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This year’s Diggers and Dealers Mining Forum in Kalgoorlie on October 12 marks a significant anniversary for Insight Advisory Group, specialists in business transition, and Newland Precision Engineering. It was at this prestigious event seven years ago that their invaluable partnership began—a collaboration that has since transformed Newland Precision Engineering into a stronger, more agile enterprise.
A Niche Engineering Leader with Global Reach
Newland Precision Engineering is a highly specialized precision engineering company offering exceptional custom services across design, precision machining, fabrication, and complex assembly. Operating from factories in Perth and Kalgoorlie, the company supplies clients across Australia and globally, including Africa, Asia, South America, North America, Canada, and Europe.
Founded in 1996 by Philip Newland in Kalgoorlie, the business began as a small operation but quickly expanded. Peter Newland, who now serves as Managing Director, joined the business alongside his siblings Paul and Nicole. By 2013, when Peter first connected with Insight Advisory Group’s Stewart Blizard, the company had grown to 35 employees and was experiencing rapid expansion.
Recognizing the Need for a Business Transition
With growth came challenges. The company soon realized it had outgrown its existing accounting systems and processes. Peter, newly appointed as Managing Director, recalls Stewart’s first visit to their Kalgoorlie workshop.
“Stewart struck me as a very astute person,” Peter explains. “The advice we received immediately was incredibly helpful. Stewart isn’t just a financial advisor; he’s been a mentor to me, particularly on the financial side of the business.”
One of Stewart’s most valuable contributions was his interest in the family dynamics driving Newland’s success. As a family business, maintaining harmony while pursuing growth required a delicate balance. Stewart’s ability to consider every stakeholder’s perspective helped foster collaboration and avoid internal friction.
Insight Advisory Group: Business Transition Specialists
Family businesses are a key focus for Insight Advisory Group, which often works with second- and third-generation family members taking over the reins. Stewart and his team played a critical role in Newland’s business transition, offering tailored project management services to modernize financial and inventory systems, ensure compliance, and navigate complex tax structures.
Peter highlights that in the early days, decisions were often made without professional financial advice, leading to vulnerabilities in the company’s asset protection. Insight introduced a new structure, including a family board, that secured the company’s assets while avoiding costly transaction fees.
Driving Innovation Through Smart Solutions
Another area where Insight has made a significant impact is in helping Newland optimize its research and development (R&D) investments. Previously, Newland funded its R&D entirely on its own, unaware of available grants and tax concessions. With Insight’s guidance, the company now leverages these resources to stay competitive in a challenging industry.
Peter elaborates: “We manufacture underground mining equipment, including an underground mobile diamond drill rig. Continuous enhancement is essential, from building prototypes to testing and market feedback. Insight helped us uncover tax concessions that made this ongoing process more cost-effective.”
Overcoming Challenges in a Competitive Market
Kalgoorlie’s tight labor market has been another obstacle for Newland. With Insight’s support, the company established a Perth base, allowing it to attract skilled workers more easily.
“Instead of bringing the people to the factory, we’ve brought the factory to the people,” Peter says. “Insight provided us with strategies to overcome critical skill shortages, ensuring our growth remained uninterrupted.”
Insight Advisory Group: Your Partner in Business Transition
Insight Advisory Group is a multi-service advisory firm specializing in business transition strategies for clients across various industries. Many of their clients are multi-generational family businesses like Newland Precision Engineering, facing the unique challenges of growth, innovation, and succession planning.
Whether it’s restructuring, optimizing R&D investments, or navigating skill shortages, Insight’s expertise ensures a seamless business transition, empowering companies to thrive in competitive environments.
For Newland Precision Engineering, their partnership with Insight Advisory Group has been nothing short of transformative. As the two organizations celebrate their anniversary, the future looks brighter than ever for this Kalgoorlie-born business.
If your business is undergoing a business transition, Insight Advisory Group is ready to guide you every step of the way.
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