The 10 + 1 principles that drive the success of billionaire retailer Brett Blundy's companies have helped seven of his executives become very wealthy. This week BOSS magazine tells their stories.
For the past three decades, Tracey Blundy has had one rule in her career: what got you there, won't keep you there.
"It's a constant reminder to me that I have to continue to develop and learn and educate myself. It's not easy to keep up with a business that has grown at the speed we have," she says.
"I remember having days thinking, 'Could we just stop learning for bit.' Because the growth was so big, I was continually being given a role I didn't think I was ready for."
Blundy is talking about BB Retail Capital, which was founded by her older brother, Brett, now a billionaire who is considered one of the country's most talented retailers.
BBRC began with one music store in 1980, which became Australia's biggest music retailer, Sanity Entertainment. BBRC no longer owns Sanity, but it owns or has substantial stakes in many well-known brands, among them Bras N Things, Adairs, Dusk, Lovisa and BridgeClimb. It also founded and built the $1 billion listed property group Aventus, in which it retains a one third stake, and is a significant cattle station owner.
Blundy began working for BBRC when she was still at school, as a part-time casual in the music business.
By the age of 22 she was full time at Bras N Things, which was set up in 1987. She was one of the bra business's first investors and put in $100,000 she had borrowed from the bank at 17 per cent interest.
Skin in the game
In a decade, Blundy worked her way up the ranks from store manager to area manager, then state and national manager to general manager. Eventually, she became Bras N Things chief executive in 1995.
It was risky but Blundy says she never really contemplated failure. "We just didn't stop to think about the things that couldn't be done. Our youth and our inexperience in some ways, in those early days, was a great strength."
Ever since, she's had skin in the game with almost every business BBRC has built or invested in, except Adairs, even at times when she didn't know what she was buying into.
"Brett rang me up one day and said: 'You should give me as much money as you're prepared to lose and I can't tell you anything about it.'"
She took the leap. The business was the hugely successful BridgeClimb, whose largest shareholder is founder Paul Cave.
"Brett has a huge amount of value for partners. It changes the mindset for both parties. It's sort of an indicator of whether you have the maturity for the journey on top of the desire and work ethic. Some people shy away from that."
Deep knowledge
Blundy says she's always had a passion for managing people and believes this is where her strength lies, as well as her deep knowledge about the retail industry.
After taking time off to have children and also a brief stint as Sanity chief executive for a year from 2004, she now works as a board director.
Her directorships include Lovisa, BBRC and some of its cattle companies. She recently stepped down from the Aventus board.
Blundy says the reason BBRC group has been successful is because of her brother's vision and a talented team that always believes in continuous improvement of the businesses they manage and themselves.
"We're all doers and not talkers. We're always up for it; we slayed that dragon. What's next?"
Read the profiles online throughout this week and in BOSS magazine, out Friday October 14 inside The Australian Financial Review.
Like Leadership with the Financial Review on Facebook. Follow us on Twitter. Join the LinkedIn conversation.
