion and has produced valuation and independent expert’s reports for businesses with a combined value in excess of $25 billion.
Don is married to Rachel, a dermatologist, and has three daughters. Don enjoys time with his family, cycling and running, and the occasional triathlon.
What is Equity & Advisory all about?
Equity & Advisory is South Australia’s pre-eminent independent corporate advisory firm helping private and family businesses with acquisitions, divestments, restructurings, and capital raisings. Our leaders have helped deliver more than 200 successful transactions valued in excess of $8 billion for our clients.
Each of our leaders previously held Managing Director/Partner positions within large businesses and each leader currently Chairs or is a board member of significant companies. This combination of corporate advisory and hands-on management brings unique commercial perspectives to our clients.
Our leaders are backed by a committed team of ten professionals totally focused on achieving the best possible result for our clients.
Tell us a little bit about your background and how you started your company?
I grew up in a small regional city called Mount Gambier and went to University in Adelaide, South Australia. I started work in Adelaide with KPMG and I returned to Adelaide in 2006 after stints in London, Sydney, and Melbourne. I spent my entire career in the Big 4 consulting businesses, prior to joining Equity & Advisory.
Equity & Advisory started in 1997 by its two founders, Stephen Young and Mark Vartuli. Equity & Advisory wound back its corporate advisory business when its founders built up the successful investment company focusing on mining services – E&A Limited.
I joined Equity & Advisory in 2018 to restart the corporate advisory business and we have grown it tenfold in the four years since I joined.
What would you say are the top 3 skills needed to be a successful entrepreneur, and why?
In my view, the three skills are:
- (1) Having relentless persistence
- (2) Having great people skills
- (3) Understanding the cash flow story.
Great execution and great people are the keys to growth. Understanding the cash flow story is the key to surviving growth.
What are your plans for the future, and how do you plan to grow this company?
Our first area of growth is to take advantage of the significant organic growth in the South Australian market. We intend to grow an investment vehicle for high-net-worth individuals providing investment opportunities in South Australian private companies. In the future, we will expand into other Australian States.
How have the pandemic and Lockdown affected you or your new business?
The pandemic was a roller coaster. Initially, our work stopped completely but has since recovered and we are achieving record revenues. I feel guilty at times as many great entrepreneurs have been devasted by the pandemic.
How do you separate yourself from your competitors?
Our tag line is “When experience and outcomes matter”. Our point of difference is our leaders are both experienced corporate advisors and experienced businesspeople. This combination helps us give outstanding commercial advice that achieves outcomes for our clients. No other South Australian firm has this experience.
What were the top three mistakes you made starting your business, and what did you learn from them?
- The first mistake was allowing the wrong people to stay in the business. Cultural fit is fundamental. Equity & Advisory is a boutique business. Big companies (prior to Equity & Advisory, I was Managing Partner of EY South Australia) can withstand some bad eggs but in fast-growing small companies, bad culture fits are caustic.
- The second mistake was not fixing process problems as they happened. I put up with inefficiencies but when you are ten times larger you have ten times the waste!
- The third mistake is that I was too stubborn to ask for help. It took me too long to get the collective wisdom of the amazing entrepreneurs that are willing to give you advice if you ask.
Tell us a little bit about your marketing process, what has been the most successful form of marketing for you?
Equity & Advisory’s job is to help our clients create wealth. Our marketing is based on taking valuable ideas directly to our clients to help them create wealth. My direct marketing approach is heavily influenced by Michael Kean, a former Deloitte Managing Partner, a former mentor, and an inspiring person. Michael created a Sharing, Refining, Proposing, and Delivering model for professional services.
The most important step is the first one – sharing valuable ideas directly with clients about how to create and protect wealth. I swear by the approach. Our team wants to help people not sell.
What have been your biggest challenges and how did you overcome them?
When I arrived back in Adelaide in 2006, I had been away for almost ten years and had almost no network and relationships. The only way to fix this was hard work. I have heard it said that people do business with people that they know, they trust and they like. Michael Keen’s approach was instrumental in getting to know people and building their trust.
What was your first business idea and what did you do with it?
Selling helium gas at a school fair to change the pitch of peoples’ voices. While it was an outstanding success, it was short-lived and the school soon had us selling balloons again!
What are you learning now? Why is that important?
Patience. I am teaching my beautiful 16-year-old daughter how to drive. It is important as I get to spend at least 75 hours with my daughter which is a gift.
If you started your business again, what things would you do differently?
There are three things I would do differently:
- (1) Never comprise on culture
- (2) Be razor-sharp on being efficient from the get-go
- (3) Establish an advisory board to get access to outside ideas.
What are the top 3 online tools and resources you’re currently using to grow your company?
- From a personal perspective, I love Google Keep. I can keep on top of my priorities from any device anywhere.
- From a business perspective, Capital IQ is a great resource and provides us with a lot of valuable data about companies and business values.
- Finally, we have trialed Pipedrive which is helping us to put structure and accountability into our marketing efforts.
What’s a productivity tip you swear by?
Do the worst first. My dear cousin shared that with me early in my career and it has helped me get the hard things done.
Can you recommend one book, one podcast, and one online course for entrepreneurs?
I love the book Scaling Up. The book is the most practical guide I have read to creating wealth in business.
If you only had $1000 dollars to start a new business, knowing everything you know now, how would you spend it?
I would start an artificial intelligence or AI consulting business. Most people know that an IBM computer beat a world chess champion. What most people don’t know is that a computer has never beaten a world chess champion coupled with a computer. AI will not replace service providers but will help service providers build better businesses and better communities. The opportunities are endless.
What helps you stay driven and motivated to keep going in your business?
I love what I do and there are a few jobs where you get to help amazing talented people with critical transactions.
What is your favorite quote?
Work hard, be humble.
It is a quote from a successful private equity fund manager. The greatest mistake I have made in life (and there are many) is when I have not followed this simple quote.
What valuable advice would you give new entrepreneurs starting out?
Work out the top 3 most important things to create wealth, focus on those three things and stop doing everything else. I think the greatest enemy to growing wealth is stolen focus.
Who should we interview next and why?
Patrick Power, the founder of Powerhealth Solutions. Patrick is a remarkable entrepreneur.
What is your definition of success?
Being healthy, having a healthy and happy family, and contributing to a growing community. Running my own business gives me the control to achieve those things that define success for me.
How do you personally overcome fear?
Anxiety and fear have haunted me for my entire life. Recognising that others feel the same way and practicing a lot has helped me. However, it is an ongoing journey.
How can readers get in touch with you?
Simply google Don Manifold and Equity & Advisory. Our contact details are on our website.
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