From humble beginnings to a family in business

When Vince and Grace’s parents, Gaetano and Angela, arrived in Australia, they had very little. Vince still remembers his mother describing just how difficult those early years were.

“When our parents came here, we had nothing. Mum once said that when the bottle of milk was finished, she didn’t have enough money to buy another one.”

It was an experience that shaped the family’s attitude towards hard work, money and providing for the future. In 1963, their father went into business for himself, establishing a furniture and electrical retail business in Bridge Road, Richmond. That same year, the family began a relationship with King & Whittle that continues more than six decades later.

Vince was just 13 when he first accompanied his father to a meeting with Mr Whittle at the firm’s Lonsdale Street office. His father spoke English but wanted his son there to make sure he understood every detail.

“My first contact with the firm was in 1963. I was 13 at the time. I accompanied Dad to just to make sure he wasn’t missing anything.”

It was the beginning of a relationship that would ultimately extend across generations, diverse businesses and almost every stage of the family’s financial life.

A family of entrepreneurs

The original furniture and electrical business grew, eventually moving to larger premises in East Keilor. And it was very much a family enterprise. Grace began bookkeeping on weekends when she was 15, after the business’s bookkeeper left. She and her sister Julie spent one Christmas holiday working alongside a King & Whittle accountant, who taught them bookkeeping whilst reconstructing several years of accounts.

“I was bookkeeping from when I was 15. Then Dad encouraged me into selling, so I went onto the floor.”

Vince trained as an accountant and worked outside the family business before joining it in 1977. The family’s entrepreneurial ambitions eventually extended well beyond the original store. After the furniture business was sold in 1986, different family members pursued their own opportunities. Their sister Julie and her husband became a franchisee of ‘The Great Australian Ice Creamery’, operating two locations. Vince and his wife became KFC franchisees, eventually operating three stores. The family also progressively built a substantial property portfolio.

The entrepreneurial instinct continued into the next generation, with nephews establishing ventures of their own and, in many cases, becoming King & Whittle clients themselves.

“As people developed or went into businesses, we introduced them to the firm. There have been lots of spinoffs and other family members who became clients.”

Turning business success into long-term security

By the mid-1970s, the family had made a deliberate decision about what they wanted to do with the wealth being created by the business. Rather than simply spending the profits, they would invest for the future. Over the years, the family accumulated property and established trusts, made superannuation arrangements and created other structures as their financial affairs became more complex. 

Throughout that evolution, King & Whittle’s role extended well beyond accounting and taxation. For Vince, who is himself a qualified accountant, one principle has remained particularly important.

“It doesn’t matter how much money you earn. It matters how much of it you keep.”

The philosophy of prudence, planning ahead and protecting what has been built, became a defining feature of both the family’s approach and the advice they valued.

Sometimes the best advice is to say 'no'

One experience from the 1980s captures the relationship particularly well. When Hamilton Island was newly developed, members of the family visited and were enthusiastic about what they saw. So enthusiastic, in fact, that they put deposits on three properties! Back in Melbourne, they took the proposed investment to their long-time King & Whittle adviser, Don Minett. His response was memorable:

“You’re like most of my clients. You go to the sun and stay out in the sun too long.You don’t need all these properties up there.”

His advice was simple: if they wanted one property for the family to enjoy, keep it. They didn’t need three. They followed his advice, and withdrew from two of the contracts. It illustrates something Vince believes has been central to the relationship: a trusted adviser needs to be prepared to challenge you, not simply agree with you.

“Making good decisions is great, but not making bad decisions quite often is lifesaving.”

Over more than six decades, that independent perspective has been invaluable.

“They prevented us from making bad decisions over the years. The objectivity is critical.”

An objective voice when it matters

For Vince, objectivity is one of the most valuable things an adviser can bring to a business owner or family. When you are immersed in a business or emotionally invested in an opportunity, it can be difficult to stand back and assess the situation dispassionately. King & Whittle became the place the family could go for that independent perspective.

“Most of the time, you’ve just got ideas running around your own head. You need somebody you can rely on to give you an objective view and objective advice.”

Sometimes that advice reinforced what they were already thinking. At other times, it made them reconsider. You might not like a contrarian view at the time, but at least you can then rethink that particular situation. The trust behind those conversations became deeply established.

“I can never remember going against anything the firm advised. We’ve been clients now for 63 years.”

More than just a professional relationship

Over time, the relationship with King & Whittle became much more personal. Don Minett attended the weddings of both Grace and Julie. When the family held meetings to discuss investments, distributions and future plans, he would sometimes join them at their mother’s home, where they would have lunch, after completing whatever business they had. The relationship became particularly important after Grace and Vince’s father died at just 52. For a young family suddenly without its father, Don became an experienced and trusted source of guidance.

“We had to have someone who was older who could give us that guidance.  Don took on that 'father figure' role.”

Today, that relationship continues with King & Whittle Director Paul Dimech, Leeanne Dimech, and the current team. Grace describes the relationship even more simply.

“We don’t do anything without talking to them first. They’re definitely trusted advisers, not just accountants.”

Bringing the right people to the table

As the family’s interests expanded, so did the complexity of the required advice. King & Whittle helped establish superannuation and trust structures and, when specialist expertise was needed, connected the family with the appropriate external advisers. That became particularly important as Grace, Vince and their siblings began thinking about how family assets might eventually pass to the next generation. With four siblings and children across the family, they wanted clear arrangements in place before they were needed.

King & Whittle introduced the family to specialist legal advisers, helping them establish a formal family agreement setting out how assets and responsibilities would be managed in the future. The same approach extended into Vince’s business interests, including his work with the Victorian KFC franchisee association, where specialist legal expertise was brought in to help him establish an appropriate structure. The objective was always to make sure the family had the right expertise around the table when it mattered.

Passing the baton, on both sides

Across 63 years, both families have evolved.  Vince and Grace’s relationship began with their father and Mr Whittle. It continued through Don Minett and today with Paul Dimech, Leeanne Dimech, and the current King & Whittle team. At the same time, the original client relationship expanded from their father to his children, their spouses and subsequent generations.

“It’s continued through generations. As people have passed away, the baton has been passed on.”

That continuity means the advice comes with something difficult to replicate: an understanding not simply of a balance sheet or tax position, but of the family, its history and what its members have been trying to achieve over decades.

From building to simplifying

Today, Grace and Vince are largely retired. The businesses have been sold, much of the jointly held property portfolio has been realised, and the focus has gradually shifted from accumulating and structuring assets to simplifying their affairs. Vince describes the change in perspective with characteristic pragmatism.

“You spend the first half of your life accumulating stuff and making it all complicated, and you spend the second half trying to simplify it.”

After decades spent building businesses and managing property, the family is now unwinding many of the structures created along the way. It is simply another stage of the journey, and another evolution in the advice they need.

From a father establishing a small retail business in 1963, to successive generations of entrepreneurs, business owners and investors, King & Whittle has been one of the constants throughout. 

For Vince, the reason for staying for more than six decades is straightforward: 

“We’ve stuck with them because they have always been prudent.”

And for Grace, it comes down to something equally simple: 

“They’re conscientious. They’re caring.”