March 24, 2025 • 24 mins
Explore the world as a Partner in Corporate Finance with this weeks guest, Stefan Galbo. Stefan shares how his humble beginnings working in a Greek restaurant through high school and university, taught him valuable life lessons, of which he continues to implement into his everyday life, and that ultimately led him to the success he wears every single day.
As a long-time friend of our host, Fabian Ruggieri, Stefan is raw, authentic and incredibly insightful. Listeners gain practical tips for achieving a healthy work-life balance. He emphasises the significance of networking, communication skills, and personal growth. This episode is not just about finance; it’s about understanding the broader world of work and personal life in the pursuit of success. You don’t want to miss it!
Enjoyed the episode? Follow Finance Friends Podcast on Instagram, LinkedIn and TikTok for daily updates and more inspiring conversations. Got questions or ideas for future episodes? Send us a DM @financefriendspodcast!
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
Welcome to Finance Friends with Fabian, where we
give our listeners anopportunity to be a part of our
conversation with financialservices industry leaders.
Hear their stories, thechallenges they've overcome and
the invaluable advice they havefor anyone interested in the
financial world.
Keep up to date with us byfollowing Finance Friends
podcast on Instagram and TikTok.
(00:27):
Hello, stefan Galbo.
Welcome to Finance Friends withFabian.
How are you today?
Very good, thanks for having meon board Well.
Thanks for coming in.
Just returned back from aweek-long trip in South Korea.
You mentioned.
Speaker 2 (00:40):
Yeah, seoul Got back on Sunday morning.
Really cool city.
Got to do it again.
Didn't get a chance to see toomuch, obviously there on
business for a conference.
But yeah, it's eye-opening whenyou go to these Asian cities
and see how big their populationis and just realise how small
(01:01):
sometimes we are here down inAustralia.
Speaker 1 (01:03):
Yeah, that's true.
So you're away for a conference, so maybe let's talk about your
work.
So what do you do?
What's your job?
And give me a bit of a30-second spiel about what your
current profession is.
Speaker 2 (01:16):
Sure, obviously, I work at PKF, so one of the large
mid-tier accounting firms,which is great, total solution
to any sort of business, highnet worth, individual.
Through, you know, your coreaccounting services, through
your core compliance services,um, I'm one of the partners in
corporate finance.
Um, a lot of people always say,well, what's corporate finance?
You funding businesses.
I think the definition ofcorporate finance does chop and
(01:39):
change a lot.
So sometimes I revert back andsay you know, I'm just, I'm a
corporate.
So really, they're trying toprovide a total solution to a
growing mid-market clientlooking to grow through that
whole life cycle.
So how do you grow a business?
How do you value a business?
How do you then divest thebusiness?
So all that whole M&A lifecycle the M&A transaction
(01:59):
through to the valuationadvisory work.
And I think that's the key thing, like a lot of people miss when
growing businesses, it's notabout growing revenue, it's
about how do you actually?
How is, how are you growingvalue?
That maximizing value concept,yeah, I think that's where that
valuation advisory work is soimportant.
Then, obviously, to the tailend of you know, how do you
realize?
How do you realize valuethrough a divestment, selling
(02:21):
businesses, divesting businesses?
Speaker 1 (02:23):
Yeah, because there's obviously the two main ways is
well, I guess you could have apartner buyout or a trade sale
or even an IPO listing on themarket.
So do you give guidance on allthose three potential exit
strategies?
Yeah, absolutely.
Speaker 2 (02:40):
I mean, succession is a big thing right now.
I think, especially inAustralia so many family
businesses that have that thatnext generation is not taking
over businesses anymore and forwhatever reason.
So, sitting back with theowners of businesses, now I'm
really thinking.
So what is our succession plan?
Are we bringing in a privateequity, a private capital
(03:02):
solution provider?
Are we looking at a trade sale?
Who is the better market for apotential trade sale?
And then obviously you've gotthe NIPO.
So, yeah, we look at all thatacross that initial phase of
advising a client and reallyit's about yes, it's about
maximising value, but it's alsoabout finding the right exit
(03:24):
strategy for a client.
Speaker 3 (03:25):
So an IPO, is that?
Speaker 2 (03:26):
really a great exit strategy for a client who
doesn't want to continueoperating a business.
Speaker 1 (03:30):
Yeah, it's interesting you say that because
we've seen in the AFR the pressrecently around founder-led
businesses and there's a coupleof listed companies that are
founder-led that the executiveor the CEO has been pushed out
because of maybe doing the wrongthing by the company.
But those founder-ledbusinesses tend to perform
really well and there'sdefinitely a correlation between
(03:53):
performance and founder-ledbusinesses.
But what does your typical daylook like?
Because maybe I'd imagine, aspeople say, no day's the same,
but maybe just share someinsights to your typical day.
Speaker 2 (04:09):
Sure, well, I go to bed the night before and I look
at my calendar and think, right,my day's set up and it never
pans out that way.
With young kids you've got tofind time for yourself in the
corporate world, otherwise youjust get burnt out.
So really I'm up anywherebetween 5 to 5.30 in the morning
.
I've got certain days where Iswim, certain days where I run,
certain days where I ride, andthen it's kind of online by 7.30
(04:33):
, 8 o'clock, whether it's in theoffice or on the road on phone
calls, and then the day pans outthere's a calendar that you
follow.
That's a bit of a Bible.
You try to stick to thosemeetings.
Like, there's a calendar thatyou follow.
That's a bit of a Bible.
You try to stick to thosemeetings.
You need a bit of flexibilityto actually get work done as
well make phone calls, returnphone calls and then pretty
quickly the day turns into 5, 6o'clock where the wife's
(04:54):
messaging and calling and sayingthe kids are waiting for dinner
when you're coming home.
So it's trying to get home at areasonable time to spend some
time with the kids beforethey're in bed, jump back online
for a couple of hours and youknow, before I get to bed, read
a book for an hour or so andthen unwind.
And then it all starts againthe next day.
