SHAUN BONETT is a second generation Maltese-Australian who runs Precision Group, a property investment, development and financial services company based in Sydney. He is also considered to be one of the leading (and richest) young businessmen in Australia. Here he speaks to Josanne Cassar about his life, his career, and of course, his Maltese heritage
Shaun Bonett’s parents were both born and raised in Malta.
His mother, Marlene née Bencini Testaferrata is the daughter of the late Commendatore Alfred Bencini and the Noble Lucy née Testaferrata Bonici. Comm. Bencini was Commissioner of Police and represented Malta in the 1936 Olympic Games.
Shaun’s father, the late Dr Anton Bonett, graduated as a Doctor of Medicine from the University of Malta at the tender age of 21 and then went to London to specialise. It was there that Shaun was born.
“My parents, my brother Steve, and I, emigrated to Australia at the end of 1976, when I was almost six years old, as my father was offered an excellent opportunity through the World Health Organisation (WHO). My parents ensured that I kept in touch with my relatives and we visited Malta frequently for many weeks at a time and our family would often visit us in Australia.”
Now 36, Shaun lives in Sydney with his wife Vanessa, and has a 21-month-old daughter Eve.
When asked about whether he ever felt himself “different” because of his Maltese background, Shaun explained that being different is almost the norm in this vast continent.
“Australia is a ‘melting pot’ of so many different cultures and growing up as a young Australian I was encouraged to be proud of my heritage and at the same time be a proud ‘Australian’. This is one of Australia’s many special attributes in its broad outlook. In this way I never felt different, but very welcomed and accepted.”
Reflecting about his heritage, Shaun describes the Maltese as “incredibly compassionate people”.
“They are willing to help almost any person that knocks at their door. They are naturally bright and hard workers and have a deep sense of family and community values. I suspect these qualities have been forged from hundreds of years of brotherhood and sisterhood, having survived through so many wars.”
Echoing his father’s academic ability, Shaun too was only 21 when he qualified as a lawyer and arts graduate. He ventured into business after practicing for more than five years as a commercial lawyer. Coming from a family of professionals and property owners, one could say that entrepreneurship and ambition run in the blood. However, even by Australian standards, his success story has been an amazing one and has been covered by leading Australian newspapers.
This is not to say, however, that he did not have to work his way up the ladder.
“I began working as a part-time law clerk in the late 1980s while finishing my law degree. This gave me an insight into the boom and bust era of the 1980s and 1990s in Australia that saw most Australian businesspeople crushed by their perilous financial positions. This experience left an indelible mark on me. The years I worked as a commercial lawyer emphasised the fundamental need to focus on the risks of any business dealings. I don’t believe any client I worked for at the time had ever even contemplated the possibility of their business collapsing; they thought they were bulletproof.
“This led to me being willing to take on a commercial risk of my own and in 1994 I purchased a neighbourhood shopping centre for $6 million (Australian dollars) with a supermarket and 20 shops which I redeveloped during the following year.
“I worked out that there was a yield differential between the price you could buy something at, and money you could borrow and I saw in that a rare opportunity.
“At the time the banks were very motivated to lend and stimulate new business.”
This ambitious venture turned out to be a success and within approximately 12 months Shaun had purchased another shopping centre using the equity he had accumulated, which he also expanded.
“Throughout the first few years of building my business, the Precision Group, I learned how important it is to have the right team of people around you and to have additional financial resources to draw upon when delays and cost blow outs strike. I also learnt how to identify the important issues to pursue and to allow the inconsequential matters to fall by the wayside. It is amazing how people allow themselves to be distracted by relatively ‘minor’ issues in business and cause great harm to their business operations and their own well being.
“Subsequent to this I continued to expand my portfolio of shopping centres through investment and development of commercial property around Australia and after 12 years of operating, and facilitated by a national property boom, today I own five key shopping centres in CBD and metropolitan locations, three office buildings and two hotels valued at over $1 billion (Australian dollars). I have also diversified my business and the Precision Group now offers financial services, as a lender of money on property transactions and private equity.”
Shaun’s breathtaking success at so young an age sounds incredible, but like all born entrepreneurs he makes it sound very easy. It is not all about success and riches however.
“I have also set up a charitable foundation, The Heartfelt Foundation, as I believe it is very important to give something back to the communities in which you operate. Heartfelt gives to charities that are under stress and need help in getting established or continuing to operate.”
When I asked Shaun what makes a good businessman tick, he told me there are many different paths for success in business.
“What I can say is that I have learnt what I call The Golden Rules in achieving my success. I believe these are:
“1. To be passionate about what you do. If you are not, you really should look for something that you are passionate about doing.
“2. Research new ventures and focus on an analysis of risk. Take advice from specialists and always allow for contingencies. Without a considered approach to business you may as well be going to a casino to gamble.
“3. Financing can be as important as the deal itself. Look at the terms of a finance deal and always address the worst-case scenario. Having at least two banking relationships is essential – it provides alternatives.
“4. Identify the important issues to achieve your goals and allow the inconsequential matters to fall by the wayside.
“5. Surround yourself with talent and make trust a dominant value.
“6. Treat your employees, contractors and consultants as your partners – align their interests with your business interests by providing incentives where possible.
“7. Give back to the communities in which you invest/operate in.
“8. Be open to unorthodox ideas and reward innovation.”
Finally, I asked Shaun: “Why do you think it is important for second and third generation Maltese-Australians to retain their link with the island?”
He said: “There is nothing more necessary for maintaining one’s identity than to know your heritage. The Maltese Islands with its fortifications and ancient cities and its people stand as an energizing force to anyone who has Maltese heritage, of whatever generation.
“Furthermore, for the past 10 years my mother has spent almost half of every year living in Malta with her mother in the family home, which makes my connection with Malta stronger than ever.”