Dean and Annie Krueger
– a real sea change story
Dean & Annie Krueger
© T CHANGE
Dean and Annie Krueger became well-known when they were featured on Channel Seven’s The Real Seachange.
In September 2005 they moved from Anglesea in Victoria to take over the Ferry Road Store in kettering, a thirty-minute drive south of Hobart.
“Where else could you buy a business and residence on the water, close to the bush and so close to a major city, for less than $300,000?” they said. “We have seen most places in Australia and there is nothing like this.”
They still work hard but enjoy a more relaxed pace of life. “In our restaurant on the Great Ocean Road we worked sixteen hours a day, seven days a week for two and a half years, and were paying $60,000 a year in rent. This is definitely easier.”
The hardest part of their T change was leaving family and friends, but now they are fully accepted in the Kettering community.
“People on the mainland don’t realise what great business opportunities there are in Tasmania, especially in service industries,” they say. “And there is a shortage of skilled labour, so people can earn good money.”
For Dean and Annie Krueger the move to Tasmania has been a real success.
Dean & Annie answer your questions ...
- How did you find the Ferry Road Store for sale?
Most Tasmanian businesses for sale are advertised on Domain Business (http://business.domain.com.au). We entered “small business under $300,000” and then refined the search to “general stores under $300,000”.
- Did you have to negotiate the price?
Yes. It took six months to reach an agreement. We went backwards and forwards on the price about a dozen times. They originally asked for $395,000. In the end we got the business for $282,000.
- What’s the key to buying well?
Research. Do your homework. Know what there is on the market. What’s for sale and how much they are asking. The internet is great for doing research.
You can buy a run-down business cheaply, build it up and then sell and make money.
- What else should a person look out for when buying a business?
Check the turnover figures that you are given very carefully. Sometimes sellers or their agents will inflate the numbers.
Also, allow at least $10,000 to move to the new area and get settled. There’s accommodation along the way and insurance. By the way, make sure you are fully insured.
Another thing: Cut up your credit card. The interest rate is way too high to finance setting up a business.
- Where did you get the money to start a business?
We borrowed plenty. And it took work. We had to present our figures and, in the end, we even flew to Perth to talk to the bank that agreed to back us.
- What’s the biggest thing to overcome when starting out?
Negative people. You don’t need people around you telling you what can’t be done. You’ve got to step out and have a go, without letting people discourage you.
- How do the locals treat you?
They treat us really well. But you have to make an effort to be liked – a big effort.
- Are you just lucky?
We work hard, and we’ve taken a risk, but we do live in a lucky country with great opportunities. There’s people starving around the world. How lucky are all of us in Australia?
See the Personal Profiles page for more real-life T-change stories.