Embattled entrepreneur's life lessons

Tegan Fleming

In his first public speaking role since ABC's financial problems came to a head in late February, Mr Groves' speech warning pharmacists of the dangers facing today's entrepreneur was met with a standing ovation.

"A fundamentally good business changed dramatically because of rumour and innuendo. Am I upset about that? I am, because of all the other shareholders. Am I upset about that for me? The fact that the rich 200 list came out and I'm not on it? Thank God! Because that was the price of freedom. … I felt an enormous weight come off my shoulders," Mr Groves said. 

"I got out of it with holes in my pants, but I got out with my pants on. I don't have a share in ABC, but I didn't lose the roof over my head -- that's tangible, a share is not tangible. What is tangible is your belief and your love and your passion for the people who work for you." 

Mr Groves warned entrepreneurial pharmacists not to get too caught up in growing their business.

"You have to find the reason why you're doing it. Are you doing it for the lifestyle, the money, a combination of both? There's middle ground somewhere, and that's what you have to find. You've got to understand what you want and how you get it.

"When you get it, take a breather and say 'I've got it. I'm feeling good. I'm a happy person. I've got a great family life, great children, nice home, those other little special things that I want in my life, and I've got a good business.' Ask yourself, 'Do I want to go on? Is it worthwhile doing so?' When you answer that question I think you'll find the right pathway.

"Don't push it too hard. Don't let that entrepreneurial spirit take you to a place that you don't want to go. You have to find a balance. The balance for me is to make sure ABC is stable. I'm going to de-leverage it and de-risk it come hell or high water."