Speaker 1 (05:12):
And it all starts again the next day.
That's right.
What do you most enjoy aboutyour role?
Speaker 2 (05:20):
I think it's that whole.
I'm a bit of an unstructuredperson, so I love the fact that,
yes, there's a calendar andthere's people who have got
meetings and there's certainthings, but it's also what's
going to happen in the day.
It's such an unknown.
Is a new prospective clientgoing to call and there's a new
transaction on?
Is it another transaction?
Is there challenges along theway where you've got to put
(05:41):
everything aside and really tryto find a solution to all these
challenges?
Is a deal going to fall over?
Is just that whole the unknown?
But, I think also the volatilityof the unknown too.
I love that whole not knowingconcept and having to think
straight away like what's goingto happen.
Speaker 1 (05:59):
Yeah, yeah, that's good.
Tell us what did you study andhow did you get to where you are
today.
Speaker 2 (06:04):
Yeah, so someone actually asked me this the other
day and I thought back and Isaid why did I want to study
accounting finance?
And I think when I was youngerI just remembered I just wanted
to wear a suit.
I wanted to grow up and Iwanted to have a career where I
wore a suit and I worked in thecity, yeah, and I think I
clocked that during uni when Igot my first co-op role,
(06:27):
actually for a fun researchhouse.
Speaker 3 (06:30):
Yep.
Speaker 2 (06:32):
So I think you go through school studying subjects
that you have a passion for andthen you kind of follow that
pathway through to uni Like noone at school actually says,
okay, you're studying thesesubjects, this is your career
pathway.
You kind of need to learn alongthe way and meet people along
(06:54):
the way and ask the rightquestions.
I think that's how I eventuallyI studied accounting, which was
a great course because it gaveyou that just that broadness
across.
What does a corporate clientreally need?
And then the GFC hit when I wasmidway through uni, so
obviously job options becamepretty, pretty finite.
(07:15):
There wasn't too many optionsat the time.
I'd met someone who introducedme to this fund research house
and it's investment partners forthose of you who know in
finance, had a great opportunitywith them, worked for them for
a year while still studying, andthen you go through a co-op
year.
I started RMIT and but the JFChere.
So it was what are the optionsin terms of having accounting
(07:37):
rates either insolvency or orderat the time.
So I dipped my toe ininsolvency and the bad, bad
world of insolvency just me somuch.
The first thing it reallytaught me is how to deal with
people.
You're just dealing with a lotof irrational people and you're
dealing with people that youhave to make decisions quickly.
So I kind of followed thatpathway.
By that stage I was really inmy early 20s still, so you don't
(07:59):
really know too much In yourearly 20s.
It about you know what are mymates doing and I want to hang
out with my mates.
Um, you know, really don'treally have the hat of thinking
about where's my careerdirection.
And then I just I was alwaysinto reading books and I just
started picking up a few financebook, a few books about stock
market, my time at Zenith, kindof you get into, you deal with a
lot of fund managers, so youstart to learn about the markets
(08:21):
, um, and I just startedfollowing the markets.
I think I bought my first stockwhen I was in at, when I was
probably about 19 years oldthrough a mate of mine, a good
mate of mine, who had a similarrole at a stockbroking firm, and
he goes.
You know, let's buy this stockand you know, I think I put two
months' worth of wages into thisstock at the time.
Speaker 3 (08:40):
And Luca.
Speaker 2 (08:41):
Resources.
Speaker 1 (08:41):
I'll never forget it.
Speaker 2 (08:42):
Yeah, I'm not going to mention who my good friend is
that bought the stock no, butthey were flying back then they
were Because I remember, when Iwas at uni I looked into a Luca
too, and I tipped some moneyinto it too.
There you go.
I've never looked at the stocksince, but anyway it's
interesting.
Then you start to you dip yourtoe into something and you start
to learn and get an interest insomething.
(09:03):
So then I started picking upbooks.
There was a great book I readcalled Bulls, bears and a
Croupier.
If you've ever read itfantastic book Became friends
with the Croupier.
I sort of reached out to him asa local guy.
And then you start picking upmore sophisticated books by you
know, more market books writtenout of the US.
You know, Peter Lynch has afantastic book one up on Wall
(09:26):
Street.
I think I've read it aboutthree times and every time I
read it I make new notes in it.
So then it just, and then itjust went from there.
I got into evaluation type workand then here I am, in in
corporate finance.
I met I met the guys at PKF Iwant to to start with corporate
finance division thought this ismy chance.
(09:48):
Let's use that valuation skillset and apply it to a much
broader market offering.
Speaker 1 (09:53):
Yeah, and what do you think the the number one or the
key skills are to be successfulin your current job?
Speaker 2 (10:03):
I think the principles of most corporate
jobs have never changed over thelast two decades, and that is
dealing with people.
You need to be able tocommunicate and you need to be
able to have a network, and Ithink the best job I actually
ever had was working in a Greektavern when I was a kid, in uni
no, I was still in high school.
(10:24):
In high school studying VC,playing football, trying to go
out and working this job and itwas so good because one you're
kind of dealing in a foreignlanguage, you're communicating
in a foreign language, but theworld of hospitality and for
those of you who've never reallyhad the pleasure of having
having to to serve europeans inthe hospitality environment it's
(10:44):
, it's very demanding.
So I think that that job taughtme a lot of things in terms of
how to deal with people, butalso not being afraid that
people are just people withdifferent titles.
So when you find thatcommonality with someone, you
just open.
You just open the discussion up, and I and I've always used
that philosophy it doesn'tmatter what meeting or what
(11:05):
networking event or whatfunction I go to, and even now I
look forward to most going tofunctions where I don't know
anyone, because I'm going tomeet someone new.
Speaker 1 (11:12):
Yeah, opportunity to meet someone new.
And it's good to have thatmindset because a lot of people
that go to events they're a bitreluctant to go to events
because they might not knowanyone there, but it's good to
meet.
And one thing you said to me afew years ago was you've built
your network by reaching out topeople and offering a bar and a
coffee and getting to know themand understanding who they are
(11:33):
and what they do and how theygot to where they are today.
