Eric Morris: A Week in Retail I'll Never Forget.

What happens when you spend 15 years building a business, take it public—and then find yourself leading it into voluntary administration as COVID hit?

Eric Morris has experienced almost every stage of the business lifecycle.

In this episode James H Stewart sits down with one of Australia's most experienced retail executives and advisers for a candid conversation about building businesses, acquisitions, private equity, leadership under pressure and what really happens when a company enters voluntary administration.

Eric's career spans more than three decades in retail and consumer products. After working internationally with Reebok and Disney Consumer Products, he joined Myer, where he helped build its private-label business.

In 2005, Eric founded The PAS Group with private equity backing and embarked on an ambitious buy-and-build strategy. PAS assembled a portfolio that included brands and businesses such as Review, Black Pepper, Yarra Trail, Marco Polo, Metalicus, JETS and Designworks, before listing on the ASX in 2014.

Then came COVID.

In 2020, as the pandemic brought much of Australian retail to a standstill, PAS entered voluntary administration. Eric takes us inside that experience: the circumstances leading to the appointment of administrators, what the process looks like from the CEO's chair, the pressures on directors and management, the things he wasn't prepared for, and what he would do differently with the benefit of hindsight.

PAS's story didn't end there. The business was acquired by Larry Kestelman's LK Group, Eric continued as CEO, and PAS subsequently combined with Brand Collective, with Eric going on to lead the enlarged business.

Today, Eric has moved from the CEO's chair to the boardroom. Through Albany Advisory and his portfolio of board and advisory roles, he now brings the lessons of his operating career—including the difficult ones—to other businesses and their leaders.

We discuss:

Eric's early career with Reebok, Disney and Myer Building Myer's private-label business How private equity approached the creation of PAS Group The acquisition strategy behind PAS's growth What makes a brand worth acquiring The economics of owned versus licensed brands Taking PAS Group public in 2014 What happened when COVID hit Australian retail The reality of voluntary administration from a CEO's perspective The decisions Eric would make differently today What directors should understand before their company reaches a crisis Eric's transition from CEO to chairman, director and adviser The lessons he now applies when deciding whether to join a board

It's a conversation about the successes that build a career—but also the setbacks that ultimately shape a leader.

DISCLAIMER This podcast is provided for general information, education and entertainment purposes only. Nothing discussed in this episode constitutes, or should be relied upon as, legal, financial, investment, insolvency, accounting or other professional advice.The views, opinions and recollections expressed by the host and guest are their own and may be based on their personal experiences, perspectives and recollections of events. References to companies, individuals, transactions, financial performance, corporate restructurings or other events should not be taken as a complete or definitive account of those matters. Circumstances surrounding corporate decisions, restructurings and insolvency appointments are often complex and may involve information that is confidential, contested or not publicly available. No adverse inference should be drawn about any individual or organisation from matters discussed in this episode.

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