Barfoot & Thompson is New Zealand’s largest family-owned real estate company. They operate in Northland, Auckland, Whangamatā and Bay of Plenty, covering all aspects of real estate, including residential / rural / commercial sales and leasing, property management services, and body corporate.
Who first made the decision that yours would be a 'family business', when and why?
Val Barfoot, who immigrated from the UK in the early 1920s, purchased a real estate agency in Newmarket in 1923 and was joined by his brother, Kelland, one year later. Maurice Thompson was their first employee. Just before Maurice went to off to WW2, the Barfoot brothers offered Maurice a partnership in the business. He accepted and on his return from the war, the company was renamed Barfoot Brothers & Thompson, which ultimately became Barfoot & Thompson as it is today.
How many members of your family work in the business and what is their relationship with each other?
The families (the Barfoots and the Thompsons are not related - just business acquaintances) own the company 50:50. Currently on the Thompson side, I am the third generation member to work in the business and I serve as Managing Director. My daughter, Paula, became the fourth generation company member on my family’s side. She worked in administration, property management and sales, before taking maternity leave to have her first child (she’s just now starting back in administration part time). From the family of my late brother, Mark, Matthew is also fourth generation. Matthew’s worked through the various roles, like Paula, and is currently one of our Relieving Managers.
In your opinion, what are the advantages of being a family business?
We can make decisions a lot faster and because we own all our branches we can have the same message passed around and taken on board. We also try to instil a family culture - 'look after your people and they will look after you' is my motto.
What would you say to other businesses that might be contemplating becoming a family business?
More and more businesses are becoming family-owned - the buck stops with the family owners. We find the public prefer to work with family businesses because they tend to be more personable and approachable. Family businesses can also give more back to the community - how many corporates do you see in the sponsorship world these days?
Why did you join the FBA and what benefits do you get from your membership?
Running a family business is just as hard as running a corporate business and by joining the FBA you meet with companies / people that are often going through the same issues as you are. Sharing ideas is invaluable. Discussions on family succession is critical as many of us leave it too late and this conversation really needs to start early in the piece. Networking and conferences ensure we are up to date with various legislation changes. Also, the most valuable component is the people involved. If you want something - someone in the group is able to help.