And ultimately, this is thewhole concept of Finance Friends
with Fabian is giving people anopportunity to sit at the table
and learn from you know,professional, successful
professionals like yourselfabout how you got to where you
are today and what you do.
So what would be your biggestadvice for someone that maybe
wants to work in corporatefinance one day in their career
(11:56):
and hopefully become a partnerat a, you know, global, mid-tier
accounting firm?
Speaker 2 (12:00):
yeah, I think the number one thing is having that
ability to communicate withpeople, um and and network with
people.
So I think that that's alwaysthe top of my list.
And a lot of um you know a lotof people, excuse me, a lot of
people that I catch up with andpeople that reach out to me just
for for some advice that'salways the top of my list
because you can't teach thatskill set.
(12:21):
And then obviously, thetechnical skill set you need,
but I think that can be gainedso much through reading and the
beauty about you know theopportunities with just reading
the amount of investorpresentations I read.
Still it's sitting down,printing out investor
presentation, understanding amarket or just thinking about
how is a business articulatingthemselves to the market.
(12:42):
So there's just so much valueyou can get from reading and I
think these days a lot of peoplewant the simple solution and
obviously the tech enablement ofrunning businesses these days
and no doubt that changes howyou still work.
But going back to dealing withpeople, that face-to-face
personal relationship and doingthe hard work and actually
(13:03):
reading to understand yourself,I think they're the two number
one for me, the two number onelearnings that I would advise
anyone to focus on.
Speaker 1 (13:13):
Yeah, communication, building a network, getting to
know people and be willing toput yourself out there.
Yeah, absolutely I think that'simportant and, susie, I wonder
where that comes from.
Is that something that you'vegained over your career?
Or is it something that wasembedded in you from a?
Because I remember you when weplayed footy together.
You were a pretty shy kind ofguy, but you've grown and you've
(13:38):
become super confident now andobviously super successful.
So is that something thatyou've learnt along your journey
?
Speaker 2 (13:45):
Yeah, I think it's funny you say shy, because maybe
some people think the other way, but I think you're right.
Like at the time when you'reyounger and dealing with older
people is much harder, yeah,whereas now it's so much easier.
So I think somewhere along theway something changed and maybe
(14:06):
it was moving into thatworkforce when you're such a
young age and just having tothen deal with people.
I think that definitely helped.
And I don't know what youngerpeople do these days.
Do they still?
Do they have the pressure ofstudying and work, or do they
not do that?
Like?
I think that's also a key thing.
It's not trying to do too much,but making sure you've got that
(14:29):
balance.
Where you are working, you havesome sort of social life, you
play a sport or do some sort ofteam event and you're focused on
studying, because it gives youthat organisational structure,
yeah, but it gives you thatbenefit of communicating with
people.
Speaker 1 (14:42):
Yeah, so a combination of having to
prioritise.
You know managing multiplethings at once as well.
As you've said, you knowworking and dealing with people.
I think the early on in yourcareer that you can actually
work and be accountable andstart dealing with people, the
better you'll be longer term,Like I've always worked from the
(15:03):
age of, you know, 49 months,when I could.
Speaker 2 (15:06):
Back at Coles.
You were at the Coles thing,yeah we were.
Speaker 1 (15:09):
We were, yeah, coles for a period of time, and you
know I've worked in hospitality.
I really enjoyed working inhospitality.
I love dealing with people.
I worked at a retail shop insales, and I think that's really
important.
And when I see people now, whenI meet with junior people that
have finished university andstill have never had any work
(15:29):
experience, I ask the questionwell, what have you been doing?
Like, how can you not work?
What do you do all your sparetime?
So it's quite interesting.
So a bit of advice from me.
I would say you know, know, ifyou can get a part-time job,
even when you're at high school,I highly encourage you to do it
yeah, no, I think that's.
Speaker 2 (15:49):
That's so true, because even a lot of the
resumes that I'm and cvs thatcome across my desk, it's
especially with younger peopleit's okay, you're not going to
have that real technicalexperience.
But what have you done?
Like what is it?
What does it say about you as aperson?
What have you been doing withyour time?
So it's definitely important.
You, just all those soft skillsyou learn, you just they're.
You can't.
Speaker 1 (16:09):
You can't teach a soft skill yeah, yeah, I agree,
I think it's learned over timein different environments but
you have to put yourself inthose hard positions.
Speaker 2 (16:18):
You have to put yourself in in the Greek
restaurant and having to speakGreek, you have to put yourself
in these uncomfortablesituations to deal.
And a good story.
Actually, I think one thingthat I always think about and it
changed me.
When I was young I had theopportunity to.
I was working for someone at thetime and he said I can't go to
this event.
It's full of lawyers andbarristers go along.
And I think I was trying topsych myself out that it was not
(16:41):
going on.
But I rolled up to the law firmthat was full of barristers and
lawyers and I just thought tomyself no one's going to want to
talk to some guy that's 22years old, you're dealing with
barristers and the top of thelegal profession.
And I thought how am I going toapproach this?
And in my head it was there'ssomeone else who's going to be
there that doesn't know anyone.
(17:01):
So you walk into a room, youlook for someone else that's on
their own, or there's two peoplein a conversation, because it's
much easier to enter atwo-person conversation than it
is to stand there and sweat itout, that no one's going to talk
to you.
So I think that learning Iactually still apply that today.
I went to a function a coupleof weeks ago when they had the
defense conference out.
(17:22):
A UK client invited me alongand I didn't know anyone because
it's not really my profession,and I rolled in and there you go
.
There was someone sitting thereon his own and had a great
conversation with him and thenyou get introduced to the next
person and it just rolls in likethat.
Speaker 1 (17:35):
Yeah, exactly right, and I think it's easy to spot
that you know that person thatis on their own and go and
introduce yourself and then theyhave a lot of respect for you
because they know they're in asituation where, you know, they
feel maybe a little bituncomfortable and if you've made
an effort to go and say helloto them and get to know them,
then it makes them feel morecomfortable and they have a lot
more respect for you as a result.
