Dave was involved in the insurance industry for over 30 years, rising to the position of Auckland Regional Manager. In this role, Dave was responsible for 390 staff, an income revenue stream of $109m, and an operating budget of $31m.
In 2000, Dave set up an Insurance Adjusting firm, which provided services to the insurance industry in the Greater Auckland and Waikato areas. In 2012, along with Jeff Patchett, Dave purchased a Fifo Capital franchise covering Auckland and the Waikato.
Dave’s interests revolve around his family and sport. Dave is a member at Pupuke Golf Club, and is also a huge rugby league fan – having supported the Warriors as a season ticket holder for 15 years. In his younger days, Dave completed 14 marathons, played ‘footy’ on the hallowed grounds of both Eden and Carlaw Parks, and graced the number one court at Stanley St.
How I’ve helped and thoughts from the desk
The importance of timing for importers
Timing is often crucial in business; particularly true for importers where the cost of doing business can impact cash flow some time before returns are realised.
A recent Fifo Capital client experience is a good example of this, and one which highlights the value of quick turnaround and decisive decisions.
“A new Fifo client in the wine industry was facing an imminent cash flow issue in relation to the GST component of a shipment he had imported for a New Zealand client,” says Dave McIver, of Fifo Capital Auckland.
“A simple case of bad timing. On a deferred payment basis, my client must balance his GST account on any imports on the 20th of each month. However, payment for his services and the goods imported was not due from his client until after this time.”
It may have been simple in terms of the issue, but not in terms of the amount. At over $100,000 and with the potential risk of Customs cancelling the deferred GST payment arrangement for the client, this was a cash flow situation which needed immediate attention without unnecessary hoops.
“We don’t over complicate things. I went and sat with my client for an hour to get an understanding of the issue and of his company. I then asked him to email me certain financial documents; reviewed them; made a decision; and submitted a proposed solution.”
“As straight-forward as that. Within one working day my client had the funds necessary to meet his GST obligations; avoid considerable penalty and importantly to safeguard his deferred GST payment arrangement with Customs,” says Dave.
The solution was simple: Using Single Invoice Debt Factoring, Fifo secured the necessary funds against a number of invoices from a large winery the client services.
“When our client receives payment on those invoices, he’ll repay the facility. This is a good example of the benefits of Single Invoice Debt Factoring – it is cost-effective; flexible and specifically designed for short-term cash flow issues.”
If you have plans for your business but short term cash flow is problematic, we can help and welcome you to get in touch.