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The Thompson Family’s Cray Fishing Legacy
When we consider family business dynasties, there are few as quintessentially West Australian or as diverse as the cray fishing Thompson family from the seaside town of Cervantes. According to figures from the Western Rock Lobster Annual report, the industry contributed more than $500 million to the WA economy in 2018/2019, with Cervantes making almost $25 million for the local economy, accounting for 75 percent of total economic activity in the town.
The Thompson family has lived in and around Cervantes for decades. It was there in the 1968 season that Dave Thompson senior finally gave in to the pull of the ocean and fished his first season for cray. His son Michael explains that his father had been hesitant about going to sea until then because he didn’t want to be away from home for too long, as the season at that time was about nine months. Dave and his first wife Beth were parents to four children – Kelly, the only girl, and three sons – Michael in the middle, Dave the eldest, and younger brother Matthew. There are now eight grandchildren and 14 great-grandchildren between them.
Generational Traditions and Diversification
The Thompson family has a long-standing tradition of getting a trade before entering the family fishing business, a practice handed down generationally. All members have been fishing for over 30 years, and this tradition has been maintained for 52 years. The family has also built a diverse agricultural portfolio, nurturing their own children into various family businesses and looking to a future where the grandchildren will be ready to take their spots alongside them.
The first stage of their diversification was the purchase of 205,000 hectares of Mundabullangana (Munda) Station, 100 kilometers southwest of Port Hedland in 1995. This station had been one of the family’s favorite camping spots when the children were growing up in the ‘80s and ‘90s. Michael explains that the station was something different for the family and something they really enjoyed. They also had nearby Mardie Station until one of the biggest concentrations of iron ore in the southern hemisphere was discovered there in 2007. The family decided not to diversify into mining and sold the station.
Expanding Horizons and Future Prospects
Since then, the family has diversified even further, purchasing Glencoe near Gingin to create a breeding stud and a link in the supply chain, sending cattle to their own station up north and attracting top prices from other buyers. They also have a cropping property at Walebing near Moora with 3,400 hectares of cereals, which is very much the focus of Michael’s son Michael (‘Budgie’), whose wife comes from a neighboring property.
Back at Cervantes, the fishing business has grown beyond a fleet to include a processing factory for its lobster exports, the Lobster Shack eatery and tourist destination, and scenic tours. Michael says there was no pressure on the children or grandchildren to move into the family businesses, just as there was no pressure on him from his father. David senior and his wife Thelma are still very actively involved in the fishing and farming activities, so the patriarch of the family still very much leads by example.
Michael emphasizes the importance of a good work ethic, which he believes comes from having hardworking parents. He has taught his children the same work ethic, and they have pursued their interests in fishing, cropping, grazing, or being pastoralists. The family business has only ever had two accountants, and Michael uses Insight Advisory Group because he gets good advice and their values are aligned. Insight business transition expert, Stewart Blizard, says succession planning for families like the Thompson clan is an Insight specialty, and working across multiple sectors and generations requires a highly skilled firm.
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