(17:56):
Yeah, I learned when I finishedmy, my undergraduate degree, I
just took a backpack and wenttraveling through South America
and and um and Europe and I saidto my mum I said, mum, you know
I'm not taking my phone, I'llcall you, don't worry about me,
I'll call you every three orfour days.
But, um, my, my late cousin,was a mentor to me and he said
(18:17):
you know, just go and justexplore and just go to a
backpackers.
And you know, just go and sayhi to people and get to know
people and put yourself outthere.
You know, just go and justexplore and just go to a
backpackers.
And you know, just go and sayhi to people and get to know
people and put yourself outthere and you know, if they
don't want to talk to you,they're not right for you anyway
, who cares?
Move on to the next person,which was great, and tell us
maybe a little bit you mentionedyou've got.
Let's go a bit on a personallevel, you so you're into
cycling, you're into running.
Speaker 2 (18:46):
The morning is my spare time, so if I'm not up
early, unfortunately I miss outon some of my own time.
And then obviously, workinghours, where the kids are in bed
, relatively the time you gethome.
You try to spend a bit of timewith them, whether it's read
them a book or do a puzzletogether or just have a chat to
them.
They're kind of at that age nowyou can just talk to them about
(19:08):
their day.
So I kind of really push thekids to let's read a book
together, let's do a puzzletogether, just to get them into
something a little bit differentrather than just sitting and
watching TV or something.
So that's typically Monday toFriday, but Saturdays I love to
get out with the kids.
So again, saturday mornings I'mup early, same as Sunday
(19:29):
mornings, to ride or with thekids.
So again Saturday mornings I'mup early, saturday mornings to
ride or run, and then you'rehome, spend time with the kids.
So it can be anything fromgoing for a scooter, going for a
bike ride, going down to thecafe, going out to a park, the
kids sometimes will pick certainparks they'll go to and we'll
go there.
Love spending time outside withthe kids.
Obviously it probably doesn'tsurprise you, but got a big
backyard so you know whetherit's mowing the lawns and the
(19:51):
kids are running around playingsoccer.
The other day we were puttingthe tomato steaks in because
it's tomato season, so gettingthe tomatoes going Bit of
gardening.
Bit of gardening with the kids.
You know, let them runningaround yeah.
Speaker 1 (20:07):
And how important is that for you to have that
balance in life where you get tospend time with your kids and
time outdoors?
Speaker 2 (20:13):
Yeah, I think as you progress through the stages of
life, your responsibilitieschange.
I think once you have kids, itreally changes your response.
You don't have a responsibilityjust to yourself or to your
partner anymore.
There's these little peoplethat you need to raise and you
need to impart whatever wisdomyou can, or really the learning.
So I don't want to be the typeof person that that comes in and
(20:35):
sometimes I am, that you, youwalk in the house and you're on
the phone yeah, um, you're on aphone call because you're trying
to finish phone calls from theday.
Yeah, um, and so it's beingmindful of those things and just
putting putting the laptop,putting the phone aside and just
being outside with the kids.
And I love it on the weekendsand you know, we do barbecues
and the kids are running around.
Speaker 1 (20:58):
Yeah, well, I think that's important because it can
be easy when you're, you know, aprofessional that works hard
and really committed to yourwork.
To also, you know to lose sightof what else is important in
life, but, yeah, it's great thatyou're able to do that and have
time with your kids and takethem to the park, and I think
that's really important.
And what about sports?
(21:19):
Do you follow in the footy?
Speaker 2 (21:22):
Footy.
I'm a diehard Bomber supporter.
I think I've probably been toabout five full games in the
last five years, so stillplugging away there at the
Bombers.
Avid Liverpool supporter.
So we're doing well.
Speaker 1 (21:34):
Yeah, top of the table at the moment.
Top of the table.
Speaker 2 (21:36):
It was a good week.
The other week we had a bye.
Obviously it was a bye week, sothat was fantastic to see the
other team sort of drop somepoints and we picked up yeah, a
Ravens fan, and unfortunately welost the divisional game this
morning to the Steelers, sothat's a big loss for us.
So, yeah, I love my sport aswell.
Speaker 3 (21:53):
Ravens fan.
Speaker 1 (21:54):
We're doing well picking up Cat and a few other
players, have you been to the USand watched some American
sports?
I have, I've been to.
Speaker 2 (22:00):
I have I watched the Lakers, just probably about five
years ago and they do sports somuch different there.
Yeah, this was probably aboutfive years ago.
They do sports so muchdifferent there.
Speaker 1 (22:09):
It's unreal.
It's entertainment at itsfinest.
It's fantastic.
They know how to entertain theAmericans don't they?
Speaker 2 (22:16):
I'd love to get over there for a gridiron game, so I
think that would be next on thelist.
Speaker 1 (22:20):
Yeah, I went and watched Buffalo Bills' opening
game this year and it was anincredible atmosphere.
Highly highly recommend it.
Speaker 2 (22:29):
Great team as well.
Buffalo.
Speaker 1 (22:30):
Yeah, they're doing well.
Well, they're playing thismorning.
Speaker 2 (22:33):
Kansas.
Speaker 1 (22:34):
City.
Yeah, so it's top of the tableclash.
It's been interesting to seehow that plays out we might have
to get a live score check.
Thanks, jenna, but anyway, onthat note, thank you very much
for coming in.
Stefan, it's been a pleasure.
I, stefan, it's been a pleasure.
I'm Stefan Galbo from PKF.
It's been a pleasure having youin.
We've known each other for, Idon't know, probably 30 odd
years it's been a while, verylong time it's good to see your
(22:58):
career prosper and you're doingsome exceptional things and
thank you.
Thank you for coming, appreciateit.
Speaker 2 (23:04):
Thanks for having me on board and I've got to come
along to one of those.
Speaker 1 (23:07):
The fun, the runs that you do yeah, definitely me
on board and I've got to comealong to one of those fun the
runs that you do.
