In Just 18 Months, Davina Grew Stockbridge and Joined the Rise of Women in Broking
In Just 18 Months, Davina Grew Stockbridge and Joined the Rise of Women in Broking
The transition from pilates studio owner to business broker was not a big stretch for Davina Lacey, the owner of Stockbridge Business Brokers, based in Brisbane.
While selling studio franchises for the franchisor, Davina also took the opportunity to become a franchisee. After successfully operating as an owner, she decided, “Right, I’m ready to move on and do something different.”
“I interviewed 10 brokers and didn’t love any of them,” she continued. “I thought, ‘I can do this. I’ve been doing it already, but just for one brand’.”
With that objective, Davina Lacey acquired Stockbridge Business Brokers 18 months ago and continues to build that business. “Although I list many pilates studios, we are generalists and list quality businesses in most industries,” Davina explained.
Early Challenges
Davina recalls that her biggest early challenge was convincing business owners that their businesses had value and could be sold. “I found that many business owners thought closing the doors was their best exit strategy. I had to change their mindset and show them what their business was worth and how a business broker could help them,” she related.
Fortunately, finding clients was not a major issue. Davina observed, “As soon as my network knew what I was doing, they reached out to me. They knew they could trust me to do the right thing.”
And, like most businesses, growth has brought challenges. “When I started, it was Don Gunther and me. Since I bought the business from Don, we’ve grown to a team of six, which is exciting,” said Davina.
Don has extensive experience in business and business broking, so Davina has benefited from his mentorship. “Don really helped me through the transition from selling only one brand to multiple different industries. He coached me through the various emotions of being a new brokerage owner,” she shared.
The Female Influence
Interestingly, all the additional team members to date have been female. “It wasn’t a deliberate decision, but I suppose I knew more women I was happy to work with, so that was how we evolved.
I don’t want to be an all-female business,” explained Davina. “In fact, we’re interviewing two gentlemen at the moment, and Don’s influence is still here.”
“But, I do see there are certain benefits to women in this industry, and I don't think that's been explored to a huge amount in the past,” she continued.
“A business broker must understand that owning a business isn't the same as a job, and it's not just about numbers. For example, when I had my business, I put everything into it. Then, when you do sell it, it's far more than just selling something like a house. You are selling part of yourself,” Davina pointed out.
She elaborated, “There are always humans involved in the transaction. Whether it's your clients, the employees, or the business’s clients and suppliers, you don't want to hand something that you’ve built over to someone to ruin. You know, you actually want to see the buyer succeed and do really well.”
“So, for me, it's about finding the person who cares about the human side of the transaction. Someone who has the emotional stability for this role. That's probably more important than anything else,” she continued.
“At the moment, the brokers we’ve recruited have mainly been females, but those couple of guys that we've interviewed, I've been really impressed with their emotional intelligence level. So, it’s certainly not an exclusive female trait, but, in my experience, more females have it,” Davina emphasised.
For example, Davina shared a recent recruitment experience. “I sold this person’s business last year. During the process, I saw the care factor in her that I want for Stockbridge. After the sale had settled, I said to her, ‘So, what’s next for you?’, and now she’s learning to be a broker. For me, your personality is all that matters. You can learn the skills needed to be a business broker, but you can’t learn a new personality.”
Development of the Profession
Davina commented that there has been a significant increase in the number of women business brokers in the last few years. “At the first AIBB meeting I attended, there were two women in the room. We now have a Queensland group of women AIBB brokers who support each other, even though we are from different brokerages,” she shared. “I see that trend increasing as more women gain business experience and the confidence to use that experience as brokers.”
The Future for Stockbridge
Despite the rapid growth of Stockbridge Business Brokers over the last 18 months, Davina plans further growth. “We want another couple of brokers in Queensland, particularly in the regional areas. Too many businesses in regional areas are relying on real estate agents to sell their businesses, and that is not ideal. We do get referrals from those areas, but it’s not the same as having an established presence,” she explained.
“And we also plan to develop interstate. Those markets also experience the same shortage of regional business brokers that we do in Queensland, so being able to operate in those areas as well as the capital cities is the goal,” Davina noted.
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