From left to right: Reinier Duraan CA(SA) (Director at MMS Group) and Luke O'Sullivan (Co-founder at KTOB (Pty) Ltd)
Reinier Duraan, CA(SA) and MMS Group Director, shares the story of his mentorship role in KTOP (Pty) Ltd, turnkey providers of door-to-door marketing solutions in telecoms and ICT, and unpacks the commercial impact of a Cloud Accounting solution for SMME’s.
“I met Luke O”Sullivan (Co-founder of KTOB) during his BCom Law studies at Varsity College, where he was a student in my Taxation course. Luke’s entrepreneurial spirit was unmissable, even as a student, and a chance conversation during his studies started our relationship. Luke and his brother, Connor, saw a market opportunity for turnkey door-to-door marketing solutions serving the telecoms and ICT industries and required assistance for their company registration.
Registration of Luke and Connor’s company complete, our conversations continued, and a mentoring relationship evolved. Soon, our conversations turned to the critical disciplines to establish in their business, one of these being a dependable and easy-to-use accounting solution. The Xero Cloud Accounting solution proved invaluable in on-time invoice delivery, receipt matching and monthly account statement protocols, facilitating on-the-go cash flow management.
Although Luke was always willing and continually offering to pay for our services, I felt that as Luke was still a student, I would prefer to mentor him and fill a role that developed him into a successful entrepreneur, with the Gentlemen’s Agreement of payment to commence upon breaching R1m in annual turnover.
It was a proud moment for Luke when he called with the great news that his business had reached the R1m annual turnover threshold on 10 March 2018. KTOB is now utilizing our higher end business advisory services, and is of course, a paying client. Luke credits the growth and success of his business to confidence in the Xero Cloud Accounting solution and peace of mind that his accounting is consistently correct and compliance issues accurate. This positioned him to focus his energies on growing his business.
Luke and I continue our conversations, often by phone or preferably over great coffee, where we explore ideas to further expand his company or discuss the latest developments in their recently formed Joint Venture, which serves as an extension to KTOB’s scope of services offered.
I look forward to seeing what the future holds for KTOB and watching them grow from strength to strength.”
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Reinier Duraan (Cape Town) Paul Botha (Johannesburg)
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This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)
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