Yeah, definitely the Riva runson Wednesday morning.
Keep an eye on our socials forthat.
Thank you again and enjoy therest of your day Thanks mate
Cheers, cheers.
Speaker 3 (23:23):
Disclaimer this podcast exists for informational
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The personal opinions of thespeaker and guests do not
represent the view of any otherparty.
If this recording containsreference to financial products,
that reference does notconstitute advice nor
recommendations and may not berelied upon.
Welcome to Finance Friends with Fabian, where we
give our listeners anopportunity to be a part of our
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Hear their stories, thechallenges they've overcome and
the invaluable advice they havefor anyone interested in the
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(00:27):
Hello, stefan Galbo.
Welcome to Finance Friends withFabian.
How are you today?
Very good, thanks for having meon board Well.
Thanks for coming in.
Just returned back from aweek-long trip in South Korea.
You mentioned.
Speaker 2 (00:40):
Yeah, seoul Got back on Sunday morning.
Really cool city.
Got to do it again.
Didn't get a chance to see toomuch, obviously there on
business for a conference.
But yeah, it's eye-opening whenyou go to these Asian cities
and see how big their populationis and just realise how small
(01:01):
sometimes we are here down inAustralia.
Speaker 1 (01:03):
Yeah, that's true.
So you're away for a conference, so maybe let's talk about your
work.
So what do you do?
What's your job?
And give me a bit of a30-second spiel about what your
current profession is.
Speaker 2 (01:16):
Sure, obviously, I work at PKF, so one of the large
mid-tier accounting firms,which is great, total solution
to any sort of business, highnet worth, individual.
Through, you know, your coreaccounting services, through
your core compliance services,um, I'm one of the partners in
corporate finance.
Um, a lot of people always say,well, what's corporate finance?
You funding businesses.
I think the definition ofcorporate finance does chop and
(01:39):
change a lot.
So sometimes I revert back andsay you know, I'm just, I'm a
corporate.
So really, they're trying toprovide a total solution to a
growing mid-market clientlooking to grow through that
whole life cycle.
So how do you grow a business?
How do you value a business?
How do you then divest thebusiness?
So all that whole M&A lifecycle the M&A transaction
(01:59):
through to the valuationadvisory work.
And I think that's the key thing, like a lot of people miss when
growing businesses, it's notabout growing revenue, it's
about how do you actually?
How is, how are you growingvalue?
That maximizing value concept,yeah, I think that's where that
valuation advisory work is soimportant.
Then, obviously, to the tailend of you know, how do you
realize?
How do you realize valuethrough a divestment, selling
(02:21):
businesses, divesting businesses?
Speaker 1 (02:23):
Yeah, because there's obviously the two main ways is
well, I guess you could have apartner buyout or a trade sale
or even an IPO listing on themarket.
So do you give guidance on allthose three potential exit
strategies?
Yeah, absolutely.
Speaker 2 (02:40):
I mean, succession is a big thing right now.
I think, especially inAustralia so many family
businesses that have that thatnext generation is not taking
over businesses anymore and forwhatever reason.
So, sitting back with theowners of businesses, now I'm
really thinking.
So what is our succession plan?
Are we bringing in a privateequity, a private capital
(03:02):
solution provider?
Are we looking at a trade sale?
Who is the better market for apotential trade sale?
And then obviously you've gotthe NIPO.
So, yeah, we look at all thatacross that initial phase of
advising a client and reallyit's about yes, it's about
maximising value, but it's alsoabout finding the right exit
(03:24):
strategy for a client.
Speaker 3 (03:25):
So an IPO, is that?
Speaker 2 (03:26):
really a great exit strategy for a client who
doesn't want to continueoperating a business.
Speaker 1 (03:30):
Yeah, it's interesting you say that because
we've seen in the AFR the pressrecently around founder-led
businesses and there's a coupleof listed companies that are
founder-led that the executiveor the CEO has been pushed out
because of maybe doing the wrongthing by the company.
But those founder-ledbusinesses tend to perform
really well and there'sdefinitely a correlation between
(03:53):
performance and founder-ledbusinesses.
But what does your typical daylook like?
Because maybe I'd imagine, aspeople say, no day's the same,
but maybe just share someinsights to your typical day.
Speaker 2 (04:09):
Sure, well, I go to bed the night before and I look
at my calendar and think, right,my day's set up and it never
pans out that way.
With young kids you've got tofind time for yourself in the
corporate world, otherwise youjust get burnt out.
So really I'm up anywherebetween 5 to 5.30 in the morning
.
I've got certain days where Iswim, certain days where I run,
certain days where I ride, andthen it's kind of online by 7.30
(04:33):
, 8 o'clock, whether it's in theoffice or on the road on phone
calls, and then the day pans outthere's a calendar that you
follow.
That's a bit of a Bible.
You try to stick to thosemeetings.
Like, there's a calendar thatyou follow.
That's a bit of a Bible.
You try to stick to thosemeetings.
You need a bit of flexibilityto actually get work done as
well make phone calls, returnphone calls and then pretty
quickly the day turns into 5, 6o'clock where the wife's
(04:54):
messaging and calling and sayingthe kids are waiting for dinner
when you're coming home.
So it's trying to get home at areasonable time to spend some
time with the kids beforethey're in bed, jump back online
for a couple of hours and youknow, before I get to bed, read
a book for an hour or so andthen unwind.
And then it all starts againthe next day.
Speaker 1 (05:12):
And it all starts again the next day.
That's right.
What do you most enjoy aboutyour role?
Speaker 2 (05:20):
I think it's that whole.
I'm a bit of an unstructuredperson, so I love the fact that,
yes, there's a calendar andthere's people who have got
meetings and there's certainthings, but it's also what's
going to happen in the day.
It's such an unknown.
Is a new prospective clientgoing to call and there's a new
transaction on?
Is it another transaction?
Is there challenges along theway where you've got to put
(05:41):
everything aside and really tryto find a solution to all these
challenges?
