It's fair to observe a number of Kiwi's have cocked up in Australia, and to pin that on naivety and ego as a root cause.
But likewise good to celebrate the successes too.
Smartpay
Hallenstein Glassons
EBOS
Mainfreight
Vulcan Steel
And I'd even chuck in Michael Hill and KMD - even though they are stuck in the macro rut - with +50% sales in Australia now they would be weaker if not for their trans-tasman expansion. These are just currently listed companies - can't be bothered to think of those that have been taken over.
To get it right you need to have some form of competitive advantage. You can't just waltz into Australia with a vanilla offering in a competitive market and think you'll get a look in. Likewise you can't make it a success if you run it from New Zealand, install a handful of Kiwi's as local GM's, and think of it as just another business centre akin to the Waikato. Need to play by Aussie rules and give it a lot of focus, time and effort.
Heartland's Australian RM business is a success. I obviously have my view on the price paid for StockCo and some concerns on the Challenger price, but will be some time before the pieces of the puzzle are in place before we know if it'll be a success, or not.
Probably does require a bit of Ego to establish a NZ bank in Australia, just as it did to amalgamate a plethora of building societies and consumer books into HBL in 2012. An ego isn't necessarily a problem, if it can be kept in check.
There's actually quite a few NZ companies that have done well in Aus. Add to your list:
Vital healthcare
Xero
Meridian Energy (several times)
Trustpower / Tilt Renewables
Auckland Airport
Tourism Holdings
Gentrack & Eroad both sold well into Aus
Too early to know:
Ryman
Seeka
Heartland
The key to sucess in Aussie is to go into one state or market first and make it work. Kiwis forget that Australia is far bigger and more diverse than we are.
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