Walkaway if you are Not Convinced 

Preface: After 20 years of building his business Precision Group, Mr Shaun Bonett (one of Australia's Top 200 Richest People) says that the most important aspect of business in the Australian Commercial Property Sector is that it is done with a focus on substance and relationships, instead of appearances. Here he shares his insights he has acquired in building his business in Australia.

Over the years I have undertaken many transactions and I believe that it is important never to be too fixed on one outcome. A good fisherman enjoys the experience of fishing, whether you catch fish or you don't. You can have a great day fishing and catch nothing. In business, there should be the same lack of pressure to transact. That pressure can lead to disadvantageous outcomes. Sometimes, it's best to just walk away from a deal.

To put this in context, in Australia most properties are sold by real estate agents that create a competitive process with set times being provided for due diligence, offers to be made and then final bids often with the requirement to enter a contract and provide a deposit at the same time. This type of process often results in potential purchasers being placed under undue pressure, and it is this environment that requires a potential purchaser to focus on remaining objective, rather than paying too much in order to become the successful purchaser.

Australian law protects tenants, service providers and purchasers, whom are often not on an equal financial standing with a landlord/developer. Therefore it is important to be seen and to be as commercially fair and reasonable as you can be in your dealings, or legal actions may inevitably arise.

I look at the pursuit of success as a journey of being on a path in which I am actively looking to make a contribution, whether it be a small or large project in the different cities I invest and develop my properties in. If I am able to do it well, then I consider it to have been successful. If not, it presents an opportunity for me to learn from the experience and rectify the issues or do it again, but this time more productively. In this way, I see the pressure generated by this pursuit primarily as a pressure to stay true to myself and my core values.

（Shaun Bonett, CEO and Managing Director of Precision Group）