Is a deal going to fall over?
Is just that whole the unknown?
But, I think also the volatilityof the unknown too.
I love that whole not knowingconcept and having to think
straight away like what's goingto happen.
Speaker 1 (05:59):
Yeah, yeah, that's good.
Tell us what did you study andhow did you get to where you are
today.
Speaker 2 (06:04):
Yeah, so someone actually asked me this the other
day and I thought back and Isaid why did I want to study
accounting finance?
And I think when I was youngerI just remembered I just wanted
to wear a suit.
I wanted to grow up and Iwanted to have a career where I
wore a suit and I worked in thecity, yeah, and I think I
clocked that during uni when Igot my first co-op role,
(06:27):
actually for a fun researchhouse.
Speaker 3 (06:30):
Yep.
Speaker 2 (06:32):
So I think you go through school studying subjects
that you have a passion for andthen you kind of follow that
pathway through to uni Like noone at school actually says,
okay, you're studying thesesubjects, this is your career
pathway.
You kind of need to learn alongthe way and meet people along
(06:54):
the way and ask the rightquestions.
I think that's how I eventuallyI studied accounting, which was
a great course because it gaveyou that just that broadness
across.
What does a corporate clientreally need?
And then the GFC hit when I wasmidway through uni, so
obviously job options becamepretty, pretty finite.
(07:15):
There wasn't too many optionsat the time.
I'd met someone who introducedme to this fund research house
and it's investment partners forthose of you who know in
finance, had a great opportunitywith them, worked for them for
a year while still studying, andthen you go through a co-op
year.
I started RMIT and but the JFChere.
So it was what are the optionsin terms of having accounting
(07:37):
rates either insolvency or orderat the time.
So I dipped my toe ininsolvency and the bad, bad
world of insolvency just me somuch.
The first thing it reallytaught me is how to deal with
people.
You're just dealing with a lotof irrational people and you're
dealing with people that youhave to make decisions quickly.
So I kind of followed thatpathway.
By that stage I was really inmy early 20s still, so you don't
(07:59):
really know too much In yourearly 20s.
It about you know what are mymates doing and I want to hang
out with my mates.
Um, you know, really don'treally have the hat of thinking
about where's my careerdirection.
And then I just I was alwaysinto reading books and I just
started picking up a few financebook, a few books about stock
market, my time at Zenith, kindof you get into, you deal with a
lot of fund managers, so youstart to learn about the markets
(08:21):
, um, and I just startedfollowing the markets.
I think I bought my first stockwhen I was in at, when I was
probably about 19 years oldthrough a mate of mine, a good
mate of mine, who had a similarrole at a stockbroking firm, and
he goes.
You know, let's buy this stockand you know, I think I put two
months' worth of wages into thisstock at the time.
Speaker 3 (08:40):
And Luca.
Speaker 2 (08:41):
Resources.
Speaker 1 (08:41):
I'll never forget it.
Speaker 2 (08:42):
Yeah, I'm not going to mention who my good friend is
that bought the stock no, butthey were flying back then they
were Because I remember, when Iwas at uni I looked into a Luca
too, and I tipped some moneyinto it too.
There you go.
I've never looked at the stocksince, but anyway it's
interesting.
Then you start to you dip yourtoe into something and you start
to learn and get an interest insomething.
(09:03):
So then I started picking upbooks.
There was a great book I readcalled Bulls, bears and a
Croupier.
If you've ever read itfantastic book Became friends
with the Croupier.
I sort of reached out to him asa local guy.
And then you start picking upmore sophisticated books by you
know, more market books writtenout of the US.
You know, Peter Lynch has afantastic book one up on Wall
(09:26):
Street.
I think I've read it aboutthree times and every time I
read it I make new notes in it.
So then it just, and then itjust went from there.
I got into evaluation type workand then here I am, in in
corporate finance.
I met I met the guys at PKF Iwant to to start with corporate
finance division thought this ismy chance.
(09:48):
Let's use that valuation skillset and apply it to a much
broader market offering.
Speaker 1 (09:53):
Yeah, and what do you think the the number one or the
key skills are to be successfulin your current job?
Speaker 2 (10:03):
I think the principles of most corporate
jobs have never changed over thelast two decades, and that is
dealing with people.
You need to be able tocommunicate and you need to be
able to have a network, and Ithink the best job I actually
ever had was working in a Greektavern when I was a kid, in uni
no, I was still in high school.
(10:24):
In high school studying VC,playing football, trying to go
out and working this job and itwas so good because one you're
kind of dealing in a foreignlanguage, you're communicating
in a foreign language, but theworld of hospitality and for
those of you who've never reallyhad the pleasure of having
having to to serve europeans inthe hospitality environment it's
(10:44):
, it's very demanding.
So I think that that job taughtme a lot of things in terms of
how to deal with people, butalso not being afraid that
people are just people withdifferent titles.
So when you find thatcommonality with someone, you
just open.
You just open the discussion up, and I and I've always used
that philosophy it doesn'tmatter what meeting or what
(11:05):
networking event or whatfunction I go to, and even now I
look forward to most going tofunctions where I don't know
anyone, because I'm going tomeet someone new.
Speaker 1 (11:12):
Yeah, opportunity to meet someone new.
And it's good to have thatmindset because a lot of people
that go to events they're a bitreluctant to go to events
because they might not knowanyone there, but it's good to
meet.
And one thing you said to me afew years ago was you've built
your network by reaching out topeople and offering a bar and a
coffee and getting to know themand understanding who they are
(11:33):
and what they do and how theygot to where they are today.
And ultimately, this is thewhole concept of Finance Friends
with Fabian is giving people anopportunity to sit at the table
and learn from you know,professional, successful
professionals like yourselfabout how you got to where you
are today and what you do.
So what would be your biggestadvice for someone that maybe
wants to work in corporatefinance one day in their career
(11:56):
and hopefully become a partnerat a, you know, global, mid-tier
accounting firm?
