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Bouris to fire himself if YBR misses profit: AFR

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Miklos Bolza | 13 Oct 2016, 07:00 AM Agree 0
The founder of Yellow Brick Road has said he will fire himself this financial year if the company fails to turn itself around
  • Cubeman | 13 Oct 2016, 09:01 AM Agree 0
    With a small payout I am sure!!! :)
  • To the sharks | 13 Oct 2016, 12:10 PM Agree 0
    YBR is a brave venture and I hope it succeeds.

    If not the Chaser (with former contestants) might do a parody of the apprentice, and while they're at it pitch it to the shark tank.

    The difference between success and failure can be very, very marginal. And the hubris of those two shows is breathtaking.

    Good luck Mark B.
  • Bobby Hats | 13 Oct 2016, 12:57 PM Agree 0
    Can you believe this? Really? I thought the best item on the article was the animation. Did you see the cheeky wombat dead in the background. Of all the animals to represent Mr Bouris a dead wombat is seriously funny.
  • Not a fan | 13 Oct 2016, 05:45 PM Agree 0
    Early 2015, I witnessed the then CEO of Yellow Brick Road declare YBR was on track to its maiden profit, and projected share price by Xmas to be over $1 (back then it was around $0.60). Eighteen months later, the share price fallen to $0.15, with no sign of profit in sight.
    The initial concept of YBR was sound, owner operated local branches offering mortgage broking and financial planning advice. Under resourced both financially and from a human resources capacity, it diverted to buy scale and non-core businesses. Marketing spend was wasted on cash competitions with no qualification criteria, and the cringe worthy Celebrity Apprentice. The marketing actually back fired, whilst building brand awareness, it targeted the lower income demographic – those who struggle to qualify for a home loan, let alone fee for service financial planning advice. It also discouraged professional such as accountants and solicitors from aligning with local branches.
    Due diligence on the business acumen, qualifications and experience of branch owners was watered down to increase the national footprint. With many branch owner having no or little experience in financial services, but links to property/real estate businesses that they could leverage off. While other mortgage brokers with Cert IV qualifications only, and pushed through RG146 minimum requirements to be able to call themselves financial planners. I’ll equipped to provide quality financial advice, and encouraged to push “product”.
    With minimal ongoing training, practice management or operational support from head office, branches have struggled. Only branches making “KPIs” are getting assistance, as YBR simply don’t have the man power or resources to assist the majority.
    As for the culture…. the “YBR Family” is supportive as long as you play along and don’t question/challenge any part of the “YBR WAY”. Deviate from that, and you’ll be isolated.
    Mark Bouris, is chairman for YBR , TZ and Anteo Diagnostic Limited and is handsomely remunerated by all three…. Whilst all three listed companies are making consistent losses with declining share prices. And then there is the Mark Bouris Show….. for up and coming entrepreneurs. Is this an opportunity for Mr Bouris to find the next big thing to jump on, with the assistance of his venture capitalist brother Adrian?
    I cannot see a long term future for YBR…. Cashflow is going backwards, and I’d be surprised if capital raising possible with such poor performance despite continually positive shareholder updates that have never been realised.
    He sold Wizard, and I doubt Mr Bouris’ ego would allow the company to become insolvent. Considering the 2020 target, is he planting the seed for his exit strategy?
  • A fan of this guy | 14 Oct 2016, 09:25 AM Agree 0
    *clap clap clap* bravo sir
  • Concerned | 16 Oct 2016, 10:59 AM Agree 0
    Agree totally. In nearly 10 years YBR is yet to post profit. The facade of marketing covers many systemic problems.
  • Skeptical | 17 Nov 2016, 11:34 AM Agree 0
    $38bn of loans sitting on YBR's Balance Sheet???? I am pretty sure the loans are sitting on the balance sheets of the big banks, whoever the spokesperson at YBR who made this comment needs to go back to business school - is this why the share price is so low?
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