Business Mentors Blog

Mastering the art of exit at The Little Gallery

Written by Business Mentors New Zealand | Jul 15, 2024 10:00:00 PM

When Faye wanted to spend more time at her bach in Whangamata, she decided to make the most of her creativity. She'd always had an interest in art and is fascinated with different mediums and the stories of the artists themselves. So, when she visited the Little Gallery, she thought, "Oh, I think I could do this, and it could be quite fun!" The business is actually two galleries—one in Whangamata and one in Tairua. This proved to be a blessing.

The learning curve of business ownership

Faye's learning curve began immediately and was accelerated when the pandemic, slips, and road closures isolated her physical premises. Fortunately, her experience in real estate and office management gave her just the skills to understand what to focus on and how to make it happen. With passion and dedication, she's driven growth across both galleries and can now be proud of a thriving business.

Stepping into ownership: the role of a Business Mentor

Three years ago, buying The Little Gallery was a big step for Faye.

"I had been exposed to the business world before, but I was always very much the support person. This time, it was just me. I realised I needed someone to bounce ideas off. And someone I could phone and say, 'I'm struggling a bit today.' Ideally, it would be someone with more experience who could stretch me a bit and help me through.”

Faye applied for a Business Mentor and was delighted with her match.

"We had that initial check-in to see whether we would gel. He had been very successful in many different fields of business. I almost felt like he was too overqualified. But he helped me see the big picture. This was important because I'm used to doing the detail work; that's my safe place and default. He taught me about the strategic side of things and thinking long-term rather than day-to-day.”

Strategic insights and personal growth

“When we first got together, I came prepared to take notes. Instead, he asked me to put down my pen. He said, "I want to hear about your life, what you want your lifestyle to look like." He really challenged me, but it brought real clarity to my approach.

"One of my goals has always been to support the local community," says Faye. And she's certainly done that. While she's had the galleries, she's raised $7000 for the dementia unit at Moana House, and donated to both Auckland Rescue Helicopter and St John.”

Curating a community

"I wanted to build really good relationships with my staff, artists, volunteers, and clients, as well as just have fun. We have a lot of fun in these galleries and a lot of laughs."

“I was also passionate about learning the curation side, which is crucial in this industry. I feel like I've got a handle on that now and can keep the standard of work up and showcase great work. I love the stories behind the artists and behind what they're creating.”

As well as enjoying herself, Faye has brought effective processes and innovative approaches that have set the business apart.

"The interesting thing was when I bought them, Auckland went into the second lockdown right on takeover day. So, I never had a proper handover with the previous owner.

"In fact, on my drive to Tairua, the tsunami warning went off. I wondered if it was some kind of sign. It was: make sure I'm covered for flooding and tsunami! That was my first little business experience."

From that moment, Faye made sure she'd dotted her 'I's and crossed her T's.

"I love policies and procedure manuals. I want to ensure everything is organised and clear for any other new owner in the future."

When Faye had ensured everything was ship-shape on the process and business side, she turned her attention to marketing and growth. She was a natural.

Leveraging digital platforms

"During Covid, I realised people wouldn't be browsing the galleries, so I focused on the website and our online presence. I copied what I was doing in real estate; every time a painting sold, I would do a social media post. I'd do a little story about where it was going, and then I'd do a link to that artist's work. I did the same when we brought new pieces in."

"The result was that we cranked up our social media, and the artists loved it. They said they'd never had that before!"

"Then, when State Highway 25 went out, everyone here went into fear mode. It was scary. But I was able to work through it with my Business Mentor. He helped me a lot by saying, 'Just focus on the things that are in your control. The weather, the road, you can't do anything about that. So, take a look at the things that you can control around your business to keep it going and to make it go well for you.

"It was like I could feel myself do this huge sigh as I thought, "Yeah, no point worrying about what is out of my control. I'll crank up that website; people are buying online."

"Recently, I drew on my real estate background again. We used to create promotional videos of walking through the houses on the market. So, I did this for the gallery. I wanted to show the eclectic mix of artwork here, the spaces and the volunteers that contribute as well as the fact we have two galleries. And the business is going really well.”

Life is good for Faye and the galleries, but she admits, her Business Mentor has instilled the habit of thinking about what's next.

A future-focused exit strategy

“Over the last few years, I've had a taste of life at the beach. I've never thought of retiring before – I've always imagined that means not doing anything at all. But a lot of my friends are retired over here and playing golf as well as lots of other sports. I’ve taken up golf and would now love to improve my handicap!

“The great thing is, the galleries are going well. I've built them up over the last three years and they've got a really good name. They are always on the market and it would be a wonderful business for someone to buy.“

Faye has always thought that, "As long as there are human beings on the planet, they'll need nice spaces to go to and visit. Artwork holds great energy, and it’s been scientifically proven to increase endorphins and decrease cortisol.

“While not everyone knows that, it's easy to see when they come into the galleries, they smile. They're probably going to leave in a physically better space. That fills my cup as well.”

Faye's top tips for embedding exit opportunities

Faye has some top tips to build strong exit opportunities into your business.

  1. Start with the end in mind – understand where you're going in the big picture while you work on the details.
  2. Find a Business Mentor who is the right match for you. Mine gave me lots of self-confidence, and would often say to me, "Hey, you can do this. You know exactly what you need to be doing". That encouragement is priceless.”
  3. Nuture strong relationships with your staff, volunteers, suppliers and with your community – it will give you and your business resilience.
  4. If you are wanting to sell, think about who the prospective purchaser may be and contact them first.      
  5. Have fun! Remember your 'why' and make your business a place that's enjoyable and rewarding.

You can see The Little Gallery online here: https://www.thelittlegallery.co.nz

And for support in your business or with your exit plan, find your Business Mentor match today.