Speaker 2 (12:00):
yeah, I think the number one thing is having that
ability to communicate withpeople, um and and network with
people.
So I think that that's alwaysthe top of my list.
And a lot of um you know a lotof people, excuse me, a lot of
people that I catch up with andpeople that reach out to me just
for for some advice that'salways the top of my list
because you can't teach thatskill set.
(12:21):
And then obviously, thetechnical skill set you need,
but I think that can be gainedso much through reading and the
beauty about you know theopportunities with just reading
the amount of investorpresentations I read.
Still it's sitting down,printing out investor
presentation, understanding amarket or just thinking about
how is a business articulatingthemselves to the market.
(12:42):
So there's just so much valueyou can get from reading and I
think these days a lot of peoplewant the simple solution and
obviously the tech enablement ofrunning businesses these days
and no doubt that changes howyou still work.
But going back to dealing withpeople, that face-to-face
personal relationship and doingthe hard work and actually
(13:03):
reading to understand yourself,I think they're the two number
one for me, the two number onelearnings that I would advise
anyone to focus on.
Speaker 1 (13:13):
Yeah, communication, building a network, getting to
know people and be willing toput yourself out there.
Yeah, absolutely I think that'simportant and, susie, I wonder
where that comes from.
Is that something that you'vegained over your career?
Or is it something that wasembedded in you from a?
Because I remember you when weplayed footy together.
You were a pretty shy kind ofguy, but you've grown and you've
(13:38):
become super confident now andobviously super successful.
So is that something thatyou've learnt along your journey
?
Speaker 2 (13:45):
Yeah, I think it's funny you say shy, because maybe
some people think the other way, but I think you're right.
Like at the time when you'reyounger and dealing with older
people is much harder, yeah,whereas now it's so much easier.
So I think somewhere along theway something changed and maybe
(14:06):
it was moving into thatworkforce when you're such a
young age and just having tothen deal with people.
I think that definitely helped.
And I don't know what youngerpeople do these days.
Do they still?
Do they have the pressure ofstudying and work, or do they
not do that?
Like?
I think that's also a key thing.
It's not trying to do too much,but making sure you've got that
(14:29):
balance.
Where you are working, you havesome sort of social life, you
play a sport or do some sort ofteam event and you're focused on
studying, because it gives youthat organisational structure,
yeah, but it gives you thatbenefit of communicating with
people.
Speaker 1 (14:42):
Yeah, so a combination of having to
prioritise.
You know managing multiplethings at once as well.
As you've said, you knowworking and dealing with people.
I think the early on in yourcareer that you can actually
work and be accountable andstart dealing with people, the
better you'll be longer term,Like I've always worked from the
(15:03):
age of, you know, 49 months,when I could.
Speaker 2 (15:06):
Back at Coles.
You were at the Coles thing,yeah we were.
Speaker 1 (15:09):
We were, yeah, coles for a period of time, and you
know I've worked in hospitality.
I really enjoyed working inhospitality.
I love dealing with people.
I worked at a retail shop insales, and I think that's really
important.
And when I see people now, whenI meet with junior people that
have finished university andstill have never had any work
(15:29):
experience, I ask the questionwell, what have you been doing?
Like, how can you not work?
What do you do all your sparetime?
So it's quite interesting.
So a bit of advice from me.
I would say you know, know, ifyou can get a part-time job,
even when you're at high school,I highly encourage you to do it
yeah, no, I think that's.
Speaker 2 (15:49):
That's so true, because even a lot of the
resumes that I'm and cvs thatcome across my desk, it's
especially with younger peopleit's okay, you're not going to
have that real technicalexperience.
But what have you done?
Like what is it?
What does it say about you as aperson?
What have you been doing withyour time?
So it's definitely important.
You, just all those soft skillsyou learn, you just they're.
You can't.
Speaker 1 (16:09):
You can't teach a soft skill yeah, yeah, I agree,
I think it's learned over timein different environments but
you have to put yourself inthose hard positions.
Speaker 2 (16:18):
You have to put yourself in in the Greek
restaurant and having to speakGreek, you have to put yourself
in these uncomfortablesituations to deal.
And a good story.
Actually, I think one thingthat I always think about and it
changed me.
When I was young I had theopportunity to.
I was working for someone at thetime and he said I can't go to
this event.
It's full of lawyers andbarristers go along.
And I think I was trying topsych myself out that it was not
(16:41):
going on.
But I rolled up to the law firmthat was full of barristers and
lawyers and I just thought tomyself no one's going to want to
talk to some guy that's 22years old, you're dealing with
barristers and the top of thelegal profession.
And I thought how am I going toapproach this?
And in my head it was there'ssomeone else who's going to be
there that doesn't know anyone.
(17:01):
So you walk into a room, youlook for someone else that's on
their own, or there's two peoplein a conversation, because it's
much easier to enter atwo-person conversation than it
is to stand there and sweat itout, that no one's going to talk
to you.
So I think that learning Iactually still apply that today.
I went to a function a coupleof weeks ago when they had the
defense conference out.
(17:22):
A UK client invited me alongand I didn't know anyone because
it's not really my profession,and I rolled in and there you go
.
There was someone sitting thereon his own and had a great
conversation with him and thenyou get introduced to the next
person and it just rolls in likethat.
Speaker 1 (17:35):
Yeah, exactly right, and I think it's easy to spot
that you know that person thatis on their own and go and
introduce yourself and then theyhave a lot of respect for you
because they know they're in asituation where, you know, they
feel maybe a little bituncomfortable and if you've made
an effort to go and say helloto them and get to know them,
then it makes them feel morecomfortable and they have a lot
more respect for you as a result.
(17:56):
Yeah, I learned when I finishedmy, my undergraduate degree, I
just took a backpack and wenttraveling through South America
and and um and Europe and I saidto my mum I said, mum, you know
I'm not taking my phone, I'llcall you, don't worry about me,
I'll call you every three orfour days.
But, um, my, my late cousin,was a mentor to me and he said
(18:17):
you know, just go and justexplore and just go to a
backpackers.
And you know, just go and sayhi to people and get to know
people and put yourself outthere.
You know, just go and justexplore and just go to a
backpackers.
And you know, just go and sayhi to people and get to know
people and put yourself outthere and you know, if they
don't want to talk to you,they're not right for you anyway
, who cares?
Move on to the next person,which was great, and tell us
maybe a little bit you mentionedyou've got.
Let's go a bit on a personallevel, you so you're into
cycling, you're into running.
Speaker 2 (18:46):
The morning is my spare time, so if I'm not up
early, unfortunately I miss outon some of my own time.
And then obviously, workinghours, where the kids are in bed
, relatively the time you gethome.
You try to spend a bit of timewith them, whether it's read
them a book or do a puzzletogether or just have a chat to
them.
They're kind of at that age nowyou can just talk to them about
(19:08):
their day.
So I kind of really push thekids to let's read a book
together, let's do a puzzletogether, just to get them into
something a little bit differentrather than just sitting and
watching TV or something.
So that's typically Monday toFriday, but Saturdays I love to
get out with the kids.
So again, saturday mornings I'mup early, same as Sunday
(19:29):
mornings, to ride or with thekids.
So again Saturday mornings I'mup early, saturday mornings to
ride or run, and then you'rehome, spend time with the kids.
So it can be anything fromgoing for a scooter, going for a
bike ride, going down to thecafe, going out to a park, the
kids sometimes will pick certainparks they'll go to and we'll
go there.
Love spending time outside withthe kids.
Obviously it probably doesn'tsurprise you, but got a big
backyard so you know whetherit's mowing the lawns and the
(19:51):
kids are running around playingsoccer.
The other day we were puttingthe tomato steaks in because
it's tomato season, so gettingthe tomatoes going Bit of
gardening.
Bit of gardening with the kids.
You know, let them runningaround yeah.
Speaker 1 (20:07):
And how important is that for you to have that
balance in life where you get tospend time with your kids and
time outdoors?
Speaker 2 (20:13):
Yeah, I think as you progress through the stages of
life, your responsibilitieschange.
I think once you have kids, itreally changes your response.
You don't have a responsibilityjust to yourself or to your
partner anymore.
There's these little peoplethat you need to raise and you
need to impart whatever wisdomyou can, or really the learning.
So I don't want to be the typeof person that that comes in and
(20:35):
sometimes I am, that you, youwalk in the house and you're on
the phone yeah, um, you're on aphone call because you're trying
to finish phone calls from theday.
Yeah, um, and so it's beingmindful of those things and just
putting putting the laptop,putting the phone aside and just
being outside with the kids.
And I love it on the weekendsand you know, we do barbecues
and the kids are running around.
Speaker 1 (20:58):
Yeah, well, I think that's important because it can
be easy when you're, you know, aprofessional that works hard
and really committed to yourwork.
To also, you know to lose sightof what else is important in
life, but, yeah, it's great thatyou're able to do that and have
time with your kids and takethem to the park, and I think
that's really important.
And what about sports?
(21:19):
Do you follow in the footy?
Speaker 2 (21:22):
Footy.
I'm a diehard Bomber supporter.
I think I've probably been toabout five full games in the
last five years, so stillplugging away there at the
Bombers.
Avid Liverpool supporter.
So we're doing well.
Speaker 1 (21:34):
Yeah, top of the table at the moment.
Top of the table.
Speaker 2 (21:36):
It was a good week.
The other week we had a bye.
Obviously it was a bye week, sothat was fantastic to see the
other team sort of drop somepoints and we picked up yeah, a
Ravens fan, and unfortunately welost the divisional game this
morning to the Steelers, sothat's a big loss for us.
So, yeah, I love my sport aswell.
Speaker 3 (21:53):
Ravens fan.
Speaker 1 (21:54):
We're doing well picking up Cat and a few other
players, have you been to the USand watched some American
sports?
I have, I've been to.
Speaker 2 (22:00):
I have I watched the Lakers, just probably about five
years ago and they do sports somuch different there.
Yeah, this was probably aboutfive years ago.
They do sports so muchdifferent there.
Speaker 1 (22:09):
It's unreal.
It's entertainment at itsfinest.
It's fantastic.
They know how to entertain theAmericans don't they?
Speaker 2 (22:16):
I'd love to get over there for a gridiron game, so I
think that would be next on thelist.
Speaker 1 (22:20):
Yeah, I went and watched Buffalo Bills' opening
game this year and it was anincredible atmosphere.
Highly highly recommend it.
Speaker 2 (22:29):
Great team as well.
Buffalo.
Speaker 1 (22:30):
Yeah, they're doing well.
Well, they're playing thismorning.
Speaker 2 (22:33):
Kansas.
Speaker 1 (22:34):
City.
Yeah, so it's top of the tableclash.
It's been interesting to seehow that plays out we might have
to get a live score check.
Thanks, jenna, but anyway, onthat note, thank you very much
for coming in.
Stefan, it's been a pleasure.
I, stefan, it's been a pleasure.
I'm Stefan Galbo from PKF.
It's been a pleasure having youin.
We've known each other for, Idon't know, probably 30 odd
years it's been a while, verylong time it's good to see your
(22:58):
career prosper and you're doingsome exceptional things and
thank you.
Thank you for coming, appreciateit.
Speaker 2 (23:04):
Thanks for having me on board and I've got to come
along to one of those.
Speaker 1 (23:07):
The fun, the runs that you do yeah, definitely me
on board and I've got to comealong to one of those fun the
runs that you do.
Yeah, definitely the Riva runson Wednesday morning.
Keep an eye on our socials forthat.
Thank you again and enjoy therest of your day Thanks mate
Cheers, cheers.
Speaker 3 (23:23):
Disclaimer this podcast exists for informational
and entertainment purposes only.
The personal opinions of thespeaker and guests do not
represent the view of any otherparty.
If this recording containsreference to financial products,
that reference does notconstitute advice nor
recommendations and may not berelied